Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

FA – May 2012 – L1 – SA – Q38 – Recording Financial Transactions

Identifying the closing balance to be shown in the company’s statement of financial position from the income tax account.

Question

The Income Tax Account of Wazobia Limited showed a balance of N50,000 on 1 January 2011. Tax paid during the year was N45,000 and the estimated tax based on current year’s account is N60,000

What is the amount to be shown in the company’s statement of financial position as the closing balance from the company’s Income Tax Account?

Answer

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Tags: Financial Position, Income Tax, Tax Accounting
Level: Level 1

FA – May 2012 – L1 – SA – Q37 – Recording Financial Transactions

Calculating the amount to be debited to the income statement as income tax.

Question

The Income Tax Account of Wazobia Limited showed a balance of N50,000 on 1 January 2011. Tax paid during the year was N45,000 and the estimated tax based on current year’s account is N60,000

What is the amount to be debited to the company’s income statement as income tax for the year ended 31 December 2011?

Answer

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Tags: Financial Statements, Income Tax
Level: Level 1

FA – May 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the periodic statement sent by the consignee.

Question

What is the name of a periodic statement sent by the consignee to the consignor?

Answer

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Tags: Consignment, Source Documents
Level: Level 1

FA – May 2012 – L1 – SA – Q11 – Recording Financial Transactions

Identifying the correct accounting treatment for sales returns on a cash and carry basis.

Question

Goods sold on cash and carry basis returned by a customer is treated in the account by:

A. Debiting Sales and Crediting Cash
B. Debiting Sales and Crediting Accounts Payable
C. Debiting Inventory and Crediting Cash
D. Debiting Inventory and Crediting Bank
E. Debiting Sales and Crediting Accounts Receivable.

Answer

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Tags: Inventory, Returns, Sales
Level: Level 1

FA – Nov 2011 – L1 – SA – Q5 – Recording Financial Transactions

This question asks about the source document used for recording entries on the credit side of the bank cash book.

Question

Apart from bank payment vouchers, what other source document can be used to record entries on the credit side of the bank cash book?

Answer

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Tags: Cash Books, Source Documents
Level: Level 1

FA – Nov 2011 – L1 – SA – Q4 – Recording Financial Transactions

This question asks about the art of recording monetary transactions to ascertain the financial position.

Question

The art of recording all monetary transactions of an entity to ascertain the financial position is called?

Answer

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Tags: Bookkeeping, Recording Transactions
Level: Level 1

FA – Nov 2011 – L1 – SA – Q17 – Recording Financial Transactions

This question tests knowledge of the first phase of recording financial transactions.

Question

The first phase of recording financial transactions in the books of accounts is the
A. Preparation of Trial Balance
B. Analysis of financial statements
C. Writing of source documents
D. Drawing of trading account
E. Wooing customers to buy goods

Answer

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Tags: Recording Transactions, Source Documents
Level: Level 1

FA – Nov 2011 – L1 – SA – Q8 – Recording Financial Transactions

This question asks which source document is used when goods are returned by a customer.

Question

Which of the following source documents is received from a supplier of goods in relation to goods returned by a customer?
A. Returned invoice
B. Return inward note
C. Credit note
D. Debit note
E. Return outward note

Answer

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Tags: Credit Note, Return Inwards, Source Documents
Level: Level 1

FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies the method of payment for regular fixed amounts through bank instructions.

Question

Florence Ajade pays her professional subscription through instructions to her bank to make annual regular payments of a fixed amount from her current account. When the subscription increases, she issues revised instructions to the bank to reflect the new amount.

Which of the following methods of payment is she using?
A. Internet banking transfer
B. Standing order
C. Payable order
D. Direct credit
E. Standing bill of payment

Answer

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Tags: Bank Instructions, Payment Methods, Standing Order
Level: Level 1

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

Question

Which of the following is NOT a source document?
A. Proforma invoice
B. Debit note
C. Journal
D. Statement of account
E. Cheque stub

Answer

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Tags: Accounting Records, Source Documents
Level: Level 1

FA – May 2012 – L1 – SA – Q38 – Recording Financial Transactions

Identifying the closing balance to be shown in the company’s statement of financial position from the income tax account.

Question

The Income Tax Account of Wazobia Limited showed a balance of N50,000 on 1 January 2011. Tax paid during the year was N45,000 and the estimated tax based on current year’s account is N60,000

What is the amount to be shown in the company’s statement of financial position as the closing balance from the company’s Income Tax Account?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Position, Income Tax, Tax Accounting
Level: Level 1

FA – May 2012 – L1 – SA – Q37 – Recording Financial Transactions

Calculating the amount to be debited to the income statement as income tax.

