Double-Entry Accounting Principles – Page 2

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

Question

Which of the following is NOT a shortcoming of single entry book-keeping?

A. A trial balance is not available
B. Profits are overstated
C. There are no subsidiary books
D. There are no control accounts
E. There are no ledger accounts.

Answer

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Tags: Book-keeping, Control Accounts, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

Question

Which of the following is a liability account in the books of the lessor?

A. Short workings account
B. Royalty receivable account
C. Cash account
D. Lessee account
E. Statement of Profit or Loss

Answer

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Tags: Accounting, Lease, Lessor, Liability
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2012

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

Question

What are the accounting entries to record the cash purchase of a non-current asset?

Answer

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Tags: Cash Purchases, Double Entry, Non-current Assets
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

Question

A sole trader took some goods costing N1,000 from inventory for his own use. The normal selling price of the goods is N2,500. What are the double-entry postings required?

Answer

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Tags: Double Entry, Drawings, Inventory
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

Question

A collection of ledger balances is used in preparing …………………………………

Answer

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Tags: Financial Statements, Ledger Balances, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

Question

Where a specific trade receivable is written off as bad, the corresponding credit is expected to be in
A. Purchases Account
B. Bad Debts Account
C. Allowance for Doubtful Debts Account
D. Sales Account
E. Receivables Ledger Control Account

Answer

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Tags: Bad Debts, Double Entry, Receivables
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

Question

The double entry rule is expressed as
A. Debit the receiver, credit the giver
B. Debit the giver, credit the receiver
C. Debit the receiver, credit the Bank/Cash account
D. Debit the Bank/Cash account, credit the giver
E. Debit amount paid, credit amount received

Answer

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Tags: Accounting Fundamentals, Basic Accounting Principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

Question

Computer Company Limited recently bought ten computers for its use, which of the following is the correct method of recording this transaction?
A. Debit computers account and credit cash account
B. Debit purchases account and credit cash account
C. Debit cash account and credit purchases account
D. Debit cash account and credit computers account
E. Debit computers account and credit purchases account

Answer

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Tags: Asset Recording, Double Entry, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2018

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

Question

If the opening and closing inventories of an entity are ₦34,565 and ₦41,222 respectively, and the cost of sales is ₦160,545, how much are the purchases?

A. ₦119,323
B. ₦153,888
C. ₦167,202
D. ₦201,767
E. ₦236,332

Answer

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Tags: Accounting Equation, Cost of Sales, Inventory, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

Question

Success Motors bought three Toyota vehicles 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. Purchases day book
C. Payables account
D. Cash book
E. Purchases account

Answer

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Tags: Accounting Records, Cash Transactions, Vehicle Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2022

FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles

Correct the effect of error in recording a credit sale.

Question

A credit sale of ₦257,000 was recorded in the day book as ₦275,000. The effect is that
A. Assets, liabilities, and equity are understated
B. Assets, liabilities, and equity are overstated
C. Assets and liabilities are overstated; no effect on equity
D. Assets and equity are overstated; no effect on liabilities
E. Equity and liabilities are understated; no effect on assets

Answer

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Tags: Accounting Errors, Double Entry, Recording Errors
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2021

FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identify the correct statement regarding cash discount.

Question

Which of the following is CORRECT in respect of cash discount?
A. Discount allowed is a deduction from trade payables
B. Discount received is a deduction from sales
C. Discount columns in cash book form part of the double entry
D. The total amount of discount on the debit side of cash book is an income
E. The total amount of discount on the credit side of cash book is discount received

Answer

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Tags: Accounting principles, Cash discount, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2021

FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying the correct expression of the double entry rule.

Question

Double entry rule is expressed as

A. Debit the receiver, credit the giver

B. Debit the giver, credit the receiver

C. Debit the receiver, credit the bank/cash account

D. Debit the bank/cash account, credit the giver

E. Debit the amount paid, credit the amount received

Answer

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Tags: Accounting principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2023

FA – May 2017 – L1 – SA – Q3 – Double-Entry Accounting Principles

Identifies which pair of accounts will have balances on opposite sides.

Question

Which of the following pair of accounts will have balances on opposite sides?

A. Sales account and capital account
B. Furniture account and cash account
C. Capital account and purchases account
D. Stationery account and salaries account
E. Rent expenses account and trade receivables account

Answer

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Tags: Accounting principles, Accounts Balances, Opposite Sides
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2017

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

Question

State SIX steps necessary for converting from single entry and incomplete records to double entry. (6 Marks)

Answer

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Tags: Accounting Records, Conversion, Double Entry, Single Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAR/JULY 2020

Topic: Double-Entry Accounting Principles

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FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles

Correct the effect of error in recording a credit sale.

FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identify the correct statement regarding cash discount.

FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying the correct expression of the double entry rule.

FA – May 2017 – L1 – SA – Q3 – Double-Entry Accounting Principles

Identifies which pair of accounts will have balances on opposite sides.

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

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Topic: Double-Entry Accounting Principles

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FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

You're reporting an error for "FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles"

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

You're reporting an error for "FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

You're reporting an error for "FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

You're reporting an error for "FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles"

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

You're reporting an error for "FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles"

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

You're reporting an error for "FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

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FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles

Correct the effect of error in recording a credit sale.

You're reporting an error for "FA – May 2021 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identify the correct statement regarding cash discount.

You're reporting an error for "FA – May 2021 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying the correct expression of the double entry rule.

You're reporting an error for "FA – May 2023 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2017 – L1 – SA – Q3 – Double-Entry Accounting Principles

Identifies which pair of accounts will have balances on opposite sides.

You're reporting an error for "FA – May 2017 – L1 – SA – Q3 – Double-Entry Accounting Principles"

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

You're reporting an error for "FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles"

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