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E7041
FINANCIAL
ACCOUNTING
3 hours 50 minis. Name:

Examination Number:

I NATIONAL EXAMINATIONS COUNCIL

Senior School Certificate Examination
3 hours 50 mins.
FINANCIAL ACCOUNTING

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Do NOT open this booklet until you are told to do so. While you are waiting, read the following
instructions carefully.

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Write your Name and Examination Number in the spaces provided at the top right-hand corner
of this booklet.

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This paper consists of Papers 1 and 2; Paper Iwill last for 1 hour 20 minutes.

Answer Paper Ion your objective test answer sheet. Instructions on how to do this are given on
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the next page. On completion of Paper Ithe objecti ve test answer sheet will be collected.
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Do NOT start Paper II until you are told to do so.

Paper II will last for 2 hours 30 minutes. Answers to Paper Iare to be written in your answer
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booklet.
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© 2006 National Examinations Council Turn over

E7041
FINANCIAL
ACCOUNTING
1 hour 20 minutes

NATIONAL EXAMINATIONS COUNCIL

Senior School Certificate Examination
lhour 20 mins.
FINANCIAL ACCOUN TING
PAPER I

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Do NOT open this booklet until von are told to do so. While you are wailing, read the following
instructions carefully.
This paper will last for 1hour 20 minutes.

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1. Use IIB pencil throughout.
2. Complete the top section of your answer sheet as follows:
(a) In the space marked Candidate Name, write in capital letters your surname followed
by your other names.

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(b) In the space marked Centre Name write the name of your centre, and in the space
marked subject Name write FINANCIAL ACCOUNTING I.
(c) In the box marked Subject Code, write down the digits 7041 in the spaces. There are
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numbered spaces in line with each digit. Shade carefully the space with the same
number as each digit.
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(d) In the box marked Examination Number,write down your examination number in
the spaces at the top of the box. Shade the corresponding numbered spaces in the
same way as for Subject Code.
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3. An example is given below. This is for a candidate whose name is Kayode Olusola
AKINDELT. with serial number 0102, examination number 42511020AC, and who is
offering Economies I (3021).
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National Examinations Council

SSCE ANSWER SHEET _
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Candidate Nams
AkiKlbBtE KAYbbEr OLUSOLA
school N.m. /vjcb&u schcoi sulcata
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Subject Maine
£CO 1C S J
S'u8<w t's -Curtal Subject Code
JCiaja Examination Number
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© 2006 National Examinations Council Turn over

 4

PAPER I

Answer ALL questions

Each question is followed by five options lettered A to E. Find out the correct option for
each question and shade in pencil on your answer sheet, the answer space which bears
the same letter as the option you have chosen. Give only one answer to each question.
An example is given below.

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Loss is the amount

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A. charged by the bank for lending money
B. of money when goods are sold for less than they were bought
C. the goods cost if bought using hire purchase
D. the goods cost if purchased using a credit card

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E. of a loan

The correct answer is 'of money when goods are sold for less than they were bought,'
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which is lettered B and therefore, answer B would be shaded.
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[A] -ffl- [C] [D] [E]

Erase completely any answer you wish to change.

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Do all your work on this question paper.

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1. The art of recording, classifying, 2. The following are the main

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summarizing and inteipreting of objectives of book-keeping

financial transactions is known as EXCEPT to show the

A. accounting.
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B. book-keeping. A. cost of the ledger book.

C. calculating. B. financial position of a
D. data processing. business as at a certain date.
E. trial balance. C. result of business
transactions.
D. value of assets and liabilities.
E. value of purchases and sales.
 5

Which of the following is similar to 7. In book-keeping, all transactions

receipt and payment accounts? involving actual transfer of money
from cash till to bank or vice versa is
A. Cash book called
B. Income and expenditure
account A. contra
C. Journal B. double
D. Profit and loss account JC. real
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Statement of affairs D. single
E. triple
A club's capital may be referred to

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as its Tse the information below to

A accumulated fund. Business A B C D

B. asset. £4 £4 N

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C. bank balance.
D. income. Opening Capita! 1,500 4.500 1,800 1,000
E. surplus. d
The income and expenditure account Closing Capital 3,000 4,000 1,700 1,400
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of an association, club or society
corresponds to a trader's Drawings 800 4.000 600

A. balance sheet.
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Additional
B. cash book. Capital 1,200 400 600
C. petty cash book. I

J37 profit and loss account.

