Ledger – NBC Institute

FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments

This question involves calculating the electricity expense from a ledger account.

Question

The following transactions relate to Mahmud’s electricity expense ledger account for the year ended 30 June 2012:

Prepayment brought forward: N550
Cash paid: N5,400
Accrued carried forward: N650

What amount should be charged to the Statement of Profit or Loss in the year ended 30 June 2012 for electricity?

A. N5,400
B. N5,500
C. N5,800
D. N6,600
E. N7,500

Answer

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Tags: Accruals, Ledger, Prepayments
Level: Level 1

Topic: Accruals and prepayments
Series: MAY 2013

FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the accounting record that serves as both a book of original entry and a ledger.

Question

Which of the following accounting records serves as both a book of original entry and a ledger?

A. Sales day book
B. Purchases sales book
C. Returns inwards book
D. General ledger
E. Cash book

Answer

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Tags: Book of Original Entry, Cash Book, Ledger
Level: Level 1

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

Question

Question:
c. Using the following list of balances extracted from the ledger accounts of John Thomas Enterprises, the MD/CEO wants you to confirm if the various double entries passed by the newly employed accounts officer were arithmetically correct:

Description	N’000
Revenue	53,000
Purchases	32,200
Property, Plant, and Equipment (Cost)	59,000
Accumulated Depreciation	25,000
Inventory as at July 1, 2018	7,800
Interest Expense	200
Administrative Expenses	7,000
Accrued Expenses	400
Distribution Cost	8,900
Retained Earnings	23,500
Bank Overdraft	1,000
Cash and Cash Equivalent	200
Accounts Receivables	9,000
Finance Cost	1,000
5% Loan Note	5,000
Share Capital	10,000
Other Components of Equity (OCE)	5,000
Accounts Payables	2,400

Required:
Extract a trial balance for the period ended June 30, 2019. (10 Marks)

Answer

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Tags: Double Entry, Extraction, Ledger, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2019

FA – May 2016 – L1 – SA – Q12 – Control Accounts

A question about the meaning of the purchases ledger item in the control account.

Question

The item “Purchases Ledger – N7,200,000” in the control account means:
A. Cash Purchases during the period
B. Credit purchases during the period
C. Receivables set off against payables
D. Cash Payable
E. Cash Receivable

Answer

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Tags: Ledger, Payables, Purchases, Set-off
Level: Level 1

Topic: Control Accounts
Series: MAY 2016

FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

Question

Which of these books of account could be classified as a subsidiary book as well as a ledger?
A. Sales day book
B. Cash book
C. General ledger
D. Nominal ledger
E. Personal ledger

Answer

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Tags: Cash Book, Ledger, Subsidiary Book
Level: Level 1

FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments

This question involves calculating the electricity expense from a ledger account.

Question

The following transactions relate to Mahmud’s electricity expense ledger account for the year ended 30 June 2012:

Prepayment brought forward: N550
Cash paid: N5,400
Accrued carried forward: N650

What amount should be charged to the Statement of Profit or Loss in the year ended 30 June 2012 for electricity?

A. N5,400
B. N5,500
C. N5,800
D. N6,600
E. N7,500

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accruals, Ledger, Prepayments
Level: Level 1

Topic: Accruals and prepayments
Series: MAY 2013

FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the accounting record that serves as both a book of original entry and a ledger.

Question

Which of the following accounting records serves as both a book of original entry and a ledger?

A. Sales day book
B. Purchases sales book
C. Returns inwards book
D. General ledger
E. Cash book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Book of Original Entry, Cash Book, Ledger
Level: Level 1

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

Question

Description	N’000
Revenue	53,000
Purchases	32,200
Property, Plant, and Equipment (Cost)	59,000
Accumulated Depreciation	25,000
Inventory as at July 1, 2018	7,800
Interest Expense	200
Administrative Expenses	7,000
Accrued Expenses	400
Distribution Cost	8,900
Retained Earnings	23,500
Bank Overdraft	1,000
Cash and Cash Equivalent	200
Accounts Receivables	9,000
Finance Cost	1,000
5% Loan Note	5,000
Share Capital	10,000
Other Components of Equity (OCE)	5,000
Accounts Payables	2,400

Required:
Extract a trial balance for the period ended June 30, 2019. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Extraction, Ledger, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2019

FA – May 2016 – L1 – SA – Q12 – Control Accounts

A question about the meaning of the purchases ledger item in the control account.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ledger, Payables, Purchases, Set-off
Level: Level 1

Topic: Control Accounts
Series: MAY 2016

FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

Question

Which of these books of account could be classified as a subsidiary book as well as a ledger?
A. Sales day book
B. Cash book
C. General ledger
D. Nominal ledger
E. Personal ledger

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Book, Ledger, Subsidiary Book
Level: Level 1

Question Tag: Ledger

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FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments

This question involves calculating the electricity expense from a ledger account.

FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the accounting record that serves as both a book of original entry and a ledger.

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

FA – May 2016 – L1 – SA – Q12 – Control Accounts

A question about the meaning of the purchases ledger item in the control account.

FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments

This question involves calculating the electricity expense from a ledger account.

FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the accounting record that serves as both a book of original entry and a ledger.

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

FA – May 2016 – L1 – SA – Q12 – Control Accounts

A question about the meaning of the purchases ledger item in the control account.

FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

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FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments

This question involves calculating the electricity expense from a ledger account.

You're reporting an error for "FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments"

FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the accounting record that serves as both a book of original entry and a ledger.

You're reporting an error for "FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

You're reporting an error for "FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations"

FA – May 2016 – L1 – SA – Q12 – Control Accounts

A question about the meaning of the purchases ledger item in the control account.

You're reporting an error for "FA – May 2016 – L1 – SA – Q12 – Control Accounts"

FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments

This question involves calculating the electricity expense from a ledger account.

You're reporting an error for "FA – May 2013 – L1 – SA – Q11 – Accruals and Prepayments"

FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the accounting record that serves as both a book of original entry and a ledger.

You're reporting an error for "FA – May 2022 – L1 – SA – Q6 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations

Extracts a trial balance from the given ledger account balances.

You're reporting an error for "FA – Nov 2019 – L1 – SB – Q1c – Trial Balance: Usefulness and Limitations"

FA – May 2016 – L1 – SA – Q12 – Control Accounts

A question about the meaning of the purchases ledger item in the control account.

You're reporting an error for "FA – May 2016 – L1 – SA – Q12 – Control Accounts"

FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Identify the book that serves as both a subsidiary book and a ledger.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q8 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

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