GCE Financial Accounting 2019
Past Questions

Alhaji Musa purchased a motor vehicle for ₦2,400,000 which has a useful life of 4 years with no residual value. If the straight-line method of depreciation is applied, what is the net book value of th…

The convention that requires accountants to choose accounting methods that are least likely to overstate assets and income is known as the

Ngozi Enterprises bought a stapler for ₦3,500 and debited it to office equipment account. The accountant later wrote it off as an expense in the same year, citing an accounting convention. The convent…

In a petty cash book operating an imprest system, the imprest amount is ₦25,000. At the end of the week, total payments amounted to ₦18,750. How much must be reimbursed to restore the imprest?

The following information was extracted from Ade Merchants' books: Gross sales per sales day book ₦480,000; Trade discount allowed ₦48,000; Cash discount allowed ₦12,000. What amount would be posted t…

The following errors were found after a trial balance was extracted. Which one is an error of principle?

Which of the following items would cause the cash book balance to differ from the bank statement balance?

A bank statement showed a credit balance of ₦38,400. The following were discovered: standing order paid by bank not in cash book ₦1,200; bank charges not in cash book ₦800; unpresented cheques ₦6,300;…

Mrs Adaeze's cash book showed a bank overdraft of ₦12,500 on 30 June 2023. The bank statement showed an overdraft of ₦15,300 on the same date. Unpresented cheques were ₦4,200 and uncredited lodgements…

The following information relates to Bello's business for the year ended 31 December 2023: Sales ₦600,000; Returns inwards ₦20,000; Opening stock ₦50,000; Purchases ₦350,000; Returns outwards ₦15,000;…

Chidi, Emeka, and Funke are partners with fixed capitals of ₦200,000, ₦150,000, and ₦100,000 respectively. The partnership agreement allows interest on capital at 10% per annum. What is the total inte…

Tunde and Segun are partners sharing profits equally. Tunde is entitled to a salary of ₦30,000 per annum. The net profit before charging the salary was ₦90,000. What is Segun's share of the residual p…

A partnership's Balance Sheet shows: Capital accounts ₦500,000; Current accounts (credit balances) ₦80,000; Loan from partner ₦120,000; Trade creditors ₦60,000. What is the total of partners' equity i…

When a company issues shares at a discount, the discount is recorded by debiting:

In a manufacturing account, the cost of goods manufactured is transferred to the:

When a manufacturing firm transfers goods to its own retail outlet at a price above cost, the difference between the transfer price and the manufacturing cost is:

Alhaji Musa is a wholesale trader dealing in electronics. The following transactions took place during the month of March 2023: March 2 — Sold goods on credit to Emeka Stores: 10 Samsung TVs at N45,0…

(a) Explain FOUR types of errors that do NOT affect the agreement of a Trial Balance. (8 marks) (b) The Trial Balance of Obiora Enterprises failed to agree. The accountant placed the difference of N4…

a) Define depreciation and state THREE causes of depreciation of fixed assets. (5 marks) b) A company purchased a machine on 1st January 2019 for ₦480,000. The machine has an estimated useful life of …

The following information relates to Goldfield Nigeria Plc for the year ended 31 December 2023: Authorised Share Capital: 10,000,000 Ordinary shares of N1.00 each 2,000,000 8% Preference shares of N2…