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1 of 15

In manufacturing account, depreciation of office machine is charged to

A. trading account

B. appropriation account

C. balance street

D. profit and loss account

2 of 15

The movement of goods from head office to a branch is treated in the head office as

A. Sales

B. issue

C. purchases

D. requisition

3 of 15

Which inventory valuation method assumes that the oldest inventory items are sold first, impacting the cost of goods sold during periods of rising prices?

Last-In, First-Out (LIFO)

First-In, First-Out (FIFO)

Weighted Average Cost

Specific Identification

4 of 15

An organization which has records of only personal accounts is said to be operating on the basis of

A. single entry

B. real accounts

C. nominal accounts

D. double entry

5 of 15

An item in the balance sheet of a limited liability company is

A. accrued expenses

B. lighting and heating

C. salaries and wages

D. general expenses

6 of 15

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is

A. N7,500

B. N6,000

C. N5,400

D. N4,500

7 of 15

An effective accounting system should provide information

A. on new product and methods

B. for cutomer feed back and requirement

C. on internal and external reporting for managers and third parties

D. for promoters, directors, labour union and distributors

8 of 15

Which of the following best describes the role of a financial system in an economy?

It solely focuses on the distribution of wealth among individuals.

It facilitates the allocation of resources and management of risks in financial markets.

It primarily serves to regulate government spending and taxation.

It is limited to providing loans to businesses only.

9 of 15

A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

A. classifying accounts in the ledger

B. testing arithmetical accuracies of the ledger account balances

C. identifying the balance sheet items

D. providing a basis for establishing the accountant's competence

10 of 15

Which of the following technologies is primarily used to enhance the accuracy and efficiency of financial reporting in accounting systems?

Blockchain

Cloud Computing

Artificial Intelligence

All of the above

11 of 15

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

A. passing of entries

B. consistency convention

C. matching concept

D. adjusting for revenue

12 of 15

Which of the following depreciation methods allocates an equal amount of depreciation expense to each accounting period over the useful life of an asset?

Double Declining Balance Method

Units of Production Method

Straight-Line Method

Sum-of-the-Years'-Digits Method

13 of 15

Which of the following statements accurately describes the purpose of control accounts in a self-balancing ledger system?

Control accounts are used to record individual transactions for each customer and supplier.

Control accounts provide a summary of total amounts owed by customers and total amounts owed to suppliers, ensuring the ledger balances.

Control accounts eliminate the need for subsidiary ledgers entirely.

Control accounts are only used for internal reporting and have no impact on the financial statements.

14 of 15

The factory cost of producing goods is made up of

A. prime cost and factory overhead

B. prime cost and office overhead

C. raw materials consumed and fixed cost

D. Raw materials and administrative overhead

15 of 15

Which of the following statements best describes the difference between provisions and reserves in financial accounting?

Provisions are created for uncertain liabilities while reserves are profits set aside for specific future use.

Provisions are included in current liabilities while reserves are recorded as current assets.

Provisions are mandatory under accounting standards, whereas reserves are optional.

Provisions are used to enhance the profit figure, while reserves reduce the profit figure.

Financial Accounting Past Questions Practice

Set Your Time in Minutes

There are 15 questions in total

Financial Accounting Past Questions Practice

minutes!

In manufacturing account, depreciation of office machine is charged to

The movement of goods from head office to a branch is treated in the head office as

Which inventory valuation method assumes that the oldest inventory items are sold first, impacting the cost of goods sold during periods of rising prices?

An organization which has records of only personal accounts is said to be operating on the basis of

An item in the balance sheet of a limited liability company is

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is

An effective accounting system should provide information

Which of the following best describes the role of a financial system in an economy?

A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

Which of the following technologies is primarily used to enhance the accuracy and efficiency of financial reporting in accounting systems?

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

Which of the following depreciation methods allocates an equal amount of depreciation expense to each accounting period over the useful life of an asset?

Which of the following statements accurately describes the purpose of control accounts in a self-balancing ledger system?

The factory cost of producing goods is made up of

Which of the following statements best describes the difference between provisions and reserves in financial accounting?

Financial Accounting Past Questions Practice

Set Your Time in Minutes

There are 15 questions in total

Financial Accounting Past Questions Practice

minutes!

In manufacturing account, depreciation of office machine is charged to

The movement of goods from head office to a branch is treated in the head office as

Which inventory valuation method assumes that the oldest inventory items are sold first, impacting the cost of goods sold during periods of rising prices?

An organization which has records of only personal accounts is said to be operating on the basis of

An item in the balance sheet of a limited liability company is

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made. Halidu's share of the profit is

An effective accounting system should provide information

Which of the following best describes the role of a financial system in an economy?

A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

Which of the following technologies is primarily used to enhance the accuracy and efficiency of financial reporting in accounting systems?

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

Which of the following depreciation methods allocates an equal amount of depreciation expense to each accounting period over the useful life of an asset?

Which of the following statements accurately describes the purpose of control accounts in a self-balancing ledger system?

The factory cost of producing goods is made up of

Which of the following statements best describes the difference between provisions and reserves in financial accounting?

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is