Financial Accounting Practice Exam Quiz!

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Quizzes Created: 3 | Total Attempts: 1,976
| Attempts: 1,560 | Questions: 69 | Updated: Aug 14, 2024
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1. Transaction are usually affected by entries -----

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About This Quiz
Financial Accounting Practice Exam Quiz! - Quiz

The 'Financial Accounting Practice Exam Quiz!' assesses key skills in financial accounting, covering topics like ledger balances, profit calculations, and accounting for raw materials. This quiz is designed to test understanding of fundamental accounting principles, making it ideal for learners and professionals.

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2. A machine which was bought on 1st January 2015 for N40,000.00 It was expected to spend four yrs. It was revalued at the end of 2015 at N35,000.00 the value of depreciation is -------.

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3. The following assets can be revalued except

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4. What is the value of the opening capital?

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5. The act of collecting, recording and interpreting accounting data is ------

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6. One of the following is not an Operators of Nigeria Financial System?

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7. ……… ratio checks the liquidity level of the assets of the business.

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8. Jokotade returned goods to us ₦300. Which subsidiary book will this be entered?

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9. ……. is a memorandum account for all debtors or creditors in an organization.

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10. When a transaction is completely left out, it is an error of

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11. The term "folio" in account means -----

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The term "folio" in account refers to a page in the ledger. In accounting, a ledger is a book that contains all the accounts of a company. Each account is assigned a specific page in the ledger, and this page is known as a folio. The folio helps in organizing and tracking the transactions related to a particular account.

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12. The following are components of Nigeria's financial system except?

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13. An expenses is termed an "accrual" because it 

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14. "A business unit is assumed to operate into foreseeable future and earn reasonable net income".  This statement is emphasized by the concept of

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15. Depreciation of asset is provided for in consideration of ------ .

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16. A balance sheet shows only ------ 

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17. When shares are issued at premium, this means that?

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18. ……… is a written acknowledgement that a person received money or property in payment following a sale or other transfer of goods or provision of service?

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19. ……………..are documents used to established the occurrence of a financial transaction?

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20. What is the total value of Agboola's fixed assets?

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21. The process of ascertaining the new market value of an asset is termed

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22. The reduction in the value of goodwill is

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23. Transfer pricing is a term used in

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24. One of the following is an example of non-banking institutions?

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25. Subscription received in advance are

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26. ………... signifies the embodiment of all structures, platforms and process put in place for smooth running and regulation of the  monetary flows n the Nigerian economy?

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27. When shares are issued at discount, this means that? 

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28. ……….. are usually stated in the invoice?

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29. Use the following information to answer question 13 and 14. On 1/7/07, a trader owed wages of N2,000. During the year ended 30/6/08, wages of N2,400 were owed and N8,000 were paid. Wages recorded in the balance sheet as at 30/06/08 is 

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30. …………. is the section of the financial market that is used for buying and selling of assets which have short term life span that is financial instruments with original maturity within a year?

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31. The asset referred to in the above information is __________.

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32. The total current liabilities is ____________

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33. Where records maintained are inadequate to facilitate the preparation of a trading, profit or loss account, this is described as

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34. All the following are examples of source documents except?

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35. The total current assets is ____________.

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36. When a new partner is admitted in to the business, apart from the capital of the business, he also brings in

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37. Use the following information to answer question 13 and 14   On 1/7/07, a trader owed wages of N2,000. During the year ended 30/6/08, wages of N2,400 were owed and N8,000 were paid. The wages of the year ended 30/6/08 is

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38. The amount for which a business is sold is the

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39. When a buyer is under-charged, the seller forwards

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40. Bad debts written off is shown as 

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41. What is the net book value of the asset after 2nd year using  reducing balance method?

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42. In manufacturing account, prime cost consists of direct material, direct labour and

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43. What is the depreciation charged for the 2nd year at 20% per annum using reducing balance method?

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44. All the following except one are features of preference shares except?

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45. Which of the following is a prime cost

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46. Use the following to answer questions 60 - 62                                                        N Sales                                        35,000 Purchases                               20,000 Closing stock                         10,050 Carriage outwards                  650.00 Carriage inwards                    400.00 Returns outwards                   100.00 Returns inwards                      200.00 Salaries                                    600.00 Wages                                      400.00 Calculate the net profit.

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47. Which of the following is equivalent to the Receipt and Payments account?

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48. The method of depreciation used above was __________.

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49. A real account is the account of _________.

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50. A partner whose liability goes beyond his capital is known as 

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51. Which of the following errors will affects the totals of a trial balance?

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52. Use the following to answer questions 60 - 62                                                        N Sales                                        35,000 Purchases                               20,000 Closing stock                         10,050 Carriage outwards                  650.00 Carriage inwards                    400.00 Returns outwards                   100.00 Returns inwards                      200.00 Salaries                                    600.00 Wages                                      400.00   The cost of goods sold is ____________.

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53. ………an exchange of intentions between a potential buyer and a potential seller backed with a cash payment or cheque payment or promise to pay or set off payment.

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54. Which of the following is not recorded in the partnership appropriation account?

