Multiple Choice – Page 6

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 – Q10 – Financial Statement

This question tests the knowledge of the components of financial statements as per IAS 1.

Question

In accordance with IAS 1-Presentation of Financial Statements, which of the following is NOT a component of financial statements?
A. Statement of financial position
B. Statement of profit or loss and other comprehensive income
C. Statement of changes in equity
D. Statement of affairs
E. Statement of cashflows

Answer

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

FA – Nov 2021 – L1 – SA – Q9 – Inventory

This question tests knowledge of costs included in inventory valuation as per IAS 2.

Question

According to IAS 2-Inventories, which of the following costs should be included in determining the value of inventories of a manufacturing company?
A. Carriage inwards
B. Carriage outwards
C. General administrative overheads
D. Depreciation of land and building
E. Discount allowed

Answer

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Tags: IAS 2, Inventory Valuation, Multiple Choice
Level: Level 1

Topic: Inventory
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q8 – Accounting Concepts

This question identifies which of the provided options is not an accounting concept.

Question

Accounting concepts are generally accepted principles used in the preparation and presentation of financial statements. Which of the following is NOT an accounting concept?
A. Going concern
B. Impairment
C. Matching
D. Periodicity
E. Prudence

Answer

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Tags: Accounting Concepts, Financial Statements, Multiple Choice
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

This question asks about the treatment of subscription in arrears in a not-for-profit organization.

Question

Subscription in arrears is treated in the statement of financial position of a not-for-profit organisation as:
A. Current asset
B. Current liability
C. Non-current assets
D. Intangible asset
E. Tangible asset

Answer

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Tags: Multiple Choice, Not-for-profit, Subscription in Arrears
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q6 – Control Accounts

This question explores the role of control accounts in accounting.

Question

The control account is used in facilitating:
A. The location of errors in the various accounts
B. To update bank transactions
C. The payment of debts and liabilities of the firm
D. Location of petty cash book error
E. Balancing the trial balance

Answer

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Tags: Control Accounts, Error Detection, Multiple Choice
Level: Level 1

Topic: Control Accounts
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q5 – Bank Reconciliation

This question asks about an item credited in the bank statement but not recorded in the cash book.

Question

An item credited in the bank statement but yet to be recorded in the firm’s cash book is:
A. Standing order
B. Direct credit
C. Direct debit
D. Uncredited lodgements
E. Unpresented cheques

Answer

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Tags: Bank Reconciliation, Multiple Choice, Unrecorded Items
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Question

Success Motors bought three Toyota Jeeps on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the:
A. Sales day book
B. Purchase day book
C. Payable account
D. Cash book
E. Purchases account

Answer

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Tags: Business Transactions, Cash Book, Multiple Choice, Vehicle Purchase

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

Question

A cheque of N5,000,000 paid to Alhaji Daleko was correctly entered in the cash book but omitted in Alhaji Daleko’s account. To correct this error, debit Alhaji Daleko’s account and credit:
A. Cash account
B. Bank account
C. Suspense account
D. Purchases account
E. Control account

Answer

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Tags: Error Correction, Ledger Balances, Multiple Choice
Level: Level 1

Topic: Correction of errors
Series: NOV 2021

FA – Nov 2021 – L1 – SA – Q2 – Financial Statements

This question tests the understanding of correct accounting principles.

Question

Which of the following is a correct accounting principle?
A. Revenue should be supported by equity
B. There should be a balance in the account payable in order to measure total assets
C. Where total liabilities is zero, the assets are equal to equity
D. Total liabilities and equity are equal
E. Total assets can be less than liabilities and equity

Answer

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Tags: Accounting principles, Financial Statements, Multiple Choice
Level: Level 1

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

Question

Which of the following will result in an increase in cash of the business?
A. Drawings from the business
B. Payments for a new asset
C. Proceeds from disposal of non-current assets
D. Payments to suppliers
E. Goods sold on credit to customers

Answer

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Tags: Asset Disposal, Business Transactions, Cash Inflow, Multiple Choice
Level: Level 1

Topic: Accounting Concepts
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.

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

Identifies the condition under which a debtor is considered bankrupt.

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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 – Q10 – Financial Statement

This question tests the knowledge of the components of financial statements as per IAS 1.

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FA – Nov 2021 – L1 – SA – Q9 – Inventory

This question tests knowledge of costs included in inventory valuation as per IAS 2.

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FA – Nov 2021 – L1 – SA – Q8 – Accounting Concepts

This question identifies which of the provided options is not an accounting concept.

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FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

This question asks about the treatment of subscription in arrears in a not-for-profit organization.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities"

FA – Nov 2021 – L1 – SA – Q6 – Control Accounts

This question explores the role of control accounts in accounting.

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FA – Nov 2021 – L1 – SA – Q5 – Bank Reconciliation

This question asks about an item credited in the bank statement but not recorded in the cash book.

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FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

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FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

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FA – Nov 2021 – L1 – SA – Q2 – Financial Statements

This question tests the understanding of correct accounting principles.

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FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

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