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.


School Portal Nigeria

1 / 40

Carriage outwards is charged to the

2 / 40

The balance sheet is a statement showing

3 / 40

What are accounting entries for bad debts recovered?

4 / 40

Errors in the ledger can only be corrected through

5 / 40

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

6 / 40

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

7 / 40

A sales Day book is used to record

8 / 40

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

9 / 40

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

10 / 40

The loss made by a non-trading organization is called

11 / 40

A payment of N150 to a creditor is

12 / 40

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

13 / 40

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

14 / 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

15 / 40

Provision for discount on debtors is to be

16 / 40

Fixed assets include

17 / 40

Which of the following is a current assets item?

18 / 40

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

19 / 40

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

20 / 40

Which of the following is a fictitious asset?

21 / 40

Interest on partner’s drawing is credited to

22 / 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

23 / 40

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

24 / 40

Which of the following is found in the personal ledger?

25 / 40

The Accountant General disburses government fund by the use of

26 / 40

Which of the following is the least liquid?

27 / 40

Accounts payable is

28 / 40

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

29 / 40

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

30 / 40

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

31 / 40

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

32 / 40

The purpose of a trading account is to ascertain

33 / 40

The payee of a cheque is the

34 / 40

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

35 / 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

36 / 40

The amount for which a business is sold is known as

37 / 40

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

38 / 40

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

39 / 40

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

40 / 40

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

Your score is


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