Question

The Income Tax Account of Wazobia Limited showed a balance of N50,000 on 1 January 2011. Tax paid during the year was N45,000 and the estimated tax based on current year’s account is N60,000

What is the amount to be debited to the company’s income statement as income tax for the year ended 31 December 2011?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Income Tax
Level: Level 1

FA – May 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the periodic statement sent by the consignee.

Question

What is the name of a periodic statement sent by the consignee to the consignor?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consignment, Source Documents
Level: Level 1

FA – May 2012 – L1 – SA – Q11 – Recording Financial Transactions

Identifying the correct accounting treatment for sales returns on a cash and carry basis.

Question

Goods sold on cash and carry basis returned by a customer is treated in the account by:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Inventory, Returns, Sales
Level: Level 1

FA – Nov 2011 – L1 – SA – Q5 – Recording Financial Transactions

This question asks about the source document used for recording entries on the credit side of the bank cash book.

Question

Apart from bank payment vouchers, what other source document can be used to record entries on the credit side of the bank cash book?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Books, Source Documents
Level: Level 1

FA – Nov 2011 – L1 – SA – Q4 – Recording Financial Transactions

This question asks about the art of recording monetary transactions to ascertain the financial position.

Question

The art of recording all monetary transactions of an entity to ascertain the financial position is called?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bookkeeping, Recording Transactions
Level: Level 1

FA – Nov 2011 – L1 – SA – Q17 – Recording Financial Transactions

This question tests knowledge of the first phase of recording financial transactions.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Recording Transactions, Source Documents
Level: Level 1

FA – Nov 2011 – L1 – SA – Q8 – Recording Financial Transactions

This question asks which source document is used when goods are returned by a customer.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Credit Note, Return Inwards, Source Documents
Level: Level 1

FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies the method of payment for regular fixed amounts through bank instructions.

Question

Which of the following methods of payment is she using?
A. Internet banking transfer
B. Standing order
C. Payable order
D. Direct credit
E. Standing bill of payment

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Instructions, Payment Methods, Standing Order
Level: Level 1

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

Question

Which of the following is NOT a source document?
A. Proforma invoice
B. Debit note
C. Journal
D. Statement of account
E. Cheque stub

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Source Documents
Level: Level 1

Topic: Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

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FA – May 2012 – L1 – SA – Q38 – Recording Financial Transactions

Identifying the closing balance to be shown in the company’s statement of financial position from the income tax account.

You're reporting an error for "FA – May 2012 – L1 – SA – Q38 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q37 – Recording Financial Transactions

Calculating the amount to be debited to the income statement as income tax.

You're reporting an error for "FA – May 2012 – L1 – SA – Q37 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the periodic statement sent by the consignee.

You're reporting an error for "FA – May 2012 – L1 – SA – Q22 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q11 – Recording Financial Transactions

Identifying the correct accounting treatment for sales returns on a cash and carry basis.

You're reporting an error for "FA – May 2012 – L1 – SA – Q11 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q5 – Recording Financial Transactions

This question asks about the source document used for recording entries on the credit side of the bank cash book.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q5 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q4 – Recording Financial Transactions

This question asks about the art of recording monetary transactions to ascertain the financial position.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q4 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q17 – Recording Financial Transactions

This question tests knowledge of the first phase of recording financial transactions.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q17 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q8 – Recording Financial Transactions

This question asks which source document is used when goods are returned by a customer.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q8 – Recording Financial Transactions"

FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies the method of payment for regular fixed amounts through bank instructions.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – May 2012 – L1 – SA – Q38 – Recording Financial Transactions

Identifying the closing balance to be shown in the company’s statement of financial position from the income tax account.

You're reporting an error for "FA – May 2012 – L1 – SA – Q38 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q37 – Recording Financial Transactions

Calculating the amount to be debited to the income statement as income tax.

You're reporting an error for "FA – May 2012 – L1 – SA – Q37 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the periodic statement sent by the consignee.

You're reporting an error for "FA – May 2012 – L1 – SA – Q22 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q11 – Recording Financial Transactions

Identifying the correct accounting treatment for sales returns on a cash and carry basis.

You're reporting an error for "FA – May 2012 – L1 – SA – Q11 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q5 – Recording Financial Transactions

This question asks about the source document used for recording entries on the credit side of the bank cash book.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q5 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q4 – Recording Financial Transactions

This question asks about the art of recording monetary transactions to ascertain the financial position.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q4 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q17 – Recording Financial Transactions

This question tests knowledge of the first phase of recording financial transactions.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q17 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SA – Q8 – Recording Financial Transactions

This question asks which source document is used when goods are returned by a customer.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q8 – Recording Financial Transactions"

FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies the method of payment for regular fixed amounts through bank instructions.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q15 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

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