SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO)HomeWAEC/NECO Exam Past QuestionsSS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO)0% 65 SSCE/NECO/GCE (FINANCIAL ACCOUNTING)FINANCIAL ACCOUNTING PAST QUESTIONS APPThese are Financial Accounting Past Questions. Questions will be picked at random from the question bank.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.Goodluck! 1 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSProvision for discount on debtors is to be credited to profit and loss account credited to debtors account. debited to profit and loss account debited to debtors account 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSSales of goods for N500 to Eddy were not posted. This is an error of compensation commission omission principle 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe Accountant General disburses government fund by the use of a warrant an estimate a voucher a provision 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA payment of N150 to a creditor is a reduction in assets and liabilities a reduction in the bank a reduction of assets only an increase in assets only 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA 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 N24, 000 N20, 000 N23, 000 N15, 000 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSCarriage outwards is the amount spent on transportation goods sold goods purchased goods returned to stock goods for manufacture 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSCarriage outwards is charged to the debit side of profit and loss account credit side of trading account credit side of profit and loss account debit side of profit and loss appropriation account 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is an asset? insurance prepaid sales bad debt provision rent in arrears 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSAn 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 N16, 000 N14, 000 N12, 000 N8, 000 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following serves the same purpose as a trading account? branch adjustment account branch stock account goods sent to branch account branch debtors account 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe person who has applied for shares in a company is called applicant allottee subscriber shareholder 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following does not relate to a non-for-profit-making organisation? ledger accounts receipt and payment account profit and loss account balance sheet 13 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe amount for which a business is sold is known as premium purchase consideration capital reserve goodwill 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSPurchases of goods from Obi had been entered in Obika’s account. This is an error of commission omission compensation original entry 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is an example of personal amount? stock debtors fixture equipment 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe loss made by a non-trading organization is called deficit surplus shortage drawing 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhen a shareholder fails to pay the calls requested from him, this situation leads to forfeiture of share bonus shares over subscription rights issue 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is a fictitious asset? land and building fixtures and fittings preliminary expenses cash in hand 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSInterest on partner’s drawing is credited to current account capital account appropriation account drawings account 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA sales Day book is used to record cash and credit sales of stock cash sales of stock cash sales of fixed assets credit sales of stock 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSDebtors 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 N14, 170 N16, 330 N3, 460 N5, 620 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSCash discount is given for being a regular customer prompt settlement of account introducing other customers buying in large quantity 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA company charges out goods to a branch at cost plus 25 per cent. It invoiced N12, 000 worth of goods. The mark-up is N2, 400 N9, 000 N4, 000 N15, 000 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is not a debit entry on a sales ledger control account? dishonoured cheque goods sold cash received payments to debtors for claims 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhen a share is sold for less than its nominal value, the difference is debited to profit and loss account share premium account capital reserve account share discount account 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe purpose of a trading account is to ascertain carriage outwards net profit or loss sales gross profit or loss 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSRent receivable is a current asset current liability contingent liability fictitious asset 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSUche returned goods worth N1, 500 to Udo. Uche should receive a debit note an invoice a statement of account a credit note 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is used before the appropriation bill is approved? reserved expenditure warrant a reduction in the bank account provisional general warrant supplementary general warrant 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following will not make a trial balance total to agree? wrong entry of correct amount into different groups of accounts. omission of a transaction from the ledger double entry for each transaction Incomplete posting in the ledger account 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSAccounts payable is an accrual a provision a current liability a current asset 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA 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 share certificate preference certificate debenture certificate allotment certificate 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is true in public sector accounting? Cost of assets is charged to federation account expensed in the years of purchase depreciated on reducing balance method depreciated on straight line method 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe maximum amount which a company can raise by way of selling share is issued capital authorized capital paid-up capital working capital 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe balance sheet is a statement showing debit entries of the business all balances credit entries of the businesses all assets and liabilities 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is the least liquid? bills receivable debtors stock machinery 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following entries is made when damaged goods are returned to the supplier? purchaser’s account is debited and the supplier’s account creditors supplier’s account is debited and the purchaser’s account credited supplier’s account is debited and the returns outwards account credited. returns outwards account is debited and the supplier’s account credited 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is found in the personal ledger? debtors account sales account assets account discount allowed account 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is not a cause for the difference between bank statement balance and cash book balance? standing order bank-charges direct transfer presented cheque 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is a current assets item? Goodwill prepayments bank overdraft preliminary expenses Your score isThe average score is 20% LinkedIn Facebook VKontakte 0% Restart quiz Send feedback Practice also:SS 3 ENGLISH LANGUAGE PAST QUESTIONS (WAEC/NECO)SS 3 ENGLISH LANGUAGE TEST OF ORALS (WAEC/NECO)SS 3 DATA PROCESSING PAST QUESTIONS (WAEC/NECO) SS 3 COMPUTER STUDIES PAST QUESTIONS (WAEC/NECO)SS 3 COMMERCE PAST QUESTIONS (WAEC/NECO)
Financial Accounting past questions