Free Financial Accounting NECO Past Questions Download

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FINANCIAL Name:
ACCOUNTING Examination Number:

3 hours 50 minis.

I NATIONAL EXAMINATIONS COUNCIL
Senior School Certificate Examination
3 hours 50 mins.
FINANCIAL ACCOUNTING

Do NOT open this booklet untilyou are told to do so. While you are waiting, read the following
instructions carefully.

Write your Name and Examination Number in the spaces provided at the top right-hand corner
of this booklet.

This paper consists of Papers 1 and 2; Paper Iwill last for 1hour 20 minutes.

Answer Paper Ion your objective test answer sheet. Instructions on how to do this are given on
the next page. On completion of Paper Ithe objective test answer sheet will be collected.

Do NOT start Paper IIuntil you are told to do so.

Paper II will last for 2 hours 30 minutes. Answers to Paper Iare to be written in your answer
booklet.
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© 2006 National Examinations Council Turn over

E7041
FINANCIAL
ACCOUNTING
1hour 20 minutes

NATIONAL EXAMINATIONS COUNCIL lhour 20 mins.

Senior School Certificate Examination

FINANCIAL ACCOUN TING
PAPER I

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Do NOT open this booklet until von are told to do so. While you are wailing, read the following
instructions carefully.

This paper will lastfor 1hour 20 minutes.

1. Use IIB pencil throughout.
2. Complete the top section of your answer sheet as follows:

(a) Inthe space marked Candidate Name, write in capital letters your surname followed
by your other names.

(b) In the space marked Centre Name write the name of your centre, and in the space
marked subject Name write FINANCIAL ACCOUNTING I.

(c) In the box marked Subject Code,write down the digits 7041 in the spaces. There are
numbered spaces in line with each digit. Shade carefully the space with the same
number as each digit.

(d) In the box marked Examination Number,write down your examination number in
the spaces at the top of the box. Shade the corresponding numbered spaces in the
same way as for Subject Code.

3. An example is given below. This is for a candidate whose name is Kayode Olusola
AKINDELT. with serial number 0102, examination number 42511020AC, and who is
offering Economies I (3021).

National Examinations Council

_SSCE ANSWER SHEET

Candidate Nams AkiKlbBtE KAYbbEr OLUSOLA

school N.m. /vjcb&u schcoi sulcata

£Subject Maine CO 1C S J

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to complete
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this form.
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© 2006 National Examinations Council Turn over

4

PAPER I

Answer ALL questions

Each question is followed by five options lettered A to E. Find out the correct option for
each question and shade in pencil on your answer sheet, the answer space which bears
the same letter as the option you have chosen. Give only one answer to each question.
An example is given below.
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Loss is the amount

A. charged by the bank for lending money
B. of money when goods are sold for less than they were bought
C. the goods cost if bought using hire purchase
D. the goods cost if purchased using a credit card
E. of a loan

The correct answer is 'of money when goods are sold for less than they were bought,'
which is lettered B and therefore, answer B would be shaded.

[A] -ffl- [C] [D] [E]

Erase completely any answer you wish to change.

Do all your work on this question paper.

1. The art of recording, classifying, 2. The following are the main
summarizing and inteipreting of objectives of book-keeping
financial transactions is known as EXCEPT to show the

A. accounting. A. cost of the ledger book.
B. book-keeping. B. financial position of a
C. calculating.
D. data processing. business as at a certain date.
E. trial balance. C. result of business

transactions.
D. value of assets and liabilities.
E. value of purchases and sales.

5

Which of the following is similar to 7. In book-keeping, all transactions
receipt and payment accounts? involving actual transfer of money
from cash till to bank or vice versa is
A. Cash book called
B. Income and expenditure
A. contra
account B. double
JC. real
C. Journal D. single
E. triple
z:D. Profit and loss account
Statement of affairs Tse the information below to

A club's capital may be referred to
as its
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A accumulated fund. Business A BC D
£4 £4 N
B. asset.
Opening Capita! 1,500 4.500 1,800 1,000
C. bank balance.

