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

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

rights issue

over subscription

bonus shares

forfeiture of share

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

electricity

interest loan

salary of partner

salary of workers

3 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

wrong entry of correct amount into different groups of accounts.

Incomplete posting in the ledger account

double entry for each transaction

omission of a transaction from the ledger

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

paid-up capital

issued capital

working capital

authorized capital

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

all balances

credit entries of the businesses

all assets and liabilities

debit entries of the business

6 / 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

trading account

income distribution account

profit and loss account

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

allottee

subscriber

applicant

shareholder

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A sales Day book is used to record

credit sales of stock

cash and credit sales of stock

cash sales of fixed assets

cash sales of stock

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

being a regular customer

prompt settlement of account

introducing other customers

buying in large quantity

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a reduction in the bank account

provisional general warrant

reserved expenditure warrant

supplementary general warrant

11 / 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 straight line method

expensed in the years of purchase

depreciated on reducing balance method

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

land

accrual

stock

prepayment

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

fixture

debtors

stock

equipment

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

dishonoured cheque

cash received

payments to debtors for claims

goods sold

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

sales Day Book

purchases Day Book

Control Account

Journal proper

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

preliminary expenses

Goodwill

prepayments

bank overdraft

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

a reduction in assets and liabilities

a reduction of assets only

an increase in assets only

a reduction in the bank

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

carriage outwards

gross profit or loss

net profit or loss

sales

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

a current asset

a current liability

an accrual

a provision

21 / 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

direct transfer

presented cheque

standing order

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

balance sheet

trading account

statement of Affairs

trial balance

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

discount allowed account

assets account

debtors account

sales account

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

N8, 000

N16, 000

N14, 000

N12, 000

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods purchased

goods returned to stock

goods sold

goods for manufacture

26 / 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

debenture certificate

allotment certificate

share certificate

27 / 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

N23, 000

N24, 000

N15, 000

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

an invoice

a statement of account

a credit note

a debit note

29 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

commission

compensation

principle

omission

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is charged to the

debit side of profit and loss account

debit side of profit and loss appropriation account

credit side of profit and loss account

credit side of trading account

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

bills receivable

stock

machinery

debtors

32 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

debit debtor’s credit sales account

debit debtor’s account, credit bad debts recovered account

credit debtors account, debit debts recovered account

credit debtor’s account, debit sales account

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

appropriation account

current account

drawings account

capital account

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

passage of time

devaluation of Naira

wear and tear

Obsolescence

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

current liability

current asset

fictitious asset

contingent liability

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

Auditor General

chief Accountant

Treasurer

Accountant General

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

debited to profit and loss account

credited to profit and loss account

debited to debtors account

credited to debtors account.

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

original entry

compensation

omission

commission

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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

supplier’s account is debited and the purchaser’s account credited

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

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

bad debt provision

insurance prepaid

sales

rent in arrears

Your score is
The average score is 14%
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