Hello and Welcome to SSCE (WACE and NECO) Practice Test - Bookkeeping

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A club’s balance sheet may be referred to as

A. accumulated fund.
B. cash book.
C. income and expenditure account.
D. receipt and payment account.
E. statement of affairs.

The profit or loss for Jimoh is

A. N800.    B. N700.    C. N600.    D. N500.    E. N400.

A subsidiary book is also known as

A. an analysis book.
B a book of prime entry.
C. a ledger account.
D. a book of contra entries.

Opening Stock + purchases + carriage inwards is equal to

A. cost of goods available for sale.
B. cost of goods sold.
C. current assets.
D. gross profit
E. total purchases.

The current liability is

A. N 5,640.    B. N 5,060.    C. N2, 060.    D. N 2,000.

When a current account is opened the bank provides the customer with a book.

A. Balance    B. Bank    C. Cash    D. Cheque    E. Report

Kenny 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. 

Kenny’s share of the profit is

A. N8,200.    B. N8,110.    C. N7,115.    D. N6,975.    E. N6,000.

The art of recording business transactions on a daily basis in the appropriate books is referred to as

A. accounting.
B. auditing.
C. bookkeeping.
D. data processing.
E. statement of account.

Which of the following in not found in the balance sheet?

A. Stock    B. Purchases    C. Prepayments    D. Salary arrears

Which 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 profit

The following are the main objectives of bookkeeping, except to show the

A. cost of the ledger book,
B. financial position of a business as at a certain date.
C. result of business transactions.
D. value of assets and liabilities.
E. value of purchases and sales.

The profit or loss from a joint venture is determined in the

A. trading account.
B. profit and loss account.
C. memorandum account.
D. appropriation account.

What is John’s profit or loss?

A. N5,000    B. N4,500    C. N4,200    D. N3,500    E. N3,000

Audu was owing Remfeeds a sum of N 5,000 until he became bankrupt in June 21, 2012. He was only able to pay N 1,750. The amount of bad debt is

A. N 6,750.    B. N 5,000.    C. N 3,250.    D. N 1,750.

The accounting year of Mr. Johnson ends on 31st December every year.
Plant and machinery purchased on 1st January of 2010 was 1460,000.
Depreciation rate per annum was 10%, scrap value was 146,000.

Using the straight line method, what is the cumulative depreciation at the end of year 3?

A. N21,600    B. N20,634    C. N18,000    D. N16,300    E. N16,200

Which of the following is not a method of issuing stock?

A. First in first out
B. Last in first out
C. Simple average
D. Total average
E. Weighted average

The remuneration given to a consignee for selling the goods on behalf of the consignor is

A. salary.    B. bonus.    C. commission.    D. premium.

The amount of current asset is

A. N 15,620.   B. N 12,180.    C. N 9,180.    D. N 6,120.

The following are special Journals, except _____ Journal.

A. General    B. Purchases    C. Return inward    D. Return outward     E. Sales

Discount allowed is debited to ______ account.

A. appropriation    B. capital    C. debtors    D. profit and loss    E. trading

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