Current Assets – NBC Institute

PSAF – May 2022 – L2 – SA – Q4 – Government Revenue

Compute financial ratios for Koki Event Center and highlight ways to conduct analytical reviews.

Question

The following information relates to Koki Event Center which is owned and managed by Ogbonge Local Government.

Koki Event Centre
Statement of financial position as at September 30, 2021 (Extract)

Required:
a. Compute the following relevant ratios for the event centre and comment on your results:
i. Current ratio (3 Marks)
ii. Acid test ratio (3 Marks)
iii. Working capital/Total assets ratio (3 Marks)
iv. Total debts/Total assets ratio (3 Marks)
v. Long-term debts/Total assets ratio (3 Marks)

b. Highlight THREE ways by which analytical review can be conducted. (3 Marks)

c. Explain TWO ways the performance appraisal of a profit-oriented entity would differ from that of a public-oriented entity. (2 Marks)

Answer

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Tags: Analytical review, Current Assets, Event Center, Financial Ratios, Long-Term Debts, Public Sector
Level: Level 2

Topic: Government Revenue
Series: MAY 2022

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

Question

The excess of current assets over current liabilities is referred to as?

Answer

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Tags: Current Assets, Current Liabilities
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

Question

a. Working capital is generally understood to mean the difference between current assets and current liabilities. Explain the term working capital cycle. (2 Marks)
b. List FIVE factors that determine the working capital requirements of a firm. (5 Marks)
c. GLORY Limited has provided you with the following data regarding next year’s budget that has just been presented to the board by the financial controller of the company:

Budgeted Average Amount Outstanding	N
Inventory: Raw materials	480,000
Work-in-Progress	360,000
Finished goods	244,800
Receivables	600,600
Payables	(422,400)
Budgeted Average Working Capital	1,263,000

The following are available daily averages:

Daily Averages	N
Revenue	9,240
Cost of Sales	7,200
Purchases of raw materials	3,840

You are required to compute the working capital cycle based on the above figures. (13 Marks)

Answer

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Tags: Cash Cycle, Current Assets, Current Liabilities, Working Capital, Working Capital Management
Level: Level 1

Topic: Budgeting
Series: NOV 2014

FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements

Define an asset, explain the conditions for current assets, and provide examples of current and non-current assets.

Question

An important requirement of IAS 1 with regard to the financial statements is that current and non-current assets should be separately disclosed.

i. Define the term “asset.” (2 Marks)
ii. What are the conditions to be satisfied for an asset to be termed a current asset? (6 Marks)
iii. State TWO examples each of current and non-current assets. (2 Marks)

Answer

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Tags: Current Assets, Financial Statements, IAS 1, Non-current Assets
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

Determine how subscription in arrears is treated in the financial position of a not-for-profit organization.

Question

Subscription in arrears is treated in the statement of financial position of a not-for-profit organization as
A. Current assets
B. Current liabilities
C. Non-current assets
D. Intangible assets
E. Tangible assets

Answer

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Tags: Current Assets, Nonprofit Accounting, Subscription in Arrears
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2022

FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-

Calculate the working capital of the business.

Question

Calculate the working capital of the business.

The extract from the financial statements of Benchmark Ventures for the year ended September 30, 2019, is as follows:

Capital: N84,000
Net profit: N15,000
Drawings: N9,000
Cash and cash equivalent: N3,000
Accounts payables: N50,000
Inventory: N29,000
Accounts receivables: N35,000

Answer

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Tags: Current Assets, Current Liabilities, Working Capital
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation

Calculate the current assets of the business.

Question

Determine the amount of the current assets.

The extract from the financial statements of Benchmark Ventures for the year ended September 30, 2019, is as follows:

Capital: N84,000
Net profit: N15,000
Drawings: N9,000
Cash and cash equivalent: N3,000
Accounts payables: N50,000
Inventory: N29,000
Accounts receivables: N35,000

Answer

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Tags: Current Assets, Financial Position, Statement of Financial Position
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2019

PSAF – May 2022 – L2 – SA – Q4 – Government Revenue

Compute financial ratios for Koki Event Center and highlight ways to conduct analytical reviews.

Question

The following information relates to Koki Event Center which is owned and managed by Ogbonge Local Government.

