FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

The balance sheet is a statement showing

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

A sales Day book is used to record

Provision for discount on debtors is to be

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

The payee of a cheque is the

Which of the following is a fictitious asset?

The chief accounting officer of Nigeria is called the

Which of the following is treated under partnership Appropriation Account?

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

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

Carriage outwards is charged to the

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

Which of the following is found in the personal ledger?

Which of the following is the least liquid?

What are accounting entries for bad debts recovered?

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

Errors in the ledger can only be corrected through

A payment of N150 to a creditor is

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

Cash discount is given for

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

Accounts payable is

The amount for which a business is sold is known as

Fixed assets include

Rent receivable is a

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

Interest on partner’s drawing is credited to

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

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

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

The purpose of a trading account is to ascertain

The Accountant General disburses government fund by the use of

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

Which of the following is a current assets item?

Which of the following is an asset?

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

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

A list of balance extracted from the ledger is known as

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