... Download Full PDF Package. (a) sales (b) purchase (c) discount received (d) interest received ANS: B, 26) Which of the following is the basic accounting equation? ANS: D, 19) Return inwards is also known as____ (a) purchases returns (b) sales returns (c) goods on sale of return (d) goods in transit ANS: B, 20) The account which refers to the tangible assets of a company that is of permanent  nature is the  (a) personal account (b) real account (c) nominal account  (d) cash account ANS: B, 21) The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as (a) credit note (b) debit note (c) invoice (d) voucher ANS: A, 22) The effect of payment of a liability is that it (a) increases both assets and liabilities (b) increases assets and decrease liabilities (c) decreases assets and increases liabilities (d) decreases both assets and liabilities ANS: D, 23) The term posting in accounting refers to (a) recording entries in the journal (b) transferring the balances in the ledger to the trial balance (c) tracing amounts from the journal to the ledger to find errors (d) transferring entries to the ledger from the journal. Below are the list of Financial Accounting questions and answers and the PDF download link. Hope the above is well explained. Study Note 5, national 5, working Capital Management and Leverage Analysis. 2019: ... Exemplar question papers are available for Higher and Advanced Higher qualifications. When answering these questions, there is always the temptation to look at the answers before answering the questions, This is a wrong strategy because your mind would be limited to calculate and force your answer towards the exact answer of the question hence making you limit your scope of thinking. financial accounting n5 report 191 nated question paper and memorundums fet college examination brought you by prepexam download for free of charge. 1) A financial analyst needs accounts information to (a) maintain the production section of the business (b) know why transactions cause increases and decreases in asset (c) advice on how to manage the business (d) know how to record transaction in T account ANS: C, 2) Creditors use accounting information for the purpose of (A) planning sales to a company (B) controlling a company’s affairs (C) investing in a company (D) assessing a company’ liquidity ANS: D, 3) In preparing accounting records, the owners of a business and the business are treated as (A) the same person (B) having business relationship (C) separate legal entities (D) Partners ANS: C, 4) One of the major features of bookkeeping is that it (a) provides permanent records for all financial transactions (b) is futuristic in nature (c) accepts responsibility for all wrong posting (d) does not give room for double entry procedure ANS: A, 5) The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized as ___ concept. Make sure you log into the ACCA Practice Platform early in your studies - completing your practice in the CBE environment is the only way to fully prepare for your exam.. (a) John: N40 Dr, Cash: 40 Cr. Accounting Principles Question Paper, Answers and . Financial Accounting in Practice: Practical Questions and Answers for Students. Gr12 Exam Papers by Year MODULE PRICE Accounting ... Financial Accounting Sample Paper 1 Page 3 of 26 Accounting Technicians Ireland Year 1 FINANCIAL ACCOUNTING Sample Paper 1. sANS: A, 12) A sales Day Book is used for recording___ (a) credit sales (b) sales returns (c) hire purchase (d) cash sales ANS: A, 13) A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of (a) classifying in the ledger (b) testing arithmetical accuracies of the ledger account balance (c) identifying the balance sheet items (d) providing a basis for establishing the accountant’s competence. Previous exam papers are also made available on this tool. (a) entity concept (b) periodicity concept (c) going concern concept (c) realization concept ANS: C, 8) The most important reason for studying accounting is that (a) the information provided by accounting is useful in making decisions (b) accounting plays an important role in a society (c)the study of accounting leads to a challenging career (d) accounting provides gross profit information ANS: A, 9) Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates result (a) Conservatism (b) Historical (c) Monetary (d) Cost ANS: A, 10) Which of the following concepts is expected to hold when a proprietor makes a drawing of goods or cash from the business? The importance of using past questions … WAEC Past Questions and Answers – 2020 : … If he sent a cheque for N500, UTC would send him a (a) credit note (b) debit note (c) journal voucher (d) way bill ANS: A, 15) Books of original entry are used for (a) recording business transactions (b) the adjustment of accounts (c) reminding the book keeper to-post transactions in the ledger (d) informing the bookkeeper about the state of affairs. This download link will take you to the full document containing close to 100 Financial Accounting past questions and answers. The aims of this course are to develop the students understanding of management and cost financial accounting n5 past exam papers and answers accounting This PDF book provide managerial accounting tutorials document. PUBLIC FINANCE & TAXATION. All answers here are correct, you can as well make references to your Financial Accounting text books should you have doubts as regards any of the answers. 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Here Is The Collection Of The Past Exam Papers To Download Select Subject Below . If you don't see any interesting for you, use our search form on bottom ↓ . Download. No more wasting time looking for past papers. Using past examination papers … Scholars have always advised students that past questions and answers are best made use of after reading thoroughly, questions and answers are used as a metric to test your strengths and identify your weaknesses on a particular subject and work on them. George Ekegey Ekeha ANS: B, 14) Bola, UTC’s regular customer, owned N1000 on account of a radio bought. (c) John: N20 Dr, Cash: N20 Cr. ECONOMICS. There is a popular saying “Face your fears head on” when you do so fear dissipates by 50% if you do not face your fears you will not come to terms with the popular saying that Fear is a mirage, it does not exist, its the cooked up mental scenario by the mind. 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(a) business entity (b) realization (c) going concern (d) dual-aspect ANS: A, 11) A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John’s account. It is because of the phobia for the calculations involved in this subject that students prefer Art classes where there are lesser calculation subjects and also most courses in the university for students in art classes do not require mathematics as a compulsory requirements and the few who manage to go for it prefer searching for any Financial Accounting exam past question and answer booklet and cramming the questions and answers instead of studying the required text books to understand the subject better. Exam Fee and Related Charges Accredited Training Institutions Examination Centres PrepExam is a student Portal where TVET College Students can easily download Nated and NCV exam question papers and memorandums N1 N2 N3 N4 N5 N6 & L2 L3 L4 2011. Understanding the principle of Accounting makes understanding the subject much easier. Accounting focuses on measuring performance, and processing and communicating financial information about economic sectors. All on your smartphone! To view Remote Assignment Past Papers click here. The unit’s learning objectives also ask that you construct recognised financial and management statements, undertake accurate tasks, and give ... their meaning is clear Note that whilst suggested response areas in unit past . Question Papers For N5 Financial Accounting - Joomlaxe.com. We will give a summary of what you are to expect from the Financial Accounting past questions and answer PDF document which we have provided below before we provide you with the Download link for the subject.