Financial Accounting Past Questions v24 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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Financial Accounting Past Questions v24 (JAMB/WAEC/NECO)

Results

#1. Given: Determine the balance

A) 415,000 debit

A) 415,000 debit

B) 215,000 credit

B) 215,000 credit

C) 215,000 debit

C) 215,000 debit

D) 315,000 credit

D) 315,000 credit

#2. Given: Determine the balance

A) 415,000 debit

A) 415,000 debit

B) 215,000 credit

B) 215,000 credit

C) 215,000 debit

C) 215,000 debit

D) 315,000 credit

D) 315,000 credit

#3. The basis upon which assets of an organization is valued is the

A) historical concept

A) historical concept

B) business entity concept

B) business entity concept

C) periodicity concept

C) periodicity concept

D) materiality concept

D) materiality concept

#4. An accountant must not only be interested in record keeping but also in

A) the application of proffessional competency

A) the application of proffessional competency

B) the accuracy of postings

B) the accuracy of postings

C) the casting of financial figures

C) the casting of financial figures

D) effective preparation of balance sheet

D) effective preparation of balance sheet

#5. The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

A) capital and debit liabilities

A) capital and debit liabilities

B) liabilities and credit assets

B) liabilities and credit assets

C) assets and credit capital

C) assets and credit capital

D) capital and credit assets

D) capital and credit assets

#6. The capital of a sole trader can be increased by

A) debiting the capital account

A) debiting the capital account

B) crediting the capital account

B) crediting the capital account

C) debiting the cash account

C) debiting the cash account

D) crediting the cash account

D) crediting the cash account

#7. Akirika bought a motor van for his business by cash. The entries are to debit

A) motor van and credit Akirika

A) motor van and credit Akirika

B) sales and credit Akrika

B) sales and credit Akrika

C) motor van and credit cash

C) motor van and credit cash

D) cash and credit motor van

D) cash and credit motor van

#8. Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. In the book of Ibrahim, the entry to record the transaction would be to debit

A) sugar account #12,000 and credit Jide #12,000

A) sugar account #12,000 and credit Jide #12,000

B) Jide #12,000 and credit sales account #12,000

B) Jide #12,000 and credit sales account #12,000

C) Ibrahim #12,000 and credit Jide #12,000

C) Ibrahim #12,000 and credit Jide #12,000

D) sugar account #12,000 and credit Ibrahim #12,000

D) sugar account #12,000 and credit Ibrahim #12,000

#9. Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. The record in Jide's book would be to debit

A) purchases #12,000 and credit Ibrahim #12,000

A) purchases #12,000 and credit Ibrahim #12,000

B) purchases #12,000 and credit sugar account #12,000

B) purchases #12,000 and credit sugar account #12,000

C) Jide #12,000 and credit purchases

C) Jide #12,000 and credit purchases

D) Ibrahim #12,000 and sugar account #12,000

D) Ibrahim #12,000 and sugar account #12,000

#10. In a three-column cash book, dishonored cheques will be shown on the

A) bank column (debit)

A) bank column (debit)

B) bank column(credit)

B) bank column(credit)

C) cash column(debit)

C) cash column(debit)

D) cash column(credit)

D) cash column(credit)

#11. Cash can be drawn from the bank using

A) a bank teller

A) a bank teller

B) a credit card

B) a credit card

C) a recharge card

C) a recharge card

D) ATM card

D) ATM card

#12. In a modern day banking system, cash transfer cannot be made where the transferor

A) has no sufficient cash with the bank

A) has no sufficient cash with the bank

B) has no account with the bank

B) has no account with the bank

C) does not reside in the bank's country

C) does not reside in the bank's country

D) does not possess the domestic currency

D) does not possess the domestic currency

#13. Given: Cash book balance- #5000 Dishonored cheque- #1000 Direct credit - ₦800 Direct debit - ₦500The adjusted cash book balance is

A) #6,300

A) #6,300

B) #4,300

B) #4,300

C) #3,700

C) #3,700

D) #2,700

D) #2,700

#14. At the end of a financial period, the trading Profit and loss account of a sole trader Shows a profit of #180,000. it is however Discovered that revenue of #15,000 is Recorded as expenses while expenses of #4,000 is recorded as revenue.The revenue to be added as an adjustment is

A) #34,000

A) #34,000

B) #30,000

B) #30,000

C) #15,000

C) #15,000

D) #4,000

D) #4,000

#15. Which of the following is an item of special assets?

A) Fixed assets

A) Fixed assets

B) Current assets

B) Current assets

C) Trademark

C) Trademark

D) Gratuity

D) Gratuity

#16. 1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk.Using simple average method, calculate the value of stock after 22/5/07

A) #1,198.00

A) #1,198.00

B) #1,218.38

B) #1,218.38

C) #1,257.67

C) #1,257.67

D) #1,408.00

D) #1,408.00

#17. The LIFO method has an advantage over FIFO in that stocks are valued at

A) previous prices

A) previous prices

B) current prices

B) current prices

C) average rates

C) average rates

D) flat rates

D) flat rates

#18. In sales ledger control account, returns inwards is usually

A) debited and debtors credited

A) debited and debtors credited

B) credited and sales returns debited

B) credited and sales returns debited

C) debited and cash credited

C) debited and cash credited

D) credited and bank credited

D) credited and bank credited

#19. Purchasers ledger control account can also be referred to as

A) sales day book

A) sales day book

B) purchasers day book

B) purchasers day book

C) creditors legder

C) creditors legder

D) debtors ledger

D) debtors ledger

#20. Which of the following is a debit item in the sales ledger control account

A) Cheque reciepts

A) Cheque reciepts

B) Dishonoured cheques

B) Dishonoured cheques

C) Discount allowed

C) Discount allowed

D) Bills recievable

D) Bills recievable

#21. In manufacturing accounts, finance expenses are charged to the

A) departmental account

A) departmental account

B) trading acount

B) trading acount

C) profit and loss account

C) profit and loss account

D) balance sheet

D) balance sheet

#22. Total production cost- #360,000 Factory overhead cost- #56,000 Selling price per unit- # 120 Production volume 4000 unitsDetermine the value of prime cost

