Financial Accounting Past Questions v23 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v23 (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 v23 (JAMB/WAEC/NECO)

Results

#1. Find the average stock for the period

A) ₦27 000

A) ₦27 000

B) ₦23 000

B) ₦23 000

C) ₦28 000

C) ₦28 000

D) ₦20 500

D) ₦20 500

#2. Calculate the cost of goods sold.

A) ₦61 000

A) ₦61 000

B) ₦58 000

B) ₦58 000

C) ₦62000

C) ₦62000

D) ₦57 000

D) ₦57 000

#3. The historical development of accounting reveals that it?

A) deals with debit and credit of items

A) deals with debit and credit of items

B) is a product of financial development

B) is a product of financial development

C) is a product of its own evironmnent

C) is a product of its own evironmnent

D) is an ideal subject for finacial development

D) is an ideal subject for finacial development

#4. In a trial balance, income and liabilities are?

A) debited and credited respectively

A) debited and credited respectively

B) credited

B) credited

C) credited and debited respectively

C) credited and debited respectively

D) debited

D) debited

#5. The principle of double entry system ensures?

A) mathematical accuracy in trial balance

A) mathematical accuracy in trial balance

B) balances at the bank

B) balances at the bank

C) increase in the assets and liabilities

C) increase in the assets and liabilities

D) balance of cash account

D) balance of cash account

#6. Ii) Add up both side Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

A) ii, i and iii

A) ii, i and iii

B) i, iii and ii

B) i, iii and ii

C) ii, iii and i

C) ii, iii and i

D) i, ii and iii

D) i, ii and iii

E) Deducted the smaller side figure from the bigger side figure .

E) Deducted the smaller side figure from the bigger side figure .

#7. Given: Light expenses...................₦400 Purchases........................₦3,000 Sales............................₦1,200 Creditors........................₦2,250 Debtors..........................₦50 Calculate the total of the trial balance?

A) ₦4,250

A) ₦4,250

B) ₦3,500

B) ₦3,500

C) ₦4,300

C) ₦4,300

D) ₦3,450

D) ₦3,450

#8. The major feature of a journal is that it has?

A) six columns, date, particulars, folio, amount, debit and credit

A) six columns, date, particulars, folio, amount, debit and credit

B) five columns, date particulars, folio, debit and credit

B) five columns, date particulars, folio, debit and credit

C) three columns, date particulars and folio

C) three columns, date particulars and folio

D) four columns, date particulars, folio and amount

D) four columns, date particulars, folio and amount

#9. The medium of correcting errors whose differences are shown in the trial balance is by the use of?

A) debtors' account

A) debtors' account

B) creditor's account

B) creditor's account

C) suspense account

C) suspense account

D) ledger account

D) ledger account

#10. Use the information below to answer question .Adamu Stores bought accessories from Mu'azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Find the total amount paid?

A) ₦260

A) ₦260

B) ₦300

B) ₦300

C) ₦200

C) ₦200

D) ₦380

D) ₦380

#11. Use the information below to answer question .Adamu Stores bought accessories from Mu'azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Calculate the cash discount

A) ₦60

A) ₦60

B) ₦90

B) ₦90

C) ₦40

C) ₦40

D) ₦100

D) ₦100

#12. In bank reconciliation process, discrepancies cause by timing arises as a result of?

A) cash book bank statement

A) cash book bank statement

B) bank statement only

B) bank statement only

C) cash book, bank statement and other incidental records

C) cash book, bank statement and other incidental records

D) cash book only

D) cash book only

#13. The process of reconciling cheques between banks is termed cheque?

A) clearing

A) clearing

B) truncation

B) truncation

C) holding

C) holding

D) confirmation

D) confirmation

#14. In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

A) balance as per bank statement

A) balance as per bank statement

B) bank balance as per adjusted cash book

B) bank balance as per adjusted cash book

C) aggregate balance as per cash book

C) aggregate balance as per cash book

D) bank balance as per cash book

D) bank balance as per cash book

#15. Use the information below to answer question i) Stock of goods Ii) Furniture Iii)Creditors Iv) Cash at bank

A) iii and v

A) iii and v

B) ii and i

B) ii and i

C) iv and v

C) iv and v

D) i and iv

D) i and iv

E) Loan from the bank Find the current assets?

E) Loan from the bank Find the current assets?

#16. The type of expense charged against administration of a firm is the?

A) repairs on building

A) repairs on building

B) interesr paid on loan

B) interesr paid on loan

C) discount allowed

C) discount allowed

D) tax expense

D) tax expense

#17. In a period of declining price, which of the following methods would result in higher profit?

