FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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

Cash discount is given for

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

Carriage outwards is the amount spent on transportation

Carriage outwards is charged to the

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

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

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

Fixed assets include

A payment of N150 to a creditor is

Provision for discount on debtors is to be

Which of the following is treated under partnership Appropriation Account?

Errors in the ledger can only be corrected through

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

The balance sheet is a statement showing

Accounts payable is

Which of the following is an asset?

Which of the following is the least liquid?

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

Which of the following is found in the personal ledger?

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

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

A list of balance extracted from the ledger is known as

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

Which of the following is a fictitious asset?

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

The payee of a cheque is the

The purpose of a trading account is to ascertain

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

Which of the following is an example of personal amount?

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

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

The Accountant General disburses government fund by the use of

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

Interest on partner’s drawing is credited to

The chief accounting officer of Nigeria is called the

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

What are accounting entries for bad debts recovered?

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

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