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

Errors in the ledger can only be corrected through

2 / 40

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

3 / 40

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

4 / 40

Which of the following is a current assets item?

5 / 40

The purpose of a trading account is to ascertain

6 / 40

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

7 / 40

The amount for which a business is sold is known as

8 / 40

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

9 / 40

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

10 / 40

Cash discount is given for

11 / 40

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

12 / 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

13 / 40

A payment of N150 to a creditor is

14 / 40

The Accountant General disburses government fund by the use of

15 / 40

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

16 / 40

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

17 / 40

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

18 / 40

The chief accounting officer of Nigeria is called the

19 / 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

20 / 40

Which of the following is found in the personal ledger?

21 / 40

Which of the following is an asset?

22 / 40

Carriage outwards is the amount spent on transportation

23 / 40

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

24 / 40

Which of the following is a fictitious asset?

25 / 40

Rent receivable is a

26 / 40

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

27 / 40

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

28 / 40

Which of the following is an example of personal amount?

29 / 40

Carriage outwards is charged to the

30 / 40

Provision for discount on debtors is to be

31 / 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

32 / 40

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

33 / 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

34 / 40

Which of the following is the least liquid?

35 / 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

36 / 40

A list of balance extracted from the ledger is known as

37 / 40

What are accounting entries for bad debts recovered?

38 / 40

Accounts payable is

39 / 40

The balance sheet is a statement showing

40 / 40

Which of the following is treated under partnership Appropriation Account?

Your score is


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