Tag: ACC204 TMA

Course Code acc204 Question Items of revenue and expenses that were recorded in the current year but would have are Answer Prior year adjustments   Question Which is odd among the following? Answer Stability concept   Question Assets, with a Read more

ACC204 A profit represents the surplus of revenue over expenses while a loss is Answer: the excess of expenses over revenue According to International Accounting Standards Board (IASB’s) conceptual framework for the preparation and presentation of financial statements, asset is Read more

ACC204 1).Accounting software enables financial transactions to be easily tracked and almost instantaneously (A)Add and Subtract (B)Reported and analysed (C)Collect and report (D)Analysed and Interprete Ans: Reported and analysed 2).A quality of financial information that allows a choice to be Read more

  ACC204 Question: A business purchased a motor car on 1 July 2018 for $20,000. It is to be depreciated at 20 per cent per year\non the straight line basis, assuming a residual value at the end of five years Read more

ACC204 1. Instead of having a total of N7,100 the book-keeper had a cast of N7,080 leading to an understatement of the accounts receivable account by N20, to correct the error which account should be credited?       Account Read more

ACC204 Past Questions and Answers [ACC204] The owner of a business invests cash of N250,000 into his business, the usual postings in the ledger would be to debit Cash Account with N100,000 and credit Capital Account with N100,000 Debit Cash Read more

[ACC204] Adamu Baike Dairy uses sophisticated machines to produce evaporated milk. In June 2019, it sold one of its dairy machines that cost N150,000 for N30,000 cash. The accumulated depreciation on the machine is N110,000.Determine the gain or loss. What Read more

ACC204 1. Using the residual balance method of depreciation, if a motor vehicle that cost N17,150 has a useful life of 5years and a residual value of N500, calculate the annual depreciation rate;       O.42       Read more

An approach that maintains inventory record on a continous basis whenever there is movement in the level of inventory whether through purchases or sales is………. a. LIFO approach b. Perpetual inventory..answer c. Computerised accounting approach d. Relevancy approach Non-current assets Read more

ACC204 Past Questions and Answers   The cheques in which an entity may issue to the third party and have been credited to the cash book but not yet debited by the bank in the bank statement because the bearers Read more