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 balance sheet is a statement showing all assets and liabilities credit entries of the businesses all balances debit entries of the business 2 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The payee of a cheque is the person named to receive the amount on the cheque bank cashier drawer’s banker drawee’s banker 3 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The Accountant General disburses government fund by the use of a provision an estimate a voucher a warrant 4 / 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 depreciated on reducing balance method expensed in the years of purchase charged to federation account 5 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Sales of goods for N500 to Eddy were not posted. This is an error of compensation principle commission omission 6 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is used before the appropriation bill is approved? supplementary general warrant reserved expenditure warrant a reduction in the bank account provisional general warrant 7 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS What are accounting entries for bad debts recovered? debit debtor’s account, credit bad debts recovered account debit debtor’s credit sales account credit debtor’s account, debit sales account credit debtors account, debit debts recovered account 8 / 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 N20, 000 N15, 000 N24, 000 9 / 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 allotment certificate preference certificate debenture certificate share certificate 10 / 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? standing order presented cheque direct transfer bank-charges 11 / 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 cash received goods sold 12 / 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 N3, 460 N16, 330 N5, 620 N14, 170 13 / 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 discount account capital reserve account share premium account 14 / 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 double entry for each transaction omission of a transaction from the ledger wrong entry of correct amount into different groups of accounts. 15 / 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 of assets only a reduction in the bank 16 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Interest on partner’s drawing is credited to drawings account capital account current account appropriation account 17 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Provision for discount on debtors is to be debited to profit and loss account debited to debtors account credited to debtors account. credited to profit and loss account 18 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a fictitious asset? preliminary expenses fixtures and fittings land and building cash in hand 19 / 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 income distribution account balance sheet trading account 20 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Accounts payable is a provision an accrual a current liability a current asset 21 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Rent receivable is a current asset fictitious asset contingent liability current liability 22 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not lead to depreciation of assets? wear and tear Obsolescence passage of time devaluation of Naira 23 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Carriage outwards is the amount spent on transportation goods for manufacture goods sold goods purchased goods returned to stock 24 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Purchases of goods from Obi had been entered in Obika’s account. This is an error of original entry omission compensation commission 25 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The amount for which a business is sold is known as goodwill purchase consideration premium capital reserve 26 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an example of personal amount? equipment debtors fixture stock 27 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is treated under partnership Appropriation Account? salary of workers salary of partner electricity interest loan 28 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Cash discount is given for being a regular customer introducing other customers buying in large quantity prompt settlement of account 29 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The purpose of a trading account is to ascertain net profit or loss carriage outwards sales gross profit or loss 30 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS The chief accounting officer of Nigeria is called the Auditor General Accountant General chief Accountant Treasurer 31 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following does not relate to a non-for-profit-making organisation? ledger accounts receipt and payment account profit and loss account balance sheet 32 / 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. returns outwards account is debited and the supplier’s account credited purchaser’s account is debited and the supplier’s account creditors 33 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS A sales Day book is used to record cash sales of stock cash and credit sales of stock cash sales of fixed assets credit sales of stock 34 / 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 account credit side of trading account debit side of profit and loss appropriation account 35 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Uche returned goods worth N1, 500 to Udo. Uche should receive a debit note a credit note an invoice a statement of account 36 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is found in the personal ledger? debtors account sales account assets account discount allowed account 37 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Fixed assets include accrual land stock prepayment 38 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is an asset? rent in arrears insurance prepaid sales bad debt provision 39 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following serves the same purpose as a trading account? goods sent to branch account branch adjustment account branch stock account branch debtors account 40 / 40 Category: FINANCIAL ACCOUNTING PAST QUESTIONS Which of the following is a current assets item? prepayments Goodwill bank overdraft preliminary expenses 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