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

The loss made by a non-trading organization is called

deficit

shortage

surplus

drawing

2 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

omission

commission

original entry

compensation

3 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an asset?

insurance prepaid

bad debt provision

rent in arrears

sales

4 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

omission

commission

compensation

principle

5 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A list of balance extracted from the ledger is known as

balance sheet

trial balance

trading account

statement of Affairs

6 / 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?

income distribution account

balance sheet

trading account

profit and loss account

7 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is charged to the

debit side of profit and loss appropriation account

credit side of trading account

credit side of profit and loss account

debit side of profit and loss account

8 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Rent receivable is a

fictitious asset

current asset

contingent liability

current liability

9 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A sales Day book is used to record

cash sales of fixed assets

credit sales of stock

cash and credit sales of stock

cash sales of stock

10 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The amount for which a business is sold is known as

goodwill

premium

capital reserve

purchase consideration

11 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is treated under partnership Appropriation Account?

interest loan

salary of partner

electricity

salary of workers

12 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Carriage outwards is the amount spent on transportation

goods returned to stock

goods for manufacture

goods purchased

goods sold

13 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

A payment of N150 to a creditor is

an increase in assets only

a reduction in assets and liabilities

a reduction of assets only

a reduction in the bank

14 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

profit and loss account

balance sheet

receipt and payment account

ledger accounts

15 / 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 returns outwards account credited.

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

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

returns outwards account is debited and the supplier’s account credited

16 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The balance sheet is a statement showing

all assets and liabilities

credit entries of the businesses

all balances

debit entries of the business

17 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Provision for discount on debtors is to be

debited to profit and loss account

credited to debtors account.

debited to debtors account

credited to profit and loss account

18 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

Incomplete posting in the ledger account

double entry for each transaction

omission of a transaction from the ledger

wrong entry of correct amount into different groups of accounts.

19 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is a current assets item?

preliminary expenses

Goodwill

prepayments

bank overdraft

20 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is an example of personal amount?

stock

equipment

fixture

debtors

21 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Interest on partner’s drawing is credited to

drawings account

appropriation account

current account

capital account

22 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

passage of time

wear and tear

Obsolescence

devaluation of Naira

23 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Fixed assets include

land

prepayment

stock

accrual

24 / 40

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

N15, 000

N2, 400

N9, 000

N4, 000

25 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

paid-up capital

issued capital

authorized capital

working capital

26 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Accounts payable is

a current asset

a current liability

a provision

an accrual

27 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The chief accounting officer of Nigeria is called the

Treasurer

chief Accountant

Auditor General

Accountant General

28 / 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

debenture certificate

share certificate

preference certificate

allotment certificate

29 / 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

N8, 000

N16, 000

30 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

Which of the following is the least liquid?

debtors

stock

machinery

bills receivable

31 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

N14, 170

N3, 460

N5, 620

N16, 330

32 / 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?

direct transfer

standing order

bank-charges

presented cheque

33 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

The purpose of a trading account is to ascertain

gross profit or loss

sales

carriage outwards

net profit or loss

34 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

debit drawings account, credit bank account

credit cash

debit office account, credit bank account

debit cash account, credit bank account

35 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

bonus shares

rights issue

forfeiture of share

over subscription

36 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

a debit note

a credit note

a statement of account

an invoice

37 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

goods sold

dishonoured cheque

cash received

payments to debtors for claims

38 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

share premium account

profit and loss account

share discount account

capital reserve account

39 / 40

Category: FINANCIAL ACCOUNTING PAST QUESTIONS

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

allottee

applicant

shareholder

subscriber

40 / 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

expensed in the years of purchase

charged to federation account

depreciated on reducing balance method

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The average score is 14%
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