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Accounting Mock Examination Questions 2019/2020 Session – Senior Secondary School Three( SSS 3)

                    EDUDELIGHT SECONDARY SCHOOL              


                                  MOCK EXAMINATION 2020

SUBJECT:     ACCOUNT          CLASS: SS 3          TIME: 3hrs

OBJECTIVE: Answer all questions

  1. The objective of accounting information is to enable users to (a). prepare the financial statement  (b) value stock   (c) make decisions  (d) prepare budget
  2. Trade discount are given for   (a) bulk purchases  (b) prompt payment  (c) quick delivery  (d) cash payment
  3. When closing stock are overstated, it would reduce (a) cost of sales and increases gross profit  (b) gross profit and increase cost of sales  (c) purchases and increase sales  (d) sales and increases purchases
  4. Which of the following is not a source document  (a) journal proper  (b) sales invoice  (c) debit note (d) credit note
  5. A fixed asset fully written down by a sole trader is now considered to be worth N5,000. The double entry required to effect this is  debit  (a) assets account and credit capital account  (b) capital account and credit assets account  (c) Asset account and credit purchases account  (d)  capital account and credit profit and loss account
  6. The process of entering transaction from one book to another is   (a) posting  (b) reading (c) numbering  (d) listing

Use the following information to answer question 7 – 8 

                                                                                                         1/1/13          31/12/13

Stocks                                                                                1,400              1,900

Creditors                                                                           2,000       2,700

Cash paid to the creditors  N8,000

Mark up on cost of sales     20%

  • The total purchases is  (a) N8,700  (b) N7,300  (c) N6,000  (d) N5,300
  • The cost of sales is  (a) N8,200   (b) N6,800  (c) N5,500  (d) N4,800
  • Which of the following is not a trading account item   (a) wages of machine operator (b) carriage inward  (c) carriage outward  (d) discount received  (d) discount allowed
  • Which of the following is an example of factory overheads  (a) salary of marketing officer  (b) salary of production officer  (c) salary of accounting officer

