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:

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

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

Q4 Unpaid expenses relating to an accounting period are treated as:
Accrued expenses
Other expenses

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?
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

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Which of the following statements is NOT correct?
Accounting entries for the repayment of a loan received from Mortgage bank is
On 1st January 2012 Paul borrowed N60,000 from his friend Peter agreeing to re-pay the amount in five years with five equal installments. Ignore interest. How will the amount owed to Peter be reported in Paul’s Statement of financial position as at 31st December 2013, if Paul has made only two installments?
A non current asset has a written down value of N150,000 but is reported in the Statement of financial position as N95,000, although, being an item specially manufactured for the business, its realisable value is expected to be only N95,000. Which accounting concept is followed:
Accounting entries for recording a loan given to Lukas the manager of the company is:
Which of the following accounts will have a debit balance?
 Ganiyat contributed N500,000 cheque  as capital to the shop, what would be the entries recorded
The periodic totals of the Returns Outward Day Book are:
One of these statements is not true about current liability
Which of the following errors will a trial balance fail to reveal?


If an accrual as at year-end of N5,000 was treated as a prepayment, the net profit for the year would be:
The financial statement that shows the performance of an entity over a period is
Which of the following will not appear in the Purchase Ledger Control account:
Unpresented cheques are also referred to as
 Provision for depreciation account appears on the _______.
Which of the following can be clasified as a current asset
Which of these can be found in the income statement?
Which of the following transactions has no effect on current assets
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the ___ (prepared by the business)
Which of the following is not true?
An unexpired six month insurance premium at the end of a financial year requires a debit to which account
To credit an account means
What type of accounting error has occurred when the cost of redecorating office premises has been posted to the property, plant and equipment account?
What is an accounting period?
Debit entries means
Which of the following pairs of accounts will never appear together in the same trial balance?
Which of the following is not a noinal account?
Which of the following  transactions would decrease both the assets and the liabilities?
An agreement to spend N20,000, a month for advertisement on Radio Lagos beginning next month requires
The concept of double entry book keepting states that

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