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55. Using straight line method what is the depreciation to be charged annually.

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56. Set off is a ……. item in sales ledger control account.

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57. …………. is a terminology used to describe the amount allocated to a particular item of expenditure in government budget?

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58. Use the following to answer questions 60 - 62                                                                     N Sales                                        35,000 Purchases                                20,000 Closing stock                          10,050 Carriage outwards                  650.00 Carriage inwards                    400.00 Returns outwards                    100.00 Returns inwards                      200.00 Salaries                                   600.00 Wages                                     400.00   Calculate the gross profit.

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59. What is the accumulated depreciation at the end of 3rdyear. Using straight line method?

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60. Depreciation of Plant and Machinery is treated in manufacturing account as

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61. A …………… partner only uses his names or goodwill as a contribution to the business.

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62. Use the information below to answer the following question.   Opening stock of raw materials                    24,750 Purchases of raw materials                         123,640 Carriage on raw materials                              10,000 Closing stock of raw materials                      45,000 Factory supervisor's salary                             30,000 Wages of factory workers                               50,000 Royalties paid                                                    18,000 Insurance of factory                                         62,000 Work in progress                                               23,000 Raw materials returned                                    12,200 The prime cost is 

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63. Sales was N12,500, total expenses was N2,500 and net profit is 10% of sales. What is the gross profit?

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64. Use the information below to answer the following question.   Opening stock of raw materials                    24,750 Purchases of raw materials                         123,640 Carriage on raw materials                              10,000 Closing stock of raw materials                      45,000 Factory supervisor's salary                             30,000 Wages of factory workers                               50,000 Royalties paid                                                    18,000 Insurance of factory                                         62,000 Work in progress                                               23,000 Raw materials returned                                    12,200   The value of raw materials consumed is

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65. The word Quoted price in issue of shares means?

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66. All ordinary shares are participating in nature but not all preference shares are participating. This means that?

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67. The following are balance sheet items except

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68. Where fixed capital are maintained, partner's drawings are transferred to the 

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69. The balance in a sales ledger control account indicates:

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Transaction are usually affected by entries -----
A machine which was bought on 1st January 2015 for N40,000.00 It was...
The following assets can be revalued except
What is the value of the opening capital?
The act of collecting, recording and interpreting accounting data is...
One of the following is not an Operators of Nigeria Financial System?
……… ratio checks the liquidity level of the...
Jokotade returned goods to us ₦300. Which subsidiary book will this...
……. is a memorandum account for all debtors or creditors...
When a transaction is completely left out, it is an error of
The term "folio" in account means -----
The following are components of Nigeria's financial system except?
An expenses is termed an "accrual" because it 
"A business unit is assumed to operate into foreseeable future and...
Depreciation of asset is provided for in consideration of ------ .
A balance sheet shows only ------ 
When shares are issued at premium, this means that?
……… is a written acknowledgement that a person...
……………..are documents used to...
What is the total value of Agboola's fixed assets?
The process of ascertaining the new market value of an asset is termed
The reduction in the value of goodwill is
Transfer pricing is a term used in
One of the following is an example of non-banking institutions?
Subscription received in advance are
………... signifies the embodiment of all...
When shares are issued at discount, this means that? 
……….. are usually stated in the invoice?
Use the following information to answer question 13 and 14. ...
…………. is the section of the financial...
The asset referred to in the above information is __________.
The total current liabilities is ____________
Where records maintained are inadequate to facilitate the preparation...
All the following are examples of source documents except?
The total current assets is ____________.
When a new partner is admitted in to the business, apart from the...
Use the following information to answer question 13 and 14 ...
The amount for which a business is sold is the
When a buyer is under-charged, the seller forwards
Bad debts written off is shown as 
What is the net book value of the asset after 2nd year using ...
In manufacturing account, prime cost consists of direct material,...
What is the depreciation charged for the 2nd year at 20% per annum...
All the following except one are features of preference shares except?
Which of the following is a prime cost
Use the following to answer questions 60 - 62 ...
Which of the following is equivalent to the Receipt and Payments...
The method of depreciation used above was __________.
A real account is the account of _________.
A partner whose liability goes beyond his capital is known as 
Which of the following errors will affects the totals of a trial...
Use the following to answer questions 60 - 62 ...
………an exchange of intentions between a potential...
Which of the following is not recorded in the partnership...
Using straight line method what is the depreciation to be charged...
Set off is a ……. item in sales ledger control account.
…………. is a terminology used to describe...
Use the following to answer questions 60 - 62 ...
What is the accumulated depreciation at the end of 3rdyear. Using...
Depreciation of Plant and Machinery is treated in manufacturing...
A …………… partner only uses his names...
Use the information below to answer the following question. ...
Sales was N12,500, total expenses was N2,500 and net profit is 10% of...
Use the information below to answer the following question. ...
The word Quoted price in issue of shares means?
All ordinary shares are participating in nature but not all preference...
The following are balance sheet items except
Where fixed capital are maintained, partner's drawings are transferred...
The balance in a sales ledger control account indicates:
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