GCE Financial Accounting 2022
Past Questions

On 1 March, Tunde's Debtors Account showed a balance of ₦45,000. During March, credit sales amounted to ₦130,000, cash received from debtors was ₦110,000, and discount allowed was ₦5,000. What was the…

The following balances appeared in the books of Chukwu Enterprises at 31 December: Creditors control account balance (opening) ₦72,000; Credit purchases ₦240,000; Cash paid to creditors ₦195,000; Purc…

Which of the following is NOT a book of original entry?

A trader returned goods worth ₦45,000 to a supplier. In which book of original entry would this transaction be recorded?

The following transactions were recorded in Amara Traders' purchases day book for March 2023: Goods from Kola Suppliers ₦120,000; Goods from Bello Enterprises ₦85,000; Goods from Tunde & Co. ₦95,000. …

Ngozi extracted a trial balance which failed to agree by ₦900. The debit side exceeded the credit side. Investigation revealed that a credit sale of ₦1,800 to Bello had been correctly entered in the s…

After correcting all errors, the net profit of a business was adjusted from ₦120,000 to ₦114,500. Which combination of errors below could account for this reduction in net profit?

In a bank reconciliation statement prepared by starting with the cash book balance, unpresented cheques are

A plant costing ₦500,000 has an estimated useful life of 8 years and a scrap value of ₦20,000. Using the straight-line method, what is the depreciation rate per annum (to the nearest whole number)?

The book value of an asset at the beginning of a year is ₦150,000. The depreciation charge for the year is ₦37,500, and the asset is sold at the end of the year for ₦100,000. What is the profit or los…

Which of the following best describes the purpose of a Trading Account?

Eze's business had opening stock of ₦45,000, purchases of ₦180,000, carriage inwards of ₦5,000, and closing stock of ₦30,000. What is the cost of goods sold?

In a partnership, the purpose of a partners' current account is to record

A limited liability company issued 500,000 ordinary shares of ₦1.00 each at a premium of 50 kobo per share. What amount should be credited to the Share Premium Account?

Lagos Continental Plc has the following capital structure: 1,000,000 ordinary shares of ₦1.00 each fully paid; 500,000 8% preference shares of ₦1.00 each fully paid; and 10% debentures of ₦200,000. Th…

The following information relates to Kano Plastics Ltd for the year ended 31 December 2023: Opening stock of raw materials ₦18,000; Purchases of raw materials ₦120,000; Closing stock of raw materials …

Enugu Manufacturing Co. provided the following data: Prime cost ₦350,000; Factory overheads ₦90,000; Opening work-in-progress ₦40,000; Closing work-in-progress ₦55,000. What is the cost of production …

(a) The following situations arose in the preparation of the financial statements of Adaeze Enterprises for the year ended 31 December 2023: (i) The owner, Mr. Adaeze, included his personal car maint…

The following information relates to the cash book and bank statement of Emeka Traders for the month of March 2023: (i) The cash book balance as at 31 March 2023 showed a debit balance of N48,500. (i…