FINANCIAL ACC 101

REVISION QUESTIONS

Hey Everyone, Happy Holiday to you. I guess i would say this till the end of the Holiday Period. So once again Happy Holiday Season and Happy Summer to those of us Aboard. Have Fun and be Joyful but don't displease God in the process cos He's the reason you can have fun-Be Blessed. So in the Spirit of Holiday we are continuing revising all WAEC, JAMB & GCE Questions we can find to keep our mind fresh and in tune that way we are ready when schools resume again, so let's get started........

13. Which of the Following is not part of Factory Overhead?

a. Factory Salaries

b. Factory Lighting and Heating

c. Depreciation of Plant and Machinery

d. Depreciation of Fixtures and Fittings.

14. Cost of Extension to a Factory Building is classified as

a. Capital Receipt

b. Revenue Expenditure

c. Capital Expenditure

d. Revenue Receipt.

15. Which of the following does not appear in a Bank Statement?

a. Dividend Received

b. Bank Charges

c. Uncredited Cheque

d. Dishonoured Cheque.

16. The Purchase of a Typewriter for Office Use for N2, 000 is debited to?

a. Creditors

b. Bank Account

c. Purchases Account

d. Equipment Account.

17. The Document making a Public Offer for the Sale of a Company's Shares is?

a. Memorandum of Association

b. Articles of Association

c. Prospectus

d. Certificate of Registration.

18. Programs installed in Computers to Facilitate Processing of Date are?

a. Hardware

b. Software

c. Magnetic Tapes

d. Diskettes.

19. In a Not for Profit Making Organisation, the excess of Income over Expenditure is?

a. Added to Capital

b. Added to Accumulated Fund

c. Deducted from Capital

d. Deducted from Accumulated Fund.

20. The Petty Cash book has?

a. A Debit Balance only

b. A Credit Balance only

c. A Nil Balance only

d. Both Debit and Credit Balances.

21. Credit Sales was Debited to A. Akpan instead of B. Akpan. This is an Error of?

a. Principle

b. Original Entry

c. Omission

d. Commission.

22. A Service which a Firm has enjoyed, but which has not yet been paid for is?

a. Accrued Expense

b. Preliminary Expense

c. Prepaid Expense

d. Overhead Expense.

23. Which of the following is not part of the Double Entry System?

a. Trading Account

b. Profit and Loss Account

c. Appropriation Account

d. Balance Sheet.

NOTE:  THE QUESTIONS IN THIS POST WERE CULLED FROM WEST AFRICA EXAM COUNCIL 2009 PAPERS.. THANKS

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and Pls try to attempt the Questions on your own. Have a Blessed Day and Remember You are Amazing. God Bless.