[ays_quiz id='77'] Practice also:
SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) 0% 23 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 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 allotment certificate debenture certificate preference certificate share certificate 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? passage of time wear and tear Obsolescence devaluation of Naira 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? standing order bank-charges presented cheque direct transfer 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? Goodwill preliminary expenses bank overdraft prepayments 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? insurance prepaid rent in arrears bad debt provision sales 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to capital account drawings account appropriation account current account 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is the amount spent on transportation goods for manufacture goods returned to stock goods purchased goods sold 8 / 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 9 / 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 N15, 000 N4, 000 N9, 000 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? debtors machinery bills receivable stock 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following will not make a trial balance total to agree? wrong entry of correct amount into different groups of accounts. double entry for each transaction omission of a transaction from the ledger Incomplete posting in the ledger account 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The balance sheet is a statement showing debit entries of the business all balances credit entries of the businesses all assets and liabilities 13 / 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 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The person who has applied for shares in a company is called shareholder applicant allottee subscriber 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain carriage outwards sales net profit or loss gross profit or loss 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The chief accounting officer of Nigeria is called the Auditor General chief Accountant Accountant General Treasurer 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as purchase consideration goodwill capital reserve premium 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? branch stock account branch adjustment account branch debtors account goods sent to branch account 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be credited to debtors account. credited to profit and loss account debited to profit and loss account debited to debtors account 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a shareholder fails to pay the calls requested from him, this situation leads to bonus shares over subscription forfeiture of share rights issue 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The Accountant General disburses government fund by the use of a provision a voucher an estimate a warrant 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The payee of a cheque is the bank cashier drawee’s banker drawer’s banker person named to receive the amount on the cheque 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The maximum amount which a company can raise by way of selling share is paid-up capital working capital issued capital authorized capital 24 / 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 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? dishonoured cheque cash received goods sold payments to debtors for claims 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS What are accounting entries for bad debts recovered? credit debtor’s account, debit sales account credit debtors account, debit debts recovered account debit debtor’s credit sales account debit debtor’s account, credit bad debts recovered account 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? assets account discount allowed account sales account debtors account 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a provision a current liability a current asset an accrual 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? a reduction in the bank account provisional general warrant reserved expenditure warrant supplementary general warrant 30 / 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 debit cash account, credit bank account debit office account, credit bank account credit cash 31 / 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 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include stock prepayment accrual land 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through sales Day Book Journal proper Control Account purchases Day Book 34 / 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 income distribution account profit and loss account 35 / 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. 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of compensation principle omission commission 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS An asset was bought on 1st January, 1992 for N20, 000. Depreciation was provided for annually at 20% on cost. It was sold for N7, 000 on 1st July, 1995. The net book value at the time of sale was N16, 000 N8, 000 N14, 000 N12, 000 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record cash sales of fixed assets credit sales of stock cash sales of stock cash and credit sales of stock 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a contingent liability current liability current asset fictitious asset 40 / 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 N5, 620 N14, 170 Your score is The average score is 17% 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)
