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Updated on July 3, 2023

Financial Accounting Past Questions v18 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v18 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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

Financial Accounting Past Questions v18 (JAMB/WAEC/NECO)

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#1. Motor: ₦10 000 Fixtures: ₦5 000 Cash: ₦2 500 Creditors: ₦7 000 Loan: ? LOAN IS 30% OF CREDITORS. What is the capital balance?

#2. Motor: ₦10 000 Fixtures: ₦5 000 Cash: ₦2 500 Creditors: ₦7 000 Loan: ? LOAN IS 30% OF CREDITORS. A company has departments S,T and U. The sales are ₦20 000,20 000, ₦40 000 AND ₦60 000 respectively if the sales commission paid is ₦12 000, how much is T's share?

#3. Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of ₦40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of

#4. Which of the following is a journal as well as a ledger?

#5. Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

#6. Use the information below to answer questions .On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000.Calculate the yearly depreciation expense using the straight line method.

#7. Use the information below to answer questions . On January 1/2005, a machine was bought for ₦56,000 to last for five years with a residual value of ₦1000. the rate of the yearly depreciation expense would be?

#8. The objective of the purchase ledger control account is to established the?

#9. The objective of a trading account is to establish the?

#10. A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?

#11. Use the information below to answer question . Capital.....................N? Profit and loss.............₦3500 Current assets..............N? Current liabilities.........₦2000 Fixed assets................₦11000 The company maintains a current ratio of 3:1. The capital balance is?

#12. Use the information below to answer question . Capital.....................N? Profit and loss.............₦3500 Current assets..............N? Current liabilities.........₦2000 Fixed assets................₦11000 Determine the current assets?

#13. The difference in the sales ledger control account is transferred to the?

#14. Tunde purchased goods from Femi by cash worth ₦1000 with 10% cash discount. Tunde's ledger control account is to be?

#15. After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

#16. Gross earnings........................₦950 000 Current liabilities...................₦100 000 Operating expenses....................₦350 000 10% debentures........................₦400 000 Shareholder's fund....................₦1300 000 Corporate tax is 30% From the data above calculate the returns on equity?

#17. Use the information below to answer questions Turnover...........................₦120 000 Net profit before tax..............₦40 000 Net profit b/f.....................₦68 000 Proposed dividends: Ordinary shares....................₦8 000 Preference shares..................₦6 000 Corporate tax is 30%...............₦10 000 The undistributed profit carried forward is?

#18. Accrual accounting differs from cash accounting because it recognizes?

#19. Use the information below to answer the question: Turnover...........................₦120 000 Net profit before tax..............₦40 000 Net profit b/f.....................₦68 000 Proposed dividends: Ordinary shares....................₦8 000 Preference shares..................₦6 000 Corporate tax is 30%...............₦10 000 What is the tax charged to the profit and loss account?

#20. A private company is different from a public company because?

#21. The use of a three-column cash book is determine by?

#22. A major factor that enhanced the early development of accounting is the?

#23. which of the following is source of document for the preparation of debtors' ledger account?

#24. Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called?

#25. Adaobi mistakenly entered ₦7000 as credit sales in Abba's account. This is?

#26. Use the information below to answer question Capital.................................₦60 000 Bank....................................₦12 500 General expenses........................₦5 250 Creditors...............................₦17 000 Stock...................................₦98 500 Fixed assets............................₦42 000 Insurance and rates.....................₦18 800 Purchase................................₦63 850 What is the cash balance on the debit side if it is the only item omitted?

#27. Use the information below to answer question Capital.................................₦60 000 Bank....................................₦12 500 General expenses........................₦5 250 Creditors...............................₦17 000 Stock...................................₦98 500 Fixed assets............................₦42 000 Insurance and rates.....................₦18 800 Purchase................................₦63 850 Determine the total of the trial balance?

#28. Given: Stock of raw materials 1/40............₦11 150 Purchases of raw materials.............₦112 550 Raw material returned..................₦31 150 Stock of Raw materials 31/12/04........₦27 150 Calculate the cost of raw materials consumed?

#29. Use the information below were to answer questions ...................Stationary Dept.............Video Dept. Sales ..............₦10,600.....................₦15,175 Cost of goods sold..₦5,247......................₦6704 The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900. The basis of cost apportionment is 1/2 stationary 1/3 video. Determine the net profit of the business?

#30. Use the information below were to answer questions ...................Stationary Dept.............Video Dept. Sales ..............₦10,600.....................₦15,175 Cost of goods sold..₦5,247......................₦6704 The expenses incurred were rent ₦4500, motor repairs ₦1200 and telephone ₦900. The basis of cost apportionment is 1/2 stationary 1/3 video. Find the total expenses allocated to the stationary department?

#31. Stock 1/1/2002..................................₦40 000 Goods received from head office.................₦800 000 Goods returned to head office...................₦34 000 Sales...........................................₦916000 Stock 31/12/2000................................₦72 000 From the data above determine the cost of goods credited to the head office trading account

#32. Use the information below to answer question . Prime cost..................₦12 100 Lighting....................₦10 000 Heating.....................₦15 000 Factory overhead............? The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively. The factory overhead is?

#33. Use the information below to answer the question Prime cost..................₦12 100 Lighting....................₦10 000 Heating.....................₦15 000 Factory overhead............? The production department's share of factory overhead is 1/4 and 1/2 of lighting and heating respectively. Interest on the drawings of partners is treated in the

#34. Departmentalization of accounts is useful because it shows the?

#35. When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

#36. Given: ....................January.............December Assets................₦28,320.............₦25,320 Creditors.............₦5,620..............₦10,320 The proprietor made drawings of ₦755 per month for personal use. The profit for the period is?

#37. Given: Subscriptions received.........₦200 000 Subscriptions owed.............₦10 000 Subscriptions in advance.......₦25 000 Calculate the subscription in the income and expenditure account

#38. Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is ₦48 600, how much is paid for warehouse?

#39. MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.Sales of drinks...................₦212 500 Annual dues.......................₦112 000How much is the total receipt of the club?

#40. In converting a to a partnership company, the loss on asset revaluation is?

#41. Determine the opening cash balance of the club?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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