Multiple Choice – Page 8

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

Question

A Trustee is not paid a remuneration because

A. He is a friend of the testator
B. He is a volunteer
C. He is a rich man
D. His reward is in the hereafter
E. He has no need of money

Answer

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Tags: Multiple Choice, Remuneration, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

Question

A debtor is said to be bankrupt when

A. A creditor obtains a final court order against him
B. A court declares that he is solvent
C. He pays his debts
D. He promises to pay his creditors
E. The creditors do not trust him

Answer

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Tags: Bankruptcy, Creditor's Rights, Insolvency Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

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Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

Question

A bill lacking in some material particular is known as

A. Inland bill
B. Incomplete or inchoate bill
C. Promissory bill
D. Esoteric bill
E. Accelerated bill

Answer

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Tags: Bills of Exchange, Multiple Choice, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

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Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

Question

The membership of a Partnership for the practice of accountancy is

A. 20
B. 30
C. 40
D. 50
E. Unlimited

Answer

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Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

Question

On incorporation, a public company must hold its Statutory meeting within

A. 6 months
B. 5 months
C. 3 months
D. 2 months
E. 1 month

Answer

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Tags: Company Law, Incorporation, Multiple Choice, Statutory Meeting
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

Question

The following disqualifies a Director of a company EXCEPT

A. Insanity
B. Conviction
C. Bankruptcy
D. Being a principal partner
E. Court order

Answer

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Tags: Company Law, Director Disqualification, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

Question

The liability of the members of a company limited by guarantee to contribute to the assets, in the event of its being wound up, shall not be less than

A. N 10,000
B. N 20,000
C. N 30,000
D. N 40,000
E. N 50,000

Answer

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Tags: Company Law, Guarantee Companies, Liability, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

Question

The right to transfer an interest in the share of a company can be limited by the

A. Memorandum of Association
B. Articles of Association
C. Policy Manual of the company
D. Company’s directors
E. Secretary of the company

Answer

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Tags: Articles of Association, Company Law, Multiple Choice, Shares
Level: Level 1

Topic: Company Law
Series: NOV 2013

MI – May 2015 – L1 – SA – Q10 – Introduction to Cost Accounting

Identify the factor that does not contribute to good cost accounting information.

Question

Which of the following factors may NOT contribute to a good cost accounting information for management use?
A. Timeliness
B. Relevance
C. Accuracy
D. Efficiency
E. Clarity

Answer

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Tags: Cost Accounting, Information Quality, Multiple Choice, Objective Question
Level: Level 1

Topic: Introduction to Cost Accounting
Series: MAY 2015

MI – May 2015 – L1 – SA – Q9 – Accounting for Cost Elements

Identify the factor that does not lead to labour turnover.

Question

Which of the following factors may NOT lead to labour turnover in an organisation?
A. Unsatisfactory working conditions
B. Mid-month salaries
C. Low wages
D. Lack of amenities
E. Lack of job security

Answer

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Tags: Employee Retention, Labour Turnover, Multiple Choice, Objective Question
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2015

MI – May 2015 – L1 – SA – Q8 – Basic Variance Analysis

Identify the variance type based on volume multiplied by standard absorption rate.

Question

The difference between actual and budgeted production volume multiplied by the standard absorption rate per unit is known as
A. Fixed overhead capacity variance
B. Fixed overhead efficiency variance
C. Fixed overhead volume variance
D. Fixed overhead total variance
E. Fixed overhead expenditure variance

Answer

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Tags: Fixed Overhead, Multiple Choice, Objective Question, Variance Analysis
Level: Level 1

Topic: Basic Variance Analysis
Series: MAY 2015

MI – May 2015 – L1 – SA – Q7 – Budgeting

Identify the type of budget that starts from scratch each time it is prepared.

Question

A budget whose preparation starts from scratch is known as
A. Rolling budget
B. Flexible budget
C. Zero-based budget
D. Activity-based budget
E. Fixed budget

Answer

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Tags: Budgeting, Multiple Choice, Objective Question, Zero-Based Budgeting
Level: Level 1

Topic: Budgeting
Series: MAY 2015

MI – May 2015 – L1 – SA – Q6 – Accounting for Cost Elements

Calculate gross pay based on the time saved and premium bonus.