D. income.

E. surplus.

The income and expenditure account Closing Capital 3,000 4,000 1,700 1,400
of an association, club or society Drawings 800 4.000 600
corresponds to a trader's

A. balance sheet. Additional 1,200 400 600
B. cash book. Capital
C. petty cash book.
I
J37 profit and loss account.
Calculate the profit or loss of
E. trading account. Business A.

A club's balance sheet may be A. £43,000
referred to as
B. £41,500
A. accumulated fund. C. £J 1,200
B. cash book. D. £4 1,100
C. income and expenditure E. £41,000

account.

D. receipts and payment

account.

A. statement of affairs.

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8

25. A bank reconciliation statement 29. A provision for depreciation on
reconciles the bank account with production machinery is charged to

A. bank statement. A. Appropriation Account.
B. cash book. B. Balance Sheet.
C. journal.
D. ledger. & Manufacturing Account.
E. petty cash book.
stcharlesedu.com D. Profit and Loss Account.
26. Which of these documents is an E. Trading Account.
evidence that a company is duly
registered? 30. One of the causes of discrepancies
between cash book and bank
A. Articles of Association statement balances is
B. Certificate of Incorporation
C. Certificate to Commence A. discounts allowed.
B. discounts received.
Business C. imprest account.
J). Memorandum of Association D. provision for bad debts.
E. Statutory Declaration
P?. uncredited cheques.
The following are special journals
31. Ingovernment accounting, if the
EXCEPT Journal. vote allocated to a Head is
exhausted, money is transferred from
A. General another Head through
B. Purchases
C. Return Inward A. Estimate.
D. Return Outward B. Voucher.
E. Sales p? Treasury.
D. Viremenl.
28. Which of the following users of E. Warrant.
accounting information may need the
financial records in order to access 32. Which of the following is a source of.
the viability or otherwise of the Local Government Revenue?
business for the purpose of acquiring
it? A. Market rates
B. Personal income tax
A. Bank C. Sale of Armed Forces
B. Creditors
C. Government property
D. Law Court
E. Purchaser D. Sale of debenture bonds
E. Sale of shares

18. Production cost is equal to 20. What is the cost of raw materials
consumed?
A. direct cost + prime cost.
B. opening stock of goods + A. U34,500

general expenses. B. N 3 1,500
C. 14 30,000
C. prime cost + cost of goods D. N- 28,500 ÿ
sold. E. 14 18.500

D. prime cost + production The prime cost is

overheads. /A. U68,700.

E. production overheads + B. 14 65,700.
C. N62,700.
distribution expenses. D. 14 58,700.
E. N48,700.
19. A classified summary of the balances
remaining inthe ledger after the
preparation of profit and loss account
is known as
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A- balance sheet. 22. The amount of factory overhead is

B. balancing ledger. A. N42,300.
C. journal proper. B. U3 1,800.
D. trading account.
E. trial balance. 14 28,800.
D. >121,000.
Use the following information to E. 14 18,000.
Answer questions 20 - 23.

23. The cost of goods manufactured is

Raw materials: N A. >1 101,250.
Stock 1/1/2001 4,500 B. N98,250.
Purchases 30,000
Stock 31/12/2001 6,000 C, >194,500.

—Wages: Direct 34,200 D. >191,500.
Indirect 10,800 E. >1 62,700.

Factory expenses: 18,000 24. A provision for bad and doubtful
Rent 6,750 debts is a/an
Insurance c
A. amount of loss from trading
Work in Progress: 3,750 activities.
On 1/1/2001 3.000
B. amount set out of profit.
31/12/2001 C. estimate of the possibility of

bad debts arising in a future
accounting period.
D. expense of the business to be
paid for in cash.
E. loss in value of assets and
liabilities.

stcharlesedu.comHow to get NECO Financial Accounting
Past Questions

To get the complete and more recent copy of the National Examination Council NECO
Financial Accounting Past Questions booklet for
Financial Accounting Paper 1 – Objective Test Questions
Financial Accounting Paper 2 (Book-Keeping & Account) – Theory/Practice

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