Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books) – Page 2

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:

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

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

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

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

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

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

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

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

FA – Nov 2012 – L1 – SA – Q26 – Recording Financial Transactions

Identifying an alternative source for computing credit sales in the absence of a sales day book.

Question

In the absence of a Sales Day Book or Sales Account, credit sales can be computed from:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Books of Prime Entry, Credit Sales, Sales
Level: Level 1

FA – Nov 2012 – L1 – SA – Q25 – Recording Financial Transactions

Identifying the document used to acknowledge returned goods.

Question

The document used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Credit Note, Returned Goods, Sales
Level: Level 1

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

Identifying the medium through which basic transaction information is recorded.

Question

The medium through which basic information (e.g. amount, date, description, and authorization) regarding a transaction is recorded as it takes place is called:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Recording, Source Documents, Transactions
Level: Level 1

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

Question

In a consignment agreement, which of these transactions does NOT require a double entry in the consignee’s books?

A. Goods sold by the consignee
B. Goods received from consignor
C. Consignee’s expense
D. Consignee’s commission
E. Cheque or draft sent to consignor

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consignment, Double Entry, Transactions
Level: Level 1

FA – Nov 2013 – L1 – SA – Q40 – Recording Financial Transactions

Raising journal entries for the transfer of a personal asset to a business.

Question

Okocha transferred his car for use to his business. Raise journal entries to record this transaction.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Transfer, Business Records, Journal Entries
Level: Level 1

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

Question

What are the accounting entries to record the purchase of containers?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Containers, Journal Entries, Purchases
Level: Level 1

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

Question

In which of the following ledgers can data relating to discount be found?

A. Nominal ledger
B. Cash book
C. Sales ledger
D. Private ledger
E. Petty cash book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Discounts, Ledgers
Level: Level 1

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

Question

Which of the following best describes the meaning of “Purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Definitions, Financial Transactions, Purchases
Level: Level 1

FA – Nov 2015 – L1 – SA – Q16 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

This question identifies the items that should be included in an adjusted cash book.

Question

Which of the following should be included in the adjusted cash book?
A. Cheque issued, presented and cashed
B. Opening bank balance
C. Bank charges and commission
D. Bank deposit
E. Cash payment made by the firm

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Bank Adjustments, Cash Book
Level: Level 1

FA – Nov 2015 – L1 – SA – Q12 – Recording Financial Transactions

This question identifies which document is not used to update a Cash Book.

Question

Which of the following is NOT a source document used to update a Cash Book?
A. Cheque stub
B. Payment voucher
C. Receipts
D. Paying-in-slip
E. Debit note

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Cash Book, Source Documents
Level: Level 1

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

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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 – Nov 2012 – L1 – SA – Q26 – Recording Financial Transactions

Identifying an alternative source for computing credit sales in the absence of a sales day book.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q26 – Recording Financial Transactions"

FA – Nov 2012 – L1 – SA – Q25 – Recording Financial Transactions

Identifying the document used to acknowledge returned goods.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q25 – Recording Financial Transactions"

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

Identifying the medium through which basic transaction information is recorded.

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

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions"

FA – Nov 2013 – L1 – SA – Q40 – Recording Financial Transactions

Raising journal entries for the transfer of a personal asset to a business.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q40 – Recording Financial Transactions"

FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions

Identifying the accounting entries for recording container purchase.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q21 – Recording Financial Transactions"

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions"

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions"

FA – Nov 2015 – L1 – SA – Q16 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

This question identifies the items that should be included in an adjusted cash book.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q16 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2015 – L1 – SA – Q12 – Recording Financial Transactions

This question identifies which document is not used to update a Cash Book.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q12 – Recording Financial Transactions"

Our offerings

Contact Info

Customer

Get In Touch

admin