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Updated on May 12, 2023

Financial Accounting Past Questions v6 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v6 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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

Financial Accounting Past Questions v6 (JAMB/WAEC/NECO)

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#1. Drawing appear on the

#2. Sale of goods for ₦500 to Eddy was not posted. This is an error of

#3. Purchase of goods for ₦1,000 from chukwu had been entered in Cukwura's account. This is an error of

#4. A typewriter for office use sold for ₦5,000 was posted to sales account. This is an error of a

#5. Goods purchased for ₦92 was entered in the books as ₦29. This is an error of

#6. John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?

#7. Patent and Trade mark are classified under

#8. A machine bought for ₦7,000 was estimated to have a useful life of 4 years and a scrap value of ₦500. Using the straight line method, what was the amount of depreciation charged per annum?

#9. A machine bought for ₦7,000 was estimated to have a useful life of 4 years and a scrap value of ₦500, Using the reducing balance method, what is the amount of depreciation for the second year?

#10. A machine bought for ₦7,000 was estimated to have a useful life of 4 years and a scrap value of ₦500. What is the Net book value of the machine at the end of the second year, Using the straight line method

#11. Fixed assets include

#12. Deferred charges are also known as

#13. The term "accounting period" is used to refer to the

#14. Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

#15. The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed

#16. Accounting information is used by investors and creditors of a company to predict

#17. When a business incurs labour cost in installing a fixed asset, the cost is treated as

#18. What is the cardinal rule of the double entry system?

#19. Mallam Gambo bought a freezer for his shop costing ₦10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?

#20. The use of the folio in the ledger is for

#21. The suspense account is used to correct book-keeping error where the

#22. The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts

#23. When is a petty cash account debited?

#24. When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

#25. The financial position of an organization at a particular time can be ascertained from the

#26. The net profit or loss for the year is determined in profit and loss account after

#27. If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an

#28. Beginning and ending accounts receivable balances were ₦8,000 and ₦15,000 respectively. If collections from customers during the period were ₦36,000, then total sales on account would be

#29. From which of the following sources are creditors control account most likely to be posted?

#30. Which of the following categories of labour cost will be classified as direct?

#31. The net profit from a trading account of a non-profit making organization would be treated as income in the

#32. The major distinguishing element between the final accounts of a partnership and a sole trader is the

#33. Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: ₦40,000, ₦50,000 and ₦70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for ₦50,000 cash. Wamo's equity in the resulting partnership is

#34. Under which of the following conditions is a partnership dissolved?

#35. A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued What is the issued capital

#36. The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

#37. An advantage of using accounting ratios is that they

#38. The expenditure on a good or services which is consumed either immediately or within a current accounting period is called

#39. The receipt from a special tax levy to pay maturing interest obligation are recorded in

#40. The cash bass of accounting requires the recognition of revenue only when they are

#41. The amount of individual items on a government budget is called

#42. A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued What is the issued capital

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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