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: The 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.ABCDWhich of the following is the equation for determining net profit or Loss from the records of a firm?A. Closing Capital - Drawings- Capital IntroducedB. Opening Capital + Drawings - Closing CapitalC. Closing Capital + Opening Capital - DrawingsD. Closing Capital Drawings - Opening CapitalABCDAdvertising 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.Advertising owing in respect of the year ended June 30, 2012 isA. GHc 12,000.B. GHc 9,000.C. GHc 10 6,000.D. GHc 3,000.ABCDWhat 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 AccountABCDNet profit for the year isA. D 12,260. B. D 3,740. C. D 2,440. D. D 2,040ABCDPurchase invoice is first entered in theA. purchases account. B. cashbook. C. sales journal. D. purchases journalABCDWhich 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 businessABCDWhich of the following expenses is allocated according to the floor area?A. Wages and salaries B. Rent and rates C. Canteen expenses D. Discount allowedABCDIn the balance sheet of a social club, subscription owing is treated as aA. current liability. B. current asset. C. tangible asset D. long-term liabilityABCDWhich of the following relates to cash basis of accounting?A. Accruals and prepayments are consideredB. Debtors and creditors are recordedC. Fixed assets are written off in the year of purchaseD. Profits are maximizedABCDIn 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 accounts has a credit balance?A. capital B. Cash C. Drawings D. PremisesABCDGoods stolen at the branch is debited toA. Defalcations Account.B. Branch Stock Account.C. Branch Adjustment Account.D. Branch Debtors AccountABCDOpening capital isA. D 5,660. B. D 5,060. C. D 4,460. D. D 2,960.ABCDThe accounting concept that assumes that a business will continue operating for an indefinite period isA. business entity. B. going concern. C. consistency. D. dualityABCDGoodwill 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 admittedABCDMr. 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 60,000ABCDWhich of the following is a spreadsheet application?A. Excel B. Word C. Internet D. WindowsABCDWhich 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 partnershipABCDThe process of using sales ledger balance to cancel off purchases ledger balance isA. balancing. B. set off. C. reconciliation. D. cancellingABCD1 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 * 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:one × 2 = This site uses Akismet to reduce spam. Learn how your comment data is processed.