Koki Event Centre
Statement of financial position as at September 30, 2021 (Extract)

b. Highlight THREE ways by which analytical review can be conducted. (3 Marks)

c. Explain TWO ways the performance appraisal of a profit-oriented entity would differ from that of a public-oriented entity. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Analytical review, Current Assets, Event Center, Financial Ratios, Long-Term Debts, Public Sector
Level: Level 2

Topic: Government Revenue
Series: MAY 2022

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

Question

The excess of current assets over current liabilities is referred to as?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Assets, Current Liabilities
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

Question

Budgeted Average Amount Outstanding	N
Inventory: Raw materials	480,000
Work-in-Progress	360,000
Finished goods	244,800
Receivables	600,600
Payables	(422,400)
Budgeted Average Working Capital	1,263,000

The following are available daily averages:

Daily Averages	N
Revenue	9,240
Cost of Sales	7,200
Purchases of raw materials	3,840

You are required to compute the working capital cycle based on the above figures. (13 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Cycle, Current Assets, Current Liabilities, Working Capital, Working Capital Management
Level: Level 1

Topic: Budgeting
Series: NOV 2014

FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements

Define an asset, explain the conditions for current assets, and provide examples of current and non-current assets.

Question

An important requirement of IAS 1 with regard to the financial statements is that current and non-current assets should be separately disclosed.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Assets, Financial Statements, IAS 1, Non-current Assets
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

Determine how subscription in arrears is treated in the financial position of a not-for-profit organization.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Assets, Nonprofit Accounting, Subscription in Arrears
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2022

FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-

Calculate the working capital of the business.

Question

Calculate the working capital of the business.

The extract from the financial statements of Benchmark Ventures for the year ended September 30, 2019, is as follows:

Capital: N84,000
Net profit: N15,000
Drawings: N9,000
Cash and cash equivalent: N3,000
Accounts payables: N50,000
Inventory: N29,000
Accounts receivables: N35,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Assets, Current Liabilities, Working Capital
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation

Calculate the current assets of the business.

Question

Determine the amount of the current assets.

The extract from the financial statements of Benchmark Ventures for the year ended September 30, 2019, is as follows:

Capital: N84,000
Net profit: N15,000
Drawings: N9,000
Cash and cash equivalent: N3,000
Accounts payables: N50,000
Inventory: N29,000
Accounts receivables: N35,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Assets, Financial Position, Statement of Financial Position
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2019

Question Tag: Current Assets

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PSAF – May 2022 – L2 – SA – Q4 – Government Revenue

Compute financial ratios for Koki Event Center and highlight ways to conduct analytical reviews.

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements

Define an asset, explain the conditions for current assets, and provide examples of current and non-current assets.

FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

Determine how subscription in arrears is treated in the financial position of a not-for-profit organization.

FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-

Calculate the working capital of the business.

FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation

Calculate the current assets of the business.

PSAF – May 2022 – L2 – SA – Q4 – Government Revenue

Compute financial ratios for Koki Event Center and highlight ways to conduct analytical reviews.

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements

Define an asset, explain the conditions for current assets, and provide examples of current and non-current assets.

FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

Determine how subscription in arrears is treated in the financial position of a not-for-profit organization.

FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-

Calculate the working capital of the business.

FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation

Calculate the current assets of the business.

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Question Tag: Current Assets

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PSAF – May 2022 – L2 – SA – Q4 – Government Revenue

Compute financial ratios for Koki Event Center and highlight ways to conduct analytical reviews.

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FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts"

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q1 – Budgeting"

FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements

Define an asset, explain the conditions for current assets, and provide examples of current and non-current assets.

You're reporting an error for "FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements"

FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

Determine how subscription in arrears is treated in the financial position of a not-for-profit organization.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities"

FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-

Calculate the working capital of the business.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-"

FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation

Calculate the current assets of the business.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation"

PSAF – May 2022 – L2 – SA – Q4 – Government Revenue

Compute financial ratios for Koki Event Center and highlight ways to conduct analytical reviews.

You're reporting an error for "PSAF – May 2022 – L2 – SA – Q4 – Government Revenue"

FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts

This question asks for the term used to describe the excess of current assets over current liabilities.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q18 – Accounting Concepts"

MI – Nov 2014 – L1 – SB – Q1 – Budgeting

This question focuses on defining working capital, explaining the working capital cycle, and calculating it based on given data.

You're reporting an error for "MI – Nov 2014 – L1 – SB – Q1 – Budgeting"

FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements

Define an asset, explain the conditions for current assets, and provide examples of current and non-current assets.

You're reporting an error for "FA – May 2022 – L1 – SB – Q6b – Elements of Financial Statements"

FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities

Determine how subscription in arrears is treated in the financial position of a not-for-profit organization.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q7 – Accounts of Not-for-Profit Entities"

FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-

Calculate the working capital of the business.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q10 – Financial Statements Preparation-"

FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation

Calculate the current assets of the business.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q9 – Financial Statements Preparation"

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