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

Which of the following is a fictitious asset?

fixtures and fittings

land and building

preliminary expenses

cash in hand

2 / 40

A sales Day book is used to record

cash sales of stock

cash and credit sales of stock

credit sales of stock

cash sales of fixed assets

3 / 40

The loss made by a non-trading organization is called

shortage

drawing

surplus

deficit

4 / 40

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

balance sheet

trading account

income distribution account

profit and loss account

5 / 40

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

omission of a transaction from the ledger

Incomplete posting in the ledger account

wrong entry of correct amount into different groups of accounts.

double entry for each transaction

6 / 40

The balance sheet is a statement showing

credit entries of the businesses

all assets and liabilities

debit entries of the business

all balances

7 / 40

Errors in the ledger can only be corrected through

Control Account

Journal proper

purchases Day Book

sales Day Book

8 / 40

What are accounting entries for bad debts recovered?

debit debtor’s account, credit bad debts recovered account

credit debtors account, debit debts recovered account

credit debtor’s account, debit sales account

debit debtor’s credit sales account

9 / 40

Which of the following is an asset?

insurance prepaid

bad debt provision

rent in arrears

sales

10 / 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

N23, 000

N24, 000

N20, 000

11 / 40

Carriage outwards is charged to the

credit side of profit and loss account

credit side of trading account

debit side of profit and loss appropriation account

debit side of profit and loss account

12 / 40

Provision for discount on debtors is to be

credited to profit and loss account

credited to debtors account.

debited to profit and loss account

debited to debtors account

13 / 40

The Accountant General disburses government fund by the use of

a provision

a voucher

an estimate

a warrant

14 / 40

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

applicant

allottee

shareholder

subscriber

15 / 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

N4, 000

N2, 400

N15, 000

N9, 000

16 / 40

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

compensation

principle

commission

omission

17 / 40

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

a statement of account

a credit note

an invoice

a debit note

18 / 40

A payment of N150 to a creditor is

a reduction in the bank

a reduction of assets only

a reduction in assets and liabilities

an increase in assets only

19 / 40

Accounts payable is

a provision

a current liability

an accrual

a current asset

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

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

share discount account

share premium account

capital reserve account

profit and loss account

22 / 40

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

provisional general warrant

supplementary general warrant

a reduction in the bank account

reserved expenditure warrant

23 / 40

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

devaluation of Naira

passage of time

Obsolescence

wear and tear

24 / 40

Carriage outwards is the amount spent on transportation

goods sold

goods returned to stock

goods for manufacture

goods purchased

25 / 40

Which of the following is an example of personal amount?

equipment

fixture

debtors

stock

26 / 40

Which of the following is a current assets item?

prepayments

preliminary expenses

bank overdraft

Goodwill

27 / 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

N14, 000

N12, 000

N8, 000

N16, 000

28 / 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

credit cash

debit drawings account, credit bank account

29 / 40

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

balance sheet

profit and loss account

ledger accounts

receipt and payment account

30 / 40

Fixed assets include

accrual

prepayment

land

stock

31 / 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

32 / 40

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

over subscription

rights issue

bonus shares

forfeiture of share

33 / 40

The chief accounting officer of Nigeria is called the

Auditor General

chief Accountant

Treasurer

Accountant General

34 / 40

The payee of a cheque is the

person named to receive the amount on the cheque

drawee’s banker

bank cashier

drawer’s banker

35 / 40

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 purchaser’s account credited

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

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

36 / 40

Interest on partner’s drawing is credited to

drawings account

appropriation account

capital account

current account

37 / 40

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

expensed in the years of purchase

depreciated on reducing balance method

charged to federation account

depreciated on straight line method

38 / 40

The purpose of a trading account is to ascertain

carriage outwards

net profit or loss

gross profit or loss

sales

39 / 40

Cash discount is given for

being a regular customer

introducing other customers

buying in large quantity

prompt settlement of account

40 / 40

Which of the following is the least liquid?

stock

bills receivable

debtors

machinery

Your score is

Financial accounting examination

FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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