Accounting – NBC Institute

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

Question

In the financial position of a company, ……………….. are resources arising from past events and for which future economic benefits are derivable.

Answer

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Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

Question

The following are TRUE about Not-For-Profit Organisations EXCEPT:
A. They exist for purposes other than making profit
B. They operate within the funding and cash available
C. They are wholly or partly funded from non-government sources
D. The operating surplus is retained for the organisation
E. They will aim to operate at a surplus

Answer

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Tags: Accounting, Business Objectives, Not-for-profit organizations
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2016

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

Question

Which of the following is a liability account in the books of the lessor?

A. Short workings account
B. Royalty receivable account
C. Cash account
D. Lessee account
E. Statement of Profit or Loss

Answer

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Tags: Accounting, Lease, Lessor, Liability
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2012

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

Question

The accounting basis maintained in recording transactions in the Receipts and Payments account of a Not-For-Profit Organisation is:

Answer

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Tags: Accounting, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2013

FA – May 2013 – L1 – SA – Q9 – Financial Statements Preparation

This question involves calculating the closing work-in-progress for a company.

Question

The following information relates to Ablaze Limited for the year ended 31 December 2012:

Prime cost: N122,000
Factory/production overheads: N185,000
Opening Work-in-progress: N40,000
Factory cost of goods completed: N300,000

What is the closing work-in-progress?

A. N47,000
B. N56,000
C. N66,000
D. N80,000
E. N100,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Factory Cost, Work in Progress
Level: Level 1

Topic: Financial Statements Preparation
Series: MAY 2013

BL – May 2018 – L1 – SB – Q4b – Law of Trusts

State matters on which an accountant must satisfy the court when acting as an expert witness.

Question

An accountant may be an expert witness in a computer fraud case.

Required:
State TWO matters on which an accountant must satisfy the court in such a case.

Answer

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Tags: Accounting, Evidence, Expert Witness
Level: Level 1

Topic: Law of Trusts
Series: MAY 2018

FA – May 2018 – L1 – SB – Q4b – Depreciation Methods

Lists factors that should be taken into account when determining depreciation on a non-current asset.

Question

List FIVE factors which should be taken into account in arriving at the depreciation charged on a non-current asset.

Answer

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Tags: Accounting, Depreciation, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2018 – L1 – SB – Q4a – Depreciation Methods

Defines depreciation and outlines factors for determining depreciation on non-current assets.

Question

Define “depreciation.”

Answer

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Tags: Accounting, Depreciation, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2022 – L1 – SA – Q14 – Correction of Errors

Identify which scenario can be regarded as an error in bookkeeping.

Question

Which of the following can be regarded as an error in bookkeeping?

A. Intentional correct posting in the ledger
B. Intentional failure to record transactions completely
C. A deliberate manipulation of records
D. Incorrect records and oversights that are not intended
E. Double entry posting in the ledger

Answer

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Tags: Accounting, Bookkeeping, Errors
Level: Level 1

Topic: Correction of errors
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q19 – Financial Analysis

Identify the item that is not considered a liability.

Question

Which of the following is NOT a liability?
A. Accrued wages
B. Trade payables
C. Prepayments
D. Insurance due but unpaid
E. Rent received in advance

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Financial Statements, Liabilities
Level: Level 1

Topic: Financial Analysis
Series: NOV 2022

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

Question

In the financial position of a company, ……………….. are resources arising from past events and for which future economic benefits are derivable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Assets, Economic Benefits, Financial Position, Financial Reporting
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Business Objectives, Not-for-profit organizations
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2016

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

Question

Which of the following is a liability account in the books of the lessor?

A. Short workings account
B. Royalty receivable account
C. Cash account
D. Lessee account
E. Statement of Profit or Loss

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Lease, Lessor, Liability
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2012

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

Question

The accounting basis maintained in recording transactions in the Receipts and Payments account of a Not-For-Profit Organisation is:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Not-for-profit, Receipts and Payments
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: MAY 2013

FA – May 2013 – L1 – SA – Q9 – Financial Statements Preparation

This question involves calculating the closing work-in-progress for a company.

Question

The following information relates to Ablaze Limited for the year ended 31 December 2012:

Prime cost: N122,000
Factory/production overheads: N185,000
Opening Work-in-progress: N40,000
Factory cost of goods completed: N300,000

What is the closing work-in-progress?

