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

The balance sheet is a statement showing

debit entries of the business

credit entries of the businesses

all assets and liabilities

all balances

2 / 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

N24, 000

N20, 000

N23, 000

3 / 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

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

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

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

4 / 40

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

N9, 000

N4, 000

5 / 40

A list of balance extracted from the ledger is known as

trading account

balance sheet

trial balance

statement of Affairs

6 / 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

7 / 40

Carriage outwards is charged to the

credit side of profit and loss account

debit side of profit and loss account

credit side of trading account

debit side of profit and loss appropriation account

8 / 40

Which of the following is the least liquid?

bills receivable

machinery

debtors

stock

9 / 40

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

double entry for each transaction

omission of a transaction from the ledger

wrong entry of correct amount into different groups of accounts.

Incomplete posting in the ledger account

10 / 40

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

devaluation of Naira

passage of time

Obsolescence

wear and tear

11 / 40

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

profit and loss account

ledger accounts

receipt and payment account

balance sheet

12 / 40

A sales Day book is used to record

credit sales of stock

cash sales of fixed assets

cash and credit sales of stock

cash sales of stock

13 / 40

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

working capital

issued capital

paid-up capital

authorized capital

14 / 40

Errors in the ledger can only be corrected through

purchases Day Book

sales Day Book

Control Account

Journal proper

15 / 40

Which of the following is a current assets item?

bank overdraft

prepayments

Goodwill

preliminary expenses

16 / 40

Which of the following is found in the personal ledger?

assets account

sales account

discount allowed account

debtors account

17 / 40

Rent receivable is a

contingent liability

current liability

fictitious asset

current asset

18 / 40

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

trading account

income distribution account

19 / 40

The Accountant General disburses government fund by the use of

a provision

an estimate

a voucher

a warrant

20 / 40

A payment of N150 to a creditor is

a reduction in assets and liabilities

a reduction of assets only

a reduction in the bank

an increase in assets only

21 / 40

What are accounting entries for bad debts recovered?

debit debtor’s credit sales account

credit debtors account, debit debts recovered account

debit debtor’s account, credit bad debts recovered account

credit debtor’s account, debit sales account

22 / 40

The payee of a cheque is the

bank cashier

person named to receive the amount on the cheque

drawer’s banker

drawee’s banker

23 / 40

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

compensation

omission

original entry

commission

24 / 40

The loss made by a non-trading organization is called

drawing

deficit

shortage

surplus

25 / 40

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

supplementary general warrant

reserved expenditure warrant

provisional general warrant

a reduction in the bank account

26 / 40

The amount for which a business is sold is known as

capital reserve

goodwill

purchase consideration

premium

27 / 40

The chief accounting officer of Nigeria is called the

Accountant General

chief Accountant

Auditor General

Treasurer

28 / 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

N5, 620

N16, 330

N3, 460

N14, 170

29 / 40

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

bonus shares

over subscription

rights issue

forfeiture of share

30 / 40

Carriage outwards is the amount spent on transportation

goods purchased

goods returned to stock

goods for manufacture

goods sold

31 / 40

The purpose of a trading account is to ascertain

sales

gross profit or loss

carriage outwards

net profit or loss

32 / 40

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

principle

commission

omission

compensation

33 / 40

Which of the following is not a cause for the difference between bank statement balance and cash book balance?

standing order

bank-charges

direct transfer

presented cheque

34 / 40

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

subscriber

allottee

applicant

shareholder

35 / 40

Which of the following is a fictitious asset?

cash in hand

fixtures and fittings

preliminary expenses

land and building

36 / 40

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

share premium account

capital reserve account

share discount account

profit and loss account

37 / 40

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

38 / 40

Accounts payable is

a current asset

a provision

a current liability

an accrual

39 / 40

Interest on partner’s drawing is credited to

appropriation account

drawings account

current account

capital account

40 / 40

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

a debit note

an invoice

a credit note

a statement of account

Your score is

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