Updated on May 12, 2023

Financial Accounting Past Questions v7 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v7 (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 v7 (JAMB/WAEC/NECO)

Results

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#1. Interest on a partner's drawings is debited to the

A) Partners current account and credited to the profit and loss appropriation account

B) profit and loss appropriation account and credited to the partner's current account

C) profit and loss account and credited to the partner's current account

D) Partner's current account and credited to the profit and loss account

#2. The factory cost of producing goods is made up of

A) prime cost and factory overhead

B) prime cost and office overhead

C) raw materials consumed and fixed cost

D) Raw materials and administrative overhead

#3. Which of the following is the effect of a reduction in the provision for doubtful debts?

A) reduction in net profit

B) reduction in cash balance

C) reduction in gloss profit

D) increase in gross profit

E) increase in net profit

#4. Which of the following is the basis of accounting in the Civil Service?

A) accrual

B) cash

C) income

D) expenditure

#5. The reward given to a debenture holder is called

A) profit

B) reserve

C) premium

D) dividend

E) interest

#6. Which of the following is not a debit entry on a sales ledger control account?

A) goods sold

B) cash received

C) dishonoured cash

D) payment to debtors for claim

E) interest charges

#7. If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of

A) ordinary entry

B) omission

C) commission

D) compensation

E) principle

#8. The accounting entries required for increase in provision for doubtful debts are

A) debit profit and loss account, credit provision for doubtful debts account

B) credit provision for doubtful debts account; debit profit and loss account

C) credit trading account; credit provision and doubtful debts account

D) credit trading trading account; debit provision for doubtful debts account

E) credit debtor's account; debit provision for doubtful debts account

#9. Subscription in advance is an example of

A) payment

B) accual

C) debtors

D) provision

E) reserves

#10. Which of the following is an example of Personal Accounts?

A) stock

B) fixture

C) equiptment

D) rent

E) debtors

#11. Working capital is measured by the excess of

A) current liabilities over current assets

B) fixed assets over current assets

C) currents assets over current liabilities

D) current assets over fixed assets

E) long term liabilities fixed assets

#12. The undistributed profits of a limited liability company is

A) goodwill

B) working capital

C) net profit

D) rtained earings

E) net loss

#13. Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

A) principle

B) original entry

C) omission

D) commission

E) compensation

#14. A list of balance extracted from the ledger is known as

A) balance sheet

B) statement of affairs

C) trading account

D) profit and losss account

E) trial balance

#15. Provision for depreciation on office furniture is charged to

A) capital account

B) profit and loss appropriation account

C) trading account

D) profit and loss account

E) manufacturing account

#16. Which of the following is not a cause discrepancy between cash book and bank statement balances?

A) deposits in transit

B) standing order

C) paid cheques

D) dishonoured cheque

E) uncredited cheques

#17. The financial plan of the government for a year is contained in the

A) vote book

B) cash analysis book

C) budget

D) general order

E) gazette

#18. When a business is purchased, the double entries required in the purchaser's book are debit,

A) venfdor's account and credit purchase of business account

B) asset account and credit purchases of business account

C) cash account and credit vendor's account

D) purchase of business account

E) vendor's account and credit cash account

#19. Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

A) i and v

B) i and ii

C) ii, ii and iii

D) i and iv

E) i, iv and v

#20. A fund established for the payment of minor expenses is

A) cash discount

B) cash flow

C) petty cash

D) accumulated fund

E) reserve

#21. A fund established for the payment of minor expenses is

A) cash discount

B) cash flow

C) petty cash

D) accumulated fund

E) reserve

#22. The maximum amount which a company can raise by way of selling share is

A) issued capital

B) working capital

C) paid-up capital

D) shareholders capital

E) authorized capital

#23. The aggregate of amounts owed to a business by is customers is known as

A) accounts receivable

B) account current

C) accounts payable

D) accumulated fund

E) debtors' fund

#24. Which of the following does a consignee prepare and send to his consignor?