A. N47,000
B. N56,000
C. N66,000
D. N80,000
E. N100,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Factory Cost, Work in Progress
Level: Level 1

Topic: Financial Statements Preparation
Series: MAY 2013

BL – May 2018 – L1 – SB – Q4b – Law of Trusts

State matters on which an accountant must satisfy the court when acting as an expert witness.

Question

An accountant may be an expert witness in a computer fraud case.

Required:
State TWO matters on which an accountant must satisfy the court in such a case.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Evidence, Expert Witness
Level: Level 1

Topic: Law of Trusts
Series: MAY 2018

FA – May 2018 – L1 – SB – Q4b – Depreciation Methods

Lists factors that should be taken into account when determining depreciation on a non-current asset.

Question

List FIVE factors which should be taken into account in arriving at the depreciation charged on a non-current asset.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Depreciation, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2018 – L1 – SB – Q4a – Depreciation Methods

Defines depreciation and outlines factors for determining depreciation on non-current assets.

Question

Define “depreciation.”

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Depreciation, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2022 – L1 – SA – Q14 – Correction of Errors

Identify which scenario can be regarded as an error in bookkeeping.

Question

Which of the following can be regarded as an error in bookkeeping?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Bookkeeping, Errors
Level: Level 1

Topic: Correction of errors
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q19 – Financial Analysis

Identify the item that is not considered a liability.

Question

Which of the following is NOT a liability?
A. Accrued wages
B. Trade payables
C. Prepayments
D. Insurance due but unpaid
E. Rent received in advance

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Financial Statements, Liabilities
Level: Level 1

Topic: Financial Analysis
Series: NOV 2022

Question Tag: Accounting

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AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance."

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society"

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

You're reporting an error for "FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities"

FA – May 2013 – L1 – SA – Q9 – Financial Statements Preparation

This question involves calculating the closing work-in-progress for a company.

You're reporting an error for "FA – May 2013 – L1 – SA – Q9 – Financial Statements Preparation"

BL – May 2018 – L1 – SB – Q4b – Law of Trusts

State matters on which an accountant must satisfy the court when acting as an expert witness.

You're reporting an error for "BL – May 2018 – L1 – SB – Q4b – Law of Trusts"

FA – May 2018 – L1 – SB – Q4b – Depreciation Methods

Lists factors that should be taken into account when determining depreciation on a non-current asset.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4b – Depreciation Methods"

FA – May 2018 – L1 – SB – Q4a – Depreciation Methods

Defines depreciation and outlines factors for determining depreciation on non-current assets.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4a – Depreciation Methods"

FA – May 2022 – L1 – SA – Q14 – Correction of Errors

Identify which scenario can be regarded as an error in bookkeeping.

You're reporting an error for "FA – May 2022 – L1 – SA – Q14 – Correction of Errors"

FA – Nov 2022 – L1 – SA – Q19 – Financial Analysis

Identify the item that is not considered a liability.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q19 – Financial Analysis"

AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance.

Defines assets in the context of financial position.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q1 – Overview of Advanced Audit and Assurance."

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society"

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities

This question tests knowledge of the accounting basis used in recording transactions in a not-for-profit organisation.

You're reporting an error for "FA – May 2013 – L1 – SA – Q21 – Accounts of Not-for-Profit Entities"

FA – May 2013 – L1 – SA – Q9 – Financial Statements Preparation

This question involves calculating the closing work-in-progress for a company.

You're reporting an error for "FA – May 2013 – L1 – SA – Q9 – Financial Statements Preparation"

BL – May 2018 – L1 – SB – Q4b – Law of Trusts

State matters on which an accountant must satisfy the court when acting as an expert witness.

You're reporting an error for "BL – May 2018 – L1 – SB – Q4b – Law of Trusts"

FA – May 2018 – L1 – SB – Q4b – Depreciation Methods

Lists factors that should be taken into account when determining depreciation on a non-current asset.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4b – Depreciation Methods"

FA – May 2018 – L1 – SB – Q4a – Depreciation Methods

Defines depreciation and outlines factors for determining depreciation on non-current assets.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4a – Depreciation Methods"

FA – May 2022 – L1 – SA – Q14 – Correction of Errors

Identify which scenario can be regarded as an error in bookkeeping.

You're reporting an error for "FA – May 2022 – L1 – SA – Q14 – Correction of Errors"

FA – Nov 2022 – L1 – SA – Q19 – Financial Analysis

Identify the item that is not considered a liability.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q19 – Financial Analysis"

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