Account Mock Examination Questions 2 2019/2020 Session – Senior Secondary School Three( SSS 3)


                             1 BENSON AVENUE, LEKKI PHASE 1, LAGOS

                                 MOCK EXAMINATION 2019/2020

SUBJECT:  ACCOUNT  CLASS: SS 3            TIME:  3hrs 50minutes

  1. The two fundamental books of accounts are (a) return inward and outward                               (b)  journal and ledger (c) discount allowed and received (d) credit note and debit note
  2. Which of the following is a capital expenditure  (a) extension of building                                               (b) repairs of generator  (c) purchase of stock  (d) purchase of stationery
  3. Expenses accrued at  the end of the accounting year is treated in the balance sheet as                     (a) current assets  (b) current liability  (c) fixed assets (d) long term liability
  4. Another name for owner’s equity is (a) loan (b) debtors (c) capital  (d) overdraft
  5. The reduction in the value of goodwill is  (a) amortization (b) appreciation (c) depletion                (d) depreciation

                     Use the following information to answer question 6 – 8


               Opening Stock                                                                              4000

               Purchases                                                                                    12,000

               Carriage inward                                                                               300

               Return outward                                                                                322

               Sales                                                                                             20,000

               Closing stocks                                                                                6000

  • The cost of goods sold is  (a) N16,300   (b) N15,978  (c) N10,022 (d) N9,978
  • The cost of goods available foe sales is (a) N16,300   (b) N15,978  (c) N10,022             (d) N9,978
  • The gross profit is  (a) N12,300  (b) N11,978  (c) N10,022  (d) N9,978
  • Which of the following is not recorded in a partnership appropriation account                                         (a) interest on capital (b) partners drawings  (c) share of profit  (d) interest on drawings
  • When a transaction is completely left out from the books, it is an error of                                                    (a) commission  (b) omission  (c) principle  (d) compensation
  • Which of the following is not a subsidiary book? (a) sales day book                                                  (b) purchase day book (c) general journal (d) trial balance
  • In departmental account, rent is apportioned on the basis of  (a) purchase                                                    (b) floor area occupied (c)number of personnel in each department  (d) volume of sales
  • The document used in governmental accounting to show evidence of cash receipts and payments is the   (a) budget  (b) warrant  (c) votes  (d) voucher
  • Which of the following errors will affect the total of the trial balance?(a) compensating error (b) complete reversal of entry (c) error of addition (d) error of original entry

                   Use the following question to answer question 15 to 17

         Okoro and Osuala are partners sharing profits and losses in the ratio 3:2 respectively. Their   respective capitals were N40, 000 and N15, 000 and their drawings were N7, 000 and N5, 000. Interest on capital was 5% and interest on drawings was 10%. The net profit was N30, 000

  1. Okoro’s share of profit is  (a) N17,070  (b) N16,070 (c) N11,380(d) N10,000
  2. Osula’s interest on drawings is (a) N2,000  (b) N750  (c) N700 (d) N500
  3. The total interest on capital is (a) N4,000  (b) N2,750  (c) N2,000  (d) N750
  4. Which of the following is an example of subsidiary book?                                                                (a) cash book (b) bank account   (c) control account (d) trial balance
  5. Goods returned by buyer is recorded in the seller’s book as  (a) carriage inwards                                               (b) carriage outwards (c) returns outwards (d) returns inwards
  6. The method of ascertaining capital from incomplete records is by preparing the                                          (a) cash book (b) statement of affairs  (c) suspense account (d) control account
  7. A petty cashier operates with an imprestof  N1,000 per week. At the end of the week he had disbursed N920. How much is needed to restore the imprest?                                                                           (a) N1,920 (b) N1,000 (c) N920 (d) N80
  8. Accumulated fund is also referred to as (a) surplus (b) profit  (c) deficit (d) capital
  9. Subscriptions owed by member of a club is a/an  (a) asset (b) liability (c) profit                               (d) surplus
  10. Prime cost is derived by adding  (i) cost of raw material consumed  (ii) indirect expenses (iii) direct labour  (iv) factory expenses (v) work in progress  (vi) direct expenses                                              (a) ii and iv only  (b) iii and iv only (c) iv, v and vi only (d) ii, iii and v only
  11. The document from which entries are transferred to the purchase day book is the                                              (a) way bill (b) credit note (c) receipt (d) invoice
  12. A book keeper debit motor vehicle account instead of motor van account. This is an error of    (a) commission (b) original entry (c) complete reversal of entry (d) principle
  13. John received a cheque from Dauda , a debtor , in payment of goods purchased by Dauda on credit. The transaction will be recorded in John’s   (a) cash book and sales ledger                             (b) nominal ledger and sales ledger (c) cash book and purchases ledger (d) nominal ledger and purchases ledger

                 Use the following information to answer question 28 and 29


         Prime cost                                                             4,000

         Factory overheads                                                 6,000

       Stock on 1/1/09 work- in- progress                         1,000

       Stock on 31/12/09 work- in- progress                      2,000

       Returns inwards                                                     800

       Sales                                                                        20,000

