FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

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

Carriage outwards is charged to the

Interest on partner’s drawing is credited to

Errors in the ledger can only be corrected through

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

Provision for discount on debtors is to be

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

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

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

Which of the following is an example of personal amount?

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

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

The balance sheet is a statement showing

A sales Day book is used to record

When a share is sold for less than its nominal value, the difference is debited 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 Accountant General disburses government fund by the use of

Accounts payable is

The chief accounting officer of Nigeria is called the

Which of the following is treated under partnership Appropriation Account?

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

Which of the following is a fictitious asset?

Carriage outwards is the amount spent on transportation

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

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

Which of the following is found in the personal ledger?

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

What are accounting entries for bad debts recovered?

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

Which of the following is a current assets item?

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

Rent receivable is a

Which of the following is the least liquid?

A list of balance extracted from the ledger is known as

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

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

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

Which of the following is an asset?

The amount for which a business is sold is known as