Recording Financial Transactions – Page 2

FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions

Identifying the least amount of royalty payable by a lessee.

Question

The least amount of royalty payable by the lessee and sub-lessee, if any, irrespective of the actual royalty is called:

Answer

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Tags: Accounting for Royalties, Lease Agreements, Royalty
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2012

FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions

This question involves calculating payments on account receivables during the year.

Question

During a financial year, a company’s financial records reveal the following:

Cash Revenue: N100,000
Credit Revenue: N500,000
Trade receivables at the beginning of the year: N30,000
Trade receivables at the end of the year: N44,000

What were the payments on account receivables during the year?

Answer

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Tags: Financial Reporting, Trade receivables
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions

This question tests knowledge of the accounting entry to record profit loading on goods sent to a branch.

Question

The necessary accounting entry to record profit loading on goods sent to a branch by the Head Office is:

Debit | Credit
A. Branch Inventories Account | Branch Inventories Adjustment Account
B. Branch Inventories Account | Goods sent to Branch Account
C. Goods sent to Branch Account | Branch Inventories Account
D. Branch Inventories Adjustment Account | Branch Inventories Account
E. Branch Inventories Account | Goods sent to Branch Account

Answer

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Tags: Branch accounts, Profit Loading
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions

This question asks for the cost of goods invoiced at a mark-up.

Question

If goods were invoiced by the Head Office to a branch for N86,400 at cost plus a 25% mark-up, what was the cost of the goods?

A. N64,800
B. N69,120
C. N86,400
D. N103,680
E. N108,000

Answer

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Tags: Cost of Goods, Financial Reporting, Invoice
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions

This question defines purchases in financial accounting.

Question

Which of the following correctly 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 customers

Answer

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Tags: Goods for Resale, Purchases
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

Question

An alternative name for a revenue journal is:

A. Revenue invoice
B. Revenue day book
C. Daily sales record
D. Revenue ledger
E. Returns day book

Answer

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Tags: Prime Entry, Revenue Journal
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions

This question asks for an explanation of how a petty cash book operates for Chief Emeka.

Question

Chief Emeka is considering setting up a petty cash book from which to pay small expenses. However, he is not sure of how a petty cash book operates.

Required:
Explain to Chief Emeka the operation of a petty cash book. (6 Marks)

Answer

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Tags: Cash Management, Imprest System, Petty Cash Book, Small Expenses
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

Question

The fixed amount of money given to a petty cashier at the beginning of a period is called
A. Float
B. Imprest
C. Petty cash
D. Cash received
E. Cash advance

Answer

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Tags: Cash Management, Financial Records, Petty Cash
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

Question

In a cash book, the opening balance was N70,600, closing balance was N9,200, and the total cash received during the period was N180,000. What was the amount of cash paid out during the period?
A. N79,000
B. N98,000
C. N100,200
D. N118,600
E. N241,400

Answer

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Tags: Balances, Cash Book, Financial Records
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

Question

A loose tools record in the books of MYE Enterprises revealed the following:

Revaluation 1 January, 2013: N200,000
Revaluation 31 December, 2013: N250,000
Depreciation 31 December, 2013: N100,000

What is the value of loose tools acquired during the year?

A. N50,000
B. N60,000
C. N100,000
D. N120,000
E. N150,000

Answer

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Tags: Acquisition, Depreciation, Loose Tools
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2014

FA – Nov 2023 – L1 – SB – Q1A – Recording Financial Transactions

Explain the difference between a bookkeeper and an accountant in the accounting process.

Question

Explain the difference between the roles of a bookkeeper and an accountant in the accounting process.

Answer

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Tags: Accountant, Accounting Process, Bookkeeper, Roles
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

Question

What is the cash paid for wages and salaries during the period, given the following information?
Accrued wages and salaries at the beginning of the period: ₦6,500
Accrued wages and salaries at the end of the period: ₦12,500
Wages and salaries reported in the statement of profit or loss: ₦114,000

A. ₦108,000
B. ₦119,000
C. ₦120,000
D. ₦126,000
E. ₦133,000

Answer

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Tags: Cash Transactions, Salaries, Wages
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q16 – Recording Financial Transactions

Describe the treatment of bank accounts and cash balances.

