Accounting – Page 2 – 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

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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

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

Topic: Financial Analysis
Series: NOV 2022

BMF – May 2024 – L1 – SB – Q2a – Basics of Business Finance and Financial Markets

Explanation of financial engineering, bond markets, and financial concepts.

Question

a. Briefly explain the term “Financial engineering”. (3 Marks)

b. Describe the relationship between financial accounting and management accounting. (4 Marks)

c. State FIVE examples of Nigerian bond markets hosted by the Nigerian Exchange Limited (NGX). (5 Marks)

d. Explain briefly the following financial concepts:
i. Certificate of deposits (CDS);
ii. Commercial paper (CP);
iii. Treasury bills (TB);
iv. Banker’s acceptances (BAs). (8 Marks)

Answer

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Tags: Accounting, Bond Markets, Financial Concepts, Financial Engineering
Level: Level 1

Topic: Basics of Business Finance and Financial Markets
Series: MAY 2024

BMF – May 2024 – L1 – SA – Q18 – Basics of Business Finance and Financial Markets

Identifying what a receipt and payment account represents in accounting.

Question

What does a receipt and payment account represent in accounting?
A. A summary of cash receipts and payments, including both accruals and cash transactions
B. A summary of cash receipts and payments during the accounting period, without considering accruals
C. A record of all revenue transactions in the accounting period, irrespective of cash inflows or outflows
D. A record of all capital transactions, including cash receipts and payments, during the accounting period
E. A record of all non-cash transactions in the accounting period, excluding cash receipts and payments

Answer

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Tags: Accounting, Financial Statements, Receipt and Payment Account
Level: Level 1

Topic: Basics of Business Finance and Financial Markets
Series: MAY 2024

FA – Mar/July 2020 – L1 – SB – Q2c – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Listing six uses of the journal in accounting.

Question

List SIX uses of the journal.

Answer

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Tags: Accounting, Journal, Uses of Journal
Level: Level 1

AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

Question

You are the manager in charge of the audit of God First Microfinance Co. Ltd for the year ended 31 December, 2021. Due to the highly regulated environment in which such companies have to operate, your partner has requested that, right from the planning stage of the audit, you strictly apply the requirement of ISA 220: Quality Control for an audit of financial statements.

Required:
State FIVE (5) reasons for the need for a quality control system in accounting firms.

Answer

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Tags: Accounting, Audit Firms, ISA 220, Quality control, Regulatory Environment
Level: Level 2

Topic: Professional and Ethical Considerations
Series: DEC 2022

PSAF – Nov 2016 – L2 – Q3e – Preparation and presentation of financial statements for central government.

Identify eight key financial disclosures required when accounting for government stores

Question

In accounting for Government Stores, the head of department shall report annually on the value of stocks held by his department.

Required:

Identify EIGHT financial information that must be disclosed by a head of government department when accounting for government stores.

Answer

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Tags: Accounting, Disclosure, Financial Reporting, Government Stores, Inventory
Level: Level 2

Topic: Preparation and presentation of financial statements for central governmen
Series: NOV 2016

BMIS – Nov 2021 – L1 – Q2c – Professional ethics in accounting and business

Outline actions by accountants that demonstrate acting in the public interest.

Question

Although a professional code of ethics does not clearly define ‘public interest’, an Accountant would be deemed to be acting in the public interest when he takes certain actions to perform his duties.

Required:
Outline FIVE (5) of such actions. (5 marks)

Answer

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Tags: Accounting, Professional Conduct, Professional Ethics, Public Interest
Level: Level 1

Topic: Professional ethics in accounting and business
Series: NOV 2021

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.

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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.

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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.

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

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

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

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

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

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

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

Identify the item that is not considered a liability.

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BMF – May 2024 – L1 – SB – Q2a – Basics of Business Finance and Financial Markets

Explanation of financial engineering, bond markets, and financial concepts.

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BMF – May 2024 – L1 – SA – Q18 – Basics of Business Finance and Financial Markets

Identifying what a receipt and payment account represents in accounting.

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FA – Mar/July 2020 – L1 – SB – Q2c – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Listing six uses of the journal in accounting.

You're reporting an error for "FA – Mar/July 2020 – L1 – SB – Q2c – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

You're reporting an error for "AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations"

PSAF – Nov 2016 – L2 – Q3e – Preparation and presentation of financial statements for central government.

Identify eight key financial disclosures required when accounting for government stores

You're reporting an error for "PSAF – Nov 2016 – L2 – Q3e – Preparation and presentation of financial statements for central government."

BMIS – Nov 2021 – L1 – Q2c – Professional ethics in accounting and business

Outline actions by accountants that demonstrate acting in the public interest.

You're reporting an error for "BMIS – Nov 2021 – L1 – Q2c – Professional ethics in accounting and business"

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