ACC102 TMA

ACC102 List of Questions

Q1 The following transactions relating to debtors were extracted from the books of a company for the month of January 2014: Balance as at 1st January 2014 N725,000 Cash collected during the month N375,000 Bad Debts written off N25,000 Balance as at 31st January 2014 N650,000 Total credit sales during the month of January, 2014 were:
N325,000
N975,000
N475,000
N350,000

Q2 Valuing inventory at lower of cost or Net Realizable Value (NRV) is an application of the accounting concept of:
Going concern
Consistency
Matching
Prudence

Q3 Which one of the following is a qualitative characteristic of financial statements?
Going concern
Accrual basis
Relevance
All of the above

Q4 Unpaid expenses relating to an accounting period are treated as:
Pre-payments
Accrued expenses
Other expenses
Advances

Q5 Marina purchased goods on a credit basis from Jamoh for N100,000 and returned half of the goods to Jamoh subsequently. Which one of the following documents is issued by Jamoh to record the return of goods?
Invoice
Credit note
Debit note
Remittance advice

Q6 The IASBâ??s Framework identifies reliability as one of the four qualitative characteristics of financial information. Which one of the following is not an element of reliability?
Information should be timely
Information should be free from material error
Information should be free from bias
Information must be complete

FOR YOUR COMPLETE ACC102 TMA SOLUTIONS and PAST QUESTIONS AND ANSWERS to study for your exams Kindly Contact 08039407882 on Whatsapp

CHECK OTHER CUSTOMERS CHAT HERE

Leave a Reply

Your email address will not be published. Required fields are marked *