FINANCIAL ACCOUNTING PAST QUESTIONS

Practice the FINANCIAL ACCOUNTING Past Questions with Answers. The questions are answered by our experts and you will get the correct answers to the FINANCIAL ACCOUNTING questions.

0%

54

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

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

N16, 000

N14, 000

N12, 000

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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

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

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

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

3 / 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

share certificate

preference certificate

debenture certificate

allotment certificate

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

wear and tear

Obsolescence

devaluation of Naira

passage of time

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

branch adjustment account

branch debtors account

branch stock account

goods sent to branch account

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

balance sheet

statement of Affairs

trial balance

trading account

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The payee of a cheque is the

bank cashier

drawee’s banker

person named to receive the amount on the cheque

drawer’s banker

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

all balances

credit entries of the businesses

debit entries of the business

all assets and liabilities

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

chief Accountant

Auditor General

Treasurer

Accountant General

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

stock

equipment

fixture

debtors

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

bank overdraft

preliminary expenses

Goodwill

prepayments

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

being a regular customer

buying in large quantity

introducing other customers

prompt settlement of account

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

depreciated on reducing balance method

depreciated on straight line method

expensed in the years of purchase

charged to federation account

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The Accountant General disburses government fund by the use of

a provision

a voucher

a warrant

an estimate

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

sales

carriage outwards

gross profit or loss

net profit or loss

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

drawings account

capital account

appropriation account

current account

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

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

debit drawings account, credit bank account

credit cash

debit cash account, credit bank account

debit office account, credit bank account

19 / 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

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

stock

bills receivable

debtors

machinery

21 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

electricity

interest loan

salary of partner

salary of workers

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

purchases Day Book

sales Day Book

Control Account

Journal proper

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

shortage

deficit

surplus

drawing

24 / 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

bank-charges

presented cheque

standing order

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods returned to stock

goods sold

goods for manufacture

goods purchased

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

27 / 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?

profit and loss account

balance sheet

income distribution account

trading account

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

share premium account

capital reserve account

profit and loss account

share discount account

29 / 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

30 / 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

31 / 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

omission of a transaction from the ledger

wrong entry of correct amount into different groups of accounts.

double entry for each transaction

32 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

credited to debtors account.

debited to profit and loss account

debited to debtors account

credited to profit and loss account

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

goodwill

capital reserve

purchase consideration

premium

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a credit note

a debit note

an invoice

a statement of account

35 / 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

N23, 000

N24, 000

N15, 000

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

applicant

allottee

subscriber

shareholder

37 / 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

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

insurance prepaid

rent in arrears

bad debt provision

sales

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

accrual

prepayment

land

stock

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

paid-up capital

issued capital

working capital

authorized capital

Your score is
The average score is 14%
LinkedIn Facebook Twitter VKontakte
0%

Prepare yourself for the exam ahead and test your knowledge and readiness.

Also See

PHYSICS PAST QUESTIONS APP

ENGLISH LANGUAGE TEST OF ORALS PAST QUESTIONS

OMPUTER STUDIES PAST QUESTIONS

ENGLISH LANGUAGE PAST QUESTIONS

Study in the US, Canada, UK, Germany For Free

Get Full Scholarships, Visa & Accommodation Abroad