Accounting Concepts – Page 4

FA – May 2012 – L1 – SA – Q40 – Accounting Concepts

Identifying the term for the excess of minimum royalty over actual royalty paid.

Question

The excess of minimum royalty over actual royalty paid on output is called ………………..

Answer

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Tags: Lease Agreements, Royalty
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q39 – Accounting Concepts

Identifying the name of the series of accounting activities from the beginning to the end of the accounting period.

Question

The series of accounting activities that take place from the beginning of the accounting period of an enterprise to the end of that period, and repeated in subsequent years, is known as …………………………..

Answer

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Tags: Accounting Cycle, Periodic Activities
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q26 – Accounting Concepts

Calculating the mark-up percentage based on selling price.

Question

A computer company operating retail stores in six cities in Nigeria invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on the selling price?

Answer

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Tags: Mark-Up, Selling Price
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q18 – Accounting Concepts

Identifying the aggregate of prime cost and indirect overheads.

Question

The aggregate of prime cost and indirect overheads is:

A. Cost of goods sold
B. Cost of materials used in production
C. Market value of goods produced
D. Factory cost
E. Total overhead

Answer

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Tags: Costing, Factory Costs, Overheads
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q16 – Accounting Concepts

Determining correct statements regarding margin and mark-up.

Question

If goods that cost N900,000 were sold for N1,200,000, which of the following statements are correct?

(i) Mark-up is 25%
(ii) Margin is 331/3%
(iii) Margin is 25%
(iv) Mark-up is 331/3%

A. (i) and (ii)
B. (i) and (iii)
C. (ii) and (iii)
D. (iii) and (iv)
E. (ii) and (iv)

Answer

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Tags: Margin, Mark-Up, Pricing
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q12 – Accounting Concepts

Determining the correct presentation of share capital and share premium after a fresh issue of shares.

Question

At 1 January 2011, the capital structure of Jumbo Plc was as follows:

Issued share capital, 10,000,000 ordinary shares of N1.00 each: N10,000,000
Share premium account: N500,000

On 1 September 2011, the company made a fresh issue of 500,000 shares at N1.30 each. Which of the following correctly presents the company’s share capital and share premium accounts as at 31 December 2011?

A. Share capital N10,000,000, Share premium N650,000
B. Share capital N10,500,000, Share premium N650,000
C. Share capital N10,650,000, Share premium N500,000
D. Share capital N10,150,000, Share premium N1,000,000
E. Share capital N10,000,000, Share premium N500,000

Answer

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Tags: Financial Position, Share Capital, Share Premium
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q9 – Accounting Concepts

Identifying transactions that do not affect cash and bank balances.

Question

Which of the following will NOT affect cash and bank balances in the statement of financial position of a company?

A. Cash paid into the bank
B. Company’s cheque returned unpaid
C. Cheque received on account receivable paid to the bank but was returned unpaid
D. Bank charges in the statement of account
E. Cash discount on accounts receivable.

Answer

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Level: Level 1

Topic: Accounting Concepts
Series: MAY 2012

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

Question

The excess of current assets over current liabilities is referred to as?

Answer

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Tags: Current Assets, Current Liabilities
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q14 – Accounting Concepts

This question asks about the effect of understating closing work-in-progress in a manufacturing account.

Question

The effect of understating closing work-in-progress in a manufacturing account is that it?

Answer

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Tags: Manufacturing Accounts, Work in Progress
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q12 – Accounting Concepts

This question asks about the term used for profit expressed as a percentage of the selling price.

Question

Profit expressed as a percentage of selling price is known as?

Answer

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Tags: Profit Margins, Selling Price
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

FA – May 2014 – L1 – SB – Q6 – Accounting Concepts

Preparation of departmental profit or loss statement and head office statement of financial position.

Question

The following trial balance for the year ended 30 June 2013 was extracted from the books of Dapo Trading Enterprises which operates from the head office and two departments:

Additional Information:
(i) Write off bad debts of N120,000 and increase the provision for doubtful receivables to 5% of the outstanding receivables.
(ii) Depreciate furniture and fittings at 10% per annum.
(iii) Accrue N40,000 for sundry expenses owed at 30 June 2013.
(iv) The values of inventories on hand on 30 June 2013 were: Department X – N2,960,000, Department Y – N1,700,000.
(v) Catalogue in hand was valued at N60,000.
(vi) Inter-departmental transfers were made at cost.
(vii) All expenses are to be allocated between Department X and Y in the proportion of two-thirds and one-third, respectively, except for carriage inwards which is to be apportioned on the basis of purchases.
(viii) Dividend received is to be treated as Head Office income.

You are required to prepare:
a. Departmental Statement of profit or loss showing Department X, Department Y, and Head Office separately for the year ended 30 June 2013.
b. The Head Office Statement of Financial Position as at that date.

Answer

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Tags: Departmental Accounts, Profit or Loss, Statement of Financial Position
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q18 – Accounting Concepts

This question tests knowledge of the accounting entries for recording scrapped containers in container trading accounts.

Question

In accounting for Containers using container trading account method, the necessary accounting entries to record scrapped containers are ………………….

Answer

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Tags: Asset Disposal, Container Accounting, Journal Entries
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q17 – Accounting Concepts

This question tests knowledge of terminology used in container accounting for the difference between cost and carrying amount.

Question

In Container accounting, the difference between the cost and carrying amount of a container is known as …………………….

Answer

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Tags: Asset Valuation, Container Accounting, Depreciation
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q10 – Accounting Concepts

This question tests knowledge of the account used to record business acquisition from the buyer's perspective.

Question

Realisation Account is to the vendor of a business, as………………..is to the business buyer or acquirer.

