Multiple Choice – Page 5

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

Question

A Trustee is not paid a remuneration because

A. He is a friend of the testator
B. He is a volunteer
C. He is a rich man
D. His reward is in the hereafter
E. He has no need of money

Answer

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Tags: Multiple Choice, Remuneration, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

Question

A debtor is said to be bankrupt when

A. A creditor obtains a final court order against him
B. A court declares that he is solvent
C. He pays his debts
D. He promises to pay his creditors
E. The creditors do not trust him

Answer

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Tags: Bankruptcy, Creditor's Rights, Insolvency Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

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Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

Question

A bill lacking in some material particular is known as

A. Inland bill
B. Incomplete or inchoate bill
C. Promissory bill
D. Esoteric bill
E. Accelerated bill

Answer

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Tags: Bills of Exchange, Multiple Choice, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

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Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

Question

The membership of a Partnership for the practice of accountancy is

A. 20
B. 30
C. 40
D. 50
E. Unlimited

Answer

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Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

Question

On incorporation, a public company must hold its Statutory meeting within

A. 6 months
B. 5 months
C. 3 months
D. 2 months
E. 1 month

Answer

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Tags: Company Law, Incorporation, Multiple Choice, Statutory Meeting
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

Question

The following disqualifies a Director of a company EXCEPT

A. Insanity
B. Conviction
C. Bankruptcy
D. Being a principal partner
E. Court order

Answer

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Tags: Company Law, Director Disqualification, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

Question

The liability of the members of a company limited by guarantee to contribute to the assets, in the event of its being wound up, shall not be less than

A. N 10,000
B. N 20,000
C. N 30,000
D. N 40,000
E. N 50,000

Answer

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Tags: Company Law, Guarantee Companies, Liability, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

Question

The right to transfer an interest in the share of a company can be limited by the

A. Memorandum of Association
B. Articles of Association
C. Policy Manual of the company
D. Company’s directors
E. Secretary of the company

Answer

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Tags: Articles of Association, Company Law, Multiple Choice, Shares
Level: Level 1

Topic: Company Law
Series: NOV 2013

FA – Nov 2021 – L1 – SA – Q20 – Partnership Accounting

This question addresses when goodwill can be valued in a partnership.

Question

Goodwill can be valued in partnership when:
A. Partners make a profit
B. Large losses are made
C. A partner retires
D. A new branch is opened
E. A partner receives a salary

Answer

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Tags: Goodwill, Multiple Choice, Partnership, Valuation
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q19 – Financial Statements

This question tests the ability to identify which of the listed items is not a liability.

Question

Which of the following is NOT a liability?
A. Accrued wages
B. Trade Payables
C. Prepayments
D. Insurance due but unpaid
E. Rent arrears

Answer

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Tags: Financial Statements, Liabilities, Multiple Choice
Level: Level 1

FA – Nov 2021 – L1 – SA – Q18 – Accruals and prepayments

This question identifies the fundamental accounting concept related to prepaid and accrued expenses.

Question

Adjustments are made for prepaid and accrued expenses in order to comply with which fundamental accounting concept?
A. Matching
B. Prudency
C. Aggregation
D. Materiality
E. Consistency

Answer

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Tags: Accrued Expenses, Matching Concept, Multiple Choice, Prepaid Expenses
Level: Level 1

Topic: Accruals and prepayments
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q17 – Accounting Concepts

This question calculates the profit based on capital and drawings during a period.

Question

A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital and drawings during the year were N225,000, N260,000 and N10,000 respectively. Determine the profit for the period:
A. N25,000
B. N45,000
C. N55,000
D. N65,000
E. N75,000

Answer

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Tags: Capital, Multiple Choice, Profit
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q16 – Accounting Concepts

This question identifies basic features of the single-entry system of accounting.

