[ays_quiz id='77'] Practice also:
SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) 0% 49 SSCE/NECO/GCE (FINANCIAL ACCOUNTING) FINANCIAL ACCOUNTING PAST QUESTIONS APP These are Financial Accounting Past Questions. Questions will be picked at random from the question bank.You can use the NEXT button to move to the next question, use the PREV button to move to the previous question, the CLEAR button to clear any answer of your choice and you have the FINISH button to end the exam if you choose to.Any question not answered before the end of the exam time, will be marked as wrong and the exam will end by itself. so try to attempt all questions on time.Goodluck! 1 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be credited to profit and loss account debited to debtors account credited to debtors account. debited to profit and loss account 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? interest loan salary of workers salary of partner electricity 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to drawings account appropriation account current account capital account 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? fixture stock equipment debtors 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a shareholder fails to pay the calls requested from him, this situation leads to rights issue over subscription forfeiture of share bonus shares 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? passage of time devaluation of Naira Obsolescence wear and tear 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The maximum amount which a company can raise by way of selling share is authorized capital working capital issued capital paid-up capital 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a share is sold for less than its nominal value, the difference is debited to profit and loss account share discount account share premium account capital reserve account 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? insurance prepaid sales bad debt provision rent in arrears 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Where a proprietor withdraws cash from bank for office use, the entries would be debit drawings account, credit bank account credit cash debit cash account, credit bank account debit office account, credit bank account 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? bills receivable stock debtors machinery 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a current asset contingent liability current liability fictitious asset 13 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A payment of N150 to a creditor is a reduction in assets and liabilities an increase in assets only a reduction in the bank a reduction of assets only 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through purchases Day Book Journal proper Control Account sales Day Book 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as the income and Expenditure Account of a non-trading organisation? profit and loss account balance sheet trading account income distribution account 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? bank overdraft preliminary expenses Goodwill prepayments 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following will not make a trial balance total to agree? omission of a transaction from the ledger wrong entry of correct amount into different groups of accounts. Incomplete posting in the ledger account double entry for each transaction 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is charged to the credit side of trading account credit side of profit and loss account debit side of profit and loss appropriation account debit side of profit and loss account 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Uche returned goods worth N1, 500 to Udo. Uche should receive an invoice a statement of account a debit note a credit note 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? goods sent to branch account branch stock account branch adjustment account branch debtors account 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? debtors account sales account discount allowed account assets account 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain carriage outwards net profit or loss sales gross profit or loss 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for being a regular customer prompt settlement of account introducing other customers buying in large quantity 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a cause for the difference between bank statement balance and cash book balance? bank-charges standing order direct transfer presented cheque 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as premium goodwill capital reserve purchase consideration 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Debtors at start was N5, 620 and at close N3, 460. Cash and cheque received from customers amounted to N 16,330. Credit sales for the year valued N3, 460 N5, 620 N16, 330 N14, 170 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? land and building cash in hand fixtures and fittings preliminary expenses 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The loss made by a non-trading organization is called shortage surplus drawing deficit 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? dishonoured cheque goods sold payments to debtors for claims cash received 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not relate to a non-for-profit-making organisation? ledger accounts receipt and payment account balance sheet profit and loss account 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include stock land prepayment accrual 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A company charges out goods to a branch at cost plus 25 per cent. It invoiced N12, 000 worth of goods. The mark-up is N4, 000 N9, 000 N2, 400 N15, 000 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A list of balance extracted from the ledger is known as statement of Affairs trading account trial balance balance sheet 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The balance sheet is a statement showing all assets and liabilities debit entries of the business all balances credit entries of the businesses 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? a reduction in the bank account reserved expenditure warrant provisional general warrant supplementary general warrant 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of omission principle commission compensation 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The chief accounting officer of Nigeria is called the chief Accountant Accountant General Auditor General Treasurer 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following entries is made when damaged goods are returned to the supplier? supplier’s account is debited and the returns outwards account credited. supplier’s account is debited and the purchaser’s account credited purchaser’s account is debited and the supplier’s account creditors returns outwards account is debited and the supplier’s account credited 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A business whose assets consisted of stock N15, 000 and debtors N18, 000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 per cent. The purchase consideration was N15, 000 N24, 000 N20, 000 N23, 000 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A document which acknowledge that a company owes a named person a stated sum of money with the promise that a stated interest rate will be paid periodically is called share certificate allotment certificate debenture certificate preference certificate Your score isThe average score is 21% LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Practice also: SS 3 ENGLISH LANGUAGE PAST QUESTIONS (WAEC/NECO) SS 3 ENGLISH LANGUAGE TEST OF ORALS (WAEC/NECO) SS 3 DATA PROCESSING PAST QUESTIONS (WAEC/NECO) SS 3 COMPUTER STUDIES PAST QUESTIONS (WAEC/NECO) SS 3 COMMERCE PAST QUESTIONS (WAEC/NECO)