FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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SSCE/NECO/GCE (FINANCIAL ACCOUNTING)

These are Financial Accounting Past Questions. 40 questions will be picked at random from the question bank.

You have 30 minutes to answer all the questions.

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!

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1 / 40

Accounts payable is

an accrual

a current liability

a current asset

a provision

2 / 40

A payment of N150 to a creditor is

a reduction in assets and liabilities

a reduction in the bank

an increase in assets only

a reduction of assets only

3 / 40

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

working capital

authorized capital

issued capital

paid-up capital

4 / 40

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

commission

compensation

original entry

omission

5 / 40

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

Fixed assets include

land

stock

prepayment

accrual

7 / 40

Which of the following is found in the personal ledger?

assets account

sales account

discount allowed account

debtors account

8 / 40

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

cash received

payments to debtors for claims

dishonoured cheque

goods sold

9 / 40

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

N23, 000

N24, 000

N20, 000

10 / 40

The chief accounting officer of Nigeria is called the

Auditor General

Accountant General

Treasurer

chief Accountant

11 / 40

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

Incomplete posting in the ledger account

omission of a transaction from the ledger

double entry for each transaction

wrong entry of correct amount into different groups of accounts.

12 / 40

The balance sheet is a statement showing

all assets and liabilities

credit entries of the businesses

debit entries of the business

all balances

13 / 40

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

supplementary general warrant

provisional general warrant

a reduction in the bank account

reserved expenditure warrant

14 / 40

A sales Day book is used to record

cash sales of fixed assets

credit sales of stock

cash and credit sales of stock

cash sales of stock

15 / 40

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

rights issue

bonus shares

forfeiture of share

over subscription

16 / 40

The amount for which a business is sold is known as

premium

capital reserve

goodwill

purchase consideration

17 / 40

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

debit office account, credit bank account

debit drawings account, credit bank account

credit cash

debit cash account, credit bank account

18 / 40

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

charged to federation account

expensed in the years of purchase

depreciated on reducing balance method

depreciated on straight line method

19 / 40

Which of the following is the least liquid?

bills receivable

debtors

machinery

stock

20 / 40

Carriage outwards is the amount spent on transportation

goods sold

goods returned to stock

goods for manufacture

goods purchased

21 / 40

The payee of a cheque is the

drawee’s banker

drawer’s banker

bank cashier

person named to receive the amount on the cheque

22 / 40

Which of the following serves the same purpose as the income and Expenditure Account of a non-trading organisation?

trading account

income distribution account

profit and loss account

balance sheet

23 / 40

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

24 / 40

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

N14, 170

N3, 460

N16, 330

N5, 620

25 / 40

A list of balance extracted from the ledger is known as

balance sheet

trial balance

statement of Affairs

trading account

26 / 40

The loss made by a non-trading organization is called

deficit

drawing

surplus

shortage

27 / 40

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

N12, 000

N8, 000

N14, 000

N16, 000

28 / 40

Which of the following is treated under partnership Appropriation Account?

interest loan

salary of workers

salary of partner

electricity

29 / 40

Carriage outwards is charged to the

credit side of profit and loss account

credit side of trading account

debit side of profit and loss account

debit side of profit and loss appropriation account

30 / 40

Which of the following is an asset?

bad debt provision

rent in arrears

insurance prepaid

sales

31 / 40

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

a credit note

a statement of account

a debit note

an invoice

32 / 40

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

omission

commission

principle

compensation

33 / 40

Which of the following entries is made when damaged goods are returned to the supplier?

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

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

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

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

34 / 40

Which of the following is an example of personal amount?

debtors

fixture

equipment

stock

35 / 40

The Accountant General disburses government fund by the use of

a provision

a warrant

a voucher

an estimate

36 / 40

Which of the following is a fictitious asset?

preliminary expenses

land and building

fixtures and fittings

cash in hand

37 / 40

What are accounting entries for bad debts recovered?

debit debtor’s credit sales account

debit debtor’s account, credit bad debts recovered account

credit debtor’s account, debit sales account

credit debtors account, debit debts recovered account

38 / 40

Which of the following is a current assets item?

Goodwill

bank overdraft

prepayments

preliminary expenses

39 / 40

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

receipt and payment account

profit and loss account

balance sheet

ledger accounts

40 / 40

The purpose of a trading account is to ascertain

net profit or loss

gross profit or loss

sales

carriage outwards

Your score is

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