Financial Transactions – NBC Institute

BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking

Identify transactions under surveillance per the Money Laundering Act.

Question

The Money Laundering (Prohibition) Act empowers the agency to place surveillance on certain bank account transactions to curb money laundering.

Required:
State FOUR transactions which require special surveillance under the Act.

Answer

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Tags: Banking Regulations, Financial Transactions, Money laundering, Surveillance
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

A. Notice of lunacy of the customer
B. Notice of presentation of a bankruptcy petition against the customer
C. Notice of an accident in which the customer is involved
D. Assignment of the balance in his account by the customer
E. Where the customer’s credit balance in the bank is insufficient to cover the cheque

Answer

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Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments

Identify which of the options is not a negotiable instrument.

Question

Which of the following is NOT a negotiable instrument?

A. Credit card
B. Dividend warrants
C. Treasury bills
D. Traveller’s cheques
E. Bearer bonds

Answer

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Tags: Credit Cards, Financial Transactions, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2012

BL – May 2013 – L1 – SA – Q12 – Hire Purchase and Consumer Credit Transactions

This question tests knowledge of a transaction with an option to buy goods.

Question

A transaction in which the person in possession of goods has an option to buy the goods or terminate the relationship and return the goods to the owner at any time is called ___________.

Answer

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Tags: Financial Transactions, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2013

BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking

This question tests the number of days required for a financial institution to report large transfers to the EFCC.

Question

How many days are required for a financial institution to report to the Economic and Financial Crimes Commission the transfer of funds in excess of N10 million by an individual?

A. 5
B. 6
C. 7
D. 10
E. 30

Answer

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Tags: Banking Law, EFCC, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

Question

What are the accounting entries on consignment for stolen or lost goods?
A. Debit- Consignment Account; Credit- Profit or Loss or Insurance Account, if insured
B. Debit- Profit or Loss or Insurance Account, if insured; Credit- Consignment Account in the consignor’s ledger
C. Debit- Cash Account; Credit- Consignment Account
D. Debit- Goods in Transit Account; Credit- Consignment Account in consignee’s ledger
E. Debit- Consignment Accounts; Credit- Insurance Accounts

Answer

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Tags: Accounting Entries, Consignment, Financial Transactions, Losses
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

Question

In a Joint Venture Account, what does the balance in a venturer’s account represent?

Answer

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Tags: Accounting Balances, Financial Transactions, Joint Ventures
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

Question

Which of the following best describes the meaning of “Purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customer

Answer

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Tags: Accounting Definitions, Financial Transactions, Purchases
Level: Level 1

BL – May 2022 – L1 – SB – Q5c – Company Law

State two situations that show netting has occurred in a company.

Question

In a company, there may be a reason for netting.

Required:
State TWO situations that show that netting has occurred.

Answer

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Tags: Company Law, Financial Transactions, Netting
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2021 – L1 – SB – Q3c – Company Law

Explanation of GSM phone evidence and its admissibility in court for financial transactions.

Question

Evidence generated by a Global System for Mobile communication (GSM) phone is admissible by the courts.

Required:
Explain the nature of GSM phone evidence and the duty of a person that seeks to tender it in court in proof of a financial transaction.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Evidence, Financial Transactions, GSM Phone
Level: Level 1

Topic: Company Law
Series: MAY 2021

BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking

Identify transactions under surveillance per the Money Laundering Act.

Question

The Money Laundering (Prohibition) Act empowers the agency to place surveillance on certain bank account transactions to curb money laundering.

Required:
State FOUR transactions which require special surveillance under the Act.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Regulations, Financial Transactions, Money laundering, Surveillance
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments

Identify which of the options is not a negotiable instrument.

Question

Which of the following is NOT a negotiable instrument?

A. Credit card
B. Dividend warrants
C. Treasury bills
D. Traveller’s cheques
E. Bearer bonds

Answer

Find Related Questions by Tags, levels, etc.

