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.

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1 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

cash received

dishonoured cheque

goods sold

payments to debtors for claims

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

provisional general warrant

a reduction in the bank account

reserved expenditure warrant

supplementary general warrant

3 / 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

preference certificate

share certificate

debenture certificate

allotment certificate

4 / 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

N16, 330

N14, 170

N5, 620

N3, 460

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

all assets and liabilities

credit entries of the businesses

all balances

debit entries of the business

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

principle

commission

omission

compensation

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

wear and tear

devaluation of Naira

passage of time

Obsolescence

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is charged to the

debit side of profit and loss appropriation account

credit side of trading account

debit side of profit and loss account

credit side of profit and loss account

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

Journal proper

purchases Day Book

Control Account

sales Day Book

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

omission of a transaction from the ledger

double entry for each transaction

wrong entry of correct amount into different groups of accounts.

Incomplete posting in the ledger account

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

fixtures and fittings

land and building

preliminary expenses

cash in hand

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

stock

prepayment

accrual

land

13 / 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?

bank-charges

presented cheque

standing order

direct transfer

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

a current asset

a provision

a current liability

an accrual

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

depreciated on straight line method

depreciated on reducing balance method

charged to federation account

expensed in the years of purchase

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

debtors

stock

fixture

equipment

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

allottee

applicant

shareholder

subscriber

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

debit cash account, credit bank account

credit cash

debit drawings account, credit bank account

debit office account, credit bank account

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The payee of a cheque is the

drawer’s banker

bank cashier

drawee’s banker

person named to receive the amount on the cheque

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

credited to debtors account.

debited to debtors account

debited to profit and loss account

credited to profit and loss account

21 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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.

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

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The Accountant General disburses government fund by the use of

a warrant

a provision

an estimate

a voucher

23 / 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

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

goodwill

purchase consideration

premium

capital reserve

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

discount allowed account

sales account

assets account

debtors account

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

bills receivable

machinery

debtors

stock

27 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

Goodwill

bank overdraft

prepayments

preliminary expenses

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a statement of account

a credit note

an invoice

a debit note

29 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

fictitious asset

current asset

current liability

contingent liability

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

rent in arrears

insurance prepaid

bad debt provision

sales

31 / 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?

profit and loss account

balance sheet

trading account

income distribution account

32 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

branch stock account

goods sent to branch account

branch adjustment account

branch debtors account

33 / 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

N24, 000

N20, 000

N23, 000

N15, 000

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A sales Day book is used to record

cash sales of fixed assets

cash sales of stock

credit sales of stock

cash and credit sales of stock

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

surplus

deficit

drawing

shortage

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

profit and loss account

receipt and payment account

balance sheet

ledger accounts

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

Accountant General

Treasurer

Auditor General

chief Accountant

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

profit and loss account

share premium account

share discount account

capital reserve account

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

credit debtors account, debit debts recovered account

debit debtor’s credit sales account

credit debtor’s account, debit sales account

debit debtor’s account, credit bad debts recovered account

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

current account

drawings account

appropriation account

capital account

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FINANCIAL ACCOUNTING PAST QUESTIONS

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