Business Transactions – NBC Institute

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Question

Success Motors bought three Toyota Jeeps 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. Purchase day book
C. Payable account
D. Cash book
E. Purchases account

Answer

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Tags: Business Transactions, Cash Book, Multiple Choice, Vehicle Purchase

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

Question

Which of the following will result in an increase in cash of the business?
A. Drawings from the business
B. Payments for a new asset
C. Proceeds from disposal of non-current assets
D. Payments to suppliers
E. Goods sold on credit to customers

Answer

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Tags: Asset Disposal, Business Transactions, Cash Inflow, Multiple Choice
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify a transaction that results in an increase in cash for the business.

Question

Which of the following transactions results in an increase in cash of the business?

A. Drawings from the business
B. Payment for a new asset
C. Proceeds from disposal of non-current asset
D. Payment to a supplier
E. Goods sold on credit to customers

Answer

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Tags: Business Transactions, Cashflow, Financial Reporting
Level: Level 1

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

Question

Oluwe family borrowed money to enable him (Oluwe) to travel to Canada in 2014 to study Medicine. After graduation, he stayed back in Canada to work. He now wants to transfer bulk money equivalent to US$15,000 to his family from Canada. One of the family members, Oghiei, has come to you to ask what he should do, considering the Money Laundering (Prevention and Prohibition) Act 2022.

Required:
State the legal position and advise Oghiei. (6 Marks)

Answer

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Tags: Business Transactions, Data Purchasing, Database, Information Systems
Level: Level 1

Topic: Contract Law
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

Question

Business today is facilitated by financial instruments.
Required:
Explain briefly TWO of the following:
i. Bearer Cheque
ii. Order Cheque
iii. Holder
iv. Open Cheque (5 Marks)

Answer

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Tags: Business Transactions, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions

Discusses the key elements of a hire purchase contract.

Question

A hire purchase is a contract in which the owner of goods gives another person called a hirer possession of the goods.

Required:
State FIVE elements of a hire purchase agreement. (5 Marks)

Answer

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Tags: Business Transactions, Contract Law, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2023

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Transactions, Cash Book, Multiple Choice, Vehicle Purchase

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Disposal, Business Transactions, Cash Inflow, Multiple Choice
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2021

FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify a transaction that results in an increase in cash for the business.

Question

Which of the following transactions results in an increase in cash of the business?

A. Drawings from the business
B. Payment for a new asset
C. Proceeds from disposal of non-current asset
D. Payment to a supplier
E. Goods sold on credit to customers

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Transactions, Cashflow, Financial Reporting
Level: Level 1

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

Question

Required:
State the legal position and advise Oghiei. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Transactions, Data Purchasing, Database, Information Systems
Level: Level 1

Topic: Contract Law
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

Question

Business today is facilitated by financial instruments.
Required:
Explain briefly TWO of the following:
i. Bearer Cheque
ii. Order Cheque
iii. Holder
iv. Open Cheque (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Transactions, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions

Discusses the key elements of a hire purchase contract.

Question

A hire purchase is a contract in which the owner of goods gives another person called a hirer possession of the goods.

Required:
State FIVE elements of a hire purchase agreement. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Transactions, Contract Law, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2023

Question Tag: Business Transactions

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FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify a transaction that results in an increase in cash for the business.

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions

Discusses the key elements of a hire purchase contract.

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify a transaction that results in an increase in cash for the business.

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions

Discusses the key elements of a hire purchase contract.

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FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts"

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts"

FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify a transaction that results in an increase in cash for the business.

You're reporting an error for "FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q5c – Contract Law"

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments"

BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions

Discusses the key elements of a hire purchase contract.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions"

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts"

FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts

This question tests knowledge of business cash inflow from disposal of assets.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q1 – Accounting Concepts"

FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify a transaction that results in an increase in cash for the business.

You're reporting an error for "FA – May 2022 – L1 – SA – Q13 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

BL – Nov 2023 – L1 – SB – Q5c – Contract Law

Advises on the legal implications of transferring bulk money from Canada to Nigeria under the Money Laundering (Prevention and Prohibition) Act.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q5c – Contract Law"

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments"

BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions

Discusses the key elements of a hire purchase contract.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions"

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Customer

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