Hello and Welcome to SSCE (WACE and NECO) Practice Test - Bookkeeping You are to attempt 20 Random Objectives Questions ONLY for 15 minutes. Supply your name and name of school in the text box below. Your time starts NOW! Full Name (Surname First): School: Opening Stock + purchases + carriage inwards is equal toA. cost of goods available for sale.B. cost of goods sold.C. current assets.D. gross profitE. total purchases.ABCDEKenny and Mathew are in partnership sharing profits and losses in the ratio 3:2. The interest on drawings and capital are 5% and 6% per annum respectively and net profit for the year ended 31st December, 2010 was N15,000. The following balances were extracted from their books on 31st December, 2010. Mathew’s share of the profit isA. N7,000 B. N6,550 C. N5,500 D. N4,650 E. N4,600ABCDEA document that is sent from the seller to the buyer at a particular lime showing the accounts of the buyer is referred to asA. account document.B. bank statement.C. receipt booklet.D. statement of account.E. statement of records.ABCDEWhich of the following is not an adjustment item in bank reconciliation?A. Bank charges B. Interest on overdraft C. Legal fees D. Cash depositsABCDThe act of recording business transactions in a systematic manner is referred to asA. debit B. credit. C. bookkeeping. D. cashbook.ABCDThe accounting concept that states that revenue and profit should not be recognized until they are earned isA. realization concept.B. matching concept.C. cost concept.D. dual aspect conceptABCDThe profit or loss for Jimoh isA. N800. B. N700. C. N600. D. N500. E. N400.ABCDEOpening entries of a business are recorded in theA. cashbook.B. control account.C. journal proper.D. purchases journal.E. sales journal.ABCDEWhich of these assets is a fixed asset to a motor dealer?A. Cash at bank B. Cash at hand C. Motor cars D. Premises E. PrepaymentABCDEWhich of these is not an advantage of control account?A. Errors are easily discoveredB. Frauds are easily detectedC. Revealing the current assets and current liabilitiesD. Saves timeE. Total debtors and creditors are easily ascertainedABCDEWhich of the following in not found in the balance sheet?A. Stock B. Purchases C. Prepayments D. Salary arrearsABCDA person who sells his business to another business is aA. dealer. B. hirer. C. buyer. D. vendor.ABCDWhich of the following is charged to the debit side of profit and loss appropriation account of partnership?A. Bad debt B. General expenses C. Interest on capital D. Loan interest E. Net profitABCDEDepreciation is aA. charge on the wear and ‘tear of fixed assets.B. charge on using the asset.C. cost incurred on replacing a fixed asset.D. cost of repairs incurred on a fixed asset.E. provision for the loss on a fixed asset.ABCDEAn error which results from using wrong class of account isA. original entry. B. transposition. C. principle. D. commission.ABCDWhich of the following books is regarded as the principal book of account?A. Ledger B. Petty cash book C. Cashbook D. JournalABCDA business organisation which does not agree with the slogan “Two heads are better than one” isA. cooperative society.B. joint stock company.C. partnership.D. public corporation.E. sole proprietorship.ABCDEIn a non-profit making organisation the excess of assets over liabilities is referred to asA. accumulated fluid. B. capital. C. loss. D. net profit. E. surplus.ABCDEMaggi incurred N76,000 to purchase a washing machine on 1st January 1997 and paid N6,000 for repairs same day.The N6,000 on repairs will be debited to which account?A. Appropriation accountB. Balance sheetC. Current accountD. Profit and loss accountE. Trading accountABCDESubscription in advance is a/anA. current asset. B. current liability. C. fictitious asset. D. goodwill. E. intangible asset.ABCDE1 out of To submit your quiz and see your score/performance report; Make sure you supply your name and name of school in the form above. Unable to submit your quiz? Kindly Click Here To Retake SSCE (WACE and NECO) Practice Test - Bookkeeping. Make sure you supply your full name and name of school before submission. Time is Up! Follow ASSURE On Social Media Categories: SSCE (WAEC and NECO) Practice Test (In All Subjects) Tags: SSCE (WACE and NECO) Practice Test - Bookkeeping 0 Comments Leave a Reply Cancel reply Your email address will not be published. Required fields are marked * Name * Email * Website What's on your mind? Save my name, email, and website in this browser for the next time I comment. Please enter an answer in digits:seventeen + 7 = This site uses Akismet to reduce spam. Learn how your comment data is processed.