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 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 Which of the following serves the same purpose as the income and Expenditure Account of a non-trading organisation? income distribution account trading account balance sheet profit and loss account 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of principle commission compensation omission 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for introducing other customers prompt settlement of account being a regular customer buying in large quantity 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as purchase consideration premium goodwill capital reserve 5 / 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 debit debtor’s credit sales account credit debtor’s account, debit sales account 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? passage of time Obsolescence wear and tear devaluation of Naira 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is true in public sector accounting? Cost of assets is expensed in the years of purchase depreciated on reducing balance method charged to federation account depreciated on straight line method 8 / 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 N2, 400 N15, 000 N9, 000 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a share is sold for less than its nominal value, the difference is debited to share discount account share premium account capital reserve account profit and loss account 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? cash received payments to debtors for claims dishonoured cheque goods sold 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include stock land prepayment accrual 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to appropriation account drawings account current account capital account 13 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which 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 returns outwards account is debited and the supplier’s account credited supplier’s account is debited and the returns outwards account credited. 14 / 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 15 / 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 N8, 000 N14, 000 N16, 000 N12, 000 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Where a proprietor withdraws cash from bank for office use, the entries would be debit drawings account, credit bank account credit cash debit office account, credit bank account debit cash account, credit bank account 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? fixture equipment debtors stock 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? Goodwill bank overdraft prepayments preliminary expenses 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is the amount spent on transportation goods for manufacture goods returned to stock goods sold goods purchased 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? provisional general warrant a reduction in the bank account supplementary general warrant reserved expenditure warrant 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a current asset current liability fictitious asset contingent liability 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? interest loan salary of workers salary of partner electricity 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage 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 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? bad debt provision insurance prepaid sales rent in arrears 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The payee of a cheque is the bank cashier drawer’s banker drawee’s banker person named to receive the amount on the cheque 26 / 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 share certificate debenture certificate allotment certificate preference certificate 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The maximum amount which a company can raise by way of selling share is working capital authorized capital issued capital paid-up capital 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? sales account debtors account assets account discount allowed account 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain net profit or loss sales gross profit or loss carriage outwards 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? preliminary expenses cash in hand land and building fixtures and fittings 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through Journal proper purchases Day Book Control Account sales Day Book 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The person who has applied for shares in a company is called allottee applicant subscriber shareholder 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The balance sheet is a statement showing all balances debit entries of the business credit entries of the businesses all assets and liabilities 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? stock machinery bills receivable debtors 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a current asset a current liability a provision an accrual 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A payment of N150 to a creditor is an increase in assets only a reduction of assets only a reduction in the bank a reduction in assets and liabilities 37 / 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 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? branch debtors account goods sent to branch account branch stock account branch adjustment account 39 / 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 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following will not make a trial balance total to agree? Incomplete posting in the ledger account wrong entry of correct amount into different groups of accounts. omission of a transaction from the ledger double entry for each transaction 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) Share this post: Share on X (Twitter) Share on Facebook Share on LinkedIn Share on Email Share on WhatsApp
Financial Accounting past questions