Accounting principles – NBC Institute

AAA – Nov 2011 – L3 – SAII – Q15 – Audit of Complex Entities

Definition of consistency in using accounting principles for comparability.

Question

The use of the same accounting principles from year to year so that the successive financial statements issued by a business entity will be comparable is known as…………………….

Answer

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Tags: Accounting principles, Comparability, Consistency, Financial Statements
Level: Level 3

Topic: Audit of Complex Entities
Series: NOV 2011

FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

Question

Briefly explain SIX purposes of the Conceptual Framework of the International Accounting Standard Board (IASB). (9 Marks)

Answer

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Tags: Accounting principles, Conceptual Framework, Financial Standards, IASB
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2022

FA – Nov 2020 – L1 – SA – Q1 -Trial Balance: Usefulness and Limitations

Identifies an item not found on the debit column of a trial balance.

Question

Which of the following items is NOT found on the debit column of a trial balance?
A. Capital
B. Motor vehicle
C. Rent and rates
D. Salaries and wages
E. Postage and stationery

Answer

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Tags: Accounting principles, Financial Statements, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2020

PM – May 2019 – L2 – Q6 – Strategic Management Accounting

Discusses the essential qualities needed for management accounting information to be useful for decision-making.

Question

“The purpose of management accounting is to provide relevant and reliable information so that managers can make well-informed decisions. The value of management accounting, therefore, depends on the quality of the information provided and whether this information helps managers to make better decisions.” Therefore, before management accounting information can be useful to managers, it must possess some qualities.

Required:
Discuss the essential qualities of good management accounting information.

Answer

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Tags: Accounting principles, Decision Making, Information Quality, Management Accounting
Level: Level 2

Topic: Strategic Management Accounting
Series: MAY 2019

FA – Nov 2013 – L1 – SB – Q1b – Accounting Concepts

Listing and benefits of accounting concepts.

Question

List any SIX accounting concepts and state their benefits.

Answer

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Tags: Accounting Concepts, Accounting principles, Benefits of Accounting Concepts, Financial Reporting
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q1a – Accounting Concepts

Definition of accounting concepts.

Question

Define accounting concepts.

Answer

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Tags: Accounting Concepts, Accounting principles, Financial Reporting
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q6 – Regulatory Environment of Accounting

Understanding what GAAP refers to.

Question

The “generally accepted accounting practice” (GAAP) refers to:

A. Complete set of regulations from all sources together with any general accounting principles and conventions
B. Only the principles and conventions that are enshrined in companies’ legislations
C. The accounting regulations which apply to large companies
D. Financial accounting which is concerned with reporting financial results in aggregates to a variety of users
E. Legislation which generally sets out the broad rules with which companies must comply when preparing financial statements

Answer

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Tags: Accounting principles, Accounting Standards, GAAP
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q1 – Financial Statements Preparation

Determining the total cost for equipment recognition.

Question

Fred Manufacturing Enterprise purchased equipment for N150,000. The equipment was transported at a cost of N15,000 and installed at a cost of N7,500. The employees were trained in the use of the equipment at a cost of N50,000.

At what cost will the equipment be recognised in the books of account?

A. N150,000
B. N157,500
C. N165,000
D. N172,500
E. N222,500

Answer

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Tags: Accounting principles, Asset Valuation, Cost Accounting, Equipment
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2013

FA – Nov 2015 – L1 – SA – Q20 – Accounting Treatment for Accruals and Prepayments

This question calculates the total rent expense to be charged to the profit or loss statement for the year.

Question

The information below relates to the accounting period ended December 31, 2013.
N
Prepaid rent brought forward: 22,000
Rent paid during the period: 216,000
Accrued rent carried forward: 26,000

In line with the accrual concept, what should be the amount of rent to be charged to the statement of profit or loss in the year ended December 31, 2013?
A. N264,000
B. N242,000
C. N238,000
D. N216,000
E. N48,000

Answer

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Tags: Accounting principles, Accruals, Rent Expense
Level: Level 1

Topic: Accruals and Prepayments
Series: NOV 2015

FA – Nov 2015 – L1 – SA – Q19 – Accounting for Property, Plant, and Equipment (IAS 16)

This question identifies which cost should not be included in the initial measurement of property, plant, and equipment.

Question

Which of the following costs should NOT be included in the initial measurement of property, plant and equipment?
A. Purchase price
B. Site preparation cost
C. Professional fees
D. Installation cost
E. Site administration and general overhead costs

Answer

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Tags: Accounting principles, Initial Measurement, Plant and Equipment, Property
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2015

AAA – Nov 2011 – L3 – SAII – Q15 – Audit of Complex Entities

Definition of consistency in using accounting principles for comparability.

Question

The use of the same accounting principles from year to year so that the successive financial statements issued by a business entity will be comparable is known as…………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Comparability, Consistency, Financial Statements
Level: Level 3

Topic: Audit of Complex Entities
Series: NOV 2011

FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

Question

Briefly explain SIX purposes of the Conceptual Framework of the International Accounting Standard Board (IASB). (9 Marks)

Answer

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Tags: Accounting principles, Conceptual Framework, Financial Standards, IASB
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2022

FA – Nov 2020 – L1 – SA – Q1 -Trial Balance: Usefulness and Limitations

Identifies an item not found on the debit column of a trial balance.

Question

Which of the following items is NOT found on the debit column of a trial balance?
A. Capital
B. Motor vehicle
C. Rent and rates
D. Salaries and wages
E. Postage and stationery

Answer

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Tags: Accounting principles, Financial Statements, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2020

PM – May 2019 – L2 – Q6 – Strategic Management Accounting

Discusses the essential qualities needed for management accounting information to be useful for decision-making.