A) FIFO

A) FIFO

B) Simple average

B) Simple average

C) LIFO

C) LIFO

D) Weighted average

D) Weighted average

#18. Use the information above to answer questions 19 and 20.July 30 Closing stock 100 units at ₦90 July 8 Purchased 200 units at ₦95 July 10 Sold 160 units July 17 Returned 80 faulty units purchased at ₦95 July 18 Purchased 200 units at ₦105 July 20 Sold 180 units July 28 Purchased 200 units at ₦110 July 29 Sold 120 units July 30 Sold 100 unitsHow many units were at hand as at July 30?

A) 80

A) 80

B) 100

B) 100

C) 60

C) 60

D) 160

D) 160

#19. What is the value of stock as at the end of July 10 using FIFO?

A) ₦14 400

A) ₦14 400

B) ₦13 300

B) ₦13 300

C) ₦15 200

C) ₦15 200

D) ₦12 600

D) ₦12 600

#20. A typical example of a real account is?

A) prepayment

A) prepayment

B) expenses

B) expenses

C) plant

C) plant

D) income

D) income

#21. Use the information below to answer questions 23 and 24. Incomplete Record (Extract) Sales......................................₦10,600 Rent...........................₦200 Depreciation of vehicle (cost ₦5000) 10% Gross profit margin is 20% What is the cost of goods sold?

A) ₦4 800

A) ₦4 800

B) ₦8 480

B) ₦8 480

C) ₦2 320

C) ₦2 320

D) ₦9 900

D) ₦9 900

#22. Use the information below to answer questions 23 and 24. Incomplete Record (Extract) Sales......................................₦10,600 Rent...........................₦200 Depreciation of vehicle (cost ₦5000) 10% Gross profit margin is 20% Calculate the net profit?

A) ₦1 620

A) ₦1 620

B) ₦1 920

B) ₦1 920

C) ₦1 420

C) ₦1 420

D) 2 120

D) 2 120

#23. The cost that are directly traceable to the the goods being produced is?

A) party manufactured goods

A) party manufactured goods

B) overhead cost

B) overhead cost

C) total factory expenses

C) total factory expenses

D) prime cost

D) prime cost

#24. The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

A) prime cost

A) prime cost

B) indirect cost

B) indirect cost

C) total cost

C) total cost

D) direct cost

D) direct cost

#25. Work-in-progress is the?

A) value of party finished goods

A) value of party finished goods

B) value of finished goods sold

B) value of finished goods sold

C) sales less cost of goods sold

C) sales less cost of goods sold

D) value of goods produced

D) value of goods produced

#26. The major festure of not-for-profit-making-organization is that they are formed?

A) to use accumulated fund to described the net amount owed to members

A) to use accumulated fund to described the net amount owed to members

B) mainly to improve the welfare of her member

B) mainly to improve the welfare of her member

C) to engaged in trading activities to sponsor its activities

C) to engaged in trading activities to sponsor its activities

D) in order to compute the receipts and payment account

D) in order to compute the receipts and payment account

#27. The subscription paid in advance is treated in the balance sheet of a club as?

A) a surplus

A) a surplus

B) a liability

B) a liability

C) a deflicit

C) a deflicit

D) an asset

D) an asset

#28. The capital of not-for-profit-making organization is referred to as?

A) entity fund

A) entity fund

B) capital owned

B) capital owned

C) accumulated fund

C) accumulated fund

D) capital employed

D) capital employed

#29. The major objective of departmental accounts is to ascertain the?

A) contribution of each department to profit

A) contribution of each department to profit

B) materials sold in each department

B) materials sold in each department

C) insurance premium payable on employees

C) insurance premium payable on employees

D) number of employees in each department

D) number of employees in each department

#30. The transactions relating to liquidation in partnership account is drawn by using?

A) current account

A) current account

B) cash account

B) cash account

C) capital account

C) capital account

D) realization account

D) realization account

#31. The cost method of charging goods to branch is used where?

A) branch stock adjustment account is in use

A) branch stock adjustment account is in use

B) the retention of branch trading account is in addition to the cost of goods sold

B) the retention of branch trading account is in addition to the cost of goods sold

C) goods are sent without invoice or any source documents

C) goods are sent without invoice or any source documents

D) goods are of a perishable nature on which a pre-determined price is inapplicable

D) goods are of a perishable nature on which a pre-determined price is inapplicable

#32. The correct entries to record goods transferred to branch from head office is to debit?

A) branch stock account and credit goods sent to branch account

A) branch stock account and credit goods sent to branch account

B) branch supplies account and credit branch stock account

B) branch supplies account and credit branch stock account

C) branch stock account and credit purchases account

C) branch stock account and credit purchases account

D) goods sent to branch account and credit branch stock account

D) goods sent to branch account and credit branch stock account

#33. The two accounts that are normally opened in the head office when goods are transferred to a branch are?

