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Financial Accounting Neco 2025

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Question 1 of 60
1. Question
The accounting principles that requires business to anticipate profits before losses is _______
- Accrual
- Matching
- Materiality
- Prudence
- Realization
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Incorrect
Question 2 of 60
2. Question
An article of association contains
- Address of the company
- Amount of authorized capital
- duties and powers of directors
- Name of the company
- Objects of the company
Correct
Incorrect
Question 3 of 60
3. Question
Control account is used for the following reasons except
- For fraud prevention
- For profit maximization
- To aid management control
- To ease detection of missing figures
- To lacate errors
Correct
Incorrect
Question 4 of 60
4. Question
Who is the founder of principle of double entry?
- Edwin James
- Frank Wood
- Luca Pacioli
- Robert Igben
- Williams Akintola
Correct
Incorrect
Question 5 of 60
5. Question
When was Association of National Accountants of Nigeria (ANAN) established?
- 1993
- 1982
- 1979
- 1975
- 1965
Correct
Incorrect
Question 6 of 60
6. Question
Income and expenditure account is prepared to ascertain _____ of the non-profit making organization.
- Creditors or debtors
- Inflow or outflow
- Profit or loss
- Purchases or sales
- Surplus or deficit
Correct
Incorrect
Question 7 of 60
7. Question
The interest on Okon's capital is
- N180,000
- N109,000
- N95,000
- N91,250
- N80,000
Correct
Incorrect
Question 8 of 60
8. Question
The interest on Yusuf's capital is
- N155,000
- N145,000
- N102,000
- N100,000
- N80,000
Correct
Incorrect
Question 9 of 60
9. Question
The profit shared to each partner is
- N210,000
- N120,000
- N120,000
- N105,000
- N100,000
Correct
Incorrect
Question 10 of 60
10. Question
The main purpose of manufacturing account is to determine
- Assets and liabilities
- Cost of goods produced
- Cost of plant and machinery
- Gross profit or loss
- Net profit and net loss
Correct
Incorrect
Question 11 of 60
11. Question
The following are causes of difference between the bank statement and cashbook balance except
- Bank charges
- Credit transfer
- Presented cheque
- Uncredited cheque
- Unpresented cheque
Correct
Incorrect
Question 12 of 60
12. Question
Use the following information to answer questions 12-14 The Government of Nigeria approved N30,000,000to five local government areas. The allocation was distributed as follows:
Equity basis 75%
Population basis 25%
Local Government Population
V 10,000,000
W 7,000,000
X 4,000,000
Y 2,000,000
Z 500,000
Total 23,500,000
What is the amount to be shared on equity basis?
- N23,500,000
- N22,500,000
- N 21,500,00
- N20,500,000
- N19,500,000
Correct
Incorrect
Question 13 of 60
13. Question
Use the following information to answer questions 12-14 The Government of Nigeria approved N30,000,000to five local government areas. The allocation was distributed as follows:
Equity basis 75%
Population basis 25%
Local Government Population
V 10,000,000
W 7,000,000
X 4,000,000
Y 2,000,000
Z 500,000
Total 23,500,000
The amount received by Z local government based on population basis is
- N500,000
- N350, 000
- N167,489
- N159,574
- N100, 000
Correct
Incorrect
Question 14 of 60
14. Question
Use the following information to answer questions 12-14 The Government of Nigeria approved N30,000,000to five local government areas. The allocation was distributed as follows:
Equity basis 75%
Population basis 25%
Local Government Population
V 10,000,000
W 7,000,000
X 4,000,000
Y 2,000,000
Z 500,000
Total 23,500,000
The amount received by V local government based on equity and population is
- N12,765,957
- N8,000,000
- N7, 691,489
- N7,555, 000
- N6,000,000
Correct
Incorrect
Question 15 of 60
15. Question
which of the following is debited to the partner's current account?
- interest in capital
- interest on drawing
- interest on partners loan
- salary of partners
- share of profit
Correct
Incorrect
Question 16 of 60
16. Question
Use the following information to answer questions 16 and 17 Ibi (consignor) of Jalingo sent 50 cartons of biscuits at cost price of ₦1,200 per carton to Nda (consignee) in Minna. They agreed at 5% commission on sales. Nda sold 30 cartons at ₦2,500 each and 20 cartons at ₦2,000 each.
What is the amount of commission due to Nda (consignee)?