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E. trading account.
Calculate the profit or loss of
A club's balance sheet may be Business A.
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referred to as
A. £43,000
A. accumulated fund. B. £41,500
B. cash book. C. £J 1,200
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C. income and expenditure D. £4 1,100

account. E. £41,000
D. receipts and payment
account.
A. statement of affairs.
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 8

25. A bank reconciliation statement 29. A provision for depreciation on

reconciles the bank account with production machinery is charged to

A. bank statement. A. Appropriation Account.

B. cash book. B. Balance Sheet.
C. journal. & Manufacturing Account.

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D. ledger. D. Profit and Loss Account.
E. petty cash book. E. Trading Account.

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26. Which of these documents is an 30. One of the causes of discrepancies
evidence that a company is duly between cash book and bank
registered? statement balances is

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A. Articles of Association A. discounts allowed.
B. Certificate of Incorporation B. discounts received.
C. Certificate to Commence d C. imprest account.
Business D. provision for bad debts.
J). Memorandum of Association P?. uncredited cheques.
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E. Statutory Declaration
31. In government accounting, if the
The following are special journals vote allocated to a Head is
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EXCEPT Journal. exhausted, money is transferred from

another Head through
A. General
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B. Purchases A. Estimate.
C. Return Inward B. Voucher.
D. Return Outward p? Treasury.
E. Sales D. Viremenl.
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E. Warrant.
28. Which of the following users of
accounting information may need the 32. Which of the following is a source of.
financial records in order to access Local Government Revenue?
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the viability or otherwise of the

business for the purpose of acquiring A. Market rates
it? B. Personal income tax
C. Sale of Armed Forces
A. Bank property
B. Creditors D. Sale of debenture bonds
C. Government E. Sale of shares
D. Law Court
E. Purchaser
18. Production cost is equal to 20. What is the cost of raw materials
consumed?
A. direct cost + prime cost.
B. opening stock of goods + A. U 34,500
general expenses. B. N 3 1,500
C. prime cost + cost of goods C. 14 30,000
sold. D. N- 28,500 ÿ

D. prime cost + production E. 14 18.500

overheads.
E. production overheads + The prime cost is

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distribution expenses.

19. A classified summary of the balances

/A.
B.
U 68,700.
14 65,700.

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remaining in the ledger after the C. N 62,700.
preparation of profit and loss account D. 14 58,700.
is known as E. N 48,700.

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A- balance sheet. 22. The amount of factory overhead is
B. balancing ledger.
journal proper. A. N 42,300.
C.
D. trading account.
d B. U 3 1,800.
E. trial balance. 14 28,800.
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D. >121,000.
Use the following information to E. 14 18,000.
Answer questions 20 - 23.
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23. The cost of goods manufactured is

Raw materials: N
Stock 1/1/2001 4,500 A. >1 101,250.
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Purchases 30,000 B. N 98,250.

Stock 31/12/2001 6,000 C, >194,500.
D. >191,500.
Wages: — Direct 34,200 E. >1 62,700.
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Indirect 10,800
24. A provision for bad and doubtful
Factory expenses: debts is a/an
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Rent 18,000
Insurance 6,750 A. amount of loss from trading
activities.
Work in Progress: B. amount set out of profit.
On 1/1/2001 3,750 C. estimate of the possibility of
31/12/2001 3.000 bad debts arising in a future
accounting period.
D. expense of the business to be
paid for in cash.
E. loss in value of assets and
liabilities.
 How to get NECO Financial Accounting
Past Questions
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Financial Accounting Past Questions booklet for
Financial Accounting Paper 1 – Objective Test Questions
Financial Accounting Paper 2 (Book-Keeping & Account) – Theory/Practice

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