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

The balance sheet is a statement showing

2 / 40

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

3 / 40

A sales Day book is used to record

4 / 40

Provision for discount on debtors is to be

5 / 40

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

6 / 40

The payee of a cheque is the

7 / 40

Which of the following is a fictitious asset?

8 / 40

The chief accounting officer of Nigeria is called the

9 / 40

Which of the following is treated under partnership Appropriation Account?

10 / 40

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

11 / 40

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

12 / 40

Carriage outwards is charged to the

13 / 40

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

14 / 40

Which of the following is found in the personal ledger?

15 / 40

Which of the following is the least liquid?

16 / 40

What are accounting entries for bad debts recovered?

17 / 40

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

18 / 40

Errors in the ledger can only be corrected through

19 / 40

A payment of N150 to a creditor is

20 / 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

21 / 40

Cash discount is given for

22 / 40

An asset was bought on 1st January, 1992 for N20, 000. Depreciation was provided for annually at 20% on cost. It was sold for N7, 000 on 1st July, 1995. The net book value at the time of sale was

23 / 40

Accounts payable is

24 / 40

The amount for which a business is sold is known as

25 / 40

Fixed assets include

26 / 40

Rent receivable is a

27 / 40

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

28 / 40

Interest on partner’s drawing is credited to

29 / 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

30 / 40

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

31 / 40

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

32 / 40

The purpose of a trading account is to ascertain

33 / 40

The Accountant General disburses government fund by the use of

34 / 40

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

35 / 40

Which of the following is a current assets item?

36 / 40

Which of the following is an asset?

37 / 40

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

38 / 40

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

39 / 40

A list of balance extracted from the ledger is known as

40 / 40

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

Your score is



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