A) branch supplies and branch receipts

A) branch supplies and branch receipts

B) branch stock account and goods sent to branch accounts

B) branch stock account and goods sent to branch accounts

C) goods sent to brannch account and branch receipt account

C) goods sent to brannch account and branch receipt account

D) goods sent to branch accounts and branch supplies

D) goods sent to branch accounts and branch supplies

#34. Goods invoiced to a branch can be sent using?

A) cost price, selling price and fixed percentage on selling price

A) cost price, selling price and fixed percentage on selling price

B) cost price, selling price and fixed percentage on cost price

B) cost price, selling price and fixed percentage on cost price

C) cost priceand fixed percentage on cost price

C) cost priceand fixed percentage on cost price

D) cost price and fixed percentage on selling price

D) cost price and fixed percentage on selling price

#35. The major point of agreement carried by the partnership deed is?

A) 5% interest annum on any loan

A) 5% interest annum on any loan

B) an oral agreement among the partners

B) an oral agreement among the partners

C) method of inhertance by the partners' children

C) method of inhertance by the partners' children

D) the profit and loss sharing ratio of the partners

D) the profit and loss sharing ratio of the partners

#36. Use the information below to answer questions 40 and 41. Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital - Keme.............₦20 000 ........ - Kemi.............₦10 000 Drawings - Keme.............₦2 000 ........ - Kemi.............₦3 000 Profit......................₦6 000 Interest on capital.........5% Interest on drawings........10% The interest on Kemi's capital is?

A) ₦1 000

A) ₦1 000

B) ₦2 000

B) ₦2 000

C) ₦500

C) ₦500

D) ₦3 000

D) ₦3 000

#37. Use the information below to answer questions 40 and 41. Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital - Keme.............₦20 000 ........ - Kemi.............₦10 000 Drawings - Keme.............₦2 000 ........ - Kemi.............₦3 000 Profit......................₦6 000 Interest on capital.........5% Interest on drawings........10% The interest on Keme's drawings is calculated as?

A) ₦200

A) ₦200

B) ₦150

B) ₦150

C) ₦300

C) ₦300

D) ₦100

D) ₦100

#38. Which of the following can be used on admission of a new partnership?

A) Revaluation account

A) Revaluation account

B) Profit account

B) Profit account

C) Capital account

C) Capital account

D) Trading account

D) Trading account

#39. Goodwill is determined using?

A) capital contribution

A) capital contribution

B) number of partnerd admitted

B) number of partnerd admitted

C) the business and customer relations

C) the business and customer relations

D) number of active partners

D) number of active partners

#40. The founders of a company are?

A) promoters

A) promoters

B) shareholders

B) shareholders

C) canvassers

C) canvassers

D) stakeholders

D) stakeholders

#41. The fund in which all government receipt are paid is?

A) consolidated revenue fund

A) consolidated revenue fund

B) development fund

B) development fund

C) trust fund

C) trust fund

D) contingency fund

D) contingency fund

#42. Which of the following accounts for the highest revenue to Nigeria?

A) Import duties

A) Import duties

B) Personal income tax

B) Personal income tax

C) Petroleum income tax

C) Petroleum income tax

D) Company tax

D) Company tax

#43. If Aboki Holdings Limited issued 120, 000 ordinary share of ₦2.00 each at market value of 5.50k each, the share premium would?

A) ₦500 000

A) ₦500 000

B) ₦450 000

B) ₦450 000

C) ₦550 000

C) ₦550 000

D) ₦420 000

D) ₦420 000

#44. Which of the following is a signatory to federal government account?

A) Auditor-General

A) Auditor-General

B) Governor of Central Bank

B) Governor of Central Bank

C) Accountant-General

C) Accountant-General

D) Persident

D) Persident

#45. The chief accounting officer of a local government is the?

A) Chairman

A) Chairman

B) Treasurer

B) Treasurer

C) Director of personnel

C) Director of personnel

D) Auditor

D) Auditor

#46. Which of the following signs general warrant for the release of money from the consolidated revenue fund?

A) Minister of Finance

A) Minister of Finance

B) Chairman, Economic Advisory Committee

B) Chairman, Economic Advisory Committee

C) Permanent secretary

C) Permanent secretary

D) Minister of Economic Planning

D) Minister of Economic Planning

#47. The item on the credit side of the trading account is the?

A) returns outwards

A) returns outwards

B) caarriage on sales

B) caarriage on sales

C) sales

C) sales

D) purchases

D) purchases

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here