SS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) HomeWAEC/NECO Exam Past QuestionsSS 3 FINANCIAL ACCOUNTING PAST QUESTIONS (WAEC/NECO) 0% 3 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 Sales of goods for N500 to Eddy were not posted. This is an error of principle compensation omission commission 2 / 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. Incomplete posting in the ledger account omission of a transaction from the ledger 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be debited to profit and loss account credited to debtors account. debited to debtors account credited to profit and loss account 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? devaluation of Naira passage of time wear and tear Obsolescence 5 / 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 N14, 000 N16, 000 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not relate to a non-for-profit-making organisation? receipt and payment account profit and loss account ledger accounts balance sheet 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is charged to the debit side of profit and loss account debit side of profit and loss appropriation account credit side of trading account credit side of profit and loss account 8 / 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 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following entries is made when damaged goods are returned to the supplier? returns outwards account is debited and the supplier’s account credited 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. 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? profit and loss account balance sheet trading account income distribution account 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include accrual land stock prepayment 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to appropriation account capital account current account drawings 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 N16, 330 N14, 170 N5, 620 N3, 460 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through sales Day Book purchases Day Book Control Account Journal proper 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record cash sales of fixed assets credit sales of stock cash sales of stock cash and credit sales of stock 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The Accountant General disburses government fund by the use of a voucher an estimate a provision a warrant 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A list of balance extracted from the ledger is known as trial balance statement of Affairs balance sheet trading account 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for introducing other customers being a regular customer prompt settlement of account buying in large quantity 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Purchases of goods from Obi had been entered in Obika’s account. This is an error of commission omission original entry compensation 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a current asset fictitious asset current liability contingent liability 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? rent in arrears insurance prepaid bad debt provision sales 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The chief accounting officer of Nigeria is called the Accountant General chief Accountant Auditor General Treasurer 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 N2, 400 N15, 000 N9, 000 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as purchase consideration premium capital reserve goodwill 25 / 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 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? branch adjustment account branch debtors account goods sent to branch account branch stock account 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? discount allowed account assets account debtors account sales account 28 / 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 working capital issued capital 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a share is sold for less than its nominal value, the difference is debited to profit and loss account share premium account share discount account capital reserve account 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? bank overdraft prepayments Goodwill preliminary expenses 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? land and building fixtures and fittings cash in hand preliminary expenses 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a current asset a provision a current liability an accrual 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? dishonoured cheque payments to debtors for claims goods sold cash received 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain sales net profit or loss gross profit or loss carriage outwards 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? debtors equipment fixture stock 36 / 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? bank-charges presented cheque direct transfer standing order 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? salary of partner interest loan salary of workers electricity 38 / 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 in the bank a reduction of assets only 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is the amount spent on transportation goods sold goods purchased goods for manufacture goods returned to stock 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? stock machinery bills receivable debtors Your score isThe average score is 27% 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)