Question

Required:
Discuss the essential qualities of good management accounting information.

Answer

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Tags: Accounting principles, Decision Making, Information Quality, Management Accounting
Level: Level 2

Topic: Strategic Management Accounting
Series: MAY 2019

FA – Nov 2013 – L1 – SB – Q1b – Accounting Concepts

Listing and benefits of accounting concepts.

Question

List any SIX accounting concepts and state their benefits.

Answer

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Tags: Accounting Concepts, Accounting principles, Benefits of Accounting Concepts, Financial Reporting
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q1a – Accounting Concepts

Definition of accounting concepts.

Question

Define accounting concepts.

Answer

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Tags: Accounting Concepts, Accounting principles, Financial Reporting
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q6 – Regulatory Environment of Accounting

Understanding what GAAP refers to.

Question

The “generally accepted accounting practice” (GAAP) refers to:

Answer

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Tags: Accounting principles, Accounting Standards, GAAP
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q1 – Financial Statements Preparation

Determining the total cost for equipment recognition.

Question

At what cost will the equipment be recognised in the books of account?

A. N150,000
B. N157,500
C. N165,000
D. N172,500
E. N222,500

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Asset Valuation, Cost Accounting, Equipment
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2013

FA – Nov 2015 – L1 – SA – Q20 – Accounting Treatment for Accruals and Prepayments

This question calculates the total rent expense to be charged to the profit or loss statement for the year.

Question

The information below relates to the accounting period ended December 31, 2013.
N
Prepaid rent brought forward: 22,000
Rent paid during the period: 216,000
Accrued rent carried forward: 26,000

Answer

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Tags: Accounting principles, Accruals, Rent Expense
Level: Level 1

Topic: Accruals and Prepayments
Series: NOV 2015

FA – Nov 2015 – L1 – SA – Q19 – Accounting for Property, Plant, and Equipment (IAS 16)

This question identifies which cost should not be included in the initial measurement of property, plant, and equipment.

Question

Answer

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Tags: Accounting principles, Initial Measurement, Plant and Equipment, Property
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2015

Question Tag: Accounting principles

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AAA – Nov 2011 – L3 – SAII – Q15 – Audit of Complex Entities

Definition of consistency in using accounting principles for comparability.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q15 – Audit of Complex Entities"

FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

You're reporting an error for "FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes"

FA – Nov 2020 – L1 – SA – Q1 -Trial Balance: Usefulness and Limitations

Identifies an item not found on the debit column of a trial balance.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q1 -Trial Balance: Usefulness and Limitations"

PM – May 2019 – L2 – Q6 – Strategic Management Accounting

Discusses the essential qualities needed for management accounting information to be useful for decision-making.

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FA – Nov 2013 – L1 – SB – Q1b – Accounting Concepts

Listing and benefits of accounting concepts.

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FA – Nov 2013 – L1 – SB – Q1a – Accounting Concepts

Definition of accounting concepts.

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FA – Nov 2013 – L1 – SA – Q6 – Regulatory Environment of Accounting

Understanding what GAAP refers to.

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FA – Nov 2013 – L1 – SA – Q1 – Financial Statements Preparation

Determining the total cost for equipment recognition.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q1 – Financial Statements Preparation"

FA – Nov 2015 – L1 – SA – Q20 – Accounting Treatment for Accruals and Prepayments

This question calculates the total rent expense to be charged to the profit or loss statement for the year.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q20 – Accounting Treatment for Accruals and Prepayments"

FA – Nov 2015 – L1 – SA – Q19 – Accounting for Property, Plant, and Equipment (IAS 16)

This question identifies which cost should not be included in the initial measurement of property, plant, and equipment.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q19 – Accounting for Property, Plant, and Equipment (IAS 16)"

AAA – Nov 2011 – L3 – SAII – Q15 – Audit of Complex Entities

Definition of consistency in using accounting principles for comparability.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q15 – Audit of Complex Entities"

FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes

Short Summary: Summarize the six primary purposes of IASB's Conceptual Framework in international standards development.

You're reporting an error for "FR – Nov 2022 – L2 – Q7a – Conceptual Framework Purposes"

FA – Nov 2020 – L1 – SA – Q1 -Trial Balance: Usefulness and Limitations

Identifies an item not found on the debit column of a trial balance.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q1 -Trial Balance: Usefulness and Limitations"

PM – May 2019 – L2 – Q6 – Strategic Management Accounting

Discusses the essential qualities needed for management accounting information to be useful for decision-making.

You're reporting an error for "PM – May 2019 – L2 – Q6 – Strategic Management Accounting"

FA – Nov 2013 – L1 – SB – Q1b – Accounting Concepts

Listing and benefits of accounting concepts.

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FA – Nov 2013 – L1 – SB – Q1a – Accounting Concepts

Definition of accounting concepts.

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FA – Nov 2013 – L1 – SA – Q6 – Regulatory Environment of Accounting

Understanding what GAAP refers to.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q6 – Regulatory Environment of Accounting"

FA – Nov 2013 – L1 – SA – Q1 – Financial Statements Preparation

Determining the total cost for equipment recognition.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q1 – Financial Statements Preparation"

FA – Nov 2015 – L1 – SA – Q20 – Accounting Treatment for Accruals and Prepayments

This question calculates the total rent expense to be charged to the profit or loss statement for the year.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q20 – Accounting Treatment for Accruals and Prepayments"

FA – Nov 2015 – L1 – SA – Q19 – Accounting for Property, Plant, and Equipment (IAS 16)

This question identifies which cost should not be included in the initial measurement of property, plant, and equipment.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q19 – Accounting for Property, Plant, and Equipment (IAS 16)"

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