FINANCIAL ACCOUNTING PAST QUESTIONS (SSCE)

Provision for discount on debtors is to be

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

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

A sales Day book is used to record

The loss made by a non-trading organization is called

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

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

Which of the following is an example of personal amount?

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

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

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

An asset was bought on 1^st January, 1992 for N20, 000. Depreciation was provided for annually at 20% on cost. It was sold for N7, 000 on 1^st July, 1995. The net book value at the time of sale was

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

Which of the following is found in the personal ledger?

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

Accounts payable is

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

Cash discount is given for

The chief accounting officer of Nigeria is called the

Carriage outwards is charged to the

Rent receivable is a

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

Which of the following is treated under partnership Appropriation Account?

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

A list of balance extracted from the ledger is known as

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

Which of the following is a current assets item?

Interest on partner’s drawing is credited to

Errors in the ledger can only be corrected through

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

The purpose of a trading account is to ascertain

The balance sheet is a statement showing

The Accountant General disburses government fund by the use of

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

Carriage outwards is the amount spent on transportation

Fixed assets include

The amount for which a business is sold is known as

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

The payee of a cheque is the

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