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

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

branch stock account

goods sent to branch account

branch adjustment account

branch debtors account

2 / 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

N16, 330

N5, 620

N3, 460

N14, 170

3 / 40

Carriage outwards is the amount spent on transportation

goods returned to stock

goods sold

goods purchased

goods for manufacture

4 / 40

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

reserved expenditure warrant

a reduction in the bank account

provisional general warrant

supplementary general warrant

5 / 40

Which of the following is an asset?

insurance prepaid

bad debt provision

sales

rent in arrears

6 / 40

A list of balance extracted from the ledger is known as

balance sheet

trial balance

trading account

statement of Affairs

7 / 40

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

principle

omission

commission

compensation

8 / 40

The purpose of a trading account is to ascertain

carriage outwards

gross profit or loss

sales

net profit or loss

9 / 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

share certificate

debenture certificate

allotment certificate

10 / 40

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

omission

commission

original entry

compensation

11 / 40

Interest on partner’s drawing is credited to

current account

capital account

appropriation account

drawings account

12 / 40

Fixed assets include

accrual

prepayment

stock

land

13 / 40

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

Obsolescence

passage of time

devaluation of Naira

wear and tear

14 / 40

What are accounting entries for bad debts recovered?

debit debtor’s account, credit bad debts recovered account

debit debtor’s credit sales account

credit debtor’s account, debit sales account

credit debtors account, debit debts recovered account

15 / 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

N14, 000

N8, 000

N16, 000

N12, 000

16 / 40

The Accountant General disburses government fund by the use of

a provision

a voucher

a warrant

an estimate

17 / 40

Cash discount is given for

buying in large quantity

being a regular customer

introducing other customers

prompt settlement of account

18 / 40

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

authorized capital

paid-up capital

working capital

issued capital

19 / 40

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

ledger accounts

receipt and payment account

profit and loss account

balance sheet

20 / 40

The chief accounting officer of Nigeria is called the

chief Accountant

Accountant General

Treasurer

Auditor General

21 / 40

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

share discount account

profit and loss account

capital reserve account

share premium account

22 / 40

Which of the following is a fictitious asset?

fixtures and fittings

land and building

preliminary expenses

cash in hand

23 / 40

A sales Day book is used to record

cash and credit sales of stock

cash sales of stock

cash sales of fixed assets

credit sales of stock

24 / 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

wrong entry of correct amount into different groups of accounts.

double entry for each transaction

25 / 40

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

shareholder

applicant

subscriber

allottee

26 / 40

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

bonus shares

over subscription

rights issue

forfeiture of share

27 / 40

The amount for which a business is sold is known as

capital reserve

purchase consideration

premium

goodwill

28 / 40

Which of the following is found in the personal ledger?

sales account

discount allowed account

debtors account

assets account

29 / 40

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

goods sold

dishonoured cheque

cash received

payments to debtors for claims

30 / 40

Provision for discount on debtors is to be

debited to profit and loss account

credited to debtors account.

debited to debtors account

credited to profit and loss account

31 / 40

Accounts payable is

a current asset

a current liability

an accrual

a provision

32 / 40

Which of the following is a current assets item?

bank overdraft

preliminary expenses

Goodwill

prepayments

33 / 40

Which of the following is an example of personal amount?

fixture

debtors

equipment

stock

34 / 40

Rent receivable is a

contingent liability

current asset

fictitious asset

current liability

35 / 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

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

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

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

36 / 40

Which of the following is treated under partnership Appropriation Account?

electricity

interest loan

salary of partner

salary of workers

37 / 40

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

presented cheque

bank-charges

direct transfer

standing order

38 / 40

Which of the following is the least liquid?

stock

debtors

machinery

bills receivable

39 / 40

The payee of a cheque is the

bank cashier

drawee’s banker

person named to receive the amount on the cheque

drawer’s banker

40 / 40

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

expensed in the years of purchase

depreciated on reducing balance method

depreciated on straight line method

charged to federation account

Your score is

FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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