Hello and Welcome to SSCE (WAEC and NECO) Practice Test - Financial Accounting 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: 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 partnershipABCDWhich of the following expenses is allocated according to the floor area?A. Wages and salaries B. Rent and rates C. Canteen expenses D. Discount allowedABCDWhich of the following describes a trial balance?A. It is a special accountB. It is a list of balances in the booksC. It reveals the financial position of a businessD. It shows all the entries in the books of a businessABCDWhat is the ledger entry for the sale of plant and machinery on credit to Wilson?A. Credit Sales Account and debit Cash AccountB. Credit Plant and Machinery Account and debit Wilson’s AccountC. Credit Sates Account and debit Wilson’s AccountD. Credit Plant and Machinery Account and debit Cash AccountABCDDiscount Received Account is aA. real account B. personal account. C. nominal account. D. profit and loss accountABCDWhich of the following is a real account?A. Plant account B. Salaries account C. Creditors account D. Trading accountABCDWhich of the following is not a book of original entry?A. Sales journal B. Purchases account C. Cash account D. Return inwards journalABCDIn preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated asA. current liability. B. expenses. C. income D. current assetABCDWhich of the following is a spreadsheet application?A. Excel B. Word C. Internet D. WindowsABCDWhich of the following is not a feature of accounting information?A. Affordability B.. Timeliness C. Accuracy D. CompletenessABCDWhich of the following expresses the accounting equation?A. Capital + Assets = LiabilitiesB. Assets - Liabilities = CapitalC. Liabilities + Current Assets = Fixed AssetsD. Liabilities - Capital = Current AssetsABCDWhich of the following accounts has a credit balance?A. capital B. Cash C. Drawings D. PremisesABCDIn which of the following accounts is interest on partners capital found?A. Profit and loss B. Trading C. Income surplus D. Profit and loss appropriationABCDThe accounting concept that states that a firm’s financial affairs must be separated from that of the owner’s private transactions isA. business entity. B. going concern. C. consistency. D. duality.ABCDThe quality of output information depends on theA. quality of input data.B. time of processing.C. speed of processing.D. quantity of output deviceABCDThe instrument used to release fund which the minister of finance had earlier withheld isA. reserve expenditure warrant.B. supplementary general warrant.C. provisional general warrant.D. supplementary statutory warrantABCDMr. 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 60,000ABCDAdvertising 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 36,000B. GHc 30,000C. GHc 27,000D. GHc 24,000ABCDGoodwill is recognized in partnership accounts whenA. the business makes a huge profit.B. the business has good customer relationship.C. a partner is dormant.D. a new partner is admittedABCDThe accounting ledger for goods sold on credit are debitA. Debtors Account, credit Sales Account.B. Creditors Account, credit Sales Account.C. Saks Account, credit Debtors Account.D. Sales Account, credit Creditors AccountABCD1 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 (WAEC and NECO) Practice Test - Financial Accounting. 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 (WAEC and NECO) Practice Test - Financial Accounting 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:6 − 2 = This site uses Akismet to reduce spam. Learn how your comment data is processed.