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

The balance sheet is a statement showing

2 / 40

Which of the following is a fictitious asset?

3 / 40

Rent receivable is a

4 / 40

Which of the following is an asset?

5 / 40

The Accountant General disburses government fund by the use of

6 / 40

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

7 / 40

Fixed assets include

8 / 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

9 / 40

Provision for discount on debtors is to be

10 / 40

Interest on partner’s drawing is credited to

11 / 40

A payment of N150 to a creditor is

12 / 40

Accounts payable is

13 / 40

A list of balance extracted from the ledger is known as

14 / 40

Which of the following is a current assets item?

15 / 40

Which of the following is an example of personal amount?

16 / 40

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

17 / 40

The amount for which a business is sold is known as

18 / 40

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

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

The purpose of a trading account is to ascertain

21 / 40

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

22 / 40

A sales Day book is used to record

23 / 40

The chief accounting officer of Nigeria is called the

24 / 40

Errors in the ledger can only be corrected through

25 / 40

Which of the following is the least liquid?

26 / 40

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

27 / 40

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

28 / 40

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

29 / 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

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 does not lead to depreciation of assets?

32 / 40

The payee of a cheque is the

33 / 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

34 / 40

Which of the following is found in the personal ledger?

35 / 40

What are accounting entries for bad debts recovered?

36 / 40

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

37 / 40

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

38 / 40

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

39 / 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

40 / 40

Carriage outwards is charged to the

Your score is



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