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SSCE/NECO/GCE (FINANCIAL ACCOUNTING)

FINANCIAL ACCOUNTING PAST QUESTIONS APP (SSCE/NECO/NABTEB/GCE) 1

FINANCIAL ACCOUNTING PAST QUESTIONS APP

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

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!

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is found in the personal ledger?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The loss made by a non-trading organization is called

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

What are accounting entries for bad debts recovered?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a fictitious asset?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A sales Day book is used to record

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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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

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Errors in the ledger can only be corrected through

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Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

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