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:
Q3 Which one of the following is a qualitative characteristic of financial statements?
All of the above
Q4 Unpaid expenses relating to an accounting period are treated as:
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?
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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