Financial Accounting Past Questions v8 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v8 (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 v8 (JAMB/WAEC/NECO)

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#1. The interdependence between households and business enterprises illustrated in the figure is known as

A) Market interaction

B) Cash flow

C) Circular flow of income

D) Supply and demand for goods and services

E) Household preference schedule

#2. Study the figure above. At paint H the price elasticity of supply is

A) Perfectly inelastic

B) Inelastic

C) Unit elastic

D) Perfectly elastic

E) Elastic

#3. In the figure above, the broken line labelled M is the marginal revenue curve of a

A) Monopoly

B) Competitive firm

C) State corporation

D) Partnership

E) Monophony

#4. In the table, the marginal cost when output is two, units is

A) 16.00

B) 20.00

C) 36.00

D) 40.00

E) 48.00

#5. The act of combining factor inputs in order to obtain specific output is known as

A) factor procurement

B) manufacturing

C) investment

D) industrialization

E) production

#6. Disguised unemployment

A) exist when manpower is not being utilized efficiently

B) calls for the implementation of five plans

C) can be eliminated if the press is free

D) can be eliminated if the capital output ratio is increased

E) is a statistical artifact with no economic meaning

#7. The unemployment associated with a recession is called?

A) voluntary

B) frictonal

C) cyclical

D) structural

E) maximum

#8. When total revenue is at a maximum, marginal revenue is?

A) constant

B) negative

C) zero

D) positive

E) maximum

#9. How many National Development Plans did Nigeria have between 1960 and 1984?

A) One

B) Two

C) Four

D) Five

E) Six

#10. If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

A) technical progress

B) size of the population

C) amount of natural resources

D) the environment

E) the quality of human resources

#11. The process by which a country attempts to reduce the import of manufactured goods at home is described as?

A) export-promotion

B) import-substitution

C) industrialization

D) export-diversifion

E) import-creation

#12. Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

A) demand for his product is completely elastic

B) supply of his goods is more elastic than the demand

C) demand for his product is more elastic than the supply

D) production of his commodities is subject to diminishing returns

E) production of his commodities is subject to increase returns to scale

#13. Which of the following is NOT a part of the fixed costs of a limited liability company?

A) Interest on loans

B) Rent on buildings

C) Depreciation reserves

D) Management expenditure

E) Wages

#14. By terms of trade, we mean the?

A) ratio of exports and imports

B) differences between exports and imports

C) differences between current account and capital account

D) index of export prices to import prices expressed as a percentage

E) ratio of short-term capital movements to long-term capital movements

#15. The argument of tariff protection in less developed economies is that such a measure would

A) raise the price of goods affected abroad

B) make consumers pay a higher price for the domestically produced output

C) protect young industries from ruinous competition from abroad

D) help reduced excess capacity in domestic industries

E) stifle private investment intiatives

#16. Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

A) it would allowed for more money to be spent on luxuries

B) the interest rate on the loan will increase

C) it would decrease the demand for Nigeria's exports

D) it would worsen Nigeria foreign exchange situation

E) Nigerias oil would sell less in the world market

#17. Foreign exchange control in Nigeria is administered by the?

A) United Bank for Africa

B) Union Bank of Nigeria

C) First Bank Of Nigeria

D) Central Bank of Nigeria

E) Natonal Bank of Nigeria

#18. Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

A) 14 days

B) 30 days

C) 60 days

D) 90 days

E) 100 days

#19. Which of the following is a necessary prerequisite for trade by barter?

A) Needs for double coincidence of wants

B) Multiple exchange rate

C) Impossibility of future trade

D) Impossibility of large scale production

E) Indivisibility of commodities

#20. A state budget is an outline of planned

A) expenditures and revenues expected within a financial year

B) expenditures of ministries and parastatals within a given period

C) recurrent and capital expenditures within a year

D) sources of revenues derivationn for a financial year

E) use of different kinds of taxation in a given year

#21. Which of the following is NOT among the canons of taxation as set out by Adam Smith?

A) Equality

B) Security

C) Certainty

D) Convenience

E) Economy

#22. An example of a regressive tax is?

A) the personal income tax

B) the graduated corporation income tax

C) a general sales tax

D) the inheritance tax

E) the excise tax

#23. Tax which is levied on goods manufactured, sold or used within a country is?

A) sales tax

B) excise tax

C) direct tax

D) income tax

E) poll tax

#24. When a business has unlimited liability

A) all its profits can be taxed away by the government

B) all its assets are owned by the members of its board of directors

C) the business ceases to exist at the death of one of its owners

D) the owners are responsible for all its financial debts

E) the owners are not responsible for all its financial debts

#25. Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

A) Establishement of industries

B) presence of mineral deposits

C) Transportation facilities

D) Favourable soils

E) Favourable climate conditions

#26. The petro- chemical industries are located in the River State of Nigeria due to?

A) favourable climate

B) favourable soil

C) oil deposits

D) palm oil products

E) coal deposit

#27. One of the functions of the commercial banks is that it is?

A) responsible for monetary policy

B) responsible for issuing currency notes

C) the lender of last resort

D) the banker of the government

E) a banker of demand and time deposits of customers Related

#28. Because money serves as a standard for deferred payments

A) it serves as a store of value

B) goods can be bought on credit with pre-determined value

C) future trade becomes possible

D) it serves as a unit of account

E) it becomes valuable

#29. Warehousing facilities in the distribution and marketing of products are provided by?

A) manufacturers

B) wholesalers

C) retailers

D) consumers

E) sellers

#30. A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

A) 6 months

B) 9 mnths

C) 2 years

D) 5 years

E) 10 or more years

#31. A firm is said to be a public Joint Stock Company when it?