Use the following to answer question 14 – 16

Sales                     N100,000

Purchases                        N60,000

Opening Stock                          N30,000

Closing Stock                            N35,000

Bad debt                                    N5,000

Discount Allowed                      N500

Discount received                      N650

Transport                        N1,000

Use the following information to answer questions 16-19

Land and building 20,000
Stock  5,000 
Cash in hand 1,000
Profit and loss b/f  14,000
Rent owing 400
Creditors 11,000
Furniture and filleting 7,500
Motor vehicles 12,500
Debtors   13,750
Bank overdraft  8,750
  1.  What is the cost of goods sold  (a) N160,000 (b) N75,000  c) N55,000  (d) N45,000
  2. What is the Average Stock (a) N32,500  (b) N75,000 ( c) N55,000  d) N100,000
  3. What is the Net Profit  ( a) N45,000 ( b) N55,000  (c) N37,850      (d) N40,000
  4. One of the causes of differences between the cash book and the bank statement is  a)Discount received  b) Provision for bad debt  c) Uncredited  cheque  d) Discount allowed
  5. A machine cost N20,000 was to be used for 5yrs and at the end will be sold for N5,000 what will be the depreciation per year using the Straight line method  a) N15,000 b) N5,000 c) N3,000 d) N6,000
  6. If the reducing balance method is applied to assets in question 18 above, the rate of depreciation is  a) 60%  b) 24.2%  c. 42.2% d. 10%
  7. The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
  8. The objective of trading account is to ascertain (a)credit purchases (b) cost of goods sold (c) gross profit (d) net profit
  9. Which of the following is a contra entry (a)lodgment of cheque into bank account (b) lodgment of office cash into the bank account (c) withdrawal of cash for private use (d) treatment of discount received in the cash book
  10.     Purchase of goods from Obi had been in Obika’s account. this is an error of : (a) Omission (b) compensation (c) commission (d) original entry
  11. Rent payable of account is   an example of a (a)  (a) nominal account (b) real account (c) personal account (d) private account
  12. A provision is (a) is an amount set out for profit for other uses (b) an amount of loss from trading activities (c) an expenses of business to be paid for in cash (d) A loss in value of all business assets
  13. The term bad debts is used to describe (a) a debt that can not be received (b) a debt  is long over  due (c) an over charge on debtor’s account  (d) a debt owned by former employee.                     
  • The valve of current liabilities is (a) N32,750 (b) 20,150 (c) 19,750 (d) 11,000
  • The value of current assets is (a) N28,500 (b) 20,150 (c) 19,750 (d) 17,000
  • The opening capital is (a) N32,000 (b) 26,000 (c) 25,600 (d) 14,000
  • The value of fixed assets is (a) N57,300 (b) N47,500 (c) 40,000 (d) 37,500
  • Partner’s interest on capital is shown in the (a) profit and loss account (b)  partners fixed capital account (c) profit and loss appropriation account (d) trading profit and loss account
  • Which of the following is not prepared by a partnership (a) Trading Account (b) Profit and Loss Account (c) income and expenditure account (d) Balance sheet
  • The cash realized from the sales of assets on dissolution of partnership is          (a) debited to cash account and credited to asset account           (b)credited to cash account and debited to assets account (c) debited to cash account and credited to realization account (d) debited to realization account and credited to cash account
  • Subscription in advance is treated in the balance sheet of a non-profit making organization as  (a) current assets (b) fixed assets (c) current liabilities (d) accumulated fund
  • At the dissolution of a partnership, the dissolution expenses is (a) debited to realization account and credited to cash account (b) debited to cash account and credited to realization account (c) credited to cash account and credited to realization account (d) debited to partner’s current account and credited to realization account
  • The capital of a non- profit making organization is known as (a) capital reserved (b) accumulated fund (c) development capital (d) endowment fund
  • Given the following : Debtors (1/1/16) N4,000, Debtors (31/12/16) 2,000, cash received from customers N8,000, what will be the amount to be carried to the trading account (a) N10,000 (b) N6,000 (c) N16,000 (d) N2,000
  • Prime cost consist of (a) direct material and direct labour only (b) direct material, direct expenses and direct labour (c) direct material, direct expenses, direct labour and overheads (d) direct material and direct expenses
  • One of the following may be the cause of dissolution of a partnership                   (a) admission of a partner (b) asset taken over by partner (c) death of a partner (d) revaluation of assets
  • Receipt and payment account is equivalent to (a) income and expenditure (b) cash account (c) trading account (d) profit and loss account
  • 25% mark-up is equivalent to —————— margin   (a) 50% (b) 331/3 % (c) 20% (d) 75%
  • The balance of the provision for depreciation account is shown  in the (a) trial balance as a debit (b) trial balance as a credit (c) balance sheet as a current assets
  •       Outstanding rent of N300 is paid by the proprietor, the entry in the balance sheet is that (a) both asset and the liability are increased (b) both asset and the liability is decreased. (c) liability is increase while the asset is decreased (d) liability is decreased while the asset is increased
  • When a buyer returns damaged goods to the seller, the buyer received a (a) profoma invoice (b) credit note (c) debit note (d) consignment note 
  • Trade discount is (a) allowance for prompt payment (b) allowance for damaged goods (c) allowance of price list (d) discount on debtors.
  • Which of the following is not true of capital expenditure? (i) assets required for the purpose of earning income (ii) extension of office building (iii) it is incurred and its full benefits consumed one period of account (a) I only (b) ii only (c) I and ii only (d) ii and iii only                               

              Use the following information to answer questions 6-8


Sales                                                                                                                    58,000

Opening stock                                                                                                     7,000

Purchases                                                                                                           32,000

Carriage inward                                                                                                  1,000

Carriage outward                                                                                                  1,500

Returns inward                                                                                             500

    Closing stock                                                                                                       2,500

