Hello and Welcome to SSCE (WAEC and NECO) Practice Test - Financial Accounting 1. You will attempt 30 randomly generated objective questions for 20 minutes. 2. Don't guess answers. Leave answer blank if not sure. Incorrect answers attracts -1 (negative one) and it is cumulative. 3. If time allowed elapsed, your quiz ends immediately and scores will displayed and ranked. 4. Your performance in each of the question attempted alongside step-by-step solutions to attempted questions will be displayed on the screen at the end of the assessment. 5. Fill the form below and Click on the Next button to Begin Full Name (Surname First): Location: The accounting concept that states that a firm’s financial affairs must be separated from that of the owner’s private transactions is A. business entity. B. going concern. C. consistency. D. duality.DCBAThe quality of output information depends on the A. quality of input data. B. time of processing. C. speed of processing. D. quantity of output deviceCDABWhich of the following is not a feature of accounting information? A. Affordability B.. Timeliness C. Accuracy D. CompletenessADCBWhich of the following items is found in the sales ledger control account? A. Discount received B. Total credit purchases C. Discount allowed D. Returns outwardsACBDDr Cr GHc GHc Advertising 36,000 - Electricity 60,000 - Advertising was paid by cheque covering 12 monthly instalments ending March 31, 2012. Electricity was paid by cash covering 15 monthly instalments from March 1, 2011. Electricity in arrears as at June 30, 2012 amounted to A. GHc 12,000. B. GHc 10,000. C. GHc 8,000. D. GHc 4,000.DCBAPurchase invoice is first entered in the A. purchases account. B. cashbook. C. sales journal. D. purchases journalABCDAssets acquired is recorded by debiting A. Asset Account, crediting Cash Account. B. Cash Account, crediting Asset Account. C. Purchase of Business Account, crediting Sale of Business Account. D. Asset Account, crediting Purchase of Business AccountDBACWhich of the following is not revealed by a firm’s accounting records? A. Profit of a period B. Quality of labour force C. Credit worthiness D. Value of assistsDBCAUnpresented cheques are cheques A. that have been recorded in the cash book, but not by the bank. B. that have been received by the bank, but not recorded in the cash book. C. returned by the bank. D. written, but not handed over to customersABCDA person who has applied to purchase shares in a company is referred to as A. a promoter. B. a subscriber. C. an allottee. D. an underwriterDABC1/7/10 30/6/11 D DStock 1,460 4,200Motor van 3,600 3,200Creditors 600 700Opening capital isA. D 5,660.B. D 5,060.C. D 4,460.D. D 2,960.ABCDThe total of the returns outwards journal is posted to the A. credit side of the returns outwards book. B. debit side of the returns outwards account. C. debit side of the purchases returns book. D. credit side of the returns outwards accountBCADWhich of the following expenses is allocated according to the floor area? A. Wages and salaries B. Rent and rates C. Canteen expenses D. Discount allowedDBACWhich of the following expresses the accounting equation? A. Capital + Assets = Liabilities B. Assets - Liabilities = Capital C. Liabilities + Current Assets = Fixed Assets D. Liabilities - Capital = Current AssetsDABCThe document which sets out the internal arrangement for the proper management of a company is the A. prospectus. B. article of association. C. memorandum of association. D. certificate of incorporationCBADWhich of the following is a real account? A. Plant account B. Salaries account C. Creditors account D. Trading accountBACDThe accounting ledger for goods sold on credit are debit A. Debtors Account, credit Sales Account. B. Creditors Account, credit Sales Account. C. Saks Account, credit Debtors Account. D. Sales Account, credit Creditors AccountBDCAThe process of using sales ledger balance to cancel off purchases ledger balance is A. balancing. B. set off. C. reconciliation. D. cancellingBCDAAde Bola N NCapital 40,000 30,000Drawings 10,000 15,000Interest on Drawings is 5%;Profit is shared equally;Net profit for the period is N 4,250.Ade’s share of profit isA. N 5,500.B. N 4,250.C. N 2,750.D. N 1,250CDBAGoods returned to a supplier is A. debited to Returns outwards account. B. credited to Returns outwards account C. debited to Returns inwards account D. credited to Returns inwards accountDABCDr Cr GHc GHc Advertising 36,000 - Electricity 60,000 - Advertising was paid by cheque covering 12 monthly instalments ending March 31, 2012. Electricity was paid by cash covering 15 monthly instalments from March 1, 2011. What was the amount charged to the profit and loss account in respect of advertising for the year ended June 30, 2012? A. GHc 36,000 B. GHc 30,000 C. GHc 27,000 D. GHc 24,000ADCBWhich of the following accounts has a credit balance? A. capital B. Cash C. Drawings D. PremisesDACBMr. White acquired Mr. Black’s business for GHc 410,000. The total assets were GHc 670,000 and liabilities amounted to GHc 320,000. How much was paid for goodwill? A. GHc 350,000 B. GHc 260,000 C. GHc 90,000 D. GHc 60,000CABDThe instrument used to release fund which the minister of finance had earlier withheld is A. reserve expenditure warrant. B. supplementary general warrant. C. provisional general warrant. D. supplementary statutory warrantADBCWhich of the following is a source of revenue for a local government? A. Personal income tax B. Company registration fees C. Royalties D. Market tollsABCD1/7/10 30/6/11 D D Stock 1,460 4,200 Motor van 3,600 3,200 Creditors 600 700 Closing capital is A. D 8,100. B. D 7,400. C. D 6,700. D. D 5,200CDABThe accounting entry to correct sales day book overcast is A. debit Sales Account and credit Debtors Account. B. debit Suspense Account and credit Sales Account. C. debit Debtors Account and credit Suspense Account D. debit Sales Account and credit Suspense AccountBCADIn which of the following accounts is interest on partners capital found? A. Profit and loss B. Trading C. Income surplus D. Profit and loss appropriationCBDAWhich of the following is a spreadsheet application? A. Excel B. Word C. Internet D. WindowsDCBADiscount Received Account is a A. real account B. personal account. C. nominal account. D. profit and loss accountDBAC31 out of 30Are you ready to submit? You have enough time to attempt skipped questions and review your answers by clicking the Previous Button, else click the Submit Quiz button to see your results! Akinyemi Grace scores (26) out of 30Daniel Samson scores (-11) out of 30waziz conteh scores (-21) out of 30 Share this:TwitterFacebookLike this:Like Loading... 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