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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 found in the personal ledger?

2 / 40

A payment of N150 to a creditor is

3 / 40

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

4 / 40

The balance sheet is a statement showing

5 / 40

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

6 / 40

Rent receivable is a

7 / 40

Which of the following is a fictitious asset?

8 / 40

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

9 / 40

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

10 / 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

11 / 40

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

12 / 40

Carriage outwards is the amount spent on transportation

13 / 40

The loss made by a non-trading organization is called

14 / 40

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

15 / 40

Errors in the ledger can only be corrected through

16 / 40

Which of the following is an asset?

17 / 40

Provision for discount on debtors is to be

18 / 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

19 / 40

Which of the following is the least liquid?

20 / 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

21 / 40

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

22 / 40

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

23 / 40

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

24 / 40

Interest on partner’s drawing is credited to

25 / 40

A sales Day book is used to record

26 / 40

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

27 / 40

The amount for which a business is sold is known as

28 / 40

Fixed assets include

29 / 40

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

30 / 40

Which of the following is an example of personal amount?

31 / 40

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

32 / 40

Cash discount is given for

33 / 40

The Accountant General disburses government fund by the use of

34 / 40

The purpose of a trading account is to ascertain

35 / 40

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

36 / 40

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

37 / 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

38 / 40

Carriage outwards is charged to the

39 / 40

Which of the following is treated under partnership Appropriation Account?

40 / 40

The payee of a cheque is the

Your score is



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