FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

0%
223

SSCE/NECO/GCE (FINANCIAL ACCOUNTING)

Acadlly.com 512 x 512

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 is true in public sector accounting? Cost of assets is

2 / 40

The balance sheet is a statement showing

3 / 40

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

4 / 40

Which of the following is treated under partnership Appropriation Account?

5 / 40

A payment of N150 to a creditor is

6 / 40

Provision for discount on debtors is to be

7 / 40

Which of the following is an asset?

8 / 40

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

9 / 40

The chief accounting officer of Nigeria is called the

10 / 40

Fixed assets include

11 / 40

Interest on partner’s drawing is credited to

12 / 40

Which of the following is a current assets item?

13 / 40

Which of the following is found in the personal ledger?

14 / 40

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

15 / 40

Cash discount is given for

16 / 40

Rent receivable is a

17 / 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

18 / 40

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

19 / 40

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

20 / 40

Carriage outwards is the amount spent on transportation

21 / 40

Errors in the ledger can only be corrected through

22 / 40

A list of balance extracted from the ledger is known as

23 / 40

Accounts payable is

24 / 40

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

25 / 40

The purpose of a trading account is to ascertain

26 / 40

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

27 / 40

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

28 / 40

The loss made by a non-trading organization is called

29 / 40

A sales Day book is used to record

30 / 40

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

31 / 40

The amount for which a business is sold is known as

32 / 40

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

33 / 40

What are accounting entries for bad debts recovered?

34 / 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

35 / 40

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

36 / 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

37 / 40

The payee of a cheque is the

38 / 40

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

39 / 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

40 / 40

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

Your score is

0%

 

You may also study

physics past questions

english language past questions

Commerce Past Questions

Agric Past Questions

 

Leave a Comment

Your email address will not be published. Required fields are marked *

Get Fully Funded Scholarships

Free Visa, Free Scholarship Abroad

           Click Here to Apply

Acadlly