Financial Accounting Past Questions v29 (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 v29 (JAMB/WAEC/NECO)

Results

#1. Which of these accounts is dissolution expenses credited?

A) partners capital account

A) partners capital account

B) revaluation account

B) revaluation account

C) partners current account

C) partners current account

D) Realization account

D) Realization account

#2. Capital for a profit making organization is generated through

A) Subscription

A) Subscription

B) shares

B) shares

C) donation

C) donation

D) gift

D) gift

#3. The account where the profit are distributed to the partner in their profit sharing ratio in partnership

A) trading account

A) trading account

B) appropriation account

B) appropriation account

C) balance sheet

C) balance sheet

D) profit and loss account

D) profit and loss account

#4. In manufacturing account, depreciation of office machine is charged to

A) trading account

A) trading account

B) appropriation account

B) appropriation account

C) balance street

C) balance street

D) profit and loss account

D) profit and loss account

#5. Given: I. Cash refunds II. Debit note issued III. Dishonored cheque IV. Purchases The item on the credit side of purchases ledger control account includes

A) I,II and III only

A) I,II and III only

B) I and II only

B) I and II only

C) III and IV only

C) III and IV only

D) I, III and IV only

D) I, III and IV only

#6. You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

A) Unpresented

A) Unpresented

B) Dividend

B) Dividend

C) Uncredited cheque

C) Uncredited cheque

D) credit transfer

D) credit transfer

#7. Which fund is used to meet unforeseen or urgent expenditure

A) General reserve fund

A) General reserve fund

B) Consolidated Reserve Fund

B) Consolidated Reserve Fund

C) contingencies fund

C) contingencies fund

D) special fund

D) special fund

#8. In the period of rising prices, which method of stock valuation is most appropriate?

A) Last in First Out

A) Last in First Out

B) weighted average

B) weighted average

C) First in First Out

C) First in First Out

D) Simple average

D) Simple average

#9. Which of these is the subsidiary book for return inwards?

A) Sales day book

A) Sales day book

B) Sales return journal

B) Sales return journal

C) Purchases day journal

C) Purchases day journal

D) Cash book

D) Cash book

#10. A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

A) original entry

A) original entry

B) contra entry

B) contra entry

C) prime entry

C) prime entry

D) contract entry

D) contract entry

#11. What is the main purpose of transaction file?

A) To record assets and liabilities

A) To record assets and liabilities

B) To update income and expenses

B) To update income and expenses

C) to update master files

C) to update master files

D) to make organization decision

D) to make organization decision

#12. Processed data is only useful to user if it is

A) complex

A) complex

B) quantitative

B) quantitative

C) relevant

C) relevant

D) qualitative

D) qualitative

#13. Changes can occur in partnership when: I. partnership is dissolved Ii. There is amalgamation of partnership Iii.There is a change in the profit or loss sharing ratio Iv. Intangible asset increase

A) I,II and IV

A) I,II and IV

B) I & III

B) I & III

C) I,II and III

C) I,II and III

D) I, III and IV

D) I, III and IV

#14. The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

A) provisional general warrant

A) provisional general warrant

B) annual general warrant

B) annual general warrant

C) Reserved expenditure warrant

C) Reserved expenditure warrant

D) contigencies

D) contigencies

#15. one of the options below is not the source of income for non- profit organization

A) Entrance fees

A) Entrance fees

B) subscription/dues

B) subscription/dues

C) odrinary shares

C) odrinary shares

D) Donations

D) Donations

#16. Salaries in arrears is treated in the balance sheet as a

A) current asset

A) current asset

B) current liability

B) current liability

C) fixed asset

C) fixed asset

D) long term liability

D) long term liability

#17. When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added

A) Unpresented cheque

A) Unpresented cheque

B) Dividend

B) Dividend

C) Uncredited cheque

C) Uncredited cheque

D) credit transfer

D) credit transfer

#18. Which of these is the main source document for recording cash paid into bank?

A) invoice

A) invoice

B) cheque book

B) cheque book

C) credit note

C) credit note

D) pay-in-slip

D) pay-in-slip

#19. Given: I. It records subscription in arrears II. Payments of liabilities is effected III. The account does not show if cash payment is revenue or capital expenditure IV. It performs the same function as cashbook The features of receipts and payment account includes

A) I,II and IV

A) I,II and IV

B) II,III and IV

B) II,III and IV

C) III and IV

C) III and IV

D) I,II and III

D) I,II and III

#20. The following are the importance of branch account except

A) it enable the organization to determine the branch that is making either profit or loss

A) it enable the organization to determine the branch that is making either profit or loss

B) it allows proper control over the branch by the head office

B) it allows proper control over the branch by the head office

C) it assist the organization to determine the performance of a branch manager

C) it assist the organization to determine the performance of a branch manager

D) it allows fraud and wastage of resources

D) it allows fraud and wastage of resources

#21. One of the options below have the same features as the profit and loss account in non-profit organization

A) Income and expenditure account

A) Income and expenditure account

B) profit and loss account

B) profit and loss account

C) receipts and payment account

C) receipts and payment account

D) Non profit account

D) Non profit account

#22. An advantage of FIFO method of stock valuation is that

A) it serves-as a control during inflation

A) it serves-as a control during inflation

B) it is calculated at the end of the year

B) it is calculated at the end of the year

C) it is progressive in nature

C) it is progressive in nature

D) its flow of cost is in sequence with the flow of stock.

