Financial Accounting Practice Exam Quiz!

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By District5emis
D
District5emis
Community Contributor
Quizzes Created: 3 | Total Attempts: 1,975
| Attempts: 1,559 | Questions: 69
Quiz Flashcard
Please wait...
Question 1 / 69
0 %
0/100
Score 0/100
1. Transaction are usually affected by entries -----

Explanation

*##*Correct*##*Incorrect

Submit
Please wait...
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... see moreto test understanding of fundamental accounting principles, making it ideal for learners and professionals. see less

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 -------.

Explanation

*##*Correct*##*Incorrect

Submit
3. The following assets can be revalued except

Explanation

*##*Correct*##*Incorrect

Submit
4. What is the value of the opening capital?

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

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.

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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?

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
22. The reduction in the value of goodwill is

Explanation

*##*Correct*##*Incorrect

Submit
23. Transfer pricing is a term used in

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
25. Subscription received in advance are

Explanation

*##*Correct*##*Incorrect

Submit
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?

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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 

Explanation

*##*Correct*##*Incorrect

Submit
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?

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
32. The total current liabilities is ____________

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
35. The total current assets is ____________.

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
40. Bad debts written off is shown as 

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
45. Which of the following is a prime cost

Explanation

*##*Correct*##*Incorrect

Submit
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.

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
48. The method of depreciation used above was __________.

Explanation

*##*Correct*##*Incorrect

Submit
49. A real account is the account of _________.

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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 ____________.

Explanation

*##*Correct*##*Incorrect

Submit
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.

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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.

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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 

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
67. The following are balance sheet items except

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

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

Explanation

*##*Correct*##*Incorrect

Submit
View My Results

Quiz Review Timeline (Updated): Aug 14, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 14, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 23, 2020
    Quiz Created by
    District5emis
Cancel
  • All
    All (69)
  • Unanswered
    Unanswered ()
  • Answered
    Answered ()
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:
Alert!

Advertisement