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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

Which of the following is a fictitious asset?

2 / 40

Interest on partner’s drawing is credited to

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 used before the appropriation bill is approved?

5 / 40

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

6 / 40

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

7 / 40

Cash discount is given for

8 / 40

The loss made by a non-trading organization is called

9 / 40

Errors in the ledger can only be corrected through

10 / 40

Which of the following is found in the personal ledger?

11 / 40

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

12 / 40

Carriage outwards is charged to the

13 / 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

14 / 40

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

15 / 40

Which of the following is an asset?

16 / 40

Which of the following is an example of personal amount?

17 / 40

Which of the following is a current assets item?

18 / 40

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

19 / 40

The Accountant General disburses government fund by the use of

20 / 40

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

21 / 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

22 / 40

A payment of N150 to a creditor is

23 / 40

The chief accounting officer of Nigeria is called the

24 / 40

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

25 / 40

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

26 / 40

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

27 / 40

A sales Day book is used to record

28 / 40

What are accounting entries for bad debts recovered?

29 / 40

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

30 / 40

The balance sheet is a statement showing

31 / 40

Which of the following is treated under partnership Appropriation Account?

32 / 40

Rent receivable is a

33 / 40

Carriage outwards is the amount spent on transportation

34 / 40

The amount for which a business is sold is known as

35 / 40

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

36 / 40

The payee of a cheque is the

37 / 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

38 / 40

Accounts payable is

39 / 40

Provision for discount on debtors is to be

40 / 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

Your score is



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