GCE Financial Accounting 2024
Past Questions

At 31 December 2023, Chukwuemeka's business had the following: total assets ₦850,000; capital ₦500,000; trade payables ₦120,000; bank overdraft ₦80,000. Which accounting concept is directly applied wh…

In double entry bookkeeping, the ledger account that records amounts owed TO the business by customers is called the

Kemi purchased goods on credit from Bola for ₦85,000. Which of the following correctly records this transaction in Kemi's books?

The following transactions appeared in the books of Emeka Traders: Sales returns ₦12,000; Purchases returns ₦8,000; Credit sales ₦95,000; Credit purchases ₦60,000. What is the net amount posted to the…

Which ledger division contains the accounts of individual trade suppliers?

A trader paid ₦18,000 for rent by cheque. The correct ledger entry is

The balance in Alhaji Musa's cash book (bank column) on 31 October 2023 was ₦45,200 (debit). The bank statement showed a balance of ₦52,700. Unpresented cheques totalled ₦9,500 and uncredited deposits…

When preparing an adjusted cash book as part of bank reconciliation, which of the following items would be CREDITED in the cash book?

Which of the following best describes depreciation in accounting?

A company purchased equipment for ₦360,000 on 1 January 2020. It is depreciated at 25% per annum using the reducing balance method. The equipment was sold for ₦140,000 on 31 December 2021. What is the…

Which of the following is an advantage of the straight-line method of depreciation over the reducing balance method?

Emeka Enterprises bought a delivery van for ₦1,200,000 on 1 April 2022. The company's policy is to depreciate vehicles at 20% per annum on cost, with a full year's depreciation charged in the year of …

Which of the following items would appear on the credit side of a Profit and Loss Account?

Adaeze, a sole trader, had the following balances: Capital ₦500,000; Long-term loan ₦100,000; Trade creditors ₦80,000; Accrued expenses ₦20,000. What is the total of her long-term liabilities?

A contra entry in control accounts arises when:

The following balances appeared in the books of Emeka & Sons: Debit balances in purchases ledger ₦4,200; Credit balances in purchases ledger ₦96,800; Debit balances in sales ledger ₦88,500; Credit bal…

On the admission of a new partner, goodwill is raised and then written off immediately. The journal entry to write off goodwill among the OLD partners in the ratio 2:1 where goodwill is valued at ₦60,…

Kola, Musa, and Ngozi share profits in the ratio 4:3:3. Ngozi retires and her share is acquired by Kola and Musa in the ratio 3:2. What is the new profit-sharing ratio of Kola and Musa?

In a company's statement of financial position, debentures are classified under which section?

A manufacturing firm's records show: Cost of production ₦600,000; Opening stock of finished goods ₦80,000; Closing stock of finished goods ₦95,000; Sales ₦850,000. What is the gross profit?

The Ikeja Sports Club received the following during the year ended 31 December 2023: Subscriptions received ₦180,000; Subscriptions in arrears at 1 January 2023 ₦15,000; Subscriptions in advance at 1 …

(a) Define a Trial Balance and state TWO purposes it serves in the accounting process. (4 marks) (b) The following balances were extracted from the books of Adaeze Traders as at 31 March 2024: Capit…

a) Distinguish between the Straight-Line Method and the Reducing Balance Method of depreciation, stating ONE advantage of each method. (6 marks) b) Eze Enterprises purchased a delivery van on 1st Janu…

Ade, Bola and Chuks are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The following balances were extracted from their books on 31 December 2023: Capital Accounts: Ade ₦1…

Meridian Manufacturing Plc provided the following trial balance extract as at 30 September 2023: Dr (N'000) Cr (N'000) 8% Debentures (2028) …