Double Entry – Page 2

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

Question

In a consignment agreement, which of these transactions does NOT require a double entry in the consignee’s books?

A. Goods sold by the consignee
B. Goods received from consignor
C. Consignee’s expense
D. Consignee’s commission
E. Cheque or draft sent to consignor

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consignment, Double Entry, Transactions
Level: Level 1

FA – May 2013 – L1 – SA – Q33 – Partnership Accounts

This question tests the double-entry treatment when a partner introduces a non-current asset into a partnership.

Question

When a partner introduces a non-current asset into a partnership business, the accounting entries will be:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Non-Current Asset, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

Question

What are the accounting entries to record the cash purchase of a non-current asset?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Purchases, Double Entry, Non-current Assets
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

Question

A sole trader took some goods costing N1,000 from inventory for his own use. The normal selling price of the goods is N2,500. What are the double-entry postings required?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Drawings, Inventory
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

Question

Where a specific trade receivable is written off as bad, the corresponding credit is expected to be in
A. Purchases Account
B. Bad Debts Account
C. Allowance for Doubtful Debts Account
D. Sales Account
E. Receivables Ledger Control Account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bad Debts, Double Entry, Receivables
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

Question

The double entry rule is expressed as
A. Debit the receiver, credit the giver
B. Debit the giver, credit the receiver
C. Debit the receiver, credit the Bank/Cash account
D. Debit the Bank/Cash account, credit the giver
E. Debit amount paid, credit amount received

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Fundamentals, Basic Accounting Principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identifying the type of error that does not affect a trial balance.

Question

Which of the following errors will NOT affect the agreement of a Trial Balance?

A. Error in computation of balances
B. Transposition of figures
C. Errors of wrong posting in the debit and credit columns
D. Errors of principle
E. Double entry errors

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Errors, Double Entry, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2013

FA – May 2018 – L1 – SB – Q4c – Depreciation Methods

Prepares ledger accounts for plant and machinery, office equipment, and bank transactions for Jingolo.

Question

Mr. Jingolo is a trader who prepares accounts to December 31 each year. The following transactions with regard to non-current assets have taken place:

January 3, 2015: Purchased one office equipment for N2,000,000.
July 5, 2016: Purchased plant and machinery costing N50,000,000.
December 1, 2016: Purchased plant and machinery for N20,000,000.
December 15, 2017: Bought office equipment for N1,000,000.
Bank balance as at January 1, 2015 was N100,000,000.

Mr. Jingolo maintains his non-current assets at cost and keeps a separate ledger for each type of non-current asset. All assets are purchased and are paid for immediately.

Required:
i. Prepare plant and machinery account. (1 Mark)
ii. Prepare office equipment account. (3 Marks)
iii. Prepare bank account. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Double Entry, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2018 – L1 – SA – Q13 – Partnership Accounts

Identifies the correct double entry for partners' drawings in a partnership account.

Question

The double entry for partners’ drawings is to:
A. Debit appropriation account and credit drawings account
B. Debit partners’ current accounts and credit cash account
C. Debit cash account and credit appropriation account
D. Debit partners’ current accounts and credit appropriation account
E. Debit appropriation account and credit cash account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Drawings, Partnership Accounts
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2018

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

Question

Computer Company Limited recently bought ten computers for its use, which of the following is the correct method of recording this transaction?
A. Debit computers account and credit cash account
B. Debit purchases account and credit cash account
C. Debit cash account and credit purchases account
D. Debit cash account and credit computers account
E. Debit computers account and credit purchases account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Recording, Double Entry, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2018

FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles

Correct the effect of error in recording a credit sale.

Question

A credit sale of ₦257,000 was recorded in the day book as ₦275,000. The effect is that
A. Assets, liabilities, and equity are understated
B. Assets, liabilities, and equity are overstated
C. Assets and liabilities are overstated; no effect on equity
D. Assets and equity are overstated; no effect on liabilities
E. Equity and liabilities are understated; no effect on assets

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Errors, Double Entry, Recording Errors
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2021

FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identify the correct statement regarding cash discount.

Question

Which of the following is CORRECT in respect of cash discount?
A. Discount allowed is a deduction from trade payables
B. Discount received is a deduction from sales
C. Discount columns in cash book form part of the double entry
D. The total amount of discount on the debit side of cash book is an income
E. The total amount of discount on the credit side of cash book is discount received

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Cash discount, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2021

FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying the correct expression of the double entry rule.

Question

Double entry rule is expressed as

A. Debit the receiver, credit the giver

B. Debit the giver, credit the receiver

C. Debit the receiver, credit the bank/cash account

D. Debit the bank/cash account, credit the giver

E. Debit the amount paid, credit the amount received

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2023

FA – Nov 2019 – L2 – SB – Q6 – Accounting for Property, Plant, and Equipment (PPE)

This question deals with the accounting treatment for the disposal of property, plant, and equipment, including depreciation and profit/loss on disposal.

