Income – NBC Institute

FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

Question

The balances extracted from the accounting records of Disney Social Club in respect of its subscriptions are as follows:

Balance b/f 1 January 2011: N40,000
Balance b/f 1 January 2011: (N30,000)
Subscriptions received during the year: N160,000
Balance c/f 31 December 2011: N60,000
Balance c/f 31 December 2011: (N50,000)

What is the amount of subscriptions to be included in the income and expenditure account for the year ended 31 December 2011?

Answer

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Tags: Financial Statements, Income, Subscriptions
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

QTB – Nov 2015 – L1 – SB – Q5b – Statistics

Calculate Pearson’s correlation coefficient between company expenditure and income over eight years and interpret the result.

Question

An auditing firm is carrying out an analytical review of the financial transactions of its client, XYZ Manufacturing Company Limited. In order to ascertain the relationship that exists between the company’s annual expenditure and annual income, the following information was extracted from the company’s record for eight different years:

Years	1	2	3	4	5	6	7	8
Expenditure (x)	30	25	40	35	50	30	55	20
Income (y)	42	45	55	50	60	40	70	35

You are required to:

i. Calculate the Pearson’s product-moment correlation coefficient between $x$ and $y$ . (9 Marks)

ii. Comment on the result in (i). (1 Mark)

(Total: 10 Marks)

Answer

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Tags: Data Relationship, Expenditure, Financial Analysis, Income, Pearson Correlation
Level: Level 1

Topic: Statistics
Series: NOV 2015

FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements

Explain five elements of financial statements and state four models of measurement of elements of financial statements.

Question

The International Accounting Standards Board (IASB) Conceptual Framework describes the elements of financial statements as broad classes of financial effects of transactions and other events.

i. Explain five elements of financial statements.
ii. State four models of measurement of the elements of financial statements.

Answer

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Tags: Assets, Equity, Expenses, Financial Statements, Income, Liabilities
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2021

FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements

Define income and list characteristics of capital and revenue income.

Question

The elements which are directly related to the measurement of profit are Income and Expenses.

i. In line with the above statement, what is Income? (2 Marks)
ii. List TWO characteristics each of Capital Income and Revenue Income. (4 Marks)

Answer

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Tags: Capital Income, Income, Journal Entries, Revenue Income, Transactions
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2015

FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements

Identify the item that cannot be defined as income.

Question

Which of these statements CANNOT be defined as income?
A. Decrease in economic benefits during the accounting period
B. Increase in economic benefits during the accounting period
C. Decrease in liabilities
D. Gains arising on the disposal of non-current assets
E. Activities that enhance the net assets

Answer

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Tags: Economic Benefits, Financial Statements, Income
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2015

FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

Question

The balances extracted from the accounting records of Disney Social Club in respect of its subscriptions are as follows:

Balance b/f 1 January 2011: N40,000
Balance b/f 1 January 2011: (N30,000)
Subscriptions received during the year: N160,000
Balance c/f 31 December 2011: N60,000
Balance c/f 31 December 2011: (N50,000)

What is the amount of subscriptions to be included in the income and expenditure account for the year ended 31 December 2011?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Income, Subscriptions
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2012

QTB – Nov 2015 – L1 – SB – Q5b – Statistics

Calculate Pearson’s correlation coefficient between company expenditure and income over eight years and interpret the result.

Question

Years	1	2	3	4	5	6	7	8
Expenditure (x)	30	25	40	35	50	30	55	20
Income (y)	42	45	55	50	60	40	70	35

You are required to:

i. Calculate the Pearson’s product-moment correlation coefficient between $x$ and $y$ . (9 Marks)

ii. Comment on the result in (i). (1 Mark)

(Total: 10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Data Relationship, Expenditure, Financial Analysis, Income, Pearson Correlation
Level: Level 1

Topic: Statistics
Series: NOV 2015

FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements

Explain five elements of financial statements and state four models of measurement of elements of financial statements.

Question

The International Accounting Standards Board (IASB) Conceptual Framework describes the elements of financial statements as broad classes of financial effects of transactions and other events.

i. Explain five elements of financial statements.
ii. State four models of measurement of the elements of financial statements.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets, Equity, Expenses, Financial Statements, Income, Liabilities
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2021

FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements

Define income and list characteristics of capital and revenue income.

Question

The elements which are directly related to the measurement of profit are Income and Expenses.

i. In line with the above statement, what is Income? (2 Marks)
ii. List TWO characteristics each of Capital Income and Revenue Income. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Income, Income, Journal Entries, Revenue Income, Transactions
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2015

FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements

Identify the item that cannot be defined as income.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Benefits, Financial Statements, Income
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2015

Question Tag: Income

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FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

QTB – Nov 2015 – L1 – SB – Q5b – Statistics

Calculate Pearson’s correlation coefficient between company expenditure and income over eight years and interpret the result.

FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements

Explain five elements of financial statements and state four models of measurement of elements of financial statements.

FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements

Define income and list characteristics of capital and revenue income.

FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements

Identify the item that cannot be defined as income.

FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

QTB – Nov 2015 – L1 – SB – Q5b – Statistics

Calculate Pearson’s correlation coefficient between company expenditure and income over eight years and interpret the result.

FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements

Explain five elements of financial statements and state four models of measurement of elements of financial statements.

FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements

Define income and list characteristics of capital and revenue income.

FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements

Identify the item that cannot be defined as income.

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FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

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QTB – Nov 2015 – L1 – SB – Q5b – Statistics

Calculate Pearson’s correlation coefficient between company expenditure and income over eight years and interpret the result.

You're reporting an error for "QTB – Nov 2015 – L1 – SB – Q5b – Statistics"

FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements

Explain five elements of financial statements and state four models of measurement of elements of financial statements.

You're reporting an error for "FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements"

FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements

Define income and list characteristics of capital and revenue income.

You're reporting an error for "FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements"

FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements

Identify the item that cannot be defined as income.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements"

FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

Determining the amount of subscriptions to be included in the income and expenditure account.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities"

QTB – Nov 2015 – L1 – SB – Q5b – Statistics

Calculate Pearson’s correlation coefficient between company expenditure and income over eight years and interpret the result.

You're reporting an error for "QTB – Nov 2015 – L1 – SB – Q5b – Statistics"

FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements

Explain five elements of financial statements and state four models of measurement of elements of financial statements.

You're reporting an error for "FA – May 2021 – L1 – SB – Q6a – Elements of Financial Statements"

FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements

Define income and list characteristics of capital and revenue income.

You're reporting an error for "FA – MAY 2015 – L1 – SB – Q1a – Elements of Financial Statements"

FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements

Identify the item that cannot be defined as income.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q7 – Elements of Financial Statements"

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