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Updated on July 18, 2023

Financial Accounting Past Questions v22 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v22 (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 v22 (JAMB/WAEC/NECO)

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#1. Calculate the cash balance after the discount.

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

#3. As evidence of payments to a government ministry, the revenue collectors will issue

#4. How much rent is apportioned to department K?

#5. How much selling and distribution expenses is apportioned to department M?

#6. Credit sales is given at 160% of cash received. What is the balance c/d?

#7. Calculate the value of credit sales

#8. The major function of accounting bodies in Nigeria is to?

#9. Ledger account is mainly classified into?

#10. If salary account is debited instead of stationery account, the error committed is that of?

#11. If stationery bought for ₦200 has been entered as ₦2000. To correct this error?

#12. The account which refers to the tangible assets of a company that is of permanent nature is the?

#13. The major feature of an invoice is that, it?

#14. The source documents include?

#15. A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the?

#16. The bank charges levied on a current account holder is the charge on?

#17. The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?

#18. Use the information below to answer question 14 and 15.Sales....................................₦10,900 Stock 1/1................................₦1, 000 Stock 31/12..............................₦2, 000 Purchases................................₦4, 000 Returns outwards.........................₦800 Returns inwards..........................₦600 Carriage outwards........................₦300 Carriage inwards.........................₦200Find the gross profit.

#19. The cost of goods available for sale is?

#20. Benefit enjoyed for which payments have not been made are?

#21. If an organization maintains a periodic stock system, the stock quantities are?

#22. If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

#23. Use the information below to answer questions 23 and 24. ............................31/12/07.......31/12/08 Stocks........................₦4 200.........₦3 900 Rates in advance..............₦1 000.........₦1 500 Accrued wages.................₦1 150.........₦1 350 Cost of goods sold was valued at ₦6 000. Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively. What is the value of purchases for the year 2008?

#24. Determine the total expenses to be charged to profit and loss account?

#25. Use the information below to answer questions 25 and 26. ........................31/12/08...........31/12/09 Furniture and fittings..₦21 000,............₦28 000 Office equipment........₦9 800,.............₦13 200 Debtors.................₦6 800,.............₦5 200 Creditors...............₦4 900,.............₦5 100 Cash at bank............₦7 000,.............₦4 600 Accrued electricity bills...................₦1 200 Monthly drawings average ₦330. Find the opening capital?

#26. Determine the net profit ?

#27. The gross loss on manufacturing is always transferred to the?

#28. The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

#29. The prime cost is the total of the?

#30. The equivalent of a club's receipts and payment account is the?

#31. The summary of receipts ans payments account represent?

#32. The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were ₦20 000 loss, X ₦25 profit, Y were ₦30 000 loss and Z ₦1800 profit. How much is the net profit or loss of the company?

#33. If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

#34. The branch expenses paid by the head office is recorded in the books by debiting branch?

#35. Goods returned to branch by customers is recorded in the head office books be debiting?

#36. Which of the following is mostly used in treating partners' current earnings?

#37. The salary of a partner is usually debited to the?

#38. The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

#39. The interest on partners' loans is?

#40. The capital contribution by the partners is treated in the?

#41. Given:₦6 000 10% preference shares of ₦0.50 each ₦6 000 ordinary shares of ₦1 each Capital reserves ₦2 700 000 Long-term liabilities ₦4 000 000Find the value of authorized share capital

#42. The directors' salaries paid are items of?

#43. Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000. A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

#44. The financial plan of the government for a year is contained in the?

#45. An ordinary share of ₦80 was issued at ₦96. The share was issued at?

#46. An increase in government expenditure within a year is taken care of by means of?

#47. Use the information below to answer questions 16 and 17.Sundry debtor..................₦20,000 Provision for bad debts........₦500Provision for bad debt at 4% of sundry debtors.Determine the provision for bad debts to profit and loss account?

#48. Calculate the provision to be taken to the balance sheet?

#49. Which of the following is incorrect? The amounts are arranged in the following order: Assets; Liabilities; Capital

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here

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