Skip to content




schoolportal old logo e1579354582545


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

Cash discount is given for

2 / 40

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

3 / 40

The payee of a cheque is the

4 / 40

What are accounting entries for bad debts recovered?

5 / 40

The Accountant General disburses government fund by the use of

6 / 40

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

7 / 40

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

8 / 40

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

9 / 40

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

10 / 40

Rent receivable is a

11 / 40

Which of the following is treated under partnership Appropriation Account?

12 / 40

Which of the following is a fictitious asset?

13 / 40

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

14 / 40

Errors in the ledger can only be corrected through

15 / 40

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

16 / 40

Which of the following is found in the personal ledger?

17 / 40

The amount for which a business is sold is known as

18 / 40

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

19 / 40

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

20 / 40

The chief accounting officer of Nigeria is called the

21 / 40

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

22 / 40

Fixed assets include

23 / 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

24 / 40

Which of the following is a current assets item?

25 / 40

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

26 / 40

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

27 / 40

Provision for discount on debtors is to be

28 / 40

Accounts payable is

29 / 40

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

30 / 40

A list of balance extracted from the ledger is known as

31 / 40

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

32 / 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

33 / 40

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

34 / 40

A payment of N150 to a creditor is

35 / 40

Which of the following is an example of personal amount?

36 / 40

Which of the following is the least liquid?

37 / 40

The loss made by a non-trading organization is called

38 / 40

Interest on partner’s drawing is credited to

39 / 40

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

40 / 40

Carriage outwards is the amount spent on transportation

Your score is


You may also study

physics past questions

english language past questions

Commerce Past Questions

Agric Past Questions



Do You Like Our Lesson? Please Leave A Comment Below ↓

Leave a Reply

Your email address will not be published.