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 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 accountDACBThe 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 incorporationDACBWhich of the following is the equation for determining net profit or Loss from the records of a firm? A. Closing Capital - Drawings- Capital Introduced B. Opening Capital + Drawings - Closing Capital C. Closing Capital + Opening Capital - Drawings D. Closing Capital Drawings - Opening CapitalCADB1/7/10 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 2,040DACBAssets 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 AccountABCDMr. White acquired Mr. Black’s business for GHc 410,000. The total assets were GHc 670,000 and liabilities amounted to GHc 320,000. The double entry to record the goodwill in the books is debit A. Cash Account and credit Goodwill Account B. Goodwill Account and credit Purchase of Business Account C. Goodwill Account and credit Cash Account D. Purchase of Business Account and credit Cash AccountADCBIn 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 assetABCDWhich of the following is not a feature of accounting information? A. Affordability B.. Timeliness C. Accuracy D. CompletenessDCABWhich 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 AssetsADBCWhen the invoice of a customer is overcast, the supplier will send to him a A. cheque. B. payment voucher. C. debit note. D. credit noteDABCDr 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 24,000ABCDThe 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 AccountACDBAde 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 1,250BDACWhich of the following is found on the credit side of a partnership’s appropriation of profit account? A. Interest on capital B. Interest on drawings C. Share of profit D. DrawingsCDABGoods stolen at the branch is debited to A. Defalcations Account. B. Branch Stock Account. C. Branch Adjustment Account. D. Branch Debtors AccountABDCThe accounting concept that assumes that a business will continue operating for an indefinite period is A. business entity. B. going concern. C. consistency. D. dualityDABCWhat 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 AccountDBACWhich of the following is a source of revenue for a local government? A. Personal income tax B. Company registration fees C. Royalties D. Market tollsBCDAThe process of using sales ledger balance to cancel off purchases ledger balance is A. balancing. B. set off. C. reconciliation. D. cancellingBACDIn 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 liabilityADCBUnpresented 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 customersCBADDr 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. Advertising owing in respect of the year ended June 30, 2012 is A. GHc 12,000. B. GHc 9,000. C. GHc 10 6,000. D. GHc 3,000.DACBMr. 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 60,000ABDCWhich of the following is a spreadsheet application? A. Excel B. Word C. Internet D. WindowsDCAB1/7/10 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.ABCDIn which of the following accounts is interest on partners capital found? A. Profit and loss B. Trading C. Income surplus D. Profit and loss appropriationCABDWhich 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 businessDBACGoods 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 accountADCBWhich of the following is not a method of depreciating fixed assets? A. Revaluation B. Straight line C. Diminishing balance D. ObsolescenceBACDAde 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 2,750CBAD31 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 30Adegbenro Abike scores (2) out of 30Daniel Samson scores (-11) out of 30waziz conteh scores (-21) 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.