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 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 Account A B C DWhich 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 assists B A D CDr 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 24,000 D B A CPurchase invoice is first entered in the A. purchases account. B. cashbook. C. sales journal. D. purchases journal C B A DDr 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. D C B AIn the balance sheet of a social club, subscription owing is treated as a A. current liability. B. current asset. C. tangible asset D. long-term liability C B D A1/7/10 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. D A B CThe 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 Account A B D CWhich of the following items is found in the sales ledger control account? A. Discount received B. Total credit purchases C. Discount allowed D. Returns outwards C B D AWhich of the following describes a trial balance? A. It is a special account B. It is a list of balances in the books C. It reveals the financial position of a business D. It shows all the entries in the books of a business A C D BWhich of the following is not a method of depreciating fixed assets? A. Revaluation B. Straight line C. Diminishing balance D. Obsolescence B D A CWhich of the following accounts has a credit balance? A. capital B. Cash C. Drawings D. Premises D B A CThe cost of pulling goods into a saleable condition is charged to A. balance sheet. B. trial balance. C. profit and loss account. D. trading account C B D AWhat is the ledger entry for the sale of plant and machinery on credit to Wilson? A. Credit Sales Account and debit Cash Account B. Credit Plant and Machinery Account and debit Wilson’s Account C. Credit Sates Account and debit Wilson’s Account D. Credit Plant and Machinery Account and debit Cash Account A D C B1/7/10 30/6/11 D D Stock 1,460 4,200 Motor van 3,600 3,200 Creditors 600 700 Net profit for the year is A. D 12,260. B. D 3,740. C. D 2,440. D. D 2,040 D C B AIn which of the following accounts is interest on partners capital found? A. Profit and loss B. Trading C. Income surplus D. Profit and loss appropriation C A D BWhich 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 Assets C B D AIn preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as A. current liability. B. expenses. C. income D. current asset A D B CWhich of the following is not stated in the partnership agreement? A. Profit sharing ratio B. Interest on capital C. Interest on fixed asset D. Purpose of partnership B C A DAde Bola N N Capital 40,000 30,000 Drawings 10,000 15,000 Interest on Drawings is 5%; Profit is shared equally; Net profit for the period is N 4,250. Bola’s share of profit is A. N 4,500. B. N 4,250. C. N 3,000. D. N 2,750 A D B CGoods 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 account A D C BDiscount Received Account is a A. real account B. personal account. C. nominal account. D. profit and loss account B C D AWhich of the following relates to cash basis of accounting? A. Accruals and prepayments are considered B. Debtors and creditors are recorded C. Fixed assets are written off in the year of purchase D. Profits are maximized A C B DAssets 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 Account B A C DThe 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 incorporation C D A B1/7/10 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 5,200 D C A BThe 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. C B D AGoods stolen at the branch is debited to A. Defalcations Account. B. Branch Stock Account. C. Branch Adjustment Account. D. Branch Debtors Account A C B DWhich of the following is a spreadsheet application? A. Excel B. Word C. Internet D. Windows C A B DUnpresented 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 customers C D A B31 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 30 Share this:TwitterFacebookLike this:Like Loading... Categories: Financial AccountingPractice Tests (FREE Access) Tags: SSCE (WAEC and NECO) Practice Test - Financial Accounting 0 Comments Leave a Reply Cancel reply You must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.