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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.


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1 / 40

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

2 / 40

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

3 / 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

4 / 40

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

5 / 40

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

6 / 40

The Accountant General disburses government fund by the use of

7 / 40

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

8 / 40

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

9 / 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

10 / 40

Which of the following is a current assets item?

11 / 40

The loss made by a non-trading organization is called

12 / 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

13 / 40

A list of balance extracted from the ledger is known as

14 / 40

The amount for which a business is sold is known as

15 / 40

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

16 / 40

The purpose of a trading account is to ascertain

17 / 40

Carriage outwards is the amount spent on transportation

18 / 40

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Which of the following is found in the personal ledger?

19 / 40

Which of the following is treated under partnership Appropriation Account?

20 / 40

Carriage outwards is charged to the

21 / 40

Rent receivable is a

22 / 40

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

23 / 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

24 / 40

Provision for discount on debtors is to be

25 / 40

What are accounting entries for bad debts recovered?

26 / 40

Cash discount is given for

27 / 40

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

28 / 40

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

29 / 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

30 / 40

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

31 / 40

The payee of a cheque is the

32 / 40

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

33 / 40

Errors in the ledger can only be corrected through

34 / 40

Which of the following is an asset?

35 / 40

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

36 / 40

Fixed assets include

37 / 40

The balance sheet is a statement showing

38 / 40

Which of the following is a fictitious asset?

39 / 40

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

40 / 40

The chief accounting officer of Nigeria is called the

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