Login/Ask
Updated on July 21, 2023

Financial Accounting Past Questions v30 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v30 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

HAVE YOU USED OUR JAMB TOOL YET? IT PROVIDES YOUR JAMB COMBINATION FOR FREE

  • JAMB
  • Post-UTME / Post-JAMB
  • WAEC
  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v30 (JAMB/WAEC/NECO)

Results

Share your score!
Tweet your score!
Share to other

#1. What is the amount of capital employed?

#2. Advertising expenses incurred on a product in a business organization should be charged to

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

#4. The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

#5. The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

#6. When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

#7. In the head office ledger, the value of goods sent to the branch are____________

#8. If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

#9. Gross profit in the branch adjustment account is transferred to the branch____________

#10. Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

#11. Calls in advance are treated in the balance sheet as_______

#12. Why are adjustments in the profit and loss account necessary?

#13. Which of the following is not a type of branch?

#14. In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

#15. In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

#16. Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

#17. The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

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

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

#20. In departmental accounting, which is not a transfer pricing_________

#21. What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

#22. Using the following: Balance as par overdraft of the cashbook is ₦4000, uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000. What is the adjusted cashbook balance?

#23. Branch stock adjustment account is prepared at?

#24. A partnership deed is used to____________

#25. The cost price method is applicable when_____

#26. In dealing with incomplete record, fixed assets are posted to___________-

#27. Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

#28. Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. What is the interest on the drawings of Tea?

#29. Which of the following should not be adjusted for in the profit and loss account?

#30. In the absence of a partnership deed, the act stipulates that____________

#31. A partnership’s internal regulation are set out by________

#32. Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

#33. Transfers from the head office to branches are best carried out at__________

#34. Which of the following is a common cause of a discrepancy between head office and branch trial office________

#35. Departmentalization of accounts is useful because it shows the____________

#36. Why should a new partner contribute towards goodwill on his admission?

#37. The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

#38. The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

#39. Cost of rent as an expense can be apportioned to all department on the basis of:

#40. Which of the following is a conversion cost?

#41. Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account

#42. To account for expenses paid by head office on behalf of the branch, the branch should___________

#43. Which of the following is not an inventory costing method?

#44. The major source of document which enables employer to calculate the employee wages is the?

#45. The total credit sales for a period can be extracted from the?

#46. A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000. If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?

#47. Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is?

#48. A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000. The yearly depreciation using the straight line method would be

#49. The accounting entries used to record a cheque issued by a business is to?

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here

Share This :
Facebook
Twitter
WhatsApp
Telegram

Related Posts:

Recent Updates

Free JAMB Subject Combination Tool

Get Access