SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) HomeWAEC/NECO Exam Past QuestionsSS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) 0% 0 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 loss made by a non-trading organization is called surplus drawing deficit shortage 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record cash sales of stock cash and credit sales of stock cash sales of fixed assets credit sales of stock 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is charged to the credit side of trading account credit side of profit and loss account debit side of profit and loss appropriation account debit side of profit and loss account 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Purchases of goods from Obi had been entered in Obika’s account. This is an error of omission original entry commission compensation 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? Goodwill bank overdraft preliminary expenses prepayments 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as capital reserve premium goodwill purchase consideration 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for prompt settlement of account introducing other customers being a regular customer buying in large quantity 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS What are accounting entries for bad debts recovered? credit debtors account, debit debts recovered account credit debtor’s account, debit sales account debit debtor’s credit sales account debit debtor’s account, credit bad debts recovered account 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a provision a current asset a current liability an accrual 10 / 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? balance sheet profit and loss account income distribution account trading account 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to drawings account appropriation account current account capital account 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is true in public sector accounting? Cost of assets is depreciated on straight line method depreciated on reducing balance method expensed in the years of purchase charged to federation account 13 / 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 N16, 330 N3, 460 N14, 170 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following will not make a trial balance total to agree? double entry for each transaction wrong entry of correct amount into different groups of accounts. omission of a transaction from the ledger Incomplete posting in the ledger account 15 / 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 N15, 000 N20, 000 N24, 000 N23, 000 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The payee of a cheque is the drawee’s banker drawer’s banker bank cashier person named to receive the amount on the cheque 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a current asset contingent liability current liability fictitious asset 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? provisional general warrant reserved expenditure warrant supplementary general warrant a reduction in the bank account 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of omission principle commission compensation 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The balance sheet is a statement showing all assets and liabilities debit entries of the business all balances credit entries of the businesses 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The Accountant General disburses government fund by the use of a provision an estimate a warrant a voucher 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? cash in hand fixtures and fittings preliminary expenses land and building 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS 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 N4, 000 N15, 000 N2, 400 N9, 000 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? equipment debtors fixture stock 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through sales Day Book Journal proper Control Account purchases Day Book 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A list of balance extracted from the ledger is known as trading account statement of Affairs trial balance balance sheet 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include accrual land prepayment stock 28 / 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 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be debited to profit and loss account credited to profit and loss account debited to debtors account credited to debtors account. 30 / 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 N12, 000 N8, 000 N16, 000 N14, 000 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? payments to debtors for claims goods sold cash received dishonoured cheque 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a shareholder fails to pay the calls requested from him, this situation leads to rights issue forfeiture of share bonus shares over subscription 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? salary of workers electricity interest loan salary of partner 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? bills receivable stock machinery debtors 35 / 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 office account, credit bank account debit drawings account, credit bank account 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A 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 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? debtors account sales account discount allowed account assets account 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not relate to a non-for-profit-making organisation? profit and loss account ledger accounts balance sheet receipt and payment account 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Uche returned goods worth N1, 500 to Udo. Uche should receive a statement of account a credit note a debit note an invoice 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? goods sent to branch account branch stock account branch debtors account branch adjustment account Your score isThe average score is 0% 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