  • Cost of production is (a) N10,000 (b) N9,000 (c) N8,000 (d) N6,000
  • Net sales for the period is  (a) N20,000  (b) N 20,800  (c) N19,200  (d) N10,000
  • The total value received by a company as consideration for shares issued constitutes    (a) paid-up capital (b) authorized capital (c) working capital (d) capital employed
  • The first calculating machine in data processing was   (a) abacus  (b) pascal  (c) punched cards (d) digital
  • The going concern concept assumes that (a) every transaction is represented by a debit and credit (b) the currency must not change      (c) the firm is a legal entity  (d) the business will continue to operate indefinitely
  • Which of these following is not a purpose for which share premium may be utilized    (a) issuing fully paid bonus shares (b) writing of preliminary expenses  (c) settling sales men commission (d) providing for redeemable preference shares
  • A debenture is a   ——————————- (a)  loan capital raised by a company   (b) money given to a company as a gift (d) accrued expenses  (d) share capital
  • The concept which deals with the exclusion of trivial items in the accounting record is (a) consistency  (b) going concern  (c) materiality  (d) money measurement
  • Which of the following is not an example of capital reserve?  (a) share premium     (b) retained profits  (c) surplus on revaluation of assets (d) pre- incorporation profits
  • Goods sent to branch are recorded in the head office’s  books  at  (i) selling price (ii) cost price plus mark-up percentage  (iii) cost price                                            (a) I and ii only  (b) I and iii only  (c) ii and iii only  (d) I ,ii and iii
  • Computer memory sizes are measured in   (a) kilometres  (b) kilowatts (c) kilobytes  (d) centimetres
  • Rent owing by a department is treated in the balance sheet as  (a) asset of the business (b) asset of the department (c) liability of the business (d) liability of the department
  • When shares are issued to the public and issuing company has not requested for payments, it is referred to as                                                                                                                                                            (a) authorized capital  (b) paid-up capital  (c) uncalled capital  (d) unissued capital

                Use the following information to answer questions number 41 and 42

        Ogogo’s Sales Ledger Control Account

                                             N                                                                              N

         Balance b/d           25,180                            Discounts allowed                    1,936

        Sales                        43,220                            Sales returns                          1,884

       Dishonouredcheque      542                   Cash received from customers            xxxx

                                                                                Balance c/d                            5,122

                                                68,942                                                                  68,942       

  • Net sales is   (a) N41,878   (b) N41,336  (c) N41,284  (d) N39,400
  • The total cash received from customers is    (a) N68,942  (b) N60,000  (c) N43,220  (d) N41,336
  • The diagrammatic representation of the workings of the computer program is (a) flow chart  (b) desk top  (c) key board  (d) bytes
  • The process of recording financial transactions of governments is  (a) management accounting   (b) financial accounting  (c) cost accounting  (d) public sector accounting
  • A bank statement shows a debit balance of  N475 after the entry of an uncredited cheque of N800. The new balance is    ——————————————–   (a) N365 overdraft (b) N325   (c) N1,275   (d) N1,275 overdraft
  • The business entity concepts   ——–   (a) separate the business transactions from the owners transactions  (b) record transactions outside the business (c) does not separate the owners transactions from the business transactions  (d) involves other business transactions
  • Which of the following is not used in public sectors accounting                                                                    (a) cash book  (b) trial balance  (c) profit and loss account (d) bank reconciliation statements
  • The concepts which state that assets should not be recorded at their current market value is   (a) money measurement  (b) materiality  (c) cost  (d) entity
  • Provision for depreciation of delivery van is charged to   (a) trading account             (b) profit and loss account  (c) appropriation account  (d) manufacturing account
  • Which of the following date lines is correct for a profit and loss account  (a) for the year ended 31st December 2009 (b) as a 31st December 2009  (c) for the period of 31st December 2009 (d) as at the year 2009.


  1. Explain any three of the following  ( a) computer error   (b) garbage in garbage out   (c) downtime  (d) debugging  (e) computer service bureau/ cyber café
  2. In the context of company account explain  the following  (a) promoter  (b) prospectus  (c) underwriting  (d) bonus issue  (e) dividend
  3. (a) explain three reasons why accountant will consider end of the year adjustments   (b) explain how the following  items are treated in the trading profit and loss account and the balance sheet  (i) provision for doubtful debts  (ii depreciation of fixed assets (iii) accrued income   (d) prepaid expenses
  4. (a) what is single entry accounting system   (b) state two characteristics of single entry accounting system  (c) state three disadvantages of single entry accounting system


