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 Which of the following is found in the personal ledger? debtors account discount allowed account sales account assets account 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record credit sales of stock cash and credit sales of stock cash sales of fixed assets cash sales of stock 3 / 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 4 / 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 returns outwards account credited. returns outwards account is debited and the supplier’s account credited supplier’s account is debited and the purchaser’s account credited 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through Journal proper Control Account sales Day Book purchases Day Book 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS What are accounting entries for bad debts recovered? credit debtors account, debit debts recovered account debit debtor’s credit sales account debit debtor’s account, credit bad debts recovered account credit debtor’s account, debit sales account 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A list of balance extracted from the ledger is known as statement of Affairs trading account trial balance balance sheet 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The loss made by a non-trading organization is called drawing shortage surplus deficit 9 / 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 10 / 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 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? electricity salary of workers interest loan salary of partner 12 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a current liability a provision a current asset an accrual 13 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? debtors fixture stock equipment 14 / 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 profit and loss account capital reserve account share premium account 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? Goodwill bank overdraft preliminary expenses prepayments 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The chief accounting officer of Nigeria is called the Accountant General Treasurer chief Accountant Auditor General 17 / 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 N23, 000 N24, 000 N20, 000 N15, 000 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A payment of N150 to a creditor is a reduction in the bank a reduction in assets and liabilities an increase in assets only a reduction of assets only 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a fictitious asset current asset current liability contingent liability 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The person who has applied for shares in a company is called shareholder allottee applicant subscriber 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? rent in arrears bad debt provision sales insurance prepaid 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is the amount spent on transportation goods purchased goods for manufacture goods returned to stock goods sold 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a shareholder fails to pay the calls requested from him, this situation leads to over subscription rights issue forfeiture of share bonus shares 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for introducing other customers buying in large quantity prompt settlement of account being a regular customer 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is the least liquid? bills receivable debtors stock machinery 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as purchase consideration goodwill capital reserve premium 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to drawings account current account appropriation account capital account 28 / 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 charged to federation account expensed in the years of purchase depreciated on straight line method 29 / 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 profit and loss account balance sheet trading account 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? goods sold cash received payments to debtors for claims dishonoured cheque 31 / 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 N9, 000 N15, 000 N2, 400 32 / 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 N12, 000 N14, 000 N16, 000 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following will not make a trial balance total to agree? wrong entry of correct amount into different groups of accounts. double entry for each transaction omission of a transaction from the ledger Incomplete posting in the ledger account 34 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain carriage outwards sales gross profit or loss net profit or loss 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Uche returned goods worth N1, 500 to Udo. Uche should receive a debit note an invoice a credit note a statement of account 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? land and building cash in hand preliminary expenses fixtures and fittings 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Purchases of goods from Obi had been entered in Obika’s account. This is an error of omission commission original entry compensation 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? reserved expenditure warrant supplementary general warrant a reduction in the bank account provisional general warrant 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The Accountant General disburses government fund by the use of a warrant an estimate a provision a voucher 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is charged to the credit side of profit and loss account debit side of profit and loss appropriation account debit side of profit and loss account credit side of trading account 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)