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

The payee of a cheque is the

drawee’s banker

drawer’s banker

person named to receive the amount on the cheque

bank cashier

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

capital account

drawings account

current account

appropriation account

3 / 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

N23, 000

N15, 000

N24, 000

N20, 000

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

net profit or loss

sales

gross profit or loss

carriage outwards

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following does not relate to a non-for-profit-making organisation?

balance sheet

receipt and payment account

profit and loss account

ledger accounts

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following does not lead to depreciation of assets?

wear and tear

Obsolescence

devaluation of Naira

passage of time

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

debited to debtors account

credited to profit and loss account

credited to debtors account.

debited to profit and loss account

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

salary of workers

salary of partner

interest loan

electricity

9 / 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

N16, 330

N14, 170

N5, 620

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

fictitious asset

current liability

contingent liability

current asset

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following will not make a trial balance total to agree?

Incomplete posting in the ledger account

wrong entry of correct amount into different groups of accounts.

omission of a transaction from the ledger

double entry for each transaction

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Purchases of goods from Obi had been entered in Obika’s account. This is an error of

omission

compensation

original entry

commission

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

equipment

stock

debtors

fixture

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

credit debtors account, debit debts recovered account

debit debtor’s account, credit bad debts recovered account

debit debtor’s credit sales account

credit debtor’s account, debit sales account

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

debit entries of the business

all assets and liabilities

all balances

credit entries of the businesses

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

shortage

drawing

surplus

deficit

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

an accrual

a current asset

a provision

a current liability

18 / 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

direct transfer

presented cheque

standing order

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

debtors account

sales account

assets account

discount allowed account

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is used before the appropriation bill is approved?

reserved expenditure warrant

supplementary general warrant

a reduction in the bank account

provisional general warrant

21 / 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

cash received

payments to debtors for claims

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The Accountant General disburses government fund by the use of

a provision

a voucher

a warrant

an estimate

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following serves the same purpose as a trading account?

branch debtors account

goods sent to branch account

branch stock account

branch adjustment account

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Uche returned goods worth N1, 500 to Udo. Uche should receive

a statement of account

a debit note

an invoice

a credit note

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

an increase in assets only

a reduction in the bank

a reduction of assets only

a reduction in assets and liabilities

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Where a proprietor withdraws cash from bank for office use, the entries would be

credit cash

debit cash account, credit bank account

debit office account, credit bank account

debit drawings account, credit bank account

27 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

When a share is sold for less than its nominal value, the difference is debited to

share discount account

capital reserve account

share premium account

profit and loss account

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

prompt settlement of account

buying in large quantity

being a regular customer

introducing other customers

29 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

preliminary expenses

cash in hand

fixtures and fittings

land and building

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

Goodwill

preliminary expenses

bank overdraft

prepayments

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods purchased

goods sold

goods returned to stock

goods for manufacture

32 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A sales Day book is used to record

cash sales of stock

credit sales of stock

cash sales of fixed assets

cash and credit sales of stock

33 / 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?

balance sheet

trading account

profit and loss account

income distribution account

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

sales

rent in arrears

insurance prepaid

bad debt provision

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

capital reserve

purchase consideration

premium

goodwill

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The person who has applied for shares in a company is called

allottee

shareholder

applicant

subscriber

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

Auditor General

Treasurer

Accountant General

chief Accountant

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

Control Account

sales Day Book

purchases Day Book

Journal proper

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is charged to the

credit side of trading account

debit side of profit and loss account

credit side of profit and loss account

debit side of profit and loss appropriation account

40 / 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.

returns outwards account is debited and the supplier’s account credited

purchaser’s account is debited and the supplier’s account creditors

supplier’s account is debited and the purchaser’s account credited

Your score is

The average score is 20%

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)

SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO)

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