Double Entry – NBC Institute

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

Question

In a consignment agreement, which of these transactions does NOT require a double entry in the consignee’s books?

A. Goods sold by the consignee
B. Goods received from consignor
C. Consignee’s expense
D. Consignee’s commission
E. Cheque or draft sent to consignor

Answer

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Tags: Consignment, Double Entry, Transactions
Level: Level 1

FA – May 2013 – L1 – SA – Q33 – Partnership Accounts

This question tests the double-entry treatment when a partner introduces a non-current asset into a partnership.

Question

When a partner introduces a non-current asset into a partnership business, the accounting entries will be:

Answer

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Tags: Double Entry, Non-Current Asset, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

Question

What are the accounting entries to record the cash purchase of a non-current asset?

Answer

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Tags: Cash Purchases, Double Entry, Non-current Assets
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

Question

A sole trader took some goods costing N1,000 from inventory for his own use. The normal selling price of the goods is N2,500. What are the double-entry postings required?

Answer

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Tags: Double Entry, Drawings, Inventory
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

Question

Where a specific trade receivable is written off as bad, the corresponding credit is expected to be in
A. Purchases Account
B. Bad Debts Account
C. Allowance for Doubtful Debts Account
D. Sales Account
E. Receivables Ledger Control Account

Answer

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Tags: Bad Debts, Double Entry, Receivables
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

Question

The double entry rule is expressed as
A. Debit the receiver, credit the giver
B. Debit the giver, credit the receiver
C. Debit the receiver, credit the Bank/Cash account
D. Debit the Bank/Cash account, credit the giver
E. Debit amount paid, credit amount received

Answer

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Tags: Accounting Fundamentals, Basic Accounting Principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identifying the type of error that does not affect a trial balance.

Question

Which of the following errors will NOT affect the agreement of a Trial Balance?

A. Error in computation of balances
B. Transposition of figures
C. Errors of wrong posting in the debit and credit columns
D. Errors of principle
E. Double entry errors

Answer

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Tags: Accounting Errors, Double Entry, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2013

FA – May 2018 – L1 – SB – Q4c – Depreciation Methods

Prepares ledger accounts for plant and machinery, office equipment, and bank transactions for Jingolo.

Question

Mr. Jingolo is a trader who prepares accounts to December 31 each year. The following transactions with regard to non-current assets have taken place:

January 3, 2015: Purchased one office equipment for N2,000,000.
July 5, 2016: Purchased plant and machinery costing N50,000,000.
December 1, 2016: Purchased plant and machinery for N20,000,000.
December 15, 2017: Bought office equipment for N1,000,000.
Bank balance as at January 1, 2015 was N100,000,000.

Mr. Jingolo maintains his non-current assets at cost and keeps a separate ledger for each type of non-current asset. All assets are purchased and are paid for immediately.

Required:
i. Prepare plant and machinery account. (1 Mark)
ii. Prepare office equipment account. (3 Marks)
iii. Prepare bank account. (6 Marks)

Answer

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Tags: Depreciation, Double Entry, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2018 – L1 – SA – Q13 – Partnership Accounts

Identifies the correct double entry for partners' drawings in a partnership account.

Question

The double entry for partners’ drawings is to:
A. Debit appropriation account and credit drawings account
B. Debit partners’ current accounts and credit cash account
C. Debit cash account and credit appropriation account
D. Debit partners’ current accounts and credit appropriation account
E. Debit appropriation account and credit cash account

Answer

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Tags: Double Entry, Drawings, Partnership Accounts
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2018

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

Question

Computer Company Limited recently bought ten computers for its use, which of the following is the correct method of recording this transaction?
A. Debit computers account and credit cash account
B. Debit purchases account and credit cash account
C. Debit cash account and credit purchases account
D. Debit cash account and credit computers account
E. Debit computers account and credit purchases account

Answer

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Tags: Asset Recording, Double Entry, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2018

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

Question

In a consignment agreement, which of these transactions does NOT require a double entry in the consignee’s books?

