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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

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

2 / 40

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

3 / 40

The loss made by a non-trading organization is called

4 / 40

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

5 / 40

What are accounting entries for bad debts recovered?

6 / 40

Provision for discount on debtors is to be

7 / 40

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

8 / 40

Cash discount is given for

9 / 40

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

10 / 40

Carriage outwards is charged to the

11 / 40

Interest on partner’s drawing is credited to

13 / 40

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

14 / 40

A payment of N150 to a creditor is

15 / 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

16 / 40

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

17 / 40

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

18 / 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

19 / 40

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

20 / 40

The Accountant General disburses government fund by the use of

21 / 40

Which of the following is a fictitious asset?

22 / 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

23 / 40

Which of the following is an asset?

24 / 40

Carriage outwards is the amount spent on transportation

25 / 40

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

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

29 / 40

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

30 / 40

Which of the following is treated under partnership Appropriation 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

The amount for which a business is sold is known as

34 / 40

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

35 / 40

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

36 / 40

Which of the following is an example of personal amount?

37 / 40

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

38 / 40

The balance sheet is a statement showing

39 / 40

Fixed assets include

40 / 40

Which of the following is the least liquid?

Your score is



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