A) #416,000

A) #416,000

B) #304,000

B) #304,000

C) #240,000

C) #240,000

D) #184,000

D) #184,000

#23. The main advantage of a departmental account is that its

A) expenses are shared

A) expenses are shared

B) gross profit is computed

B) gross profit is computed

C) net profit is computed

C) net profit is computed

D) balance sheet is obtained

D) balance sheet is obtained

#24. The excess revenue over expenditure is charged to

A) profit and loss

A) profit and loss

B) revenue account

B) revenue account

C) accumulated fund

C) accumulated fund

D) income and expenditure acccount

D) income and expenditure acccount

#25. Given: Fixtures-#30,000 Debtors-#7,000 Stock- #8,000 Creditors-#3,000 Goodwill-#10,000Determine the capital

A) #10,000

A) #10,000

B) #42,000

B) #42,000

C) #45,000

C) #45,000

D) #52,000

D) #52,000

#26. In the head office ledger, the value of goods sent to the branch are

A) debited to the head office current account

A) debited to the head office current account

B) debited to the branch current account

B) debited to the branch current account

C) credited to the head office current account

C) credited to the head office current account

D) credited to the branch current account

D) credited to the branch current account

#27. Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A) cost price

A) cost price

B) fixed percentage on cost

B) fixed percentage on cost

C) selling price

C) selling price

D) invoice price

D) invoice price

#28. The partners capital are: Modibbo #60,000 And Jakata #90,000. The partners share Profit and losses in the ratio of their capital Contributions. The net profit for the year is #12,000.Find Modibbo's share of the profit

A) #62,000

A) #62,000

B) #48,000

B) #48,000

C) #44,000

C) #44,000

D) #43,000

D) #43,000

#29. The partners capital are: Modibbo #60,000 And Jakata #90,000. The partners share Profit and losses in the ratio of their capital Contributions. The net profit for the year is #12,000.What is Jakata's sharing profit? Options

A) 3:5

A) 3:5

B) 1:2

B) 1:2

C) 2:5

C) 2:5

D) 1:5

D) 1:5

#30. In what way can goodwill be written off in a partnership business?

A) Using the partners' profit and loss sharing ratio

A) Using the partners' profit and loss sharing ratio

B) By neglecting the ratio of partners capital contributions

B) By neglecting the ratio of partners capital contributions

C) By sharing it unequally among the partners where no agreement exists

C) By sharing it unequally among the partners where no agreement exists

D) By sharing it among the active partners only

D) By sharing it among the active partners only

#31. Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

A) debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000

A) debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000

B) credit goodwill #15,000, cash #20,000 and debit Mary's #35,000

B) credit goodwill #15,000, cash #20,000 and debit Mary's #35,000

C) debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000

C) debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000

D) debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000

D) debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000

#32. In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are

A) business purchase account and ordinary share capital account

A) business purchase account and ordinary share capital account

B) Business purchase account, vendor account and ordinary share capital account

B) Business purchase account, vendor account and ordinary share capital account

C) business purchase account and vendor account

C) business purchase account and vendor account

D) ordinary share capital account, vendor account and unpaid share capital account

D) ordinary share capital account, vendor account and unpaid share capital account

#33. Given: 1. The Memorandum of Association of the Company 11.The Article of Association of the Company 111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

A) 1 and 11

A) 1 and 11

B) 1, 11 and 111

B) 1, 11 and 111

C) 1 and 111

C) 1 and 111

D) 11 and 111

D) 11 and 111

#34. When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

A) application and allotment account and credit unsubscribed shares

A) application and allotment account and credit unsubscribed shares

B) application and allotment account and credit cash

B) application and allotment account and credit cash

C) oversubscribed shares and credit allotment account

C) oversubscribed shares and credit allotment account

D) oversubscribed shares and credit allotment account

D) oversubscribed shares and credit allotment account

#35. Investment at cost of a company is to be disclosed under

A) trading accounts

A) trading accounts

B) profit and loss account

B) profit and loss account

C) balance sheet

C) balance sheet

D) source and application of fund

D) source and application of fund

#36. Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840Calculate the acid test ration

A) 1:94:1

A) 1:94:1

B) 1:96:1

B) 1:96:1

C) 1:1:94

C) 1:1:94

D) 1:1:96

D) 1:1:96

#37. Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840Determine the number of times stock was turned over during the period to the nearest figure

A) 1

A) 1

B) 2

B) 2

C) 3

C) 3

D) 4

D) 4

#38. Which of the following is a source of revenue to the federation account?

A) Market fees

A) Market fees

B) Bicycle licences

B) Bicycle licences

C) Tarrifs

C) Tarrifs

D) Property rates

D) Property rates

#39. The Petroleum Technology Development Fund is under the

A) general fund

A) general fund

B) contingency fund

B) contingency fund

C) trust fund

C) trust fund

D) capital fund

D) capital fund

#40. The power to appoint the Auditor General of the Federation is vested in the

A) National Assembly

A) National Assembly

B) President

B) President

C) Judicial Service Commission

C) Judicial Service Commission

D) Civil Service Commission

D) Civil Service Commission

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here