GCE Financial Accounting 2023
Past Questions
20+ verified 2023 GCE Financial Accounting practice questions with Worked answers.
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A trader who has been using the FIFO method of stock valuation suddenly switches to the AVCO method without disclosure. This action violates the
Adamu's trial balance showed a difference of ₦4,200, which was placed in a suspense account. It was later discovered that the sales day book had been undercast by ₦4,200. The correcting journal entry …
A trial balance totals ₦850,000 on the debit side and ₦843,500 on the credit side. The difference is entered in a suspense account. Which of the following shows the correct suspense account entry?
Which of the following errors will cause the trial balance to disagree?
The following information relates to Bello Traders for the month of September 2023: Cash book balance (debit) ₦28,750; Bank statement balance ₦35,250; Unpresented cheques ₦9,100; Uncredited deposits ₦…
Under the reducing balance method, a motor vehicle costing ₦200,000 is depreciated at 20% per annum. What is the net book value at the end of Year 2?
A machine was purchased for ₦480,000 with an estimated residual value of ₦30,000 and a useful life of 5 years. What is the annual depreciation charge using the straight-line method?
A sole trader's capital at the beginning of the year was ₦240,000. During the year, he made a net profit of ₦90,000 and withdrew ₦50,000 for personal use. He also introduced additional capital of ₦30,…
The following information relates to Alhaji Traders for the month of October 2023: Opening debtors balance ₦48,000; Credit sales ₦120,000; Cash received from debtors ₦95,000; Returns inwards ₦8,500; D…
Which of the following is the MAIN purpose of a control account?
The Sales Ledger Control Account is also known as the:
Chioma Enterprises had the following data for November 2023: Opening creditors balance ₦35,000; Credit purchases ₦88,000; Cash paid to creditors ₦72,000; Returns outwards ₦6,400; Discount received ₦2,…
Which of the following would NOT appear in a Purchases Ledger Control Account?
Kola, Musa, and Ngozi share profits in the ratio 4:3:3. Ngozi retires and her share is taken over by Kola and Musa equally. What is the new profit-sharing ratio of Kola and Musa after Ngozi's retireme…
Which of the following best describes the term 'authorised share capital'?
Eko Manufacturing Plc had a net profit after tax of ₦4,800,000. The company transferred ₦600,000 to general reserve and proposed a dividend of ₦1,200,000. What is the balance of retained earnings carr…
Which of the following items would appear in a company's appropriation account?
A company's capital structure shows: Ordinary share capital ₦2,000,000; General reserve ₦500,000; Share premium ₦300,000; Retained earnings ₦700,000; 12% Debentures ₦1,000,000. What is the total share…
Which of the following items would appear in the factory overhead section of a manufacturing account?
Adaeze Okonkwo is a sole trader who keeps her books on the accruals basis. The following balances were extracted from her ledger on 31 December 2023: Capital (1 January 2023): ₦480,000; Drawings: ₦62…