Question

If one employee produces 360kgs, what is his gross pay for the day?
A. N80
B. N100
C. N104
D. N124
E. N180

Answer

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Tags: Gross Pay, Labour Costing, Multiple Choice, Objective Question
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2015

MI – May 2015 – L1 – SA – Q5 – Accounting for Cost Elements

Identify the document required to place an order for stock replenishment.

Question

The document required by the purchase department to enable it to place an order for replenishment of stock is
A. Purchase order
B. Store requisition
C. Proforma invoice
D. Waybill
E. Material usage note

Answer

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Tags: Multiple Choice, Objective Question, Purchasing, Stock Replenishment
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2015

MI – May 2015 – L1 – SA – Q4 – Cost-Volume-Profit Analysis

Determine the total profit based on the data provided.

Question

What is the total profit?
A. N1,500
B. N1,875
C. N3,000
D. N3,500
E. N4,150

Answer

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Tags: Costing, Multiple Choice, Objective Question, Profit
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: MAY 2015

MI – May 2015 – L1 – SA – Q3 – Cost-Volume-Profit (CVP) Analysis

Calculate the variable cost per unit based on the given dat

Question

The variable cost per unit is
A. N8.00
B. N7.50
C. N6.25
D. N5.50
E. N5.00

Answer

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Tags: Break-Even Point, Costing, Multiple Choice, Objective Question
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: MAY 2015

MI – May 2015 – L1 – SA – Q2 – Budgeting

Identify which component is NOT part of the working capital cycle.

Question

Which of the following is NOT a component of the working capital cycle?
A. Debtors
B. Finished goods
C. Work-in-progress
D. Raw materials
E. Overdraft

Answer

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Tags: Multiple Choice, Objective Question, Working Capital
Level: Level 1

Topic: Budgeting
Series: MAY 2015

MI – May 2015 – L1 – SA – Q1 – Costing Methods

Identify which option is not a costing method.

Question

Which of the following is NOT a costing method?
A. Batch costing
B. Operation costing
C. Job costing
D. Standard costing
E. Service costing

Answer

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Tags: Costing Methods, Multiple Choice, Objective Question
Level: Level 1

Series: MAY 2015

Question Tag: Multiple Choice

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BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

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BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

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BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

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BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

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BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

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BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

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BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

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BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

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BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

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MI – May 2015 – L1 – SA – Q10 – Introduction to Cost Accounting

Identify the factor that does not contribute to good cost accounting information.

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MI – May 2015 – L1 – SA – Q9 – Accounting for Cost Elements

Identify the factor that does not lead to labour turnover.

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MI – May 2015 – L1 – SA – Q8 – Basic Variance Analysis

Identify the variance type based on volume multiplied by standard absorption rate.

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MI – May 2015 – L1 – SA – Q7 – Budgeting

Identify the type of budget that starts from scratch each time it is prepared.

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MI – May 2015 – L1 – SA – Q6 – Accounting for Cost Elements

Calculate gross pay based on the time saved and premium bonus.

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MI – May 2015 – L1 – SA – Q5 – Accounting for Cost Elements

Identify the document required to place an order for stock replenishment.

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MI – May 2015 – L1 – SA – Q4 – Cost-Volume-Profit Analysis

Determine the total profit based on the data provided.

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MI – May 2015 – L1 – SA – Q3 – Cost-Volume-Profit (CVP) Analysis

Calculate the variable cost per unit based on the given dat

You're reporting an error for "MI – May 2015 – L1 – SA – Q3 – Cost-Volume-Profit (CVP) Analysis"

MI – May 2015 – L1 – SA – Q2 – Budgeting

Identify which component is NOT part of the working capital cycle.

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MI – May 2015 – L1 – SA – Q1 – Costing Methods

Identify which option is not a costing method.

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