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........

24. In the Balance Sheet, the Balance on the Provision for Depreciation Account is shown as?

a. Addition to Fixed Assets

b. Deduction from Fixed Assets

c. Addition to Capital

d. Deduction from Current Liabilities.

25. S. Sule sets aside from his private fund N20, 000 for Business purposes. The N20, 000 is referred to as?

a. Drawings

b. Capital

c. Loan

d. Profit.

26. An Article costs N1, 800 and is sold at a Gross Profit of 20% on Selling Price. What is the Selling Price?

a. N2, 250

b. N2, 160

c. N1, 800

d. N1, 440.

27. Which of the following are Personal Account?

I. Wages                              II. Debtors                         III.  Creditors                             IV. Building

a. I, II & III only

b. II & III only

c. II & IV only

d. III & IV only.

28. Prepayment is treated in the balance sheet of a Firm as a?

a. Fixed Asset

b. Long Term Liability

c. Current Assets

d. Current Liability.

29. Which of the following is found in a Sales Ledger Account?

a. Credit Purchases

b. Bills Payable

c. Discount Received

d. Discount Allowed.

30. The Authority of the Accountant-General to disburse from Government Fund is?

a. Provision

b. Warrant

c. Vote

d. Estimate.

31. The Depreciation on Plant acquired by a Manufacturing Company is treated as?

a. Prime Cost

b. Administrative Expenses

c. Factory Overhead

d. Selling and Distribution Expenses.

32. As Evidence of Payment to a Government Treasury, Revenue Collectors Issue?

a. Treasury Card

b. Receipt Voucher Card

c. Treasury Receipt

d. Payment Voucher.

33. Hardware in Data Processing refers to?

a. Programs run on the Computer

b. Entry and Storage of Information on Computer

c. Microsoft Disc Operating System

d. Mechanical Components of the Computer.

34. Which of the following is a Self-Balance Account?

a. Trading Account

b. Appropriation Account

c. Assets Account

d. Control Account.

35. A Medium of Inputting Data into the Computer is through the use of the ?

a. Keyboard

b. Monitor

c. Software

d. Hardware.

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.