SSS One Financial Accounting questions

Financial Accounting objective questions for SSS One

1. ___ is the act of keeping accounts n a regular and systematic manner
A. book keeping
B. accounting
C. accrual
D. income
2. ___ is the process of recording classifying measuring, communication and interpreting of the accounting information to enable the users to take rightful decisions
A. accounting
B. book keeping
C. journal
D. ledger
3. The following are the users of the accounting information except
A. management
B. employees
C. employers
D. sales
4. The history of accounting is not complete without the mentioning of a particular name
A. Luca Paciolo
B. Isaac
C. Bartho.
D. Chia T.
5. In ___ share crucial invention in accounting was introduced by Luca Paciolo
A. 1994
B. 1884
C. 1494
D. 2006
6. ___advocated the profit and loss account as yearly interval
A. Paciolo
B. Dutchman
C. Isaac
D. Asawa
7. In ___ year Nigerian accounting standard board was formed
A. 1882
B. 1982
C. 1892
D. 2002
8. ___is the primary field of applied ethics and it is part of the business ethics and human ethics, the study of moral and values as they applied in accounting
A. ethics
B. accounting ethics
C. ledger
D. law
9. ___ is the totality of financial accounting in regard to calculations
A. accounting equation
B. corrections of errors
C. standing order
D. double entry
10. ___is the system of keeping record of a transaction towards the means of observing the double entry rule
A. double entry
B. cash book
C. ledger
D. journal
11. Cash book deals only with ___ transaction
A. credit
B. cash
C. money
D. debt
12. Transaction are divided into ___ number
A. 10
B. 4
C. 2
D. 3
13. ___ are the originally cause containing the accounting systems
A. source document
B. subsidiary books
C. ledger
D. cash book
14. ___ is a document which shows the value of goods sold
A. invoice
B. discount
C. credit notes
D. debtors notes
15. ___ is used to make first entry of transactions
A. subsidiary books
B. ledger
C. journal
D. cash book
16. ___ is an evidence of cash or cheque received
A. receipt
B. cheque
C. cash
D. overdraft
17. Cash book is divided into__
A. ten
B. six
C. eight
D. four
18. ___ is a book for recording details particular of all money received and paid
A. journal
B. ledger
C. subsidiary
D. cash book
19. ___ are made in the cash book when the cash is withdrawn from the Bank for office use and paid directly into the Bank
A. petty
B. payment
C. cash
D. contra entry
20. ___ is a book for recording goods bought
A. purchase day book
B. sales ledger
C. returns
D. debtors
21. ___is a day book used for recording credit sales
A. debtors
B. returns inward
C. sales ledger
D. purchase day book
22. ___day book do records the returns of sales
A. returns inward
B. returns outward
C. sales
D. purchases
23. ___day book do records the returns of purchases
A. returns out ward
B. sales
C. purchases
D. returns inward
24. ___is a day book that is used for recording of daily transactions which are not recognized by the other day books
A. general journal
B. journal
C. sales ledger
D. purchases ledger
Use the following information to answer question 25 to 29

Capital	liabilities	assets
10,700	1,800	C
16,800	A	20,000
B	6,300	19,200
28,000	D	29,200
E	2,000	12,000

25. Find C
26. Find A
27. Find B
28. Find D
29. Find E
30. The following are under a particular type of assets such as stock, cash at hand, and cash at bank
A. current assets
B. fixed assets
C. fictitious assets
D.
31. ____ States that for every debit entry they must be a corresponding credit entry and vice versa.
A. Double entry
B. Cash book
C. Petty account
D. Ledger
32. ____ deals only with the cash and bank transactions
A. Double entry
B. Cash book
C. Ledger
D. Double entry
33. ____ is an account that is used to test accuracy of the ledger.
A. Trial balance
B. Ledger
C. Cash book
D. Bank account
34. Sales would appear the ____ side of the cash book.
A. Debit
B. Credit
C. Outward
D. Inward
35. Which among the following below has an opening balance date?
A. 1/01/2015
B. 31/10/2015
C. 31/07/2016
D. 21/01/2015
36. Which of the following accounts belongs to personal account?
A. Debtors
B. Buildings
C. Stock
D. Motor Vehicle
37. _____ is a statement of money paid/received or owned in a course of business operations.
A. Account
B. Ledger
C. Capital
D. Trial balance
38. _____ is the account of non-person which is maintained by an organization.
A. Impersonal
B. Personal
C. Ledger
D. bank
39. ____ are accounts related to revenue or income.
A. Nominal
B. personal
C. impersonal
D. Capital
40. Incomes are recorded on the _____ side of the account.
A. Debit side
B. Credit side
C. Outward
D. Inward
41. ____is the amount of money use in starting business.
A. Capital
B. rent
C. ratio
D. petty cash
42. How many types of cash book do we have in accounting?
A. 4
B. 3
C. 2
D. 1
43. Which of the following is not an accounting concept?
A. Cash concept
B. Going concept
C. Historical concept
D. Accrual concept
44. Purchases appears on the which side of the cash book.
A. Credit
B. Debit
C. Outward
D. Inward
45. Expenses are recorded on which side of the cash book.
A. Credit
B. Debit
C. Outward
D. Inward
46. ____ lost the credit and debit balance extracted from the ledger.
A. Trail balance
B. Ledger
C. Cash book
D. Concept
47. ____ are cheques drawn or issued out in favour of somebody but have not been presented to the bank for payment
A. Unpresented
B. Bank charges
C. Bank interest
D. Cash book
48. _____ is a book prepared by the bank showing its customer.
A. Bank statement
B. Cash book
C. Ledger
D. Bank
49. ______ reconcile the book and the bank statement of customer.
A. Bank reconciliation
B. Cash book
C. Ledger
D. Bank statement
50. _____ are cheques received and entered on the credit side of a cash book.
A. Uncredited cheque
B. unpresented
C. Direct debit
D. Bank Statement
51. ____ is been classified as mistakes made by the bank.
A. Bank error
B. Bank charges
C. Cash book
D. Debtors
52. Cheques rejected by the banks are known as ____
A. Bank cheques
B. Dishonoured cheques
C. uncredited cheques
D. unpresented cheques
53. _____ is an order made by a customer to bank for payment at regular intervals.
A. Cash book
A. Standing order
C. Dividend
D. Credit
54. _____ is a part of the profit for shares held by the customers.
A. Standing order
B. Dividend
C. Bank charges
D. Bank interest
55. We have ____ number formats in the preparation he bank reconciliation statement
A. 3
B. 2
C. 6
D. 4
56. Dividend appears on which side of the adjusted cash book.
A. Debit side
B. Credit side
A. Debit side
B. Credit side
C. Inward side
D. Outside side
57. ____ is charge been made by a bank in respect to the services of a customer’s account.
A. Cash discount
B. bank charges
C. Bank dividend
D. Discount allowed
Use the following information below to solve the questions 58 to 60