Question

a. The disposal of property, plant, and equipment (PPE) requires the determination of profit or loss on the asset and the subsequent de-recognition of affected assets.

Required:
State the double entries required to record the following events:
(7 Marks)

b. Davidsco Ventures Limited prepares its financial statements to December 31, each reporting year.
The company’s policy is to write off its plants at the rate of 10% per annum over a ten-year period.

During the year ended December 31, 2018, the company’s manufacturing plant register, in respect of three plants, is made available to you as follows:

Plant	Acquisition Date	Amount (N’000)
Plant DV001	July 01, 2016	1,200
Plant DV002	January 01, 2017	1,600
Plant DV003	October 01, 2018	900

The payments for the plants were made by cheque on the date of purchase.

The plant purchased in 2016 was sold on September 30, 2018 for N1,100,000.

The company charges depreciation on a time apportionment basis.

Required:

i. Prepare the plant account. (5 Marks)
ii. Prepare the provision for depreciation account. (5 Marks)
iii. Prepare the plant disposal account. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Double Entry, PPE Disposal, Profit and Loss on Disposal
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2019

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

Question

Question:
c. Using the following list of balances extracted from the ledger accounts of John Thomas Enterprises, the MD/CEO wants you to confirm if the various double entries passed by the newly employed accounts officer were arithmetically correct:

Description	N’000
Revenue	53,000
Purchases	32,200
Property, Plant, and Equipment (Cost)	59,000
Accumulated Depreciation	25,000
Inventory as at July 1, 2018	7,800
Interest Expense	200
Administrative Expenses	7,000
Accrued Expenses	400
Distribution Cost	8,900
Retained Earnings	23,500
Bank Overdraft	1,000
Cash and Cash Equivalent	200
Accounts Receivables	9,000
Finance Cost	1,000
5% Loan Note	5,000
Share Capital	10,000
Other Components of Equity (OCE)	5,000
Accounts Payables	2,400

Required:
Extract a trial balance for the period ended June 30, 2019. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Extraction, Ledger, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2019

FA – May 2017 – L1 – SA – Q5 – Accounting Treatment for Bad and Doubtful Debts

Double-entry for cash received on previously written-off debt.

Question

The double entry to record cash received in a subsequent year on debt which had been written off as bad in a previous period is

A. Debit trade receivables account, Credit cash account
B. Debit bad and doubtful debts expense account, Credit cash account
C. Debit cash account, Credit bad debt expense account
D. Debit trade receivables account, Credit bad debt expense account
E. Debit cash account, Credit profit or loss account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bad Debts, Debt Recovery, Double Entry
Level: Level 1

Topic: Bad and Doubtful Debts
Series: MAY 2017

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

Question

State SIX steps necessary for converting from single entry and incomplete records to double entry. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Conversion, Double Entry, Single Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAR/JULY 2020

Question Tag: Double Entry

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q33 – Partnership Accounts

This question tests the double-entry treatment when a partner introduces a non-current asset into a partnership.

You're reporting an error for "FA – May 2013 – L1 – SA – Q33 – Partnership Accounts"

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

You're reporting an error for "FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

You're reporting an error for "FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles"

FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identifying the type of error that does not affect a trial balance.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations"

FA – May 2018 – L1 – SB – Q4c – Depreciation Methods

Prepares ledger accounts for plant and machinery, office equipment, and bank transactions for Jingolo.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4c – Depreciation Methods"

FA – May 2018 – L1 – SA – Q13 – Partnership Accounts

Identifies the correct double entry for partners' drawings in a partnership account.

You're reporting an error for "FA – May 2018 – L1 – SA – Q13 – Partnership Accounts"

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

You're reporting an error for "FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles"

FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles

Correct the effect of error in recording a credit sale.

You're reporting an error for "FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identify the correct statement regarding cash discount.

You're reporting an error for "FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying the correct expression of the double entry rule.

You're reporting an error for "FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – Nov 2019 – L2 – SB – Q6 – Accounting for Property, Plant, and Equipment (PPE)

This question deals with the accounting treatment for the disposal of property, plant, and equipment, including depreciation and profit/loss on disposal.

You're reporting an error for "FA – Nov 2019 – L2 – SB – Q6 – Accounting for Property, Plant, and Equipment (PPE)"

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

You're reporting an error for "FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations"

FA – May 2017 – L1 – SA – Q5 – Accounting Treatment for Bad and Doubtful Debts

Double-entry for cash received on previously written-off debt.

You're reporting an error for "FA – May 2017 – L1 – SA – Q5 – Accounting Treatment for Bad and Doubtful Debts"

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

You're reporting an error for "FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles"

Our offerings

Contact Info

Customer

Get In Touch

admin