FINANCIAL ACCOUNTING PAST QUESTIONS

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SSCE/NECO/GCE (FINANCIAL ACCOUNTING)

FINANCIAL ACCOUNTING PAST QUESTIONS APP

These are Financial Accounting Past Questions. Questions will be picked at random from the question bank.
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1 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

balance sheet

profit and loss account

ledger accounts

receipt and payment account

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

contingent liability

current asset

fictitious asset

current liability

3 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

goods sold

payments to debtors for claims

cash received

dishonoured cheque

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

forfeiture of share

bonus shares

rights issue

over subscription

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

balance sheet

income distribution account

profit and loss account

trading account

6 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

a current liability

a provision

a current asset

an accrual

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a statement of account

a debit note

an invoice

a credit note

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

profit and loss account

share premium account

share discount account

capital reserve account

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

bad debt provision

rent in arrears

sales

insurance prepaid

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Cash discount is given for

buying in large quantity

introducing other customers

being a regular customer

prompt settlement of account

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

supplementary general warrant

a reduction in the bank account

reserved expenditure warrant

provisional general warrant

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

debtors

fixture

equipment

stock

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

stock

land

prepayment

accrual

15 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

allotment certificate

share certificate

preference certificate

debenture certificate

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

omission

original entry

compensation

commission

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

Journal proper

purchases Day Book

sales Day Book

Control Account

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

salary of workers

interest loan

electricity

salary of partner

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

surplus

deficit

shortage

drawing

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

gross profit or loss

sales

net profit or loss

carriage outwards

21 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

balance sheet

statement of Affairs

trading account

trial balance

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

a reduction in assets and liabilities

a reduction in the bank

a reduction of assets only

an increase in assets only

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

sales account

debtors account

assets account

discount allowed account

24 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

omission

compensation

principle

commission

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

standing order

direct transfer

presented cheque

bank-charges

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

bank overdraft

preliminary expenses

prepayments

Goodwill

27 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

N12, 000

N14, 000

N16, 000

N8, 000

28 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

debtors

machinery

stock

bills receivable

29 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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

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 returns outwards account credited.

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

land and building

fixtures and fittings

preliminary expenses

cash in hand

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

N24, 000

N20, 000

N23, 000

N15, 000

32 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

chief Accountant

Treasurer

Auditor General

Accountant General

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The payee of a cheque is the

drawee’s banker

drawer’s banker

bank cashier

person named to receive the amount on the cheque

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

branch debtors account

goods sent to branch account

branch adjustment account

branch stock account

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods purchased

goods for manufacture

goods returned to stock

goods sold

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

issued capital

working capital

paid-up capital

authorized capital

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

debit cash account, credit bank account

debit drawings account, credit bank account

debit office account, credit bank account

credit cash

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

credited to debtors account.

debited to debtors account

debited to profit and loss account

credited to profit and loss account

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

premium

purchase consideration

goodwill

capital reserve

40 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

Obsolescence

passage of time

wear and tear

devaluation of Naira

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The average score is 14%
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