Accounting Concepts – Page 9

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

Tags: Profit Margins, Selling Price
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

FA – MAY 2015 – L1 – SA – Q14 – Accounting Concepts

Identify which option is not an accounting concept.

Question

Which of the following is NOT an accounting concept?
A. Information
B. Historical cost
C. Consistency
D. Accrual
E. Going concern

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Consistency, Historical Cost
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2015

FA – May 2024 – L1 – SA – Q1 – Accounting Concepts

Identifies the accounting concept related to prepaid and accrued expenses adjustments.

Question

In the process of drawing up financial statements, adjustments are made for prepaid expenses and accrued expenses in order to comply with which fundamental accounting concept?

A. Matching
B. Prudency
C. Aggregation
D. Accrual
E. Consistency

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Accrual Accounting, Matching Concept
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2024

FA – Mar/July 2020 – L1 – SA – Q12 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Identifying correct statements related to accounting concepts

Question

Which of the following statements is/are correct?
(i) Materiality means that only items having a physical existence may be recognised as assets.
(ii) The substance over form convention means that the legal form of a transaction must always be shown in financial statements even if this differs from the commercial effect.
(iii) The money measurement concept means that only an item capable of being measured in monetary terms can be recognised in financial statements.
A. I
B. I, II and III
C. I and II
D. II and III
E. III

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Materiality, Money Measurement, Substance Over Form
Level: Level 1

Topic: Accounting Concepts
Series: MAR/JULY 2020

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

Question

Which of the following concepts requires the accountant to give special accounting treatment to items of significant value?
A. Accrual
B. Going concern
C. Materiality
D. Entity
E. Dual aspect

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Accrual, Going Concern, Materiality
Level: Level 1

Topic: Accounting Concepts
Series: MAR/JULY 2020

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

Question

In May 2008, the International Accounting Standards Board (IASB) issued the discussion paper Preliminary Views on an Improved Conceptual Framework for Financial Reporting – The Reporting Entity. The objective of the Reporting Entity phase is to determine what constitutes a reporting entity for the purposes of financial reporting.

Required:
Identify and explain TWO different approaches to determining what a “reporting entity” should be for financial reporting purposes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control, Financial Reporting, Legal form, Management, Ownership, Reporting entity
Level: Level 3

Topic: Accounting Concepts
Series: MAY 2018

CR – May 2016 – L3 – Q4b – Accounting and reporting concepts

Discuss the concepts of relevance, faithful representation, and comparability, and how they make financial information useful to users of financial statements.

Question

The qualitative characteristics of relevance, faithful representation and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements.

Required: Discuss the concept of relevance, faithful representation and comparability and how they make financial information useful.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Comparability, Faithful Representation, Financial Reporting, Qualitative Characteristics, Relevance
Level: Level 3

Topic: Accounting Concepts
Series: MAY 2016

Topic: Accounting Concepts

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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 2015 – L1 – SA – Q14 – Accounting Concepts

Identify which option is not an accounting concept.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q14 – Accounting Concepts"

FA – May 2024 – L1 – SA – Q1 – Accounting Concepts

Identifies the accounting concept related to prepaid and accrued expenses adjustments.

You're reporting an error for "FA – May 2024 – L1 – SA – Q1 – Accounting Concepts"

FA – Mar/July 2020 – L1 – SA – Q12 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Identifying correct statements related to accounting concepts

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q12 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)"

FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)

Accounting concept that gives special treatment to significant items

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q7 – Accounting Concepts (e.g., Going Concern, Accruals, Materiality)"

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

You're reporting an error for "CR – May 2018 – L3 – Q5c – Accounting and reporting concepts"

CR – May 2016 – L3 – Q4b – Accounting and reporting concepts

Discuss the concepts of relevance, faithful representation, and comparability, and how they make financial information useful to users of financial statements.

You're reporting an error for "CR – May 2016 – L3 – Q4b – Accounting and reporting concepts"

Our offerings

Contact Info

Customer

Get In Touch

admin