- ₦5,750
- ₦4,500
- ₦3,700
- ₦2,500
- ₦1,750
Correct
Incorrect
Question 17 of 60
17. Question
Use the following information to answer questions 16 and 17 Ibi (consignor) of Jalingo sent 50 cartons of biscuits at cost price of ₦1,200 per carton to Nda (consignee) in Minna. They agreed at 5% commission on sales. Nda sold 30 cartons at ₦2,500 each and 20 cartons at ₦2,000 each.
What is the total amount of sales made by Nda (consignee)?
- ₦125,000
- ₦120,000
- ₦115,000
- ₦110,000
- ₦100,000
Correct
Incorrect
Question 18 of 60
18. Question
The difference between two and three columns cashbook is _____ column
- Bank
- Cash
- Discount
- Folio
- Particulars
Correct
Incorrect
Question 19 of 60
19. Question
The loan obtained by a company from investors through the capital market is
- Debenture
- Dividend
- Overdraft
- Premium
- Shares
Correct
Incorrect
Question 20 of 60
20. Question
Which of the following is an appropriation account item in a partnership business?
- Accrued insurance
- Carriage outwards
- Cost of sales
- Interest on capital
- Return outwards
Correct
Incorrect
Question 21 of 60
21. Question
Use the following information to answer questions 21 -23
₦
Raw materials purchased 20,000
Stock 1/1/2015:
Finished goods 15,200
Raw materials 3,000
Work in progress at start 2,500
Wages:
Direct 22,800
Indirect 7,200
Indirect expenses:
Electricity 12,000
Insurance 2,000
Stock (raw materials) 31/1/2015 4,000
Work in progress at end 4,500.
The amount of factory overhead is
- ₦32,500
- ₦28,200
- ₦21,200
- ₦15,200
- ₦14,500
Correct
Incorrect
Question 22 of 60
22. Question
Use the following information to answer questions 21 -23
₦
Raw materials purchased 20,000
Stock 1/1/2015:
Finished goods 15,200
Raw materials 3,000
Work in progress at start 2,500
Wages:
Direct 22,800
Indirect 7,200
Indirect expenses:
Electricity 12,000
Insurance 2,000
Stock (raw materials) 31/1/2015 4,000
Work in progress at end 4,500.
The prime cost is
- ₦49,000
- ₦45,500
- ₦41,800
- ₦38,800
- ₦22,800
Correct
Incorrect
Question 23 of 60
23. Question
Use the following information to answer questions 21 -23
₦
Raw materials purchased 20,000
Stock 1/1/2015:
Finished goods 15,200
Raw materials 3,000
Work in progress at start 2,500
Wages:
Direct 22,800
Indirect 7,200
Indirect expenses:
Electricity 12,000
Insurance 2,000
Stock (raw materials) 31/1/2015 4,000
Work in progress at end 4,500.
The cost of manufactured goods is
- ₦63,000
- 60000
- ₦50,000
- ₦35,000
- ₦22,000
Correct
Incorrect
Question 24 of 60
24. Question
The maximum numbers of private company as defined by its article is
- 50
- 40
- 30
- 20
- 10
Correct
Incorrect
Question 25 of 60
25. Question
A fund set asides out of profit and other surpluses to strengthen the financial position of a business is
- Capital
- Debentures
- Premium
- Provision
- Reserves
Correct
Incorrect
Question 26 of 60
26. Question
Use the following information to answer questions 26-28
₦
Purchase price of machinery 120,000
Freight and installation cost 20,000
Annual maintenance cost 2,000
Estimated scrap value 4,000
Number of years used ------- 5.
What is the total acquisition cost of machinery?
- ₦152,000
- ₦144,000
- ₦140,000
- ₦120,000
- ₦100,000
Correct
Incorrect
Question 27 of 60
27. Question
Use the following information to answer questions 26-28
₦
Purchase price of machinery 120,000
Freight and installation cost 20,000
Annual maintenance cost 2,000
Estimated scrap value 4,000
Number of years used ------- 5.
What is the annual depreciation if straight line method is used?
- ₦27,200
- ₦22,400
- ₦21,760
- ₦19,200
- ₦18,400
Correct
Incorrect
Question 28 of 60
28. Question
Use the following information to answer questions 26-28
₦
Purchase price of machinery 120,000
Freight and installation cost 20,000
Annual maintenance cost 2,000
Estimated scrap value 4,000
Number of years used ------- 5.
