SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) HomeWAEC/NECO Exam Past QuestionsSS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) 0% 4 SSCE/NECO/GCE (FINANCIAL ACCOUNTING) FINANCIAL ACCOUNTING PAST QUESTIONS APP These 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 QUESTIONS The chief accounting officer of Nigeria is called the Treasurer chief Accountant Auditor General Accountant General 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? stock bills receivable machinery debtors 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of compensation commission principle omission 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A payment of N150 to a creditor is an increase in assets only a reduction in assets and liabilities a reduction of assets only a reduction in the bank 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Purchases of goods from Obi had been entered in Obika’s account. This is an error of compensation omission original entry commission 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? discount allowed account assets account sales account debtors account 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? branch debtors account branch stock account goods sent to branch account branch adjustment account 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a cause for the difference between bank statement balance and cash book balance? presented cheque direct transfer bank-charges standing order 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? insurance prepaid sales bad debt provision rent in arrears 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? supplementary general warrant provisional general warrant a reduction in the bank account reserved expenditure warrant 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Where a proprietor withdraws cash from bank for office use, the entries would be debit cash account, credit bank account credit cash debit drawings account, credit bank account debit office account, credit bank account 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? fixture debtors stock equipment 13 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as the income and Expenditure Account of a non-trading organisation? profit and loss account balance sheet trading account income distribution account 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is true in public sector accounting? Cost of assets is depreciated on reducing balance method depreciated on straight line method expensed in the years of purchase charged to federation account 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The person who has applied for shares in a company is called allottee shareholder subscriber applicant 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through Journal proper sales Day Book Control Account purchases Day Book 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a share is sold for less than its nominal value, the difference is debited to share premium account share discount account profit and loss account capital reserve account 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? devaluation of Naira Obsolescence passage of time wear and tear 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS 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 N14, 000 N8, 000 N12, 000 N16, 000 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS What are accounting entries for bad debts recovered? debit debtor’s account, credit bad debts recovered account credit debtors account, debit debts recovered account credit debtor’s account, debit sales account debit debtor’s credit sales account 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be credited to profit and loss account debited to debtors account credited to debtors account. debited to profit and loss account 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The balance sheet is a statement showing all balances all assets and liabilities debit entries of the business credit entries of the businesses 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following will not make a trial balance total to agree? omission of a transaction from the ledger wrong entry of correct amount into different groups of accounts. Incomplete posting in the ledger account double entry for each transaction 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to appropriation account current account drawings account capital account 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? land and building preliminary expenses cash in hand fixtures and fittings 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The maximum amount which a company can raise by way of selling share is paid-up capital authorized capital issued capital working capital 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS 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 N5, 620 N3, 460 N14, 170 N16, 330 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a shareholder fails to pay the calls requested from him, this situation leads to forfeiture of share bonus shares over subscription rights issue 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for being a regular customer prompt settlement of account buying in large quantity introducing other customers 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record credit sales of stock cash sales of fixed assets cash and credit sales of stock cash sales of stock 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain carriage outwards gross profit or loss sales net profit or loss 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? dishonoured cheque goods sold payments to debtors for claims cash received 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The payee of a cheque is the person named to receive the amount on the cheque bank cashier drawee’s banker drawer’s banker 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Uche returned goods worth N1, 500 to Udo. Uche should receive a credit note a statement of account a debit note an invoice 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS 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 preference certificate allotment certificate debenture certificate share certificate 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS 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 N24, 000 N20, 000 N15, 000 N23, 000 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The loss made by a non-trading organization is called drawing surplus deficit shortage 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include land prepayment accrual stock 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is the amount spent on transportation goods for manufacture goods sold goods returned to stock goods purchased 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? bank overdraft prepayments preliminary expenses Goodwill Your score isThe average score is 42% 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)