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.


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1 / 40

Accounts payable is

2 / 40

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

3 / 40

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

4 / 40

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

5 / 40

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

6 / 40

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

7 / 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

8 / 40

Which of the following is the least liquid?

9 / 40

Carriage outwards is charged to the

10 / 40

Errors in the ledger can only be corrected through

11 / 40

Which of the following is a current assets item?

12 / 40

A sales Day book is used to record

13 / 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

14 / 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

15 / 40

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

16 / 40

Provision for discount on debtors is to be

17 / 40

Fixed assets include

18 / 40

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

19 / 40

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

20 / 40

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

21 / 40

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

22 / 40

The balance sheet is a statement showing

23 / 40

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

24 / 40

The payee of a cheque is the

25 / 40

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

26 / 40

The Accountant General disburses government fund by the use of

27 / 40

Which of the following is treated under partnership Appropriation Account?

28 / 40

Rent receivable is a

29 / 40

What are accounting entries for bad debts recovered?

30 / 40

Which of the following is a fictitious asset?

31 / 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

32 / 40

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

33 / 40

The purpose of a trading account is to ascertain

34 / 40

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

35 / 40

The chief accounting officer of Nigeria is called the

36 / 40

A list of balance extracted from the ledger is known as

37 / 40

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

38 / 40

Interest on partner’s drawing is credited to

39 / 40

Which of the following is found in the personal ledger?

40 / 40

Which of the following is an asset?

Your score is



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