Question

Which of the following statements correctly describe the treatment of bank accounts and cash balances from the perspective of both the company and the bank?

A. For the company, money in the bank is an asset, and for the bank, deposits are liabilities
B. For the company, money in the bank is a liability, and for the bank, deposits are assets
C. For the company, an overdraft balance is a liability, and for the bank, overdrafts are income
D. For the company, an overdraft balance is an asset, and for the bank, overdrafts are liabilities
E. For the company, money in the bank is an asset, and for the bank, deposits are expenses

Answer

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Tags: Accounting principles, Bank Accounts, Cash Balances
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

Question

The primary purpose of the general journal in accounting is to:

A. Record transactions from books of prime entry
B. Record year-end adjustments only
C. Correct errors in personal ledgers
D. Provide a record and explanation of various adjustments
E. Serve as the primary book of entry for all financial transactions

Answer

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Tags: Accounting Records, General Journal, Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q4 – Recording Financial Transactions

Calculate net account receivables after allowances.

Question

What is the net account receivables after considering the general allowance at the current year-end?

A. N2,076,500
B. N2,137,500
C. N2,145,000
D. N2,189,500
E. N2,198,000

Answer

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Tags: Account Receivables, Allowance, Financial management
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

Question

What is the purpose of a chart of accounts in a business?

A. To organise financial transactions into identified categories of assets, liabilities, income and expenses
B. To generate instructions and policies for recording information in the financial statements
C. To design a unique code and headings for each personal ledger account
D. To follow the rules of accounting set by the government
E. To ensure consistent posting of transactions

Answer

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Tags: Business Management, Chart of Accounts, Financial Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – May 2023 – L1 – SA – Q5 – Recording Financial Transactions

Calculating profit based on opening capital, closing capital, and drawings.

Question

A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital and drawings during the year were N225,000, N260,000 and N10,000 respectively. Determine the profit for the period.

A. N25,000

B. N45,000

C. N55,000

D. N65,000

E. N75,000

Answer

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Tags: Capital Accounts, Profit Calculation
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2023

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

Question

A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital, and drawings during the year were N225,000, N260,000, and N10,000 respectively. Determine the profit for the period.

A. N25,000
B. N45,000
C. N55,000
D. N65,000
E. N75,000

Answer

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Tags: Drawings, Opening and Closing Capital, Profit Calculation
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2024

Topic: Recording Financial Transactions

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FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions

Identifying the least amount of royalty payable by a lessee.

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FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions

This question involves calculating payments on account receivables during the year.

You're reporting an error for "FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions

This question tests knowledge of the accounting entry to record profit loading on goods sent to a branch.

You're reporting an error for "FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions

This question asks for the cost of goods invoiced at a mark-up.

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FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions

This question defines purchases in financial accounting.

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FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

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FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions

This question asks for an explanation of how a petty cash book operates for Chief Emeka.

You're reporting an error for "FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

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FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

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FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

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FA – Nov 2023 – L1 – SB – Q1A – Recording Financial Transactions

Explain the difference between a bookkeeper and an accountant in the accounting process.

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FA – Nov 2023 – L1 – SA – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

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FA – Nov 2023 – L1 – SA – Q16 – Recording Financial Transactions

Describe the treatment of bank accounts and cash balances.

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FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

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FA – Nov 2023 – L1 – SA – Q4 – Recording Financial Transactions

Calculate net account receivables after allowances.

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FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

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FA – May 2023 – L1 – SA – Q5 – Recording Financial Transactions

Calculating profit based on opening capital, closing capital, and drawings.

You're reporting an error for "FA – May 2023 – L1 – SA – Q5 – Recording Financial Transactions"

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

You're reporting an error for "FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions"

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