  • What is gross profit? (a) N31,000 (b) N30,000 (c) N 20,500(d) N20,000
  • What is the net profit? (a) N15,000 (b) N14,500 (c) 13,500 (d) 13,000
  • What is the net sale? (a) N35,000 (b) 40,000 (c) 57,500 (d) 58,500
  • In the absence of a partnership deed, capital contributed by partners attracts an interest of? (a) 0% (b) 5% (c) 10% (d) 15%
  • Which of the following does not belong to the group? (a)debtors  (b)electricity (c) salaries (d) sundry expenses
  • Which of the following is a fictitious asset? (a) building (b) debtors (c) prepaid expenses (d) preliminary expenses
  • Which of the following is not current asset? (a) cash (b) debtors (c) machinery(d) prepayment


  1. Explain the following types of account and in each case, state the rules regarding the recording of transactions in debit and credit side :
  2. Personal account  (b) Real account  (c) Nominal Account  (d) liabilities account  (d) profit and loss account (e)  assets account
  3. (a) explain five events that may lead to the dissolution of a partnership  (b) state how the proceeds from dissolution of partnership are applied
  4. (a) state the uses of control account  (b) state five items that are debited to the sales ledger control account  (c) state five subsidiary books from which sales ledger control account are compiled
  5. (a)(i). explain reserves  (ii) list two classification of reserves     (b) state three ways in which reserves are utilized   (c) list four example of reserves


  • Ogun and Dapo are in partnership sharing profit and loss in the ratio 3:2. the following is the trial balance as at    31st December  1995

        Trial balance                                                           Dr                Cr    

                                                                                        N                              N

Capital:  Ogun                                                                                              100,000

               Dapo                                                                                        50,000

Drawings: Ogun                                                           6,000

                 Dapo                                                             5,000

     Purchases                                                                   12,000

Sales                                                                                                              20,000               Sales returns                                                               4,000

     Purchases returns                                                                                             2,000

            Stock 1st Jan 1995                                                     10,000

            Carriage inwards                                                          1,200

            Salaries and wages                                                     15,000

            Bad debts                                                                          1,000

            Office expenses                                                               2,400

            Loan – Okafor                                                                                                    14,000

     Provision for doubtful debts                                                                                    300

          Discount allowed                                                              1,150

           Discount received                                                                                            1,100

           Building at cost                                                                   30,000

           Machinery at cost                                                            109,100

           Cash at bank                                                                         8,000

            Motor van at cost                                                               50,000

             Electricity                                                                               50

            Provision for depreciation motor van                                                           10,000

              Debtor s                                                                               20,000

           Creditors                                                                                                            10,000

          Bills payable                                                                                                        9,000

            Bills Receivable                                                                     17,500

       Current account balance : Ogun                                                                           1,500

                                                 Dapo                                                                              1,000

                                                                                                             400,900          400,900

Additional information: (a) stock at close N15,000 (b) electricity prepaid  N20 (c) interest on drawings 5% (d) partnership salary Ogun N2,000 (e) salaries and wages accrued N1,000 (f) interest on capital at 10% (g) depreciation motor van 10% (h) provision for bad debt is to be reduced to N200 (i) Ogun withdrawn goods for his own use N7,000

You are require to : (a) prepare to trading, profit and loss account for the year ended 31st December, 1995 (b) Partners capital account .   (15 marks)

  •  The following balances were extracted from the books of learningfield enterprises on 30th june 2015.


