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

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

2 / 40

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

3 / 40

Which of the following is found in the personal ledger?

4 / 40

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

5 / 40

Carriage outwards is the amount spent on transportation

6 / 40

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

7 / 40

Which of the following is treated under partnership Appropriation Account?

8 / 40

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

9 / 40

The amount for which a business is sold is known as

10 / 40

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

11 / 40

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

12 / 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

13 / 40

Carriage outwards is charged to the

14 / 40

Which of the following is an asset?

15 / 40

Which of the following is a fictitious asset?

16 / 40

Which of the following is a current assets item?

17 / 40

Fixed assets include

18 / 40

Which of the following is the least liquid?

19 / 40

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

20 / 40

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

21 / 40

The balance sheet is a statement showing

22 / 40

Rent receivable is a

23 / 40

What are accounting entries for bad debts recovered?

24 / 40

Accounts payable is

25 / 40

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

26 / 40

Provision for discount on debtors is to be

27 / 40

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

28 / 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

29 / 40

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

30 / 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

31 / 40

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

32 / 40

The chief accounting officer of Nigeria is called the

33 / 40

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

34 / 40

Interest on partner’s drawing is credited to

35 / 40

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

36 / 40

A sales Day book is used to record

37 / 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

38 / 40

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

39 / 40

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

40 / 40

A payment of N150 to a creditor is

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