The Financial Accounting Exam Questions for SS1, SS2 or SS3 all term is available at stcharlesedu.com.
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.
Most Student do fail or perform below expectation, as a result of this, we have compiled Financial Accounting exam question for student preparing for test or examination.
The SS1, SS2 & SS3 exam questions served as a reference material and also help teacher to set test and exam question.
Table of Contents
- 1 Financial Accounting Exam Questions for SS1, SS2, SS3
- 2 Financial Accounting Exam Questions Paper SS1-3 – Benefit
- 3 How to Get SS1 – SS3 Accounting Past Questions
- 4 Download Free Financial accounting Past Questions for SS2 1st Term
- 5 FIN ACCT FIRST TERM EXAMINATION
- 6 Financial Accounting Objective Questions for SS2
- 7 Financial Accounting Theory Questions for SS2 1st Term
Financial Accounting Exam Questions for SS1, SS2, SS3
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Financial Accounting Exam Questions Paper SS1-3 – Benefit
The Benefit of Using Our Senior Secondary School Financial Accounting Exam Questions.
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How to Get SS1 – SS3 Accounting Past Questions
Step to get Financial Accounting Exam Questions for SSS ( 1 – 3 )
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SS 2 Financial Acct. 1st Term = N300
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SS 2 Financial Acct. 3rd 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