(Financial Accounting 2022) Model past questions and answers

Jamb Financial Accounting (2022) Questions and Answers 1 - 10

1. The accounting convention which states that profit must not be recognised until realized while all losses should be adequately provided for it is termed _____

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

3. Beginning and ending accounts receivabe balances were #8000 and #15,000 respectively. If collections from customers during the period were #36,000, then total sales in account would be _____

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

5. The receipts from a special tax levy to pay maturing interest obligation are recorded in _____

6. The cash basis of accounting recognises revenues when cash is received, and expenses when they are _____

7. The amount of individual items on a government budget is called _____

8. Which of the following concepts stipulates that accounting profit is the difference between revenue and expenses

9. One of the features of booking is that it _____

10. Sales ledger control account contains the total amount in respect of _____

Jamb Financial Accounting (2022) Questions and Answers 11 - 20

11.Which of the following ratios gives an idea of the liquidity of a firm?

12. The measure of a company's ability to pay its debts quickly is called _____

13. The document used to acknowledge the acceptance of the return of goods by the seller from buyer is known as _____

14. The instruments that are generated when firms enter into business transactions with others are called

15. Erroneous rearrangement of financial figures such as writing #624 as #264 is called

16. On the 30/5/93, Tade and Co. paid 2 years rent of #50,000 which was debited to the rent account. At 31/12/93, what portion of that amount was prepaid?

17. The process of allocating the cost of an intangible assets over its useful life is known as _____

18. The principal use of control accounts is to _____

19. The total of the creditors at the beginning of the year was #46,000 and at the end of the year #5,250. Duing the year, #26,500 was paid to supplier and #130 was received in discounts from these suppliers. The purchases for the year would be _____

20. The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on _____

Jamb Financial Accounting (2022) Questions and Answers 21 - 30

21. Costs reports for the intention of management should reflect _____

22. Responsibility accounting is particularly concerned with?

23. An advantage of the use of the voucher system is that it _____

24. When a transaction causes an assets account to increase, there is _____

25. The contribution marginal on a job is the _____

26. Which of the following is an intangible asset and a measure of a firm's superior earning power?

27. The price paid by an acquiring company is the _____

28. The basic role of accounting is to _____

29. A basic unifying concept in accounting implies that

30. Lawal and Co. makes blocks and sell to builders. In computing prime cost, which of the following costs would be considered appropriate?

Jamb Financial Accounting (2022) Questions and Answers 31 - 40

31. Calls in advance are treated in the balance sheet as _____

32. Which of the following is an example of intangible assets?

33. A source document that aids the ascertainment of amount paid out of current account is the

34. Which of the following items does not feature in the balance sheet of a club?

35. The most appropriate basis for apportioning inventory holding cost among departments is to use the value of _____

36. When a bill is negotiated to a bank, it is said to be?

37. For an incomplete record to provide necessary information, it must be converted to?

38. Partners' salaries and drawings are usually posted to the?

39. The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the _____

40. In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

I recommend you check my article on the following: