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

The amount for which a business is sold is known as

goodwill

capital reserve

premium

purchase consideration

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

N2, 400

N4, 000

N15, 000

N9, 000

3 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

bonus shares

forfeiture of share

rights issue

over subscription

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

paid-up capital

working capital

authorized capital

issued capital

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

accrual

land

prepayment

stock

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The Accountant General disburses government fund by the use of

a voucher

a warrant

an estimate

a provision

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

electricity

salary of workers

salary of partner

interest loan

8 / 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 returns outwards account credited.

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

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

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

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

surplus

drawing

deficit

shortage

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

cash in hand

fixtures and fittings

preliminary expenses

land and building

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

assets account

debtors account

discount allowed account

sales account

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

omission

original entry

compensation

commission

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

goods sent to branch account

branch adjustment account

branch stock account

branch debtors account

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

drawings account

appropriation account

current account

capital account

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The payee of a cheque is the

drawer’s banker

drawee’s banker

bank cashier

person named to receive the amount on the cheque

16 / 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

N3, 460

N16, 330

N5, 620

N14, 170

17 / 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

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

net profit or loss

sales

gross profit or loss

carriage outwards

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

credited to profit and loss account

debited to debtors account

credited to debtors account.

debited to profit and loss account

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

21 / 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

N14, 000

N16, 000

N12, 000

N8, 000

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

prompt settlement of account

buying in large quantity

being a regular customer

introducing other customers

23 / 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

share certificate

debenture certificate

allotment certificate

preference certificate

24 / 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?

direct transfer

presented cheque

standing order

bank-charges

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

commission

principle

omission

compensation

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

N23, 000

N20, 000

N24, 000

N15, 000

28 / 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 reducing balance method

expensed in the years of purchase

depreciated on straight line method

29 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

balance sheet

ledger accounts

receipt and payment account

profit and loss account

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a statement of account

a debit note

a credit note

an invoice

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

payments to debtors for claims

dishonoured cheque

cash received

goods sold

32 / 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

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

credit debtor’s account, debit sales account

debit debtor’s credit sales account

debit debtor’s account, credit bad debts recovered account

credit debtors account, debit debts recovered account

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

bank overdraft

Goodwill

prepayments

preliminary expenses

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

debit drawings account, credit bank account

debit office account, credit bank account

credit cash

debit cash account, credit bank account

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

allottee

applicant

shareholder

subscriber

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

purchases Day Book

Control Account

Journal proper

sales Day Book

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods sold

goods for manufacture

goods returned to stock

goods purchased

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

Incomplete posting in the ledger account

wrong entry of correct amount into different groups of accounts.

omission of a transaction from the ledger

double entry for each transaction

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

debit entries of the business

all assets and liabilities

credit entries of the businesses

all balances

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The average score is 14%
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