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.

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 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

Question

Which of these books of account could be classified as a subsidiary book as well as a ledger?
A. Sales day book
B. Cash book
C. General ledger
D. Nominal ledger
E. Personal ledger

Answer

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Tags: Cash Book, Ledger, Subsidiary Book
Level: Level 1

FA – MAY 2015 – L1 – SA – Q4 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the source of data for recording in the sales day book.

Question

The source of data for the recording of sales day book of a business enterprise is:
A. Returns inward note
B. Returns outward note
C. Official receipt
D. Payment voucher
E. Invoice

Answer

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Tags: Sales Day Book, Source Documents
Level: Level 1

FA – Mar/July 2020 – L1 – SB – Q3 – Recording Financial Transactions

Preparing a three-column cash book for Williams based on given financial transactions.

Question

Williams is a petty trader in Idumota market in Lagos. His transactions are carried out both on cash and through the bank. Daily cash payments are made from cash sales, and any surplus cash thereafter is paid into the bank either on the same day or days after.

The following transactions were extracted from the books of Williams during the period under review:

Required:
Prepare a three-column cash book to record the above transactions.

Answer

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Tags: Financial Transactions, Petty Trader, Three-Column Cash Book
Level: Level 1

FA – Mar/July 2020 – L1 – SB – Q2c – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Listing six uses of the journal in accounting.

Question

List SIX uses of the journal.

Answer

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Tags: Accounting, Journal, Uses of Journal
Level: Level 1

FA – Mar/July 2020 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Definition of books of prime entry and examples maintained by entities.

Question

Define books of prime entry and list FOUR books of prime entry that could be maintained by an entity. (4 Marks)

Answer

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Tags: Books of Prime Entry, Cash Book, Journal
Level: Level 1

FA – Mar/July 2020 – L1 – SB – Q2a – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Explanation and examples of source documents used in commercial transactions.

Question

Explain what is meant by source documents and outline FOUR source documents used in commercial transactions. (4 Marks)

Answer

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Tags: Commercial Transactions, Source Documents
Level: Level 1

FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

Question

Iyabo started business on September 01, 2019. She made cash sales of N64,000 and issued invoices of N102,000 for credit sales of which N86,000 had been paid. What would be the balance in the sales account in the general ledger at the end of September?
A. N166,000
B. N102,000
C. N86,000
D. N80,000
E. N64,000

Answer

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Tags: Cash Sales, Credit Sales, sales account
Level: Level 1

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

Identifying books of prime entry

Question

Which of the following are books of prime entry?
(I) Sales day book
(II) Payables ledger
(III) Journal
(IV) Cash book
A. I, II & IV
B. I, II & III
C. I, III & IV
D. II, III & IV
E. I, II, III & IV

Answer

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Tags: Books of Prime Entry, Cash Book, Sales Day Book
Level: Level 1

FA – Mar/July 2020 – L1 – SA – Q11 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifying the correct document issued for returned goods

Question

Mefor returned defective goods to the supplier, Ahmed. Which of the following source documents will Ahmed issue to Mefor?
A. Invoice
B. Debit note
C. Delivery note
D. Statement of account
E. Credit note

Answer

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Tags: Credit Note, Goods Return, Source Document
Level: Level 1

FA – Mar/July 2020 – L1 – SA – Q10 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Calculating the net amount payable after discounts

Question

Emeka sold 30 units of handsets with a list price of N4,000 per unit to Oluti. He gave Oluti 10% quantity discount and 5% early settlement discount.

If Oluti paid within 30 days payment window, what will be the net amount of the invoice payable by Oluti on the transaction?
A. N120,000
B. N108,000
C. N105,600
D. N102,600
E. N102,000

Answer

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Tags: Calculation, Discount, Early Settlement, Invoice
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.

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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.

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

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

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

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

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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.

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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.

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FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

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FA – MAY 2015 – L1 – SA – Q4 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the source of data for recording in the sales day book.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q4 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Mar/July 2020 – L1 – SB – Q3 – Recording Financial Transactions

Preparing a three-column cash book for Williams based on given financial transactions.

You're reporting an error for "FA – Mar/July 2020 – L1 – SB – Q3 – Recording Financial Transactions"

FA – Mar/July 2020 – L1 – SB – Q2c – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Listing six uses of the journal in accounting.

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FA – Mar/July 2020 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Definition of books of prime entry and examples maintained by entities.

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FA – Mar/July 2020 – L1 – SB – Q2a – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Explanation and examples of source documents used in commercial transactions.

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FA – Mar/July 2020 – L1 – SA – Q20 -Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Determining the sales account balance based on cash and credit sales

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

Identifying books of prime entry

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FA – Mar/July 2020 – L1 – SA – Q11 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifying the correct document issued for returned goods

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q11 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Mar/July 2020 – L1 – SA – Q10 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Calculating the net amount payable after discounts

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q10 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

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