GCE Financial Accounting 2021
Past Questions

Which accounting concept requires that a business should be treated as a separate entity from its owner?

Ade started a business with ₦500,000 cash and equipment worth ₦200,000. The correct double entry to record these transactions is

Which of the following transactions would be recorded in the journal proper?

A business purchased a motor vehicle worth ₦2,500,000 on credit from Zenith Motors. In which book of original entry should this transaction be recorded?

An error where a transaction is recorded in the correct accounts but with the wrong amount on both sides is known as error of

In preparing a bank reconciliation statement, an uncredited cheque (deposit in transit) is treated by

A cheque for ₦7,600 received from a customer was correctly entered in the cash book but was returned unpaid by the bank (dishonoured). The effect on the bank reconciliation statement is that the

In the final accounts of a sole trader, carriage inwards is treated as

In preparing a Sales Ledger Control Account, which of the following entries would appear on the CREDIT side?

At 31 December 2023, the Sales Ledger Control Account showed a balance of ₦74,600, but the list of debtors' balances totalled ₦71,200. Which of the following errors would fully account for the differe…

A company forfeited 20,000 shares of ₦2.00 nominal value on which ₦1.50 per share had been paid. The shares were subsequently reissued at ₦1.80 per share as fully paid. What amount is transferred to t…

Which of the following costs is classified as a prime cost in a manufacturing account?

(a) Explain the meaning of 'Accounting Concepts and Conventions' as used in financial accounting. (3 marks) (b) State and explain FIVE accounting concepts/conventions, giving ONE practical example of…

(«a) Explain the meaning of the following terms as used in double entry bookkeeping: (i) Debit entry (2 marks) (ii) Credit entry (2 marks) (iii) Ledger (2 marks) (b) The transactions below relate to …

The following information relates to the business of Mr. Emeka Eze, a sole trader, for the year ended 30 June 2023. (a) Explain FOUR distinctions between a Trading Account and a Profit and Loss Accou…