Accounting Concepts – Page 5

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

BL – Nov 2013 – L1 – SB – Q1c – Accounting Concepts

Stating three advantages of e-contracts in contemporary society.

Question

As society progressed, technology also advanced to meet the needs of the Society in terms of internet facilities.

You are required to:
State THREE advantages of e-contract.

Answer

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Tags: Contract Law, E-Contract, Internet Facilities
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q6 – Accounting Concepts

Recording royalty and short-working transactions in the landlord's books.

Question

Fatai leased his quarry site to EML Limited to mine granite at a dead rent of N2,000,000 per annum. The royalty payable per metric tonne was agreed at N100. Short-workings could be recovered in the first four years of the lease only, while irrecoverable short-workings are regarded as a loss.

The output of the granite for the first five years was as follows:

Year	Output (Metric Tonnes)
2008	12,000
2009	15,000
2010	22,000
2011	26,000
2012	30,000

You are required to:
Record the above transactions in the landlord’s books for the first five years of the contract.
(15 Marks)

Answer

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Tags: Accounting Entries, Landlord’s Books, Lease Agreements, Royalties, Short Workings
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts

Explanation of payroll fields and formulae with examples.

Question

Payroll accounting packages process employees’ data and produce the net pay. In view of this, payroll fields and payroll formulae are very important in arriving at the net pay.

Explain the terms “payroll field” and “payroll formulae” and give any THREE examples in each case.

Answer

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Tags: Accounting Packages, Business Management, Payroll Fields, Payroll Formulae, Payroll Processing
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q2a – Accounting Concepts

Explanation of the menu system and listing initial menu options in accounting packages.

Question

Micro-computer accounting packages are used by personnel who are not computer programmers or system analysts. For this reason, the packages operate on a “menu system.”

(i) Explain the term “menu system.”
(2 Marks)

(ii) In order of preference, list the typical initial menu options in an accounting package to open and process fresh data in a new file.
(6 Marks)

Answer

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Tags: Accounting Packages, Business Management, Menu System, Micro-Computer, Payroll Accounting, Software
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q1b – Accounting Concepts

Listing and benefits of accounting concepts.

Question

List any SIX accounting concepts and state their benefits.

Answer

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Tags: Accounting Concepts, Accounting principles, Benefits of Accounting Concepts, Financial Reporting
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q1a – Accounting Concepts

Definition of accounting concepts.

Question

Define accounting concepts.

Answer

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Tags: Accounting Concepts, Accounting principles, Financial Reporting
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q39 – Accounting Concepts

Calculating annual depreciation using the straight line method.

Question

The information below relates to the plant and machinery account of Perfect Fit Designers for the year ended 31 December 2012:

What should be the amount of depreciation charged to the income statement during the year if the plant and machinery were depreciated at 20% per annum on a straight line basis?

Answer

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Tags: Depreciation, Plant and Machinery, Straight-Line Method
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q32 – Accounting Concepts

Identifying the document that governs a company’s relationship with third parties.

Question

The document which discloses the conditions that govern the company’s relationship with third parties is called ____________.

Answer

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Tags: Business Law, Company Relations, Corporate Documents
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts

Understanding a unique feature of limited companies.

Question

What is the unique feature of limited companies?

A. The owners of the company have limited liability
B. The proprietors’ capital in a limited company consists of share capital
C. There are dividends for the company owners
D. Limited companies have access to bank loan
E. Limited companies prepare statements of profit or loss

Answer

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Tags: Business Entities, Corporate Features, Limited Liability Companies
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q18 – Accounting Concepts

Understanding the constitution of a limited liability company.

Question

The constitution of a limited liability company is the:

A. Register of directors and secretary
B. Memorandum and Articles of Association
C. International Financial Reporting Standards
D. Financial Reporting Council of Nigeria Act 2011
E. Annual Financial Report

Answer

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Tags: Company Constitution, Corporate Document, Limited Liability Companies
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

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.

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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.

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

Determining correct statements regarding margin and mark-up.

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

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

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

Identifying transactions that do not affect cash and bank balances.

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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"

BL – Nov 2013 – L1 – SB – Q1c – Accounting Concepts

Stating three advantages of e-contracts in contemporary society.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q1c – Accounting Concepts"

FA – Nov 2013 – L1 – SB – Q6 – Accounting Concepts

Recording royalty and short-working transactions in the landlord's books.

You're reporting an error for "FA – Nov 2013 – L1 – SB – Q6 – Accounting Concepts"

FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts

Explanation of payroll fields and formulae with examples.

You're reporting an error for "FA – Nov 2013 – L1 – SB – Q2b – Accounting Concepts"

FA – Nov 2013 – L1 – SB – Q2a – Accounting Concepts

Explanation of the menu system and listing initial menu options in accounting packages.

You're reporting an error for "FA – Nov 2013 – L1 – SB – Q2a – Accounting Concepts"

FA – Nov 2013 – L1 – SB – Q1b – Accounting Concepts

Listing and benefits of accounting concepts.

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FA – Nov 2013 – L1 – SB – Q1a – Accounting Concepts

Definition of accounting concepts.

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FA – Nov 2013 – L1 – SA – Q39 – Accounting Concepts

Calculating annual depreciation using the straight line method.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q39 – Accounting Concepts"

FA – Nov 2013 – L1 – SA – Q32 – Accounting Concepts

Identifying the document that governs a company’s relationship with third parties.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q32 – Accounting Concepts"

FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts

Understanding a unique feature of limited companies.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q20 – Accounting Concepts"

FA – Nov 2013 – L1 – SA – Q18 – Accounting Concepts

Understanding the constitution of a limited liability company.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q18 – Accounting Concepts"

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