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 QUESTIONSWhich of the following is found in the personal ledger? assets account discount allowed account sales account debtors account 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe amount for which a business is sold is known as capital reserve purchase consideration premium goodwill 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe loss made by a non-trading organization is called deficit shortage surplus drawing 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA payment of N150 to a creditor is a reduction of assets only a reduction in the bank an increase in assets only a reduction in assets and liabilities 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSUche returned goods worth N1, 500 to Udo. Uche should receive a statement of account an invoice a debit note a credit note 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA sales Day book is used to record cash sales of fixed assets cash and credit sales of stock cash sales of stock credit sales of stock 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSSales of goods for N500 to Eddy were not posted. This is an error of principle commission omission compensation 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSAccounts payable is an accrual a current asset a provision a current liability 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is an asset? sales rent in arrears bad debt provision insurance prepaid 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSErrors in the ledger can only be corrected through Journal proper sales Day Book Control Account purchases Day Book 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSFixed assets include stock accrual prepayment land 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following does not relate to a non-for-profit-making organisation? balance sheet receipt and payment account ledger accounts profit and loss account 13 / 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 N23, 000 N20, 000 N15, 000 N24, 000 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is a current assets item? prepayments bank overdraft Goodwill preliminary expenses 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSProvision for discount on debtors is to be credited to debtors account. debited to debtors account debited to profit and loss account credited to profit and loss account 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSCarriage outwards is charged to the debit side of profit and loss appropriation account credit side of trading account credit side of profit and loss account debit side of profit and loss account 17 / 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 Incomplete posting in the ledger account double entry for each transaction 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe chief accounting officer of Nigeria is called the Accountant General chief Accountant Auditor General Treasurer 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe person who has applied for shares in a company is called shareholder allottee subscriber applicant 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe maximum amount which a company can raise by way of selling share is working capital authorized capital paid-up capital issued capital 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSRent receivable is a current liability fictitious asset current asset contingent liability 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is true in public sector accounting? Cost of assets is depreciated on reducing balance method depreciated on straight line method charged to federation account expensed in the years of purchase 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSCarriage outwards is the amount spent on transportation goods sold goods for manufacture goods returned to stock goods purchased 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe balance sheet is a statement showing credit entries of the businesses all assets and liabilities all balances debit entries of the business 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSInterest on partner’s drawing is credited to current account capital account appropriation account drawings account 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe payee of a cheque is the drawer’s banker person named to receive the amount on the cheque bank cashier drawee’s banker 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhen a share is sold for less than its nominal value, the difference is debited to share premium account profit and loss account capital reserve account share discount account 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhat are accounting entries for bad debts recovered? debit debtor’s account, credit bad debts recovered account credit debtor’s account, debit sales account credit debtors account, debit debts recovered account debit debtor’s credit sales account 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSA list of balance extracted from the ledger is known as trial balance statement of Affairs trading account balance sheet 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following serves the same purpose as the income and Expenditure Account of a non-trading organisation? profit and loss account income distribution account trading account balance sheet 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSThe purpose of a trading account is to ascertain carriage outwards sales gross profit or loss net profit or loss 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSPurchases of goods from Obi had been entered in Obika’s account. This is an error of compensation omission commission original entry 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is not a debit entry on a sales ledger control account? goods sold dishonoured cheque payments to debtors for claims cash received 34 / 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 N15, 000 N4, 000 N9, 000 N2, 400 35 / 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 allotment certificate preference certificate share certificate debenture certificate 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is used before the appropriation bill is approved? provisional general warrant supplementary general warrant a reduction in the bank account reserved expenditure warrant 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is treated under partnership Appropriation Account? interest loan salary of workers salary of partner electricity 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSWhich of the following is a fictitious asset? cash in hand land and building preliminary expenses fixtures and fittings 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? bank-charges presented cheque standing order direct transfer 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONSCash discount is given for being a regular customer buying in large quantity introducing other customers prompt settlement of account 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