Cash Transactions – NBC Institute

AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

Question

Management of Banana Follow Me Limited plans to invest in factory equipment and fittings to attract more customers, using sufficient cash reserves for these capital expenditures. A significant risk associated with money laundering exists due to the high volume of cash transactions and regular overseas bank transfers.

Required:

i. Discuss THREE requirements of an anti-money laundering programme which the auditor of Banana Follow Me Limited should have in place for detecting and reporting suspicion of money-laundering.

(6 Marks)

ii. State ONE example of the criminal offenses connected with money laundering. (1 Mark)

Answer

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Tags: Cash Transactions, Compliance, Money laundering, Risk Assessment
Level: Level 3

Topic: Forensic Auditing
Series: MAY 2018

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

Question

The following are the business transactions of Alhaji Aberuagba for the month of June 2020:

Date	Details
June 1	Balances brought forward: Cash ₦9,700, Bank ₦218,600
June 2	The amount due from customers: R. Hausa ₦100,000, C. Kola ₦28,000, P. Peters ₦18,000, R. Chinwe ₦60,000
June 3	Cash sales paid directly into the bank ₦13,400
June 5	Paid rent by cash ₦8,800
June 6	Paid suppliers by cheque after deducting 2½% discount: J. Charles ₦40,000, H. Salam ₦64,000, D. Craig ₦20,000
June 8	Withdrew cash from the bank for business use ₦25,000
June 10	Cash sales ₦20,600
June 12	D. Kehinde paid his account of ₦8,900 by cheque less ₦200 cash discount
June 14	Paid wages by cash ₦254,000
June 16	Paid accounts by cheque: L. Lucas ₦11,700 less ₦6,000 cash discount, D. Fisher ₦20,600 less ₦800 cash discount
June 20	Bought fixtures by cheque ₦800,000
June 24	Bought motor van paid by cheque ₦716,600
June 29	Received ₦16,900 cheque from D. Sanni
June 30	Cash sales ₦116,000

Required:
Record the above transactions in a three-column cashbook.

Answer

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Tags: Cash Transactions, Cashbook, Discounts, Receipts and Payments
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 – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

Question

What is the cash paid for wages and salaries during the period, given the following information?
Accrued wages and salaries at the beginning of the period: ₦6,500
Accrued wages and salaries at the end of the period: ₦12,500
Wages and salaries reported in the statement of profit or loss: ₦114,000

A. ₦108,000
B. ₦119,000
C. ₦120,000
D. ₦126,000
E. ₦133,000

Answer

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Tags: Cash Transactions, Salaries, Wages
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

Question

Required:

i. Discuss THREE requirements of an anti-money laundering programme which the auditor of Banana Follow Me Limited should have in place for detecting and reporting suspicion of money-laundering.

(6 Marks)

ii. State ONE example of the criminal offenses connected with money laundering. (1 Mark)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Transactions, Compliance, Money laundering, Risk Assessment
Level: Level 3

Topic: Forensic Auditing
Series: MAY 2018

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

Question

The following are the business transactions of Alhaji Aberuagba for the month of June 2020:

Date	Details
June 1	Balances brought forward: Cash ₦9,700, Bank ₦218,600
June 2	The amount due from customers: R. Hausa ₦100,000, C. Kola ₦28,000, P. Peters ₦18,000, R. Chinwe ₦60,000
June 3	Cash sales paid directly into the bank ₦13,400
June 5	Paid rent by cash ₦8,800
June 6	Paid suppliers by cheque after deducting 2½% discount: J. Charles ₦40,000, H. Salam ₦64,000, D. Craig ₦20,000
June 8	Withdrew cash from the bank for business use ₦25,000
June 10	Cash sales ₦20,600
June 12	D. Kehinde paid his account of ₦8,900 by cheque less ₦200 cash discount
June 14	Paid wages by cash ₦254,000
June 16	Paid accounts by cheque: L. Lucas ₦11,700 less ₦6,000 cash discount, D. Fisher ₦20,600 less ₦800 cash discount
June 20	Bought fixtures by cheque ₦800,000
June 24	Bought motor van paid by cheque ₦716,600
June 29	Received ₦16,900 cheque from D. Sanni
June 30	Cash sales ₦116,000

Required:
Record the above transactions in a three-column cashbook.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Transactions, Cashbook, Discounts, Receipts and Payments
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 – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

Question

A. ₦108,000
B. ₦119,000
C. ₦120,000
D. ₦126,000
E. ₦133,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Transactions, Salaries, Wages
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

Question Tag: Cash Transactions

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AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

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

Identify the correct entry for a cash purchase of vehicles.

FA – Nov 2023 – L1 – SA – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

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

Identify the correct entry for a cash purchase of vehicles.

FA – Nov 2023 – L1 – SA – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

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AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing"

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

You're reporting an error for "FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

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 – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q19 – Recording Financial Transactions"

AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing"

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

You're reporting an error for "FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

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 – Q19 – Recording Financial Transactions

Calculate cash paid for wages and salaries during the period.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q19 – Recording Financial Transactions"

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