Using reducing balance method at the rate of 20%, what is the depreciation for the second year?
- ₦27,200
- ₦22,400
- ₦21,760
- ₦19,200
- ₦19,000
Correct
Incorrect
Question 29 of 60
29. Question
The following are features of Private Limited Liability Company except it
- Limits the number of its members to fifty
- Must end with "Limited"
- Must end with PLC
- Prohibits any invitation to the public to subscribe to its shares
- Restricts the right to transfer its shares.
Correct
Incorrect
Question 30 of 60
30. Question
A fund budgeted for the payment of minor expenses is
- Cash float
- Credit discount
- Dividend
- Provision
- Reserves
Correct
Incorrect
Question 31 of 60
31. Question
The difference in trial balance is posted to __ account
- Capital
- Control
- Sales
- Suspense
- trading
Correct
Incorrect
Question 32 of 60
32. Question
Use the following information to answer questions 32-34
An extract from the books of ALUKO a sole trader for the year ended 30th September 2015.
N
Net purchases 96,000
Stock 1/1/2014 80,000
Salaries 20,000
General expenses 12,000
Net sales 240,000
Stock 30/9/2015 40,000
What is the cost of goods sold?
- N176,000
- N136,000
- N104,000
- N96,000
- N72,000
Correct
Incorrect
Question 33 of 60
33. Question
Use the following information to answer questions 32-34
An extract from the books of ALUKO a sole trader for the year ended 30th September 2015.
N
Net purchases 96,000
Stock 1/1/2014 80,000
Salaries 20,000
General expenses 12,000
Net sales 240,000
Stock 30/9/2015 40,000
Calculate the gross profit
- N176,000
- N136,000
- N104,000
- N96,000
- N72,000
Correct
Incorrect
Question 34 of 60
34. Question
Use the following information to answer questions 32-34
An extract from the books of ALUKO a sole trader for the year ended 30th September 2015.
N
Net purchases 96,000
Stock 1/1/2014 80,000
Salaries 20,000
General expenses 12,000
Net sales 240,000
Stock 30/9/2015 40,000
The net profit is
- N120,000
- N85,000
- N72,000
- N65,000
- N55,000
Correct
Incorrect
Question 35 of 60
35. Question
The following are charged to manufacturing account except
- Direct wages
- Distribution expenses
- Excise duties
- Factory wages
- Indirect wages
Correct
Incorrect
Question 36 of 60
36. Question
The statement prepared by a consignee and sent to a consignor is
- Account payable
- Account sales
- Cash account
- Current account
- Sales account
Correct
Incorrect
Question 37 of 60
37. Question
What is the percentage of a contract value a client is expected to hold for a specified period after completion of the contract?
- 50%
- 40%
- 30%
- 20%
- 10%
Correct
Incorrect
Question 38 of 60
38. Question
The rate of stock turnover is __ times
- 7.3
- 7.2
- 7
- 5.6
- 5.5
Correct
Incorrect
Question 39 of 60
39. Question
The average stock held is
- N60,000
- N55,000
- N40,000
- N35,000
- N20,000
Correct
Incorrect
Question 40 of 60
40. Question
Drawing recorded in the books shall appear on the debit side of the trial balance and deducted from the owner's
- Assets
- Capital
- Profit
- Sales
- Stock
Correct
Incorrect
Question 41 of 60
41. Question
Use the following information to answer question 41
The following were extracted from the statement of affairs of Mr. Tolu for 31st December, 2015 and 2016.
N
31/12/2015 Opening capital 50,550
31/12/2016 Closing capital 70,200
Drawing during the year:
N
Cash 5,000
Stock 1,700.
What is Mr. Tolu's net profit as at 31st December, 2016?
- N70,200
- N50,500
- N30,500
- N26,350
- N24,650
Correct
Incorrect
Question 42 of 60
42. Question
Where there are no partnership agreements, Partnership Act of 1890 stipulates
- 5% interest shall be allowed on partner's loan per annum
- Capital to be contributed by each partner
- Interest to be charged on drawing
- There should be sharing ratio for profit and loss
- There should be salary for partners.