A. Goods sold by the consignee
B. Goods received from consignor
C. Consignee’s expense
D. Consignee’s commission
E. Cheque or draft sent to consignor

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consignment, Double Entry, Transactions
Level: Level 1

FA – May 2013 – L1 – SA – Q33 – Partnership Accounts

This question tests the double-entry treatment when a partner introduces a non-current asset into a partnership.

Question

When a partner introduces a non-current asset into a partnership business, the accounting entries will be:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Non-Current Asset, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

Question

What are the accounting entries to record the cash purchase of a non-current asset?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Purchases, Double Entry, Non-current Assets
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

Question

A sole trader took some goods costing N1,000 from inventory for his own use. The normal selling price of the goods is N2,500. What are the double-entry postings required?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Drawings, Inventory
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

Question

Answer

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Tags: Bad Debts, Double Entry, Receivables
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Fundamentals, Basic Accounting Principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identifying the type of error that does not affect a trial balance.

Question

Which of the following errors will NOT affect the agreement of a Trial Balance?

A. Error in computation of balances
B. Transposition of figures
C. Errors of wrong posting in the debit and credit columns
D. Errors of principle
E. Double entry errors

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Errors, Double Entry, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2013

FA – May 2018 – L1 – SB – Q4c – Depreciation Methods

Prepares ledger accounts for plant and machinery, office equipment, and bank transactions for Jingolo.

Question

Mr. Jingolo is a trader who prepares accounts to December 31 each year. The following transactions with regard to non-current assets have taken place:

January 3, 2015: Purchased one office equipment for N2,000,000.
July 5, 2016: Purchased plant and machinery costing N50,000,000.
December 1, 2016: Purchased plant and machinery for N20,000,000.
December 15, 2017: Bought office equipment for N1,000,000.
Bank balance as at January 1, 2015 was N100,000,000.

Mr. Jingolo maintains his non-current assets at cost and keeps a separate ledger for each type of non-current asset. All assets are purchased and are paid for immediately.

Required:
i. Prepare plant and machinery account. (1 Mark)
ii. Prepare office equipment account. (3 Marks)
iii. Prepare bank account. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Double Entry, Non-current Assets
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: MAY 2018

FA – May 2018 – L1 – SA – Q13 – Partnership Accounts

Identifies the correct double entry for partners' drawings in a partnership account.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Drawings, Partnership Accounts
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2018

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Recording, Double Entry, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2018

Question Tag: Double Entry

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FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q33 – Partnership Accounts

This question tests the double-entry treatment when a partner introduces a non-current asset into a partnership.

You're reporting an error for "FA – May 2013 – L1 – SA – Q33 – Partnership Accounts"

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

You're reporting an error for "FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

You're reporting an error for "FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles"

FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identifying the type of error that does not affect a trial balance.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations"

FA – May 2018 – L1 – SB – Q4c – Depreciation Methods

Prepares ledger accounts for plant and machinery, office equipment, and bank transactions for Jingolo.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4c – Depreciation Methods"

FA – May 2018 – L1 – SA – Q13 – Partnership Accounts

Identifies the correct double entry for partners' drawings in a partnership account.

You're reporting an error for "FA – May 2018 – L1 – SA – Q13 – Partnership Accounts"

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

You're reporting an error for "FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles"

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q33 – Partnership Accounts

This question tests the double-entry treatment when a partner introduces a non-current asset into a partnership.

You're reporting an error for "FA – May 2013 – L1 – SA – Q33 – Partnership Accounts"

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

You're reporting an error for "FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

You're reporting an error for "FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles"

FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identifying the type of error that does not affect a trial balance.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations"

FA – May 2018 – L1 – SB – Q4c – Depreciation Methods

Prepares ledger accounts for plant and machinery, office equipment, and bank transactions for Jingolo.

You're reporting an error for "FA – May 2018 – L1 – SB – Q4c – Depreciation Methods"

FA – May 2018 – L1 – SA – Q13 – Partnership Accounts

Identifies the correct double entry for partners' drawings in a partnership account.

You're reporting an error for "FA – May 2018 – L1 – SA – Q13 – Partnership Accounts"

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

You're reporting an error for "FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles"

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