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Updated on July 3, 2023

Financial Accounting Past Questions v17 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v17 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • JAMB
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  • WAEC
  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v17 (JAMB/WAEC/NECO)

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#1. Use the information to answer the question. ..........................30/9/06.......30/9/07..... ............................N.............N......... Accrued insurance premium...600...........710....... Prepaid rent income.........490............630......The cash book includes ₦1,850 and N,2,100 in respect of insurance premium and rent income respectively.What amount is to be credited to the profit and loss account in respect of rent income?

#2. Which of the following branches of accounting was first developed?

#3. The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is

#4. The process of bookkeeping includes records produced from?

#5. Musa, a prepaid customer of XYZ and KLM, bought ₦1500 recharge card from XYZ, and ₦2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

#6. Given: Capital...............................₦2375 000 Debtors...............................₦495 000 Motor vehicle.........................₦870 000 Creditors.............................₦245 000 Prepayment............................₦500 000 Bills receivable......................₦505 000 Furniture.............................₦150 000 What is the total debit for the trial balance?

#7. If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

#8. Use the information to answer below to answer questions 7 and 8. I Operating machines Ii Furniture Iii Fixtures and fitting Iv Loan from friends V Creditors What are the current liabilities?

#9. Find the fixed assets?

#10. Use the information above to answer question 9 and 10. Period 1: ........Cash to petty cashier.............₦1000 ........Petty cashier pays out............₦780 Period 2: ........Petty cashier pays out............₦840 If the float is increased to ₦1200, how much should the petty cashier receive after period 2?

#11. What is the balance of cash with the petty cashier at the end of period 1?

#12. Cash discount is often recorded on?

#13. The standing order is a payment instruction given by a?

#14. Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

#15. Given:Balance as per cash book...................₦20,000 Unpresented cheques........................₦5, 200 Direct credit to the bank..................₦1, 000 Direct debit from the bank.................₦1, 000 Credit in the cash book....................₦500Calculate the balance as bank statement at the end of the year?

#16. Use the information below to answer questions 17 and 18.Total current assets..................₦2,000 Total fixed assets....................₦4,000 Current liabilities...................₦1,200 Drawings..............................₦200 Long-term loan........................₦2,000Determine the capital of the business?

#17. What is the net working capital?

#18. Which of the following items are current assets?

#19. What is the value of closing stock using simple average?

#20. Which of the following methods gives a conservative closing stock value during a period of rising prices?

#21. Apart from the common control accounts, a control account can also be opened for?

#22. Which of the following is a debit item in the purchases ledger control account.

#23. Which of the following is an item in the debit side of the sales ledger control account?

#24. The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

#25. Use the information below to answer questions 29 and 30.Work-in-progress 1/1........................₦1,000 Work-in-progress 31/12......................₦2,000 Production cost of goods manufactured.......₦20,000 Sales.......................................₦50,000 Stock of finished goods 1/1.................₦4,000 Stock of finished goods 31/12...............₦5,000 Selling and distribution expenses...........₦2,000 Administrative expenses.....................₦1,000Determine the gross profit?

#26. What is the net profit?

#27. Receipt and payments account is a summary of the?

#28. Given:Furniture and fittings..................₦20,000 Equipment...............................₦15,000 Bank overdrafts.........................₦6, 500 Bar creditors...........................₦4,800 Subscription in arrears.................₦4,700 Subscription in advance.................₦650What is the accumulated fund

#29. I Space occupied by each department. Ii Average value of stock held by each department. Iii Departmental turnover. Iv Number of articles sold by each department . From the information above, the two most logical bases for apportioning expenses that are common to departments are?

#30. Use the information to answer questions 334 and 35. .........................Departments ...........................P..........Q...........R Sales value...............N?........₦23,400....N? Selling expenses..........₦1,100....₦1,400.....₦1,280 Administrative expenses...₦1,400....₦1,000.....₦1,020 Cost of sales.............₦6,900....₦6,700.....₦5,500 Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively. What is the sales value of department R?

#31. Use the information to answer questions 334 and 35. .........................Departments ...........................P..........Q...........R Sales value...............N?........₦23,400....N? Selling expenses..........₦1,100....₦1,400.....₦1,280 Administrative expenses...₦1,400....₦1,000.....₦1,020 Cost of sales.............₦6,900....₦6,700.....₦5,500 Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively. Determine the total expenses of department P?

#32. One of the purpose of maintaining the account of a branch at the head office is to?

#33. Which of the following is a common cause of a discrepancy between head office and branch trial balance?

#34. Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner tot take 1/5 as her share, what is the new partner to take 1/5th as share, what is the new profit or loss sharing ratio

#35. Given: Net profit b/d.....................₦10,000 Interest on capital:...M...........₦2, 000 .......................K...........₦1, 000 Partners' on salary....K...........₦800 Interest on drawings...M...........₦500 Profit sharing ratio M and K 3:2 Determine M's share of profit?

#36. Use the information to answer questions 40 and 41. Capital balances b/d:.....P.............₦20,000 ..........................K.............₦10,000 Drawings:.................P.............₦2, 000 ..........................K.............₦1, 000 Share of profits:.........K.............₦4, 000 ..........................K.............₦2, 000 Salary....................P.............₦1, 000 Interest on drawings:.....K.............₦100 ..........................K.............₦20 Assuming that the partnership maintains a fixed capital, what is P's closing capital?

#37. If the capital of the partnership is unfixed, what is K's current accounts?

#38. In a partnership account, conversation of non-cash assets into cash is referred to as?

#39. Use the information below to answer questions 43 and 44. A company advertised and issued ₦750,000, 12% preference shares of ₦1 each to be issued at ₦1.50 per share. Applications for ₦1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis. The share premium account would be?

#40. The second and final call account was debited with?

#41. Provision for bad and double debts in companies final accounts is treated in?

#42. The book value per share is obtained by dividing?

#43. Expenditure incurred on consumables and goods for resale is?

#44. Replacement and renewal of fixed assets are?

#45. Which of the following is credited to the consolidated revenue fund?

#46. One of the reasons for the existence of the public sector is to?

#47. In the not-for-profit-making organization, the excess of income over expenditure is?

#48. Use the information to answer questions 334 and 35. .........................Departments ...........................P..........Q...........R Sales value...............N?........₦23,400....N? Selling expenses..........₦1,100....₦1,400.....₦1,280 Administrative expenses...₦1,400....₦1,000.....₦1,020 Cost of sales.............₦6,900....₦6,700.....₦5,500 Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to ₦1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively. What is the sales value of department R?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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