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 Leave a comment if you find this material useful!