Financial Accounting Past Questions v28 (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 v28 (JAMB/WAEC/NECO)

Results

#1. Balance as per cashbook 2, 970 Bank Charges 220 Unpresented cheques 3, 950 Uncredited cheques 4, 178 Direct debit by bank 1, 0000Determine the balance as per bank statement

A) ₦1,978

A) ₦1,978

B) ₦1962

B) ₦1962

C) ₦1,522

C) ₦1,522

D) ₦2,522

D) ₦2,522

#2. The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

A) #184, 000

A) #184, 000

B) #196,500

B) #196,500

C) #212,000

C) #212,000

D) #168,500

D) #168,500

#3. The major advantage of the journal proper is that it

A) helps in the preparation of the balance sheet

A) helps in the preparation of the balance sheet

B) prevents fraud and theft of item of the business

B) prevents fraud and theft of item of the business

C) serves as a book of instruction to the bookkeeper

C) serves as a book of instruction to the bookkeeper

D) help the banking industry to be efficient

D) help the banking industry to be efficient

#4. One of the objectives of accounting is that it can be used for

A) business decision making

A) business decision making

B) due process in business

B) due process in business

C) motivating employees

C) motivating employees

D) determining the work force

D) determining the work force

#5. The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a

A) return on capital employed

A) return on capital employed

B) gross profit margin

B) gross profit margin

C) net profit margin

C) net profit margin

D) return on equity

D) return on equity

#6. The instrument used in analysis and interpretation of financial statement is the

A) accounting ratios

A) accounting ratios

B) income and expenditure extract

B) income and expenditure extract

C) balance sheet extract

C) balance sheet extract

D) found accounting

D) found accounting

#7. An item in the balance sheet of a limited liability company is

A) accrued expenses

A) accrued expenses

B) lighting and heating

B) lighting and heating

C) salaries and wages

C) salaries and wages

D) general expenses

D) general expenses

#8. Which of the following is the capital reserve of a company?

A) Accumulated depreciation

A) Accumulated depreciation

B) Retained profit

B) Retained profit

C) Share premium

C) Share premium

D) Loss on forfeited shares

D) Loss on forfeited shares

#9. The effect of overstating revenue expenditure in the profit and loss account is that the

A) opening stock will be increased

A) opening stock will be increased

B) net profit will be understand

B) net profit will be understand

C) net profit will be overstead

C) net profit will be overstead

D) opening stock will be decreased

D) opening stock will be decreased

#10. Which of the following condition would attract credit and debit notes to be used?

A) When goods are received from supplier

A) When goods are received from supplier

B) When a trial balance is extracted

B) When a trial balance is extracted

C) When a buyer is under or over charged

C) When a buyer is under or over charged

D) When goods are sold to a buyer

D) When goods are sold to a buyer

#11. A receipt is an evidence of

A) payments

A) payments

B) stocking

B) stocking

C) delivery

C) delivery

D) discounts

D) discounts

#12. Turaki Youth Club Income and Expenditure for the year ended 31/12/04 # # Bal.b/d 390 Expenses on cleaning 300 Sales of - New tool 510 Trickets 4,000 Repairs 400 Donations 3,000 Electricity 350 Subscription 6,500 What is the total income for the period?

A) #10,500

A) #10,500

B) #13,500

B) #13,500

C) #13,890

C) #13,890

D) #9,500

D) #9,500

#13. An organization which has records of only personal accounts is said to be operating on the basis of

A) single entry

A) single entry

B) real accounts

B) real accounts

C) nominal accounts

C) nominal accounts

D) double entry

D) double entry

#14. A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A) #2,400

A) #2,400

B) #3,000

B) #3,000

C) #9,800

C) #9,800

D) #1,400

D) #1,400

#15. Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share Application and allotment 45k 1st call 50k 2nd call 55kDetermine the amount received on final call.

A) #225,000

A) #225,000

B) #236,250

B) #236,250

C) #247,500

C) #247,500

D) #202,500

D) #202,500

#16. When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

A) a price above or below the stipulated price

A) a price above or below the stipulated price

B) any price but not below the transfer price

B) any price but not below the transfer price

C) cost price

C) cost price

D) a price that is equal to the mark-up

D) a price that is equal to the mark-up

#17. The income and expenditure account differs from receipts and payments account because it

A) accounts for notional charges

A) accounts for notional charges

B) records transactions that relate to the period on cash basis

B) records transactions that relate to the period on cash basis

C) records transactions that relate to the period on accrual basis

C) records transactions that relate to the period on accrual basis

D) accounts for balance of cash at bank

D) accounts for balance of cash at bank

#18. The major sources of revenue for the state and local governments is

A) value added tax

A) value added tax

B) statutory allocation

B) statutory allocation

C) taxes and levies

C) taxes and levies

D) recurrent revenue

D) recurrent revenue

#19. When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

A) current account

A) current account

B) profit and loss account

B) profit and loss account

C) profit and loss appropriation account

C) profit and loss appropriation account

D) capital account

D) capital account

#20. A discount that is allowed to encourage a debtor to pay off his debt within a period is the

A) annual discount

A) annual discount

B) trade discount

B) trade discount

C) periodic discount

C) periodic discount

D) cash discount

D) cash discount

#21. The costs of acquiring fixed assets and bringing them into the firm is a

A) general expenses

A) general expenses

B) recurrent expenditure

B) recurrent expenditure

C) revenue expenditure

C) revenue expenditure

D) capital expenditure

D) capital expenditure

#22. Impersonal account is subdivided into

A) real and nominal accounts

A) real and nominal accounts

B) nominal and personal accounts

B) nominal and personal accounts

C) real and current accounts

C) real and current accounts

D) personal and real accounts

D) personal and real accounts

#23. Opening balance of Dikscompany was #12,202, closing balance #15,300, total cash received during the period #40,000. What wasthe amount of cash paid during the same period?

