FINANCIAL ACCOUNTING PAST QUESTIONS

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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.
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1 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The payee of a cheque is the

drawee’s banker

drawer’s banker

person named to receive the amount on the cheque

bank cashier

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

a current liability

a current asset

a provision

an accrual

3 / 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

profit and loss account

income distribution account

trading account

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

surplus

drawing

deficit

shortage

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

prepayment

land

accrual

stock

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

bills receivable

machinery

debtors

stock

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

debtors account

assets account

sales account

discount allowed account

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

issued capital

paid-up capital

authorized capital

working capital

9 / 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

share discount account

profit and loss account

capital reserve account

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

commission

omission

compensation

original entry

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

compensation

omission

principle

commission

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

Obsolescence

wear and tear

passage of time

devaluation of Naira

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

reserved expenditure warrant

supplementary general warrant

a reduction in the bank account

provisional general warrant

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

branch adjustment account

goods sent to branch account

branch stock account

branch debtors account

16 / 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

N24, 000

N23, 000

N15, 000

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

purchase consideration

capital reserve

goodwill

premium

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

receipt and payment account

ledger accounts

profit and loss account

balance sheet

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

prompt settlement of account

being a regular customer

buying in large quantity

introducing other customers

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

net profit or loss

carriage outwards

gross profit or loss

sales

21 / 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

debenture certificate

allotment certificate

preference certificate

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

Treasurer

Accountant General

Auditor General

chief Accountant

23 / 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

standing order

presented cheque

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

bonus shares

rights issue

over subscription

forfeiture of share

25 / 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

N5, 620

N3, 460

N16, 330

N14, 170

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods returned to stock

goods purchased

goods for manufacture

goods sold

27 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

credited to profit and loss account

credited to debtors account.

debited to debtors account

debited to profit and loss account

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

drawings account

current account

appropriation account

capital account

29 / 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

N4, 000

N15, 000

N9, 000

N2, 400

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

sales Day Book

Journal proper

purchases Day Book

Control Account

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

an increase in assets only

a reduction in the bank

a reduction of assets only

a reduction in assets and liabilities

32 / 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 reducing balance method

expensed in the years of purchase

depreciated on straight line method

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a statement of account

a debit note

an invoice

a credit note

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

fixture

equipment

debtors

stock

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

fictitious asset

current asset

contingent liability

current liability

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

credit debtors account, debit debts recovered account

debit debtor’s account, credit bad debts recovered account

credit debtor’s account, debit sales account

debit debtor’s credit sales account

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

preliminary expenses

fixtures and fittings

land and building

cash in hand

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

statement of Affairs

balance sheet

trading account

trial balance

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

shareholder

allottee

subscriber

applicant

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

interest loan

salary of workers

electricity

salary of partner

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The average score is 14%
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