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 shortage surplus drawing deficit 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The maximum amount which a company can raise by way of selling share is paid-up capital working capital authorized capital issued capital 3 / 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 4 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to drawings account appropriation account current account capital account 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following entries is made when damaged goods are returned to the supplier? supplier’s account is debited and the purchaser’s account credited supplier’s account is debited and the returns outwards account credited. purchaser’s account is debited and the supplier’s account creditors returns outwards account is debited and the supplier’s account credited 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The Accountant General disburses government fund by the use of an estimate a provision a warrant a voucher 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? devaluation of Naira wear and tear Obsolescence passage of time 8 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? debtors stock fixture equipment 9 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not relate to a non-for-profit-making organisation? profit and loss account balance sheet ledger accounts receipt and payment account 10 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain carriage outwards gross profit or loss net profit or loss sales 11 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? Goodwill prepayments preliminary expenses bank overdraft 12 / 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 13 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of compensation commission omission principle 14 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include land stock prepayment accrual 15 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a provision an accrual a current asset a current liability 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? sales rent in arrears bad debt provision insurance prepaid 17 / 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 adjustment account branch stock account 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a shareholder fails to pay the calls requested from him, this situation leads to over subscription bonus shares forfeiture of share rights issue 19 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be debited to debtors account credited to profit and loss account credited to debtors account. debited to profit and loss account 20 / 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 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A list of balance extracted from the ledger is known as balance sheet trading account trial balance statement of Affairs 22 / 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 23 / 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 debenture certificate preference certificate share certificate allotment certificate 24 / 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 charged to federation account expensed in the years of purchase depreciated on reducing balance method 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is not a debit entry on a sales ledger control account? dishonoured cheque goods sold payments to debtors for claims cash received 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record cash sales of stock cash sales of fixed assets credit sales of stock cash and credit sales of stock 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Errors in the ledger can only be corrected through sales Day Book purchases Day Book Journal proper Control Account 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? interest loan salary of partner electricity salary of workers 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? debtors account discount allowed account assets account sales account 30 / 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 credit side of trading account debit side of profit and loss account 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS When a share is sold for less than its nominal value, the difference is debited to share premium account profit and loss account share discount account capital reserve account 32 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Uche returned goods worth N1, 500 to Udo. Uche should receive a statement of account a credit note an invoice a debit note 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The payee of a cheque is the drawer’s banker drawee’s banker person named to receive the amount on the cheque bank cashier 34 / 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 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Where a proprietor withdraws cash from bank for office use, the entries would be debit office account, credit bank account debit cash account, credit bank account debit drawings account, credit bank account credit cash 36 / 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 N20, 000 N24, 000 N23, 000 N15, 000 37 / 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 N14, 000 N8, 000 N12, 000 N16, 000 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The chief accounting officer of Nigeria is called the Accountant General Treasurer chief Accountant Auditor General 39 / 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 40 / 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 N15, 000 N9, 000 N4, 000 N2, 400 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