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Updated on July 21, 2023

Financial Accounting Past Questions v31 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v31 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • JAMB
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  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v31 (JAMB/WAEC/NECO)

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#1. Transactions are recorded or posted to the ledger in line with

#2. Show how the following transaction will be recorded applying the double entry principle: Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque

#3. A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

#4. The advantage of double entry is that

#5. Accounts can be classified into

#6. Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit

#7. If only wages is shown on the trial balance, it should be charged to the

#8. Mr Ojo gives you the following information on 31st July 2017 Opening Stock 7,000 Closing Stock 12,000 Purchases 60,000 Expenses 4,500 Uniform margin of 33 1 3 % You are required to calculate the sales

#9. Use the following to answer this question. Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000. The company's paid-up capital is

#10. Use the following to answer this question. Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000. The Unissued capital of the company is

#11. Given: Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500. The retained profit in the Appropriation account is

#12. Retained profits is an example of

#13. Use the information below to answer this question. Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively. Extract from their books for the year ended are Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950 Ojo's share of profit is

#14. Use the information below to answer this question. Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively. Extract from their books for the year ended are Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950 Sam's share of profit is

#15. The rate of interest on capital for Ade is

#16. Which of these will not appear in the preparation of control account. I. Bad debts II. Discounts III. Returns IV. Provision for bad debts

#17. Use the following Information to answer this question. Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 Cost of raw materials consumed is

#18. Use the following Information to answer this question. Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000

#19. A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

#20. The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

#21. Use the question to answer this questionThe following information were extracted from the books of Miliki state Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 Recurrent expenditure is

#22. Use the question to answer this questionThe following information were extracted from the books of Miliki state Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds ₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 Capital expenditure is

#23. Goods can be charged to branches using any of these pricing methods except

#24. Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

#25. Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

#26. The two recognised accounting bases are

#27. Given: Additional capital Capital Closing capital Net profit ₦ 4000 8000 12000 1500 The drawings for the period stand at

#28. The importance of bank statement is all except

#29. Accounting standards are issued at the International level by the

#30. The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

#31. One of these is not a similarity between Joint Venture and Partnership

#32. Majority of commercial transactions are termed credit transactions, which means

#33. Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

#34. A proprietor withdraws cash from the business for private use, he

#35. The rules of double entry states that

#36. The difference between double entry and single entry is

#37. A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

#38. The purpose of profit and loss account is to ascertain

#39. Discount received is charge to

#40. An ordinary share of ₦100 was issued at ₦80. The share was issued at

#41. Shares that are offered to existing shareholders at a price is called

#42. Where there is no agreement made by the partners, the following provisions takes place except

#43. In the absence of partnership agreement, a loan by a partner attracts interest at

#44. In a non-profit making organisation, the excess of Assets over liabilities equals

#45. The similarities between Receipts and payments and income and expenditure account is

#46. Given: Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears ₦ 10,000 15,000 4,500 3,000 150 3500 What is the accumulated fund?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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