FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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SSCE/NECO/GCE (FINANCIAL ACCOUNTING)

FINANCIAL ACCOUNTING PAST QUESTIONS

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

Cash discount is given for

being a regular customer

prompt settlement of account

buying in large quantity

introducing other customers

2 / 40

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

capital reserve account

profit and loss account

share premium account

share discount account

3 / 40

Carriage outwards is the amount spent on transportation

goods for manufacture

goods returned to stock

goods purchased

goods sold

4 / 40

Which of the following is an example of personal amount?

fixture

stock

debtors

equipment

5 / 40

Which of the following is found in the personal ledger?

sales account

debtors account

assets account

discount allowed account

6 / 40

Which of the following is treated under partnership Appropriation Account?

salary of partner

electricity

salary of workers

interest loan

7 / 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

N3, 460

N14, 170

N16, 330

N5, 620

8 / 40

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

supplementary general warrant

a reduction in the bank account

provisional general warrant

reserved expenditure warrant

9 / 40

Which of the following is the least liquid?

bills receivable

stock

machinery

debtors

10 / 40

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

charged to federation account

depreciated on straight line method

expensed in the years of purchase

depreciated on reducing balance method

11 / 40

Which of the following is a current assets item?

Goodwill

prepayments

bank overdraft

preliminary expenses

12 / 40

The balance sheet is a statement showing

credit entries of the businesses

all assets and liabilities

debit entries of the business

all balances

13 / 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

N20, 000

N24, 000

N15, 000

N23, 000

14 / 40

A list of balance extracted from the ledger is known as

trading account

trial balance

balance sheet

statement of Affairs

15 / 40

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

an invoice

a debit note

a credit note

a statement of account

16 / 40

Fixed assets include

land

prepayment

accrual

stock

17 / 40

Carriage outwards is charged to the

credit side of trading account

debit side of profit and loss appropriation account

credit side of profit and loss account

debit side of profit and loss account

18 / 40

The loss made by a non-trading organization is called

shortage

drawing

surplus

deficit

19 / 40

The Accountant General disburses government fund by the use of

an estimate

a provision

a voucher

a warrant

20 / 40

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

branch debtors account

goods sent to branch account

branch adjustment account

branch stock account

21 / 40

Which of the following is a fictitious asset?

fixtures and fittings

cash in hand

preliminary expenses

land and building

22 / 40

Interest on partner’s drawing is credited to

current account

capital account

appropriation account

drawings account

23 / 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

N15, 000

N9, 000

N2, 400

N4, 000

24 / 40

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

omission

compensation

original entry

commission

25 / 40

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

balance sheet

ledger accounts

profit and loss account

receipt and payment account

26 / 40

Which of the following is an asset?

insurance prepaid

bad debt provision

sales

rent in arrears

27 / 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.

28 / 40

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

29 / 40

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

standing order

direct transfer

bank-charges

presented cheque

30 / 40

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

debit office account, credit bank account

debit cash account, credit bank account

debit drawings account, credit bank account

credit cash

31 / 40

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

trading account

profit and loss account

income distribution account

balance sheet

32 / 40

Rent receivable is a

current liability

contingent liability

current asset

fictitious asset

33 / 40

The payee of a cheque is the

drawer’s banker

drawee’s banker

person named to receive the amount on the cheque

bank cashier

34 / 40

Accounts payable is

a provision

a current asset

an accrual

a current liability

35 / 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

N14, 000

N16, 000

N8, 000

36 / 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

37 / 40

Provision for discount on debtors is to be

debited to profit and loss account

debited to debtors account

credited to profit and loss account

credited to debtors account.

38 / 40

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

allottee

applicant

shareholder

subscriber

39 / 40

The amount for which a business is sold is known as

premium

capital reserve

purchase consideration

goodwill

40 / 40

Errors in the ledger can only be corrected through

Journal proper

Control Account

purchases Day Book

sales Day Book

Your score is

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