Tuesday, May 19, 2020

FINANCIAL ACCOUNTING PAPER 1: OBJECTIVE TEST FOR WAEC, SSCE, NECO


PAPER 1:  OBJECTIVE TEST          1 HOUR





Answer all the questions.






Each question is followed by four options lettered A to D. Find out the correct

option for each question and shade in pencil on your answer sheet the answer

space which bears the same letter as the option you have chosen. Only one answer
to each question. An example is given below:




Which of the following documents is used to deposit money into a current account?
    a.  Pass Book






    b.  Paying-In Slip






    c.  Cheque Book






    d.  Credit Card














The correct answer is Paying-In Slip, which is letter B, and therefore answer space B
would be shaded.






[A]                        
[B]                   
[C]                  
[D]








Think carefully before you shade the answer space, erase completely any answers
you wish to change.






Do all rough work on this question paper.




Now answer the following questions.

CLASS WORK:





1.  Which of the following users of accounting information is interested

      in the ability of a company to pay dividend?




    a.  Competitors






    b.  Suppliers






    c.  Shareholders






    d. Tax Authority






2. Which of the following is not a personal account?



    a. Capital Account






    b. Cash Account






    c. Debtors` Account






    d. Creditors` Account






3. A petty cash balance of N5,000 was omitted from the trial balance.


To correct the error, debit






    a. Petty Cash Account N5,000 ; Credit Suspense Account N5,000


    b. Cash Account N5,000 ; Credit Petty Cash  Account N5,000




    c. Petty Cash Account N5,000 ; Credit Cash Account N5,000




    d. Cash Account N5,000 ; Credit Suspense Account N5,000




    Use the following information to answer  question 4 and 5 :







     Cash Book Balance          N16,500                                                          








     Unpresented Cheques        N4,800











      Credit transfer                   N3,300











4.  Balance as per adjusted Cash Book  is








    a. N24,600











    b. N21,300











    c. N19,800











    d. N13,200











5. Balance as per Bank Statement is










    a. N24,600











    b. N21,300











    c. N19,800











    d. N13,200











6. Which of the following is not a Real Account?









    a. Stock Account











    b. Cash Account











    c. Drawings Account











    d. Equipment Account











7. The credit entry for the purchase of fixed asset paid








     for immediately is in the











    a. Fixed Asset Register











    b. General journal











    c. Purchase Day Book











    d. Cash Book











8.   A debit balance of N500,000 in a Cash Account shows that








    a. Cash has been overspent by N500,000









    b. There was N500,000 Cash in hand








    c. Cash received was over by N500,000









    d. Cash received was less by N500,000









9.  Which of the following does not appear in a Bank statement?







    a. Dishonoured Cheques











    b. Uncredited Cheques











    c. Bank Charges











    d. Standing Order











10. Which of the following is not a petty cash items?








      The purchase of











    a. Machinery











    b. Postage stamps











    c. Light Bulbs











    d. Stationary

For more objective test questions (11-50).
Contact Patriot Odunaro Babatunde Jimoh on 08038454008 or objunityonline@gmail.com

 
Practice Objective Test Questions
Use the following information to answer question 1:




            N
Balance as per bank statement
240
Amount paid in but not credited
192
Unpresented cheque

70
1.  What is the balance as per cash book?
    a. N362




    b.  N310



    c.  N262




    d. 240




    e. N192




     Use the following information to answer questions 2 to 5:






                                                                    N

      Opening Stock of Raw Materials


17,400

      Closing Stock of Raw Materials


13,500

      Purchased of Raw Materials


57,000

      Direct Labour



12,000

      Electricity(Factory)



7,500

      Supervisor`s Salary



16,500

      Depreciation of plant



4,500

2.  The cost of raw materials used is




    a. N74,400





    b. N72,900





    c. N64,800





    d. N60,900





3.  The Prime Cost is





    a. N80,400





    b. N76,800





    c. N72,900





    d. N60,900





4.  The factory  Overhead is





    a. N32,400





    b. N28,500





    c. N24,000





    d. N23,000





5.  The cost of production cost is




    a. N105,300





    b. N101,400





    c. N86,100





    d. N53,700






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