A) account eceivable

B) current account

C) account payable

D) account sales

E) consignment account

#25. In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit

A) consignee's account, credit cash account, credit cash account

B) cash account, credit consignor's account

C) consignee's account, credit cash account

D) cash account, credit consignee's account

E) account sales, credit consignee's account

#26. Which of the following is a fictitious asset?

A) preliminary expenses

B) fixtures and fittings

C) cash in hand

D) land and buildings

E) investment

#27. Expenditure incurred to maintain an asset's earning capacity is called

A) capacity expenditure

B) revenue expenditure

C) general expenditure

D) tangible expenditure

E) intangible expenditure

#28. Which of the following does not relate to a manufacturing concern?

A) balance sheet

B) profit and loss account

C) ledger account

D) cash book

E) income and expenditure

#29. Which of the following is not true of a trial balance?

A) list taken of the account balance in the general ledger

B) proof of the arithmetical accuracy of the ledger postings

C) summary of data for the preparation of financial statement

D) list of account abstracted from a subsidiary ledger to check their agreement with the related control account

E) list of balances ensuring that the accounts are correct

#30. The chief accounting officer of Nigeria is called the

A) auditor general

B) chief accountant

C) treasurer

D) accountant general

E) minister of finance

#31. Expenses incurred but not yet paid is

A) contigent liability

B) current liability

C) current asset

D) fixed asset

E) capiatal expenditure

#32. Which of the following does not lead to depreciation assets?

A) wear and tear

B) passage of time

C) devaluation of Naira

D) obsolescence

E) usage

#33. Which of the following is capital expenditure?

A) purchase of stock

B) a purchase of motor vehicles for sale

C) subscriptionspaid

D) extension of building

E) repairs of generator

#34. What are accounting entries for bad debts recovered?

A) debit debtor's account, credit bad debts recovered account

B) credit debtor's account, debit bad debts recovered account

C) debit debtor's credit sales account

D) credit debtor's account, debit sales account

E) credit cash account, debit sales account

#35. which of the following factors has aided the development of accounting?

A) The emergence of nation states

B) The discovery of mineral resources in commercial quantity

C) the growth in size of businesses and separation of ownership and management

D) the development and management of sophisticated monetary system

#36. Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?

A) Accrual concept

B) Conservatism concept

C) Prudence concept

D) Materiality concept

#37. An effective accounting system should provide information

A) on new product and methods

B) for cutomer feed back and requirement

C) on internal and external reporting for managers and third parties

D) for promoters, directors, labour union and distributors

#38. Which of the following accounting records are source documents?

A) Journal and ledgers

B) Sales invoice and cash book

C) Cash book and debit note

D) sales invoice and debit note

#39. Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure.

A) ₦19,650

B) ₦18,650

C) ₦17,850

D) N₦16,850

#40. Which of the following transaction is BEST recorded in the general journal?

A) Payment of rent with cheque

B) Purchase of stock with cash

C) Purchase of an asset on credit terms

D) Transfer of cash from head office branch

#41. Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

A) Cash account was credited with ₦500,000 and capital account was debited with ₦500,000

B) Bank account was debited with ₦500,000 and capital account was credited with ₦500,000

C) Bank account was accredited with ₦500,000

D) Mr. diamond acount was debited with ₦500,000 and the cheque account was credited with ₦500,000

#42. One major advantage of ledger is that it

A) is a book of original entry

B) is only accessible to share holders during liquidation

C) removes the need for preparing a balance sheet after each transaction

D) can be used by any type of business

#43. A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

A) classifying accounts in the ledger

B) testing arithmetical accuracies of the ledger account balance

C) identifying the balance sheet items

D) providing a basis for establishing the accountant's competence

#44. What are the advantages of an imprest petty cash book? I cheques can be drawn easily II A cheque on the use of cash III Liability of the petty cashier is limited to the value of petty cash IV Loses through the petty cashier can be minimized

A) I, II and III only

B) I, II and IV only

C) I, III and IV only

D) II, III and IV only

#45. Bola, UTC's regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a

A) credit note

B) debit note

C) journal voucher

D) way bill

#46. A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?