Question

The basic features of the single entry system of accounting are:
A. Books of accounts are not maintained and business relies only on bank statement
B. The journal records are absent and only the main ledger is kept
C. There are incomplete classifications and recording of accounting procedures
D. Only credit sales transactions and credit purchases are recorded
E. Only debit entries are made

Answer

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Tags: Incomplete Records, Multiple Choice, Single entry system
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q15 – Bank Reconciliation

This question focuses on which bank reconciliation items should not be adjusted in the cash book.

Question

Which of the following bank reconciliation items should NOT be added or subtracted from the cash book balance to determine the adjusted bank balance?
A. Bank service charges
B. Unpresented cheques
C. Direct transfer
D. Cash book error
E. Value added tax charges

Answer

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Tags: Bank Reconciliation, Cash Book, Multiple Choice
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q14 – Accounting Concepts

This question identifies the fixed amount given to a petty cashier.

Question

The fixed amount of money given to a petty cashier at the beginning of a period is called:
A. Float
B. Imprest
C. Petty cash
D. Cash received
E. Cash advance

Answer

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Tags: Imprest System, Multiple Choice, Petty Cash
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q13 – Accounting Concepts

This question requires calculating the amount of cash paid out during a period.

Question

In a cash book, the opening balance was N70,600, closing balance was N86,600 and the total cash received during the period was N180,000. What was the amount of cash paid out during the period?
A. N89,000
B. N98,000
C. N146,000
D. N164,000
E. N186,000

Answer

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Tags: Cash Book, Cash Flow, Multiple Choice, Payments
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q12 – Sale of Goods

This question tests knowledge of the source document used for the sales day book.

Question

A source document for the sales day book is:
A. An invoice
B. Cheque stub
C. A customer advice
D. A credit advice
E. A requisition form

Answer

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Tags: Multiple Choice, Sales Day Book, Source Documents
Level: Level 1

Topic: Sale of Goods
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q11 – Trial Balance

This question evaluates the treatment of discounts in the cash book and their impact on the trial balance.

Question

If the total discount allowed in a cash book was N52,000 and the total discount received was N66,700, which of the following is TRUE concerning the two discounts?
A. They should not appear in the trial balance as they were already either received or paid out
B. They must be balanced in the cash book and the difference taken to the receivables
C. They must not appear in the general ledger
D. They must be balanced in the cash book and the difference taken to the trial balance
E. They should not be balanced in the cash book before being taken to the trial balance

Answer

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Tags: Cash Book, Discounts, Multiple Choice, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2021

Question Tag: Multiple Choice

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BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts"

BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking"

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

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BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

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BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

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BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

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BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

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BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

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BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

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BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

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FA – Nov 2021 – L1 – SA – Q20 – Partnership Accounting

This question addresses when goodwill can be valued in a partnership.

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FA – Nov 2021 – L1 – SA – Q19 – Financial Statements

This question tests the ability to identify which of the listed items is not a liability.

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FA – Nov 2021 – L1 – SA – Q18 – Accruals and prepayments

This question identifies the fundamental accounting concept related to prepaid and accrued expenses.

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FA – Nov 2021 – L1 – SA – Q17 – Accounting Concepts

This question calculates the profit based on capital and drawings during a period.

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FA – Nov 2021 – L1 – SA – Q16 – Accounting Concepts

This question identifies basic features of the single-entry system of accounting.

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FA – Nov 2021 – L1 – SA – Q15 – Bank Reconciliation

This question focuses on which bank reconciliation items should not be adjusted in the cash book.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q15 – Bank Reconciliation"

FA – Nov 2021 – L1 – SA – Q14 – Accounting Concepts

This question identifies the fixed amount given to a petty cashier.

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FA – Nov 2021 – L1 – SA – Q13 – Accounting Concepts

This question requires calculating the amount of cash paid out during a period.

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FA – Nov 2021 – L1 – SA – Q12 – Sale of Goods

This question tests knowledge of the source document used for the sales day book.

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FA – Nov 2021 – L1 – SA – Q11 – Trial Balance

This question evaluates the treatment of discounts in the cash book and their impact on the trial balance.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q11 – Trial Balance"

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