FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

The balance sheet is a statement showing

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

Cash discount is given for

The purpose of a trading account is to ascertain

Which of the following is an example of personal amount?

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

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

Fixed assets include

Carriage outwards is charged to the

The Accountant General disburses government fund by the use of

Which of the following is a current assets item?

Accounts payable is

The loss made by a non-trading organization is called

A list of balance extracted from the ledger is known as

Which of the following is the least liquid?

Rent receivable is a

What are accounting entries for bad debts recovered?

Which of the following is an asset?

The chief accounting officer of Nigeria is called the

Carriage outwards is the amount spent on transportation

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

A payment of N150 to a creditor is

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

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

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

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

Interest on partner’s drawing is credited to

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

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

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

A sales Day book is used to record

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

The amount for which a business is sold is known as

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

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

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

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

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

Provision for discount on debtors is to be

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