  • The following information was extracted from the books of Akala enterprises

June 1:          cash balance brought forwardN40, 000

June 2:          bank balance brought forward  N112,000

June 3:          paid rent by cash  N20,000

June 4:         received loan from Osaro N10,000 by cheque

June 5:          paid general expenses by cash  N600

June 6:           bought goods by chequeN60,000

June 7:          deposit cash at bank N30,000

June 8:          sold goods N185,000 by cash

June 9:          sold goods and received cheque N194,000

June 10:        bought goods from Ali N82,000 on credit

June 11:        commission received by chequeN520

June 12:        bought stationery by cash N150

June 13:        sold goods N200,000 by cash

June 14:        withdrew cash from bank    NN43,000

June 15:        sold goods and paid proceed to bank N200,000

June 16:        bought motor van by cheque  N60,000

June 18:        paid Odion for goods bougth N5,000 by cheque

June20:        paid part of Osaro’s loan by cash N5,000

June 23:        withdrew cash from the bank  N48,500

June 25:        paid James for goods bought N25,000: N20,000 in cash, N5,000 by cheque

June 28:        paid wages in cash N75,000

June 29:        rent received by cash  N2,500

June 30:        cash sales  N120,000

You are required to write up a two column cash book for the month.

  • The following information was extracted from the books of Adesanya trading company which has three departments

Books          Electronics           Clothing

    N                     NN

Stock ——  ( 01/01/2017)                       120,000         180,000             240,000

Purchases                                               3,720,000       4,380,000          3,240,000

Stock —— ( 31/12/2017 )                       240,000          360,000            480,000

Sales                                                      4,800,000       5,400,000          4,200,000

Wages and salaries                                   120,000              60,000        180,000

Furniture                                                  360,000              180,000        240,000

Motor van                                                 300,000              360,000        240,000

Additional information:  (i) the following expenses could not be traced to ant department:

Insurance                                               N180,000

Rent                                                       N120,000

Advertising                                              N60,000

General expenses                                     N900,000

(ii) The company decided to apportion the insurance and rent in proportion to sales. Advertising and general expenses to be apportioned in the ratio 2:1:1 respectively

You are required to prepare a Departmental Trading and Profit and Loss Account for the year ended 31st December 2017.

  • The following balance was extracted from the of Haruna enterprise for the month of February 2018.


Balance  ———–  1stfeb. 2018                                                       

Sales ledger                                                                                            320 dr

                                                                                                              165 cr

Purchases ledger                                                                                     275 cr

                                                                                                              150 dr

Transactions during February 2018:

Cheques received from debtors                                                               1850

Discount allowed                                                                                         75

Credit purchases                                                                                     3,400

Credit sales                                                                                             5,200

Discount received                                                                                     128

Cash paid to suppliers                                                                             1,400

Cheques paid to creditors                                                                        1,156

Cheques from credit customers dishonoured                                                250

Bills receivable                                                                                           690

Bills payable                                                                                              480

Returns outward                                                                                          115

Interest charged on outstanding debtors balance                                           120

Bad debts                                                                                                   360

Cash from credit customers                                                                        2,200

Refund to customers for over payment                                                          100

Debit balance in respect of some supplier set-off against their balance

In the sales ledger                                                                                           400

Balance on 28th February 2018:

Purchase ledger                                                                                          142 dr

Sales ledger                                                                                                 167 cr

  You are require to prepare:

 (i) Sales ledger control Account (b) Purchase ledger control Account

  • Romeo and Juliet are in partnership, sharing profit and losses equally. They decided to dissolve the partnership on 30th April 2018. As at that date the partnership balance sheet is as follows:

Romeo and Juliet balance sheet as at 30th of April 2018

                                            N                                                                   N

Capital                                                fixed Assets:

Romeo                             600,000       plant and machinery                       650,000

Juliet                                550,000       delivery van                                      280,000

                                                               Fixtures and fittings                             170,000                                                                                                                         1,100,000

Current Account:                                         Current Assets:

Romeo                             150,000             Stock                    90,000

                                                                     Debtors                55,000

                                                                      Cash                     45,000            190,000

Current Liabilities :

Trade  Crediors                100,000              Current Account:

Juliet                                              110,000

                                          1,400,000                                                               1,400,000

Additional information:

  • The following were realized from the Assets                                     N

Plant and Machinery                                                                   580,000

Delivery Van                                                                              225,000

Stock                                                                                           110,000

Debtors                                                                                         50,000

(ii). Creditors were paid off in full (iii). Dissolution expenses totaled N50, 000 (iv) fixtures and fittings were taking over by Romeo for N50, 000

You are required to prepare (a). Realization Account (b). Partners’ capital Account in columnar form    (c) cash Account 

  • The following balances were extracted from the books of Akinyemi Local government.                                                                                      N

Bank balances                                                                          20,600

Licences                                                                                   127,560

Rates                                                                                       43,000        

Rent from shops                                                                       87,000

Court fees                                                                                90,000

Salaries                                                                                    193,000

Stationery                                                                                53,560

Purchase of bed                                                                        104,000

Maintenance of vehicle                                                             80,500

Telephone                                                                                15,000

Purchase of drugs                                                                     18,400

Repair of roads                                                                        63,000

Grants from local government                                                  200,000

You are required to prepare the (a). Trial balance   (b). Receipts and payments account of the local government.

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