Hello and Welcome to SSCE (WAEC and NECO) Practice Test - Financial Accounting

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Which 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

Which of the following expenses is allocated according to the floor area?

A. Wages and salaries    B. Rent and rates    C. Canteen expenses    D. Discount allowed

Which 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

What 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

Discount Received Account is a

A. real account    B. personal account.    C. nominal account.    D. profit and loss account

Which of the following is a real account?

A. Plant account    B. Salaries account    C. Creditors account    D. Trading account

Which of the following is not a book of original entry?

A. Sales journal    B. Purchases account    C. Cash account    D. Return inwards journal

In 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

Which of the following is a spreadsheet application?

A. Excel    B. Word    C. Internet    D. Windows

Which of the following is not a feature of accounting information?

A. Affordability    B.. Timeliness    C. Accuracy    D. Completeness

Which 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

Which of the following accounts has a credit balance?

A. capital    B. Cash    C. Drawings     D. Premises

In 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

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.

The quality of output information depends on the

A. quality of input data.
B. time of processing.
C. speed of processing.
D. quantity of output device

The 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 warrant

Mr. 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 60,000

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

Goodwill is recognized in partnership accounts when

A. the business makes a huge profit.
B. the business has good customer relationship.
C. a partner is dormant.
D. a new partner is admitted

The 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

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