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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!

School Portal Nigeria

1 / 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

2 / 40

Which of the following is a current assets item?

prepayments

preliminary expenses

bank overdraft

Goodwill

3 / 40

The amount for which a business is sold is known as

goodwill

capital reserve

purchase consideration

premium

4 / 40

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

debit cash account, credit bank account

debit office account, credit bank account

debit drawings account, credit bank account

credit cash

5 / 40

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

depreciated on reducing balance method

depreciated on straight line method

charged to federation account

expensed in the years of purchase

6 / 40

The loss made by a non-trading organization is called

drawing

shortage

deficit

surplus

7 / 40

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

provisional general warrant

a reduction in the bank account

supplementary general warrant

reserved expenditure warrant

8 / 40

Which of the following is a fictitious asset?

fixtures and fittings

preliminary expenses

cash in hand

land and building

9 / 40

Which of the following is an asset?

sales

bad debt provision

insurance prepaid

rent in arrears

10 / 40

The purpose of a trading account is to ascertain

sales

carriage outwards

net profit or loss

gross profit or loss

11 / 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

N16, 000

N12, 000

N14, 000

N8, 000

12 / 40

Which of the following is the least liquid?

machinery

stock

debtors

bills receivable

13 / 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

N14, 170

N3, 460

N16, 330

N5, 620

14 / 40

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

cash received

payments to debtors for claims

dishonoured cheque

goods sold

15 / 40

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

bank-charges

direct transfer

standing order

presented cheque

16 / 40

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

shareholder

applicant

subscriber

allottee

17 / 40

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

balance sheet

profit and loss account

trading account

income distribution account

18 / 40

The Accountant General disburses government fund by the use of

a voucher

an estimate

a provision

a warrant

19 / 40

A payment of N150 to a creditor is

a reduction in assets and liabilities

a reduction in the bank

a reduction of assets only

an increase in assets only

20 / 40

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

passage of time

Obsolescence

devaluation of Naira

wear and tear

21 / 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

N15, 000

N2, 400

N9, 000

N4, 000

22 / 40

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

omission of a transaction from the ledger

wrong entry of correct amount into different groups of accounts.

Incomplete posting in the ledger account

double entry for each transaction

23 / 40

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

authorized capital

working capital

paid-up capital

issued capital

24 / 40

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.

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

25 / 40

Carriage outwards is the amount spent on transportation

goods purchased

goods sold

goods for manufacture

goods returned to stock

26 / 40

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

a debit note

an invoice

a statement of account

a credit note

27 / 40

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

allotment certificate

share certificate

debenture certificate

28 / 40

Which of the following is treated under partnership Appropriation Account?

salary of partner

interest loan

electricity

salary of workers

29 / 40

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

compensation

principle

omission

commission

30 / 40

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

receipt and payment account

profit and loss account

ledger accounts

balance sheet

31 / 40

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

commission

original entry

omission

compensation

32 / 40

Accounts payable is

an accrual

a current liability

a provision

a current asset

33 / 40

Which of the following is an example of personal amount?

debtors

fixture

stock

equipment

34 / 40

The chief accounting officer of Nigeria is called the

chief Accountant

Treasurer

Accountant General

Auditor General

35 / 40

Rent receivable is a

current asset

current liability

fictitious asset

contingent liability

36 / 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

N20, 000

N23, 000

N24, 000

37 / 40

Errors in the ledger can only be corrected through

sales Day Book

Control Account

purchases Day Book

Journal proper

38 / 40

Fixed assets include