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

Which of the following is an asset?

insurance prepaid

sales

rent in arrears

bad debt provision

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

prompt settlement of account

buying in large quantity

introducing other customers

being a regular customer

3 / 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?

presented cheque

direct transfer

bank-charges

standing order

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

An asset was bought on 1^st January, 1992 for N20, 000. Depreciation was provided for annually at 20% on cost. It was sold for N7, 000 on 1^st July, 1995. The net book value at the time of sale was

N14, 000

N12, 000

N16, 000

N8, 000

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

goods sent to branch account

branch adjustment account

branch debtors account

branch stock account

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Sales of goods for N500 to Eddy were not posted. This is an error of

compensation

omission

principle

commission

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

credit cash

debit office account, credit bank account

debit cash account, credit bank account

debit drawings account, credit bank account

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

Treasurer

chief Accountant

Auditor General

Accountant General

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

bank overdraft

preliminary expenses

prepayments

Goodwill

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

a provision

a current liability

an accrual

a current asset

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

credit entries of the businesses

debit entries of the business

all balances

all assets and liabilities

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is not a debit entry on a sales ledger control account?

goods sold

cash received

payments to debtors for claims

dishonoured cheque

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

supplementary general warrant

provisional general warrant

reserved expenditure warrant

a reduction in the bank account

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a debit note

a statement of account

an invoice

a credit note

15 / 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 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

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

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

current asset

current liability

contingent liability

fictitious asset

17 / 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

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

goodwill

premium

purchase consideration

capital reserve

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

When a shareholder fails to pay the calls requested from him, this situation leads to

forfeiture of share

over subscription

bonus shares

rights issue

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods returned to stock

goods purchased

goods for manufacture

goods sold

21 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

salary of partner

salary of workers

electricity

interest loan

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

capital account

current account

appropriation account

drawings account

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The Accountant General disburses government fund by the use of

a warrant

a provision

a voucher

an estimate

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

trading account

trial balance

statement of Affairs

balance sheet

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The payee of a cheque is the

drawee’s banker

person named to receive the amount on the cheque

bank cashier

drawer’s banker

26 / 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

N9, 000

N2, 400

N4, 000

N15, 000

27 / 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

N20, 000

N24, 000

N23, 000

N15, 000

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is true in public sector accounting? Cost of assets is

expensed in the years of purchase

depreciated on straight line method

charged to federation account

depreciated on reducing balance method

29 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

sales account

discount allowed account

debtors account

assets account

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

gross profit or loss

sales

carriage outwards

net profit or loss

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

stock

accrual

land

prepayment

32 / 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

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

cash in hand

preliminary expenses

land and building

fixtures and fittings

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

credit debtor’s account, debit sales account

debit debtor’s account, credit bad debts recovered account

credit debtors account, debit debts recovered account

debit debtor’s credit sales account

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

wear and tear

passage of time

Obsolescence

devaluation of Naira

36 / 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

profit and loss account

income distribution account

trading account

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

a reduction in the bank

an increase in assets only

a reduction in assets and liabilities

a reduction of assets only

38 / 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

N5, 620

N16, 330

N3, 460

N14, 170

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

profit and loss account

balance sheet

ledger accounts

receipt and payment account

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

surplus

deficit

shortage

drawing

Your score is

The average score is 19%

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