A) John: ₦40 Dr, cash: ₦40 Cr

B) Cash: ₦40 Dr, John: ₦40 Cr

C) John: ₦20 Dr, cash: ₦20 Cr

D) Cash: ₦20 Dr, John: ₦20 Cr

#47. The following represent extracts from the trading account of a retail outlet for a given month: Opening stock ₦2,400 Closing stock ₦6,400 Other expenses ₦2,000 Sales ₦11,000 Profit ₦900 What is the purchase figure for the month?

A) ₦13,000

B) ₦12,100

C) ₦12,000

D) ₦11,200

#48. Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?

A) ₦1,680 Dr

B) ₦1,080 Cr

C) ₦600 Dr

D) ₦480 Cr

Finish

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Financial Accounting Past Questions v7 (JAMB/WAEC/NECO)

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Financial Accounting Past Questions v7 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v7 (JAMB/WAEC/NECO)

Results

#1. Interest on a partner's drawings is debited to the

#2. The factory cost of producing goods is made up of

#3. Which of the following is the effect of a reduction in the provision for doubtful debts?

#4. Which of the following is the basis of accounting in the Civil Service?

#5. The reward given to a debenture holder is called

#6. Which of the following is not a debit entry on a sales ledger control account?

#7. If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of

#8. The accounting entries required for increase in provision for doubtful debts are

#9. Subscription in advance is an example of

#10. Which of the following is an example of Personal Accounts?

#11. Working capital is measured by the excess of

#12. The undistributed profits of a limited liability company is

#13. Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

#14. A list of balance extracted from the ledger is known as

#15. Provision for depreciation on office furniture is charged to

#16. Which of the following is not a cause discrepancy between cash book and bank statement balances?

#17. The financial plan of the government for a year is contained in the

#18. When a business is purchased, the double entries required in the purchaser's book are debit,

#19. Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

#20. A fund established for the payment of minor expenses is

#21. A fund established for the payment of minor expenses is

#22. The maximum amount which a company can raise by way of selling share is

#23. The aggregate of amounts owed to a business by is customers is known as

#24. Which of the following does a consignee prepare and send to his consignor?

#25. In the consignee's record account, the accounting treatment of expenses paid for on behalf of the consignor is debit

#26. Which of the following is a fictitious asset?

#27. Expenditure incurred to maintain an asset's earning capacity is called

#28. Which of the following does not relate to a manufacturing concern?

#29. Which of the following is not true of a trial balance?

#30. The chief accounting officer of Nigeria is called the

#31. Expenses incurred but not yet paid is

#32. Which of the following does not lead to depreciation assets?

#33. Which of the following is capital expenditure?

#34. What are accounting entries for bad debts recovered?

#35. which of the following factors has aided the development of accounting?

#36. Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?

#37. An effective accounting system should provide information

#38. Which of the following accounting records are source documents?

#39. Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure.

#40. Which of the following transaction is BEST recorded in the general journal?

#41. Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

#42. One major advantage of ledger is that it

#43. A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

#44. What are the advantages of an imprest petty cash book? I cheques can be drawn easily II A cheque on the use of cash III Liability of the petty cashier is limited to the value of petty cash IV Loses through the petty cashier can be minimized

#45. Bola, UTC's regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a

#46. A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?

#47. The following represent extracts from the trading account of a retail outlet for a given month: Opening stock ₦2,400 Closing stock ₦6,400 Other expenses ₦2,000 Sales ₦11,000 Profit ₦900 What is the purchase figure for the month?

#48. Adama's bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?

Practice other past questions here

Practice other Financial Accounting Past Questions Here

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