FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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

Which of the following is a current assets item?

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

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

The chief accounting officer of Nigeria is called the

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

The balance sheet is a statement showing

Which of the following is a fictitious asset?

The person who has applied for shares in a company 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

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

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

Interest on partner’s drawing is credited to

Provision for discount on debtors is to be

The Accountant General disburses government fund by the use of

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

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

Carriage outwards is the amount spent on transportation

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

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

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

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

Which of the following is found in the personal ledger?

Accounts payable is

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

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

Which of the following is an example of personal amount?

The loss made by a non-trading organization is called

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

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

A list of balance extracted from the ledger is known as

Cash discount is given for

Which of the following is an asset?

Carriage outwards is charged to the

What are accounting entries for bad debts recovered?

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

Fixed assets include

The payee of a cheque is the

The amount for which a business is sold is known as