Balance as per cash book	N 4000
Balance as per bank statement	N 4500
Unpresented cheques	N 3500
Bank error	N 300
Uncredited cheques	N 3000

58. How much is the closing balance of the bank statement?
A. N 4000
B. N 4500
C. N 3000
D. N 300
59. How much is the closing balance of adjusted cash book
A. N 4500
B. N 4000
C. N 3000
D. N 3500
60. In the preparation of bank reconciliation statement, unpresented is subtracted or added to the balance as per adjusted cash book.
A. Deducted
B. Added
C. Added and deducted
D. All of the above
61. ………… states that for every debit entry they must be a corresponding credit entry and vice versa.
A. double entry
B. cash book
C. petty account
D. ledger
62. ……….. deals only with the cash and bank transactions
A. double entry
B. cash book
C. ledger
D. debit entry
63. ……….. is an account that is used to test accuracy of the ledger.
A. trail balance
B. cashbook
C. ledger
D. bank account
64. Sales would appear on the …….. side of the cash book
A. debit
B. credit
C. outward
D. inward
65. ………… can be defined as the systematic way of recording business transactions in an appropriate manner.
A. book-keeping
B. cash book
C. ledger
D. journal
66. Which of the following accounts belongs to personal account?
A. debtors
B. buildings
C. stock
D. motor vehicle
67. ……….. is a statement of money paid/received or owned in a course of business operations.
A. account
B. ledger
C. capital
D. trail balance
68. ………… is the account of non-person which is maintained by an organization.
A. impersonal
B. personal
C. ledger
D. bank
69. ……….. are account related to revenue or income
A. nominal
B. personal
C. impersonal
D. capital
70. Incomes are recorded on the ……….. side of the account.
A. debit side
B. credit side
C. outward
D. inward
71. ………… is the amount of money use in starting business.
A. capital
B. rent
C. ratio
D. petty cash
72. Nigeria has only ……… accounting professional bodies in Nigeria
A. 4
B. 3
C. 2
D. 1
73. Which of the following is not an accounting concept?
A. cash concept
B. going concept
C. historical concept
D. accrual concept
74. Purchases appears on which side of the cash book.
A. credit
B. debit
C. outward
D. inward
75. ……….. refers to moral laws, obligation and code of conduct governing the accounting profession.
A. ethics
B. standards
C. laws
D. operation
76. ………… has the credit and debit balance extracted from the ledger.
A. trail balance
B. ledger
C. cash book
D. concept
77. ……….. are cheque drawn or issued out in favour of somebody but have not been presented to the bank for payment
78. ………… is a book prepared by the bank showing its customer.
A. bank statement
B. cash book
C. ledger
D. bank
79. ……….. reconcile the book and the bank statement of customer.
A. bank reconciliation
B. cash book
C. ledger
D. bank statement
80. One of the following belongs to the users of accounting
A. managers
B. commerce
C. statement
D. bank statement
81. ……… is been classified as mistakes made by the bank.
A. bank error
B. bank charges
C. cash book
D. debtors
82. Cheques rejected by the banks are known as ………..
A. bank cheques
B. dishonoured cheques
C. unaccredited cheques
D. unpresented cheques
83. ……… can be defined as the statement that shows the asset and liabilities of an organization.
A. balance sheet
B. trail balance
C. account
D. purchase
84. ……….. is a part of the profit for shares held by the customers.
A. standing order
B. dividend
C. bank charges
D. bank interest
85. ………… is prepared to show the gross profit and gross loss of a business.
A. trading accounting
B. trading profit and loss
C. ledger
D. journal
86. ……….. is prepared to show the net profit and net loss
A. trading profit and loss account
B. credit sale account
C. account
D. ledger
87. ……….. is charge been made by a bank in respect to the services of a customer’s account.
A. cash discount
B. bank charges
C. bank dividend
D. discount allowed
Use the following information below to answer questions 88 to 90

Balance as per cash book	N4000
Balance as per bank statement	N 4500
Unpresented cheques	N 3500
Bank error	N 300
Unaccredited cheques	N 3000

88. How much is the closing balance of the bank statement?
A. N4000
B. N4500
C. N3000
D. N300
89. How much is the closing balance of adjusted cash book
A. N4500
B. N4000
C. N3000
D. N 3500
90. Control account is divided into …………….. accounts.
A. 2
B. 3
C. 4
D. 5