Answer

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Tags: Accounting Terminology, Business Acquisition, Financial Statements
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q9 – Accounting Concepts

This question tests knowledge of the types of data stored in computerized employee salary records.

Question

State the TWO major types of data that the computer master file is expected to hold in respect of each employee’s salary records …………………..

Answer

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Tags: Data Types, Employee Records, Payroll

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q4 – Accounting Concepts

Defines the depreciable amount of an asset.

Question

What is the cost of an asset or other amount substituted from costs, less its residual value?

Answer

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Tags: Asset Valuation, Depreciation, Residual Value
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q2 – Accounting Concepts

Identifies the concept that implies independence of judgment.

Question

Which concept connotes independence of judgment on the part of the Accountant preparing financial statements?

Answer

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Tags: Accounting Concepts, Independence, Objectivity
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q17 – Accounting Concepts

Identifies a non-word processing package from the list provided.

Question

Which of the following is NOT a word processing package?
A. Wordstar
B. Informix
C. Msword Logo Script
D. Display Writer
E. Professional Writer

Answer

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Tags: Office Tools, Software, Word Processing
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q10 – Accounting Concepts

Calculates the new share premium balance after a rights issue.

Question

What is the balance on the share premium account following the rights issue?
A. N140,000
B. N150,000
C. N160,000
D. N190,000
E. N200,000

Answer

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Tags: Company Finance, Rights Issue, Share Premium
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

FA – May 2014 – L1 – SA – Q9 – Accounting Concepts

Determines the value of a rights issue for Opa Limited.

Question

Opa Limited has the following capital structure:
Ordinary share capital – 200,000 shares of 50k each – N100,000
Share Premium Account – N150,000

The company made a rights issue of 1 for 5 at N1.50, which was fully subscribed.

Determine the value of the rights issue.
A. N40,000
B. N50,000
C. N60,000
D. N70,000
E. N75,000

Answer

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Tags: Company Finance, Rights Issue, Share Capital
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

Topic: Accounting Concepts

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FA – May 2012 – L1 – SA – Q40 – Accounting Concepts

Identifying the term for the excess of minimum royalty over actual royalty paid.

You're reporting an error for "FA – May 2012 – L1 – SA – Q40 – Accounting Concepts"

FA – May 2012 – L1 – SA – Q39 – Accounting Concepts

Identifying the name of the series of accounting activities from the beginning to the end of the accounting period.

You're reporting an error for "FA – May 2012 – L1 – SA – Q39 – Accounting Concepts"

FA – May 2012 – L1 – SA – Q26 – Accounting Concepts

Calculating the mark-up percentage based on selling price.

You're reporting an error for "FA – May 2012 – L1 – SA – Q26 – Accounting Concepts"

FA – May 2012 – L1 – SA – Q18 – Accounting Concepts

Identifying the aggregate of prime cost and indirect overheads.

You're reporting an error for "FA – May 2012 – L1 – SA – Q18 – Accounting Concepts"

FA – May 2012 – L1 – SA – Q16 – Accounting Concepts

Determining correct statements regarding margin and mark-up.

You're reporting an error for "FA – May 2012 – L1 – SA – Q16 – Accounting Concepts"

FA – May 2012 – L1 – SA – Q12 – Accounting Concepts

Determining the correct presentation of share capital and share premium after a fresh issue of shares.

You're reporting an error for "FA – May 2012 – L1 – SA – Q12 – Accounting Concepts"

FA – May 2012 – L1 – SA – Q9 – Accounting Concepts

Identifying transactions that do not affect cash and bank balances.

You're reporting an error for "FA – May 2012 – L1 – SA – Q9 – Accounting Concepts"

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts"

FA – Nov 2011 – L1 – SA – Q14 – Accounting Concepts

This question asks about the effect of understating closing work-in-progress in a manufacturing account.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q14 – Accounting Concepts"

FA – Nov 2011 – L1 – SA – Q12 – Accounting Concepts

This question asks about the term used for profit expressed as a percentage of the selling price.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q12 – Accounting Concepts"

FA – May 2014 – L1 – SB – Q6 – Accounting Concepts

Preparation of departmental profit or loss statement and head office statement of financial position.

You're reporting an error for "FA – May 2014 – L1 – SB – Q6 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q18 – Accounting Concepts

This question tests knowledge of the accounting entries for recording scrapped containers in container trading accounts.

You're reporting an error for "FA – May 2014 – L1 – SA – Q18 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q17 – Accounting Concepts

This question tests knowledge of terminology used in container accounting for the difference between cost and carrying amount.

You're reporting an error for "FA – May 2014 – L1 – SA – Q17 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q10 – Accounting Concepts

This question tests knowledge of the account used to record business acquisition from the buyer's perspective.

You're reporting an error for "FA – May 2014 – L1 – SA – Q10 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q9 – Accounting Concepts

This question tests knowledge of the types of data stored in computerized employee salary records.

You're reporting an error for "FA – May 2014 – L1 – SA – Q9 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q4 – Accounting Concepts

Defines the depreciable amount of an asset.

You're reporting an error for "FA – May 2014 – L1 – SA – Q4 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q2 – Accounting Concepts

Identifies the concept that implies independence of judgment.

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FA – May 2014 – L1 – SA – Q17 – Accounting Concepts

Identifies a non-word processing package from the list provided.

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FA – May 2014 – L1 – SA – Q10 – Accounting Concepts

Calculates the new share premium balance after a rights issue.

You're reporting an error for "FA – May 2014 – L1 – SA – Q10 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q9 – Accounting Concepts

Determines the value of a rights issue for Opa Limited.

You're reporting an error for "FA – May 2014 – L1 – SA – Q9 – Accounting Concepts"

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