Correct
Incorrect
Question 43 of 60
43. Question
Another name for consignee is
- Agent
- Customer
- Debtor
- Owner
- Principal
Correct
Incorrect
Question 44 of 60
44. Question
Rent in departmental account is best apportioned using __ basis
- Direct analysis
- Floor area
- Horse power
- Purchases
- Turnover
Correct
Incorrect
Question 45 of 60
45. Question
Use the following information to answer questions 45 and 46 An extract from the books of AYA Social Club as at 1st January, 2010.
N
Insurance prepaid 2,000
Rent owing 3,000
Furniture and Fittings 2,500
Premises 15,000
Creditors 7,000
Cash 3,700
Premises, furniture and fittings are to be depreciated by 10%.
What is the amount of accumulated fund?
- ₦14,450
- ₦13,200
- ₦12,400
- ₦11,500
- ₦11,450
Correct
Incorrect
Question 46 of 60
46. Question
Use the following information to answer questions 45 and 46 An extract from the books of AYA Social Club as at 1st January, 2010.
N
Insurance prepaid 2,000
Rent owing 3,000
Furniture and Fittings 2,500
Premises 15,000
Creditors 7,000
Cash 3,700
Premises, furniture and fittings are to be depreciated by 10%.
What is the total amount of depreciation of the club's assets at the end of the year?
- ₦1,750
- ₦1,500
- ₦1,450
- ₦1,300
- ₦1,250
Correct
Incorrect
Question 47 of 60
47. Question
The objective of accounting information is to enable users
- Analyze stock
- Commit fraud
- Control stock
- Make decision
- Value stock
Correct
Incorrect
Question 48 of 60
48. Question
Which of the following is a source of Local Government Revenue?
- Personal income tax
- Sales of Armed Force emblems
- Sales of debenture bonds
- Sales of shares
- Tenement rate
Correct
Incorrect
Question 49 of 60
49. Question
Which of the following is not an instrument in the capital market?
- Bill of exchange
- Debenture
- Deposit
- Treasury bills
- Treasury certificates
Correct
Incorrect
Question 50 of 60
50. Question
An article whose market value is ₦100,000 was sold to Mr. Salihu by Mr. Okechukwu at a trade discount of 10%. What is the net amount payable by Mr. Salihu?
- ₦90,000
- ₦80,000
- ₦70,000
- ₦60,000
- 50000
Correct
Incorrect
Question 51 of 60
51. Question
When shares are issued at the value stated in the company's Memorandum of Association, it is said to be issued at
- Bonus
- Discount
- Loss
- Par
- Premium
Correct
Incorrect
Question 52 of 60
52. Question
A debenture holder is remunerated with
- Dividend
- Interest
- Premium
- Profit
- Reserve
Correct
Incorrect
Question 53 of 60
53. Question
Use the following information to answer question 53.
A businessman started trading on 1st June, 1999. His total debtors were ₦50,000, a provision for doubtful debt of 10% was made.
What is the amount of provision for doubtful debt as at 31st May, 2000?
- ₦5,000
- ₦4,000
- ₦3,000
- ₦2,000
- ₦1,000
Correct
Incorrect
Question 54 of 60
54. Question
Control account is classified into ______ ledgers.
- Assets and liabilities
- Cash and bank
- Income and expenditure
- Profit and loss
- Sales and purchase
Correct
Incorrect
Question 55 of 60
55. Question
What is the amount paid per share?
- ₦4.00
- ₦3.50
- ₦3.50
- ₦2.50
- ₦1.50
Correct
Incorrect
Question 56 of 60
56. Question
What is department A's gross profit?
- ₦30,100
- ₦25,100
- ₦10,100
- ₦9,100
- ₦8,100
Correct
Incorrect
Question 57 of 60
57. Question
Electricity bill paid by department B is
- ₦5,000
- ₦4,000
- ₦3,000
- ₦2,000
- ₦1,000
Correct
Incorrect
Question 58 of 60
58. Question
Which of the following items is found on the credit side of the sales ledger control account?
- Bad debt
- Credit sales
- Discount disallowed
- Dishonest bill
- Interest charges
Correct
Incorrect
Question 59 of 60
59. Question
The persons responsible for setting up of a company are
- Directors
- Promoters
- Shareholders
- Sponsors
- Subscribers
Correct
Incorrect
Question 60 of 60
60. Question
The following are items in sales ledger control account except
- Bill payable
- Bill receivable
- Cheque received
- Credit sales
- Opening debtor.
Correct
Incorrect

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Financial Accounting Neco 2025

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