Purchase ledger ( cr ) 1/6/14                                                                              7,532

Sales ledger ( dr ) 1/6/14                                                                                     7,948

Purchases day book                                                                                              90,454

Sales day book                                                                                                        77,530

Return outward day book                                                                                   3,960

Return inward day book                                                                                      14,180

Cheque received from customers                                                                     56,680

Cheque paid to supplier                                                                                       61,860

Cash refund from a supplier who was overpaid                                            240

Discount allowed                                                                                                      3,774

Discount received                                                                                                        2,678

Credit notes received                                                                                                   280

Debit notes issued                                                                                                         530

You are required to prepare:

  1. Debtors ledger control account
  2. Creditors ledger control account                                   (15 marks)        
  • The following balance were extracted from the books of Francis-Fortune Enterprises on 31st December, 2015


Freehold Premises                                                              50,000

Capital                                                                                   81,445

Trade Debtors                                                                     28,750

Trade Creditors                                                                    26,150

Furniture and Fitting (cost N22,500)                            16,250

Rent                                                                                          950

Electricity                                                                              675

Provision for bad and doubtful debt(1/1/2015)        288

Office Equipment  ( cost N20,000)                               15,500

Stock  (1/1/2015)                                                             7,750

General expenses                                                  2,350

Rates                                                                                         625

Cash in hand                                                                           137

Bank Overdraft                                                                   4,475

Bank charges                                                                           375

Purchases                                                                              60,750

Sales                                                                                       74,000

Carriage inward                                                                 395

Salaries                                                                                   1,700

Discount allowed                                                               485

Discount received                                                              332

Additional information: (a) closing stock N6635 (b) salaries in arrears N875 (c) prepaid expenses: rent N150, rates N138 (d) provision for bad debts to be reduced to N225 (e) all fixed assets are to be depreciated at 5% on cost.  You are  required to prepare a: (i) trial balance as at 31st Dec. 2015, and (ii) Trading profit and loss account for the year ended 31st Dec.2015.  (15 marks)

8.         Below is a summary of the receipt and payments of  unity club for the year ended      31st Dec. 2015


Balance 01/1/15                                                                                              48,310

Proceeds from dance                                                                                      36,150

Transfer to bank deposit                                                                              120,000

Rates                                                                                                                 10,000

Wages paid                                                                                                    72,300

Entrance fees received                                                                                     5,000

Subscription received                                                                                  300,000

Equipment bought                                                                                         40,000

Repairs                                                                                                              16,172

General expenses                                                                                            48,896

Stationery bought                                                                                              9,790

Interest received on bank deposit                                                                  12,000

Donation received                                                                                                4,200

Additional information (a) wages of N4,800 were due and unpaid at 31st December  2015 (b) Rates prepared amounted to N2,000 (c) general expenses include N3,000 owing since the  previous year. (d) of the subscriptions received N8,000 was in arrears the previous year while N20,000 was paid in advance for the coming year. In addition N12,000 was still owing at 31st December, 2015 (e) the club had the following properties on 1st January 2015.


  1. Club house                                                                                               960,000
  2. Equipments                                                                                             600,000
  1. Bank deposit                                                                                           400,000
  2. (f) Depreciate club house by 5% and equipment including additions within the year by 10%.

You are required to prepare: (i) receipt and payment account for the year ended 31st December 2015 (ii) Income and expenditure account for the year ended 31st December 2015  (iii) Balance sheet as at that date.  15 marks

  • The following balances have been extracted from the books of Badagry East Local Government for the year ended 31st December, 2006.

HEAD                 PARTICULARS                                                                                                      N

1001                                       Taxes                                                                                                    7,000,000

1002                                       Rates                                                                                                       4,500,000

1003                                       Local licenses                                                                                         500,000

1004                                       Earning from commercial undertaking                                       200,000

1005                                       Rent on local Government properties                                    1,000,000

2001                                       Renovation of chairman’s office                                                2,000,000

2002                                       Construction of market stalls                                                       1,500,000

2003                                       Office of the secretary                                                                   1,500,000

2004                                       Department of personnel management                                 2,000,000

2005                                       Department of finance and supplies                                        2,000,000

2006                                       Agriculture and community development                             1,500,000

3001                                       External loans                                                                                    2,000,000

3002                                       Grants                                                                                                  2,500,000

3003                                       miscellaneous receipts                                                                  1,500,000

You are required to prepare the Revenue and expenditure for the year ended 31st December, 2006.


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