A) is owned by the government

B) is operated as a public corporation

C) is operated in a non-democratic fashion

D) sells shares to members of the public and publishes its account

E) is a limited liability company

#32. Limited liability means?

A) the debts of a company can only be paid from its own assets

B) the debts of a company are paid from business as well as private funds of the owners

C) government cannot tax the company

D) the debts of a company must be paid from private funds only

E) the company does not have to pay its debts

#33. The purchasing power of the naira will fall when?

A) the naira is devalued

B) government cuts all salaries and wages

C) there is inflation

D) the colour of the naira is changed

E) workers are retrenched

#34. Under perfect competition, the long-run equilibrium requires?

A) MR = MC

B) MR = AC = AR

C) MR > MC

D) MR = MC = AR = AC

E) AR = AC

#35. If monopoly is attempting to maximize profit which of the following should it attempt to do?

A) Select that output at which ATC is at minimum

B) Set price equal to TC

C) Maximize profit per unit

D) Maximize revenue

E) Equate marginal cost to marginal revnue

#36. The amount of labour a producer hires relative to labour factor inputs depends on the?

A) price of labour or it wage

B) price of labour, machinery and other inputs

C) price of machinery

D) price of the other inputs

E) type of machinery

#37. Which of the following is NOT a feature of underdevelopment?

A) Low per capita income

B) Vicious circle of poverty

C) Low level of industrialization

D) Greater dependence on primary production

E) High per capita income

#38. The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

A) inefficiency in the middlemen

B) inefficiency in the production process

C) long chain of the distribution system

D) sovereignty of the consumers

E) ineffectiveness of retailers

#39. One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

A) Prof. Paul Samuelson

B) Adam Smith

C) David Ricardo

D) Rev. Thomas Malthus

E) Prof. Ojetuuji Aboyade

#40. If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

A) An increase in demand for X will increase the supply of Y

B) An increase in demand for X will shift the supply of Y

C) An increase in demand for Y will raise the price of X

D) An increase in demand for X will cause less of Y to be produced

E) A probable tax on Y will cause more of X to be supplied

#41. In market economies, resources are allocated through the?

A) government authorities

B) price system

C) banking system

D) central planning bureau

E) revenue allocation formula

#42. At every point on a indifference curve, the

A) total utility is decreasing

B) prices of all goods are constant

C) consumer is satiated

D) level of utility is constant

E) level of utility is increasing

#43. Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

A) cost of the bok

B) cost of the hat

C) book

D) hat

E) N10.00

#44. An economic problem exists whenever

A) there is scacity and choice

B) there are no buyers for our goods

C) there are too many sellers

D) many people are out of work

E) all raw materials are imported

#45. The meaning of scale of preference is?

A) preparing a list of goods and services to be purchased in order of priority

B) showing the monthly income

C) budget preparation without due regard to proper proirities

D) consumers' preference for luxury goods

E) consumers preference for foreugn goods

#46. Optimum population is desirable because it enables an economy to obtain maximum?

A) per capita income

B) per capital output

C) per capita real income

D) per capital revenue

E) growth rate

#47. The age distribution of a population is NOT influenced by?

A) brith rates

B) death rates

C) patterns of immigration

D) patterns of emmigration

E) school leaving age

#48. One main quality of a good is that it

A) is sold in the market

B) satisfies wants

C) is made in the factory

D) is always tangible

E) is non-perishable

Finish

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Financial Accounting Past Questions v8 (JAMB/WAEC/NECO)

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Financial Accounting Past Questions v8 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v8 (JAMB/WAEC/NECO)

Results

#1. The interdependence between households and business enterprises illustrated in the figure is known as

#2. Study the figure above. At paint H the price elasticity of supply is

#3. In the figure above, the broken line labelled M is the marginal revenue curve of a

#4. In the table, the marginal cost when output is two, units is

#5. The act of combining factor inputs in order to obtain specific output is known as

#6. Disguised unemployment

#7. The unemployment associated with a recession is called?

#8. When total revenue is at a maximum, marginal revenue is?

#9. How many National Development Plans did Nigeria have between 1960 and 1984?

#10. If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

#11. The process by which a country attempts to reduce the import of manufactured goods at home is described as?

#12. Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

#13. Which of the following is NOT a part of the fixed costs of a limited liability company?

#14. By terms of trade, we mean the?

#15. The argument of tariff protection in less developed economies is that such a measure would

#16. Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

#17. Foreign exchange control in Nigeria is administered by the?

#18. Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

#19. Which of the following is a necessary prerequisite for trade by barter?

#20. A state budget is an outline of planned

#21. Which of the following is NOT among the canons of taxation as set out by Adam Smith?

#22. An example of a regressive tax is?

#23. Tax which is levied on goods manufactured, sold or used within a country is?

#24. When a business has unlimited liability

#25. Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

#26. The petro- chemical industries are located in the River State of Nigeria due to?

#27. One of the functions of the commercial banks is that it is?

#28. Because money serves as a standard for deferred payments

#29. Warehousing facilities in the distribution and marketing of products are provided by?

#30. A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

#31. A firm is said to be a public Joint Stock Company when it?

#32. Limited liability means?

#33. The purchasing power of the naira will fall when?

#34. Under perfect competition, the long-run equilibrium requires?

#35. If monopoly is attempting to maximize profit which of the following should it attempt to do?

#36. The amount of labour a producer hires relative to labour factor inputs depends on the?

#37. Which of the following is NOT a feature of underdevelopment?

#38. The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

#39. One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

#40. If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

#41. In market economies, resources are allocated through the?

#42. At every point on a indifference curve, the

#43. Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

#44. An economic problem exists whenever

#45. The meaning of scale of preference is?

#46. Optimum population is desirable because it enables an economy to obtain maximum?

#47. The age distribution of a population is NOT influenced by?

#48. One main quality of a good is that it

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