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.


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1 / 40

A list of balance extracted from the ledger is known as

2 / 40

Which of the following is treated under partnership Appropriation Account?

3 / 40

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

4 / 40

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

5 / 40

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

6 / 40

The amount for which a business is sold is known as

7 / 40

A sales Day book is used to record

8 / 40

The balance sheet is a statement showing

9 / 40

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

10 / 40

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

11 / 40

The payee of a cheque is the

12 / 40

Carriage outwards is charged to the

13 / 40

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

14 / 40

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

15 / 40

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

16 / 40

Carriage outwards is the amount spent on transportation

17 / 40

Which of the following is the least liquid?

18 / 40

Interest on partner’s drawing is credited to

19 / 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

20 / 40

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

21 / 40

The loss made by a non-trading organization is called

22 / 40

Fixed assets include

23 / 40

Rent receivable is a

24 / 40

Which of the following is a fictitious asset?

25 / 40

Provision for discount on debtors is to be

26 / 40

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

27 / 40

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

28 / 40

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

29 / 40

Which of the following is an asset?

30 / 40

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

31 / 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

32 / 40

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

33 / 40

What are accounting entries for bad debts recovered?

34 / 40

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

35 / 40

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

36 / 40

Which of the following is an example of personal amount?

37 / 40

The purpose of a trading account is to ascertain

38 / 40

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

39 / 40

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

40 / 40

Which of the following is a current assets item?

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