Accounting Records – NBC Institute

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

Question

Which of the following is NOT a source document?
A. Proforma invoice
B. Debit note
C. Journal
D. Statement of account
E. Cheque stub

Answer

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Tags: Accounting Records, Source Documents
Level: Level 1

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

Question

In which of the following ledgers can data relating to discount be found?

A. Nominal ledger
B. Cash book
C. Sales ledger
D. Private ledger
E. Petty cash book

Answer

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Tags: Accounting Records, Discounts, Ledgers
Level: Level 1

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

Question

Success Motors bought three Toyota vehicles on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the
A. Sales day book
B. Purchases day book
C. Payables account
D. Cash book
E. Purchases account

Answer

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Tags: Accounting Records, Cash Transactions, Vehicle Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2022

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

Question

The primary purpose of the general journal in accounting is to:

A. Record transactions from books of prime entry
B. Record year-end adjustments only
C. Correct errors in personal ledgers
D. Provide a record and explanation of various adjustments
E. Serve as the primary book of entry for all financial transactions

Answer

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Tags: Accounting Records, General Journal, Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

Question

State SIX steps necessary for converting from single entry and incomplete records to double entry. (6 Marks)

Answer

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Tags: Accounting Records, Conversion, Double Entry, Single Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAR/JULY 2020

FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts

Define Books of Prime Entry and list examples, prepare partnership accounts including profit/loss, partners' current accounts, and statement of financial position.

Question

(a)
i. Define Book of Prime Entry. (1 mark)
ii. Mention any four (4) Books of Prime Entry. (4 marks)

(b) Felicia, Jackson, and Elizabeth are in Partnership Sharing Profits and Losses in the ratio of 5:3:2 respectively. According to the Partnership Agreement, Partners’ Capital Accounts attract an interest of 20% per annum, while any Drawings by a Partner also attract 10% interest per annum.

The following understated Trial Balance has been extracted after the preparation of the Profit and Loss Account for the period ending 31st December 2014:

The following entries have not been recorded in the books:
i. Salary of GH¢5,000 was paid to Elizabeth during the period.
ii. Felicia personally paid General Expenses of GH¢2,500 on behalf of the Partnership.
iii. Cash Drawings made by partners: Felicia GH¢500, Jackson GH¢1,500, and Elizabeth GH¢1,200.
iv. Interest on loan – Elizabeth – GH¢2,000.
v. Jackson took goods worth GH¢2,000 for personal use.
vi. Interest on Capital Account. All Capital Accounts were to remain fixed.

You are required to prepare:
i. Profit or Loss and Appropriation Account. (7 marks)
ii. Partners’ Current Account. (3 marks)
iii. Statement of Financial Position as at 31st December, 2014 (5 marks)

Answer

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Tags: Accounting Records, Books of Prime Entry, Financial Statements, Partnership Accounts
Level: Level 1

Topic: Preparation of Partnership accounts
Series: NOV 2015

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

Question

Which of the following is NOT a source document?
A. Proforma invoice
B. Debit note
C. Journal
D. Statement of account
E. Cheque stub

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Source Documents
Level: Level 1

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

Question

In which of the following ledgers can data relating to discount be found?

A. Nominal ledger
B. Cash book
C. Sales ledger
D. Private ledger
E. Petty cash book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Discounts, Ledgers
Level: Level 1

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Cash Transactions, Vehicle Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2022

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

Question

The primary purpose of the general journal in accounting is to:

A. Record transactions from books of prime entry
B. Record year-end adjustments only
C. Correct errors in personal ledgers
D. Provide a record and explanation of various adjustments
E. Serve as the primary book of entry for all financial transactions

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, General Journal, Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

Question

State SIX steps necessary for converting from single entry and incomplete records to double entry. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Conversion, Double Entry, Single Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAR/JULY 2020

FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts

Define Books of Prime Entry and list examples, prepare partnership accounts including profit/loss, partners' current accounts, and statement of financial position.

Question

(a)
i. Define Book of Prime Entry. (1 mark)
ii. Mention any four (4) Books of Prime Entry. (4 marks)

The following understated Trial Balance has been extracted after the preparation of the Profit and Loss Account for the period ending 31st December 2014:

You are required to prepare:
i. Profit or Loss and Appropriation Account. (7 marks)
ii. Partners’ Current Account. (3 marks)
iii. Statement of Financial Position as at 31st December, 2014 (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Books of Prime Entry, Financial Statements, Partnership Accounts
Level: Level 1

Topic: Preparation of Partnership accounts
Series: NOV 2015

Question Tag: Accounting Records

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FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts

Define Books of Prime Entry and list examples, prepare partnership accounts including profit/loss, partners' current accounts, and statement of financial position.

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts

Define Books of Prime Entry and list examples, prepare partnership accounts including profit/loss, partners' current accounts, and statement of financial position.

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FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

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FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting"

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions"

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

You're reporting an error for "FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles"

FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts

Define Books of Prime Entry and list examples, prepare partnership accounts including profit/loss, partners' current accounts, and statement of financial position.

You're reporting an error for "FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts"

FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identifies an item that is not a source document in accounting.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q3 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions

Identifying the ledger where discount data can be found.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q16 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting"

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions"

FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles

Steps required to convert single entry and incomplete records to double entry.

You're reporting an error for "FA – Mar/July 2020 – L1 – SB – Q2d – Double-Entry Accounting Principles"

FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts

Define Books of Prime Entry and list examples, prepare partnership accounts including profit/loss, partners' current accounts, and statement of financial position.

You're reporting an error for "FA – Nov 2015 – L1 – Q4 – Preparation of Partnership accounts"

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