Financial Records – NBC Institute

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

Question

a. Mr. Kayode Oluwa, a civil engineer, worked for XYZ Nigeria Limited for many years. He retired as the Chief Civil Engineer in 2010. He registered his enterprise under the name of Kayode Oluwa Enterprises and commenced business in 2011.

He appointed you as his tax consultant and submitted his financial records showing the following results:

Year Ended December 31	Amount (N)
2015	1,360,000
2016	(1,900,000)
2017	2,300,000
2018	2,700,000

Required:
Compute the assessable profit/(loss) for the relevant years of assessment. (12 Marks)

Answer

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Tags: Assessable Profit, Financial Records, Loss carry forward, Sole Proprietorship, Tax computation
Level: Level 1

Topic: Taxation of Partnerships and Sole Proprietorships
Series: NOV 2020

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

Question

Which of the following is NOT a feature of a control account?
A. It is maintained by the financial controller
B. It is used to check arithmetical accuracy of the ledger to which it relates
C. The ledger to which it relates is known as self-financing
D. It contains the total of entries in individual accounts
E. The entries therein appear on the same side as they do in the individual accounts

Answer

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Tags: Control Accounts, Financial Records, Ledger Accuracy
Level: Level 1

Topic: Control Accounts
Series: MAY 2014

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

Question

The basic features of the single entry system of accounting are that
A. Books of accounts are not maintained and business relies only on the bank statement
B. The journal records are absent and only the main ledger is kept
C. There are incomplete classifications and recording of accounting procedures
D. Only credit sales transactions and credit purchases are recorded
E. Only debit entries are made

Answer

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Tags: Accounting Practices, Financial Records, Single entry system
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

Question

The fixed amount of money given to a petty cashier at the beginning of a period is called
A. Float
B. Imprest
C. Petty cash
D. Cash received
E. Cash advance

Answer

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Tags: Cash Management, Financial Records, Petty Cash
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

Question

In a cash book, the opening balance was N70,600, closing balance was N9,200, and the total cash received during the period was N180,000. What was the amount of cash paid out during the period?
A. N79,000
B. N98,000
C. N100,200
D. N118,600
E. N241,400

Answer

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Tags: Balances, Cash Book, Financial Records
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q11 – Trial Balance

Determine the correct treatment of discounts allowed and received in the trial balance.

Question

If the total discount allowed in a cash book was N52,000 and the total discount received was N66,700, which of the following is TRUE concerning the two discounts?
A. They should not appear in the trial balance as they were already either received or paid out
B. They must be balanced in the cash book and the difference taken to the receivables
C. They must not appear in the general ledger
D. They must be balanced in the cash book and the difference taken to the trial balance
E. They should not be balanced in the cash book before being taken to the trial balance

Answer

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Tags: Discounts, Financial Records, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2022

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

Question

He appointed you as his tax consultant and submitted his financial records showing the following results:

Year Ended December 31	Amount (N)
2015	1,360,000
2016	(1,900,000)
2017	2,300,000
2018	2,700,000

Required:
Compute the assessable profit/(loss) for the relevant years of assessment. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Profit, Financial Records, Loss carry forward, Sole Proprietorship, Tax computation
Level: Level 1

Topic: Taxation of Partnerships and Sole Proprietorships
Series: NOV 2020

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

Question

Answer

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Tags: Control Accounts, Financial Records, Ledger Accuracy
Level: Level 1

Topic: Control Accounts
Series: MAY 2014

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

Question

Answer

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Tags: Accounting Practices, Financial Records, Single entry system
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

Question

The fixed amount of money given to a petty cashier at the beginning of a period is called
A. Float
B. Imprest
C. Petty cash
D. Cash received
E. Cash advance

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Financial Records, Petty Cash
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Balances, Cash Book, Financial Records
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q11 – Trial Balance

Determine the correct treatment of discounts allowed and received in the trial balance.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Discounts, Financial Records, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2022

Question Tag: Financial Records

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TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

FA – Nov 2022 – L1 – SA – Q11 – Trial Balance

Determine the correct treatment of discounts allowed and received in the trial balance.

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

FA – Nov 2022 – L1 – SA – Q11 – Trial Balance

Determine the correct treatment of discounts allowed and received in the trial balance.

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TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships"

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

You're reporting an error for "FA – May 2014 – L1 – SA – Q7 – Control Accounts"

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts"

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction"

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q11 – Trial Balance

Determine the correct treatment of discounts allowed and received in the trial balance.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q11 – Trial Balance"

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships"

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

You're reporting an error for "FA – May 2014 – L1 – SA – Q7 – Control Accounts"

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts"

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction"

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q11 – Trial Balance

Determine the correct treatment of discounts allowed and received in the trial balance.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q11 – Trial Balance"

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