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.

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1 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

preliminary expenses

bank overdraft

prepayments

Goodwill

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

cash received

goods sold

dishonoured cheque

payments to debtors for claims

3 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

double entry for each transaction

wrong entry of correct amount into different groups of accounts.

omission of a transaction from the ledger

Incomplete posting in the ledger account

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The maximum amount which a company can raise by way of selling share is

authorized capital

paid-up capital

working capital

issued capital

5 / 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

preference certificate

debenture certificate

allotment certificate

share certificate

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

stock

accrual

prepayment

land

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

purchase consideration

premium

goodwill

capital reserve

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a credit note

a statement of account

a debit note

an invoice

9 / 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

N15, 000

N23, 000

10 / 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

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

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

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

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

principle

compensation

omission

commission

12 / 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

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

drawings account

capital account

appropriation account

current account

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

current asset

current liability

fictitious asset

contingent liability

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The Accountant General disburses government fund by the use of

an estimate

a voucher

a warrant

a provision

16 / 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

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

fixtures and fittings

land and building

preliminary expenses

cash in hand

18 / 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

share premium account

capital reserve account

profit and loss account

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

Journal proper

sales Day Book

purchases Day Book

Control Account

20 / 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

N3, 460

N16, 330

N14, 170

21 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

rent in arrears

bad debt provision

insurance prepaid

sales

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

salary of workers

electricity

salary of partner

interest loan

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

ledger accounts

profit and loss account

balance sheet

receipt and payment account

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

debited to debtors account

debited to profit and loss account

credited to debtors account.

credited to profit and loss account

25 / 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

bonus shares

forfeiture of share

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is charged to the

credit side of profit and loss account

credit side of trading account

debit side of profit and loss appropriation account

debit side of profit and loss account

27 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

an accrual

a current liability

a provision

a current asset

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

machinery

debtors

stock

bills receivable

29 / 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

N2, 400

N4, 000

N15, 000

N9, 000

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

introducing other customers

buying in large quantity

prompt settlement of account

being a regular customer

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

charged to federation account

depreciated on straight line method

depreciated on reducing balance method

expensed in the years of purchase

32 / 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

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

deficit

surplus

shortage

drawing

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

discount allowed account

sales account

assets account

debtors account

35 / 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?

direct transfer

standing order

bank-charges

presented cheque

36 / 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

N8, 000

N14, 000

N16, 000

N12, 000

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

reserved expenditure warrant

a reduction in the bank account

provisional general warrant

supplementary general warrant

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

chief Accountant

Treasurer

Auditor General

Accountant General

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

fixture

equipment

debtors

stock

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

gross profit or loss

carriage outwards

sales

net profit or loss

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SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO)

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