D) its flow of cost is in sequence with the flow of stock.

#23. Discount allowed is enjoyed by

A) Managers

A) Managers

B) Customers

B) Customers

C) Suppliers

C) Suppliers

D) Staff of the company

D) Staff of the company

#24. The accounting entries for goods stolen in branch will be to debit

A) The accounting entries for goods stolen in branch will be to debit

A) The accounting entries for goods stolen in branch will be to debit

B) branch stock account and credit branch adjustment account

B) branch stock account and credit branch adjustment account

C) branch adjustment account and credit profit and loss account

C) branch adjustment account and credit profit and loss account

D) branch adjustment account and credit branch stock account

D) branch adjustment account and credit branch stock account

#25. The following appears in trading account except

A) sales

A) sales

B) carriage outward

B) carriage outward

C) carriage inward

C) carriage inward

D) opening stock

D) opening stock

#26. Goodwill can be created in the books of a partnership firm when

A) the partnership experiences super profit

A) the partnership experiences super profit

B) a new member is admitted

B) a new member is admitted

C) the business is being expanded

C) the business is being expanded

D) the business suffers high loss

D) the business suffers high loss

#27. Given: I. Settlement of debts II. Cessation of business III. Introduction of assets IV. Disposal of assets Which of these constitutes dissolution of partnership?

A) II and IV only

A) II and IV only

B) I,II and IV only

B) I,II and IV only

C) I,II and III only

C) I,II and III only

D) II,III and IV only

D) II,III and IV only

#28. The discount column on the left-hand side of cashbook represents a discount

A) received from a creditor

A) received from a creditor

B) allowed to a debtor

B) allowed to a debtor

C) received from a debtor

C) received from a debtor

D) allowed to a creditor

D) allowed to a creditor

#29. Which of the following is used to service all operations of government?

A) Consolidated Revenue Fund

A) Consolidated Revenue Fund

B) Consolidated Reserve Fund

B) Consolidated Reserve Fund

C) Special Operational Fund

C) Special Operational Fund

D) General-Reserve Fund

D) General-Reserve Fund

#30. What is the effect of transaction when cash is paid into the bank

A) Bank balance decrease and cash balance increase

A) Bank balance decrease and cash balance increase

B) bank balance decrease and cash balance decrease

B) bank balance decrease and cash balance decrease

C) cash balance increase and bank balance increase

C) cash balance increase and bank balance increase

D) cash balance decrease and bank balance increase

D) cash balance decrease and bank balance increase

#31. The principle of double entry developed from the axioms of accounting equation is given as

A) Assets + Liability = Equity

A) Assets + Liability = Equity

B) Assets + Equity = Liabilities

B) Assets + Equity = Liabilities

C) Liabilities + Equity = Asset

C) Liabilities + Equity = Asset

D) Liabilities + Equity = Net assets

D) Liabilities + Equity = Net assets

#32. The correct expression of accounting equation is

A) Assets = Liabilities + Equity

A) Assets = Liabilities + Equity

B) Net assets = Liabilities + Equity

B) Net assets = Liabilities + Equity

C) Assets + Liabilities = Equity

C) Assets + Liabilities = Equity

D) Assets = Equity - liabilities

D) Assets = Equity - liabilities

#33. Subscription in advance is treated in the balance sheet as a

A) current asset

A) current asset

B) current liability

B) current liability

C) fixed asset

C) fixed asset

D) long term liability

D) long term liability

#34. Which of these is a content of a master file?

A) All records relevant to the organisation.

A) All records relevant to the organisation.

B) Records of assets of the organisation

B) Records of assets of the organisation

C) A collection of data items

C) A collection of data items

D) All records relating to employees

D) All records relating to employees

#35. An evidence of payment issued to a government ministry by a revenue collector is

A) treasury receipt

A) treasury receipt

B) receipt voucher

B) receipt voucher

C) payment voucher

C) payment voucher

D) treasury card

D) treasury card

#36. A part of public company's profits belonging to the shareholders is

A) public issue

A) public issue

B) bonus

B) bonus

C) right issue

C) right issue

D) dividends

D) dividends

#37. When expenses are paid on behalf of the venture, the accounting entries is to debit

A) bank account and credit joint venture account

A) bank account and credit joint venture account

B) expenses account and credit bank account

B) expenses account and credit bank account

C) joint venture account and credit expenses account

C) joint venture account and credit expenses account

D) joint venture account and credit bank account

D) joint venture account and credit bank account

#38. The movement of goods from head office to a branch is treated in the in the head office accounts as?

A) sales

A) sales

B) issue

B) issue

C) purchase

C) purchase

D) requisition

D) requisition

#39. The tier of government that uses financial memorandum is the

A) federal government

A) federal government

B) state government

B) state government

C) local government

C) local government

D) municipal government

D) municipal government

#40. The current growth in the volume of trading and financial dealings in Nigeria is helped by?

A) increased financial activities

A) increased financial activities

B) government intervention

B) government intervention

C) credit as a factor in business

C) credit as a factor in business

D) payment for goods in cash

D) payment for goods in cash

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here