A) #36,902

A) #36,902

B) #27,502

B) #27,502

C) #12,498

C) #12,498

D) #43,098

D) #43,098

#24. The total cash and cheques received from customers in a control account is derived from the

A) income and expenditure account

A) income and expenditure account

B) cashbook

B) cashbook

C) purchases day book

C) purchases day book

D) sales journal

D) sales journal

#25. Which of the foloowing is a credit item in creditors ledger control account?

A) Returns outwards

A) Returns outwards

B) Discount Received

B) Discount Received

C) Bad debts

C) Bad debts

D) Purchases

D) Purchases

#26. The trader is capital in a single entry system is ascertained by preparing

A) gross profit

A) gross profit

B) statement of affairs

B) statement of affairs

C) suspense account

C) suspense account

D) appropriation account

D) appropriation account

#27. I. Members subscription II. Fines from members III. Donation IV. Loan from bank From the informaation above, sources of income for a Not-for-profit-making organization include

A) I,III,IV

A) I,III,IV

B) I,II,III

B) I,II,III

C) I,II,IV

C) I,II,IV

D) I and IV

D) I and IV

#28. Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Computer the prepayment.

A) #300

A) #300

B) #400

B) #400

C) #600

C) #600

D) #200

D) #200

#29. Purchases can be ascertained through the preparation of a

A) stock account

A) stock account

B) sales account

B) sales account

C) total debtors control account

C) total debtors control account

D) total creditors control account

D) total creditors control account

#30. When stock is withdrawn for personal use, the accounting entries is to debit

A) stock account credit drawings

A) stock account credit drawings

B) drawing account, credit stock account

B) drawing account, credit stock account

C) personal account credit cash account

C) personal account credit cash account

D) cash account, credit personal account

D) cash account, credit personal account

#31. Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts. Find the amount for sundry debtors after provision.

A) #744,800

A) #744,800

B) #760,000

B) #760,000

C) #784,000

C) #784,000

D) #744,000

D) #744,000

#32. Which of the following is accounted for in receipts and payments account?

A) Accrued expenses on annual dances

A) Accrued expenses on annual dances

B) Subscriptions due but not yet received

B) Subscriptions due but not yet received

C) interest on bank deposit

C) interest on bank deposit

D) Depreciation of the club house

D) Depreciation of the club house

#33. When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

A) capital reserve

A) capital reserve

B) revenue reserve

B) revenue reserve

C) net income

C) net income

D) net loss

D) net loss

#34. A business organization prepares departmental account in order to

A) asertian the contribution of each department to the organization

A) asertian the contribution of each department to the organization

B) ascertain interdepartmental transfer

B) ascertain interdepartmental transfer

C) build other branches

C) build other branches

D) know the number of departments in the organization

D) know the number of departments in the organization

#35. The objective of departmental account is to

A) ascertain the amount of profits or losses for the enterprise

A) ascertain the amount of profits or losses for the enterprise

B) ascertain the amount of profits or losses for each department

B) ascertain the amount of profits or losses for each department

C) ascertain the cost of running the organization

C) ascertain the cost of running the organization

D) offset the loss of each department

D) offset the loss of each department

#36. The difference between book keeping and accounting is that while

A) book keeping interprets data, accounting records it

A) book keeping interprets data, accounting records it

B) book keeping is regarded as the language of the business accounting ascertians its strength and weakness

B) book keeping is regarded as the language of the business accounting ascertians its strength and weakness

C) book keeping records data accounting interprets it

C) book keeping records data accounting interprets it

D) book keeping summaries information accounting communicatesit

D) book keeping summaries information accounting communicatesit

#37. Use the information below to answer the question that follows, A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000. If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.?

A) ₦11,000

A) ₦11,000

B) ₦7,000

B) ₦7,000

C) ₦4,000

C) ₦4,000

D) ₦24,000

D) ₦24,000

#38. Use the information below to answer the question that follows, A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000. The yearly depreciation using the straight line method would be?

A) ₦5,200

A) ₦5,200

B) ₦6,500

B) ₦6,500

C) ₦8,800

C) ₦8,800

D) ₦4,400

D) ₦4,400

#39. Partners' share of profit is credited to?

A) a partner's current account

A) a partner's current account

B) a partner's capital account

B) a partner's capital account

C) the profit and loss account

C) the profit and loss account

D) the profit and loss appropriation account

D) the profit and loss appropriation account

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here