Financial Accounting Exam Questions for SS1, SS2, SS3 all Term in Ms-Word/PDF for Senior Secondary School

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On this page we have uploaded a free copy of the Senior Secondary School SS2 Second Term Financial Accounting Exam Questions.

Teacher and student can now have a feel of how the Financial Accounting questions for SS1-3 look like.

Before a student is promoted into the next class, he/she is expected to pass the above subject.

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The SS1, SS2 & SS3 exam questions served as a reference material and also help teacher to set test and exam question.

Financial Accounting Exam Questions for SS1, SS2, SS3

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SS 2 Financial Acct. 1st Term = N300

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Download Free Financial accounting Past Questions for SS2 1st Term

Link 1  Accounting Exam Questions

Link 2  Accounting Exam Questions

FIN ACCT FIRST TERM EXAMINATION

SUBJECT: Financial Accounting

CLASS: SS2 DURATION: 1 ½ HOURS

SECTION A: OBJECTIVE

INSTRUCTION: ANSWER ALL QUESTIONS

Financial Accounting Objective Questions for SS2

1. Which of the following is not used in solving problems of incomplete records? 
(a) control accounting 
(b) statement of affairs 
(c) balance sheet 
(d) cash book

2. In a system of incomplete records, the opening capital is determined by preparing 
(a) balanced sheets 
(b) statements of affairs 
(c) cash book 
(d) trials balance

3. Which of the following is charged to trading account? 
(a) discount allowed 
(b) carriage outward 
(c) salaries 
(d) carriage inward 

4. The manufacturing account Is prepared to determine the cost of 
(a) trading 
(b) production 
(c) factory overhead 
(d) raw materials used

5. Factory cost excluding prime cost is 
(a) overhead 
(b) material cost 
(c) fixed cost 
(d) administrative cost

6. An example of direct expense is 
(a) insurance 
(b) carriage inward 
(c) purchases-of raw materials 
(d) royalty

7. Which of the following is not a balance sheet item 
(a) building 
(b) rent 
(c) furniture 
(d) debtors

8. Young stars club has a membership of 115 persons. Each member pays an annual subscription of N50. During the year ended 31st Dec. 2005, 8 members had not paid their subscriptions. The subscription recorded in the income and expenditure account for the year ended 31st December 2015 is 
(a) N5750 
(b) N5350 
(c) N400 
(d) N115

9. The subscription shown in the balance sheet as at 31st December 2005 is 
(a) N400 
(b) N150 
(c) N250 
(d) N350

10. In a partnership business, the net profit serves as opening figures for 
(a) trading account 
(b) profit and loss account 
(c) current account 
(d) appropriate account

11. in the preparation of manufacturing accounts, prime cost plus factory over heads equal to cost of
(a) materials available 
(b) production 
(c) sales 
(d) material used

12. Returns inward is also called 
(a) purchases returns 
(b) sales returns 
(c) goods on sale 
(d) goods in transit

13. Which of the following is not found in a partnership balance sheet 
(a) capital 
(b) drawings 
(c) credition 
(d) bank balance

14. Which of the following is not a debit item in partner’s appropriation account 
(a) interest on capital 
(b) salary 
(c) share of profit 
(d) share of loss

15. The difference between factory cost of goods produced and its market value is 
(a) interest 
(b) premium 
(c) manufacturing profit 
(d) manufacturing overhead 

16. An approach for discovering missing figures in incomplete records is the use of 
(a) cash book 
(b) control account 
(c) trading account 
(d) balance sheet

17. Carriage inward is posted to 
(a) trading account 
(b) profit and loss account 
(c) appropriation account 
(d) balance sheet

18. In the absence of an agreement, partners share profits 
(a) based on activities of a partner 
(b) based on capital contribution 
(c) on patronage basis 
(d) on equal basis


19. Which of the following is not a part of cost of production? 
(a) wages 
(b) factory power 
(c) advertising 
(d) cost of raw materials

20. Which of the following is not parts of the factory overhead? 
(a) factory salaries 
(b) factory lighting and heating 
(c) depreciation of plant and machinery 
(d) office expenses

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Financial Accounting Theory Questions for SS2 1st Term

SECTION B (THEORY)
ANSWER 2 QUESTIONS
 
What is manufacturing account?
1b. State the purpose of manufacturing account    
1c. Write short note on the following manufacturing terms 
i. cost of production 
ii. Prime cost
iii. Work-in-progress
     
2a. Define non-profit making organization
2b. State 5 sources of income for a non-profit making organization 
2c. Differentiate between subscription in advance and subscription in arrears

3a. What is single entry? 
3b. Give 3 disadvantages of single entry 
3c. Itemize the methods of converting single entry to double entry