Tags: Credit Cards, Financial Transactions, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2012

BL – May 2013 – L1 – SA – Q12 – Hire Purchase and Consumer Credit Transactions

This question tests knowledge of a transaction with an option to buy goods.

Question

A transaction in which the person in possession of goods has an option to buy the goods or terminate the relationship and return the goods to the owner at any time is called ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Transactions, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2013

BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking

This question tests the number of days required for a financial institution to report large transfers to the EFCC.

Question

How many days are required for a financial institution to report to the Economic and Financial Crimes Commission the transfer of funds in excess of N10 million by an individual?

A. 5
B. 6
C. 7
D. 10
E. 30

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Law, EFCC, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Entries, Consignment, Financial Transactions, Losses
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

Question

In a Joint Venture Account, what does the balance in a venturer’s account represent?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Balances, Financial Transactions, Joint Ventures
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

Question

Which of the following best describes the meaning of “Purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Definitions, Financial Transactions, Purchases
Level: Level 1

BL – May 2022 – L1 – SB – Q5c – Company Law

State two situations that show netting has occurred in a company.

Question

In a company, there may be a reason for netting.

Required:
State TWO situations that show that netting has occurred.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Financial Transactions, Netting
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2021 – L1 – SB – Q3c – Company Law

Explanation of GSM phone evidence and its admissibility in court for financial transactions.

Question

Evidence generated by a Global System for Mobile communication (GSM) phone is admissible by the courts.

Required:
Explain the nature of GSM phone evidence and the duty of a person that seeks to tender it in court in proof of a financial transaction.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Evidence, Financial Transactions, GSM Phone
Level: Level 1

Topic: Company Law
Series: MAY 2021

Question Tag: Financial Transactions

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BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking

Identify transactions under surveillance per the Money Laundering Act.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking"

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments

Identify which of the options is not a negotiable instrument.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments"

BL – May 2013 – L1 – SA – Q12 – Hire Purchase and Consumer Credit Transactions

This question tests knowledge of a transaction with an option to buy goods.

You're reporting an error for "BL – May 2013 – L1 – SA – Q12 – Hire Purchase and Consumer Credit Transactions"

BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking

This question tests the number of days required for a financial institution to report large transfers to the EFCC.

You're reporting an error for "BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking"

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

You're reporting an error for "FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)"

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions"

BL – May 2022 – L1 – SB – Q5c – Company Law

State two situations that show netting has occurred in a company.

You're reporting an error for "BL – May 2022 – L1 – SB – Q5c – Company Law"

BL – May 2021 – L1 – SB – Q3c – Company Law

Explanation of GSM phone evidence and its admissibility in court for financial transactions.

You're reporting an error for "BL – May 2021 – L1 – SB – Q3c – Company Law"

BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking

Identify transactions under surveillance per the Money Laundering Act.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking"

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments

Identify which of the options is not a negotiable instrument.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments"

BL – May 2013 – L1 – SA – Q12 – Hire Purchase and Consumer Credit Transactions

This question tests knowledge of a transaction with an option to buy goods.

You're reporting an error for "BL – May 2013 – L1 – SA – Q12 – Hire Purchase and Consumer Credit Transactions"

BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking

This question tests the number of days required for a financial institution to report large transfers to the EFCC.

You're reporting an error for "BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking"

FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)

Identifies the accounting treatment for losses or stolen goods on consignment.

You're reporting an error for "FA – May 2014 – L1 – SA – Q12 – Accounting for Inventories (IAS 2)"

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions

Determining the best definition of "purchases" in accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q15 – Recording Financial Transactions"

BL – May 2022 – L1 – SB – Q5c – Company Law

State two situations that show netting has occurred in a company.

You're reporting an error for "BL – May 2022 – L1 – SB – Q5c – Company Law"

BL – May 2021 – L1 – SB – Q3c – Company Law

Explanation of GSM phone evidence and its admissibility in court for financial transactions.

You're reporting an error for "BL – May 2021 – L1 – SB – Q3c – Company Law"

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