FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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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

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

N5, 620

N3, 460

N14, 170

N16, 330

2 / 40

When a share is sold for less than its nominal value, the difference is debited to

profit and loss account

share premium account

capital reserve account

share discount account

3 / 40

The loss made by a non-trading organization is called

drawing

surplus

deficit

shortage

4 / 40

The payee of a cheque is the

drawer’s banker

drawee’s banker

person named to receive the amount on the cheque

bank cashier

5 / 40

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

principle

omission

compensation

commission

6 / 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

N14, 000

N8, 000

N12, 000

7 / 40

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

reserved expenditure warrant

supplementary general warrant

a reduction in the bank account

provisional general warrant

8 / 40

Which of the following is the least liquid?

debtors

machinery

stock

bills receivable

9 / 40

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

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

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

10 / 40

Rent receivable is a

contingent liability

current liability

current asset

fictitious asset

11 / 40

Cash discount is given for

introducing other customers

being a regular customer

buying in large quantity

prompt settlement of account

12 / 40

Errors in the ledger can only be corrected through

Journal proper

purchases Day Book

Control Account

sales Day Book

13 / 40

Which of the following is a current assets item?

bank overdraft

Goodwill

preliminary expenses

prepayments

14 / 40

The Accountant General disburses government fund by the use of

a voucher

a provision

an estimate

a warrant

15 / 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

N20, 000

N24, 000

N15, 000

N23, 000

16 / 40

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

credit cash

debit drawings account, credit bank account

debit office account, credit bank account

debit cash account, credit bank account

17 / 40

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

depreciated on straight line method

charged to federation account

depreciated on reducing balance method

expensed in the years of purchase

18 / 40

A list of balance extracted from the ledger is known as

trading account

statement of Affairs

balance sheet

trial balance

19 / 40

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

Obsolescence

passage of time

wear and tear

devaluation of Naira

20 / 40

A sales Day book is used to record

credit sales of stock

cash sales of stock

cash sales of fixed assets

cash and credit sales of stock

21 / 40

Carriage outwards is the amount spent on transportation

goods sold

goods returned to stock

goods for manufacture

goods purchased

22 / 40

The balance sheet is a statement showing

all balances

credit entries of the businesses

all assets and liabilities

debit entries of the business

23 / 40

The chief accounting officer of Nigeria is called the

Accountant General

Auditor General

Treasurer

chief Accountant

24 / 40

Which of the following is treated under partnership Appropriation Account?

electricity

salary of workers

interest loan

salary of partner

25 / 40

Fixed assets include

accrual

land

prepayment

stock

26 / 40

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

omission of a transaction from the ledger

Incomplete posting in the ledger account

double entry for each transaction

wrong entry of correct amount into different groups of accounts.

27 / 40

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

issued capital

paid-up capital

authorized capital

working capital

28 / 40

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

a credit note

a debit note

an invoice

a statement of account

29 / 40

What are accounting entries for bad debts recovered?

debit debtor’s credit sales account

credit debtor’s account, debit sales account

debit debtor’s account, credit bad debts recovered account

credit debtors account, debit debts recovered account

30 / 40

Provision for discount on debtors is to be

credited to debtors account.

debited to debtors account

credited to profit and loss account

debited to profit and loss account

31 / 40

Which of the following is found in the personal ledger?

assets account

discount allowed account

debtors account

sales account

32 / 40

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

cash received

payments to debtors for claims

goods sold

dishonoured cheque

33 / 40

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

forfeiture of share

over subscription

rights issue

bonus shares

34 / 40

The amount for which a business is sold is known as

purchase consideration

capital reserve

premium

goodwill

35 / 40

Which of the following is an example of personal amount?

fixture

equipment

stock

debtors

36 / 40

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

shareholder

subscriber

allottee

applicant

37 / 40

Accounts payable is

a current liability

an accrual

a current asset

a provision

38 / 40

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

trading account

balance sheet

profit and loss account

income distribution account

39 / 40

Which of the following is an asset?

sales

bad debt provision

rent in arrears

insurance prepaid

40 / 40

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

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