Prime Entry – NBC Institute

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

Question

Source of information for preparing Control Accounts EXCLUDES:

A. Purchases journal
B. Cash discount
C. Sales day book
D. Cash account
E. Opening Statement of Financial Position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash, Control Accounts, Prime Entry, Purchases
Level: Level 1

Topic: Control Accounts
Series: NOV 2012

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

Question

An alternative name for a revenue journal is:

A. Revenue invoice
B. Revenue day book
C. Daily sales record
D. Revenue ledger
E. Returns day book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Prime Entry, Revenue Journal
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law

Identifying the book of prime entry where trade discounts are recorded

Question

In which of the following books of prime entry will trade discount be recorded?
A. Pro-forma note
B. Sales day book
C. Purchases day journal
D. Cash account
E. Petty cash book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Day Book, Prime Entry, Purchases, Tags: Trade Discounts
Level: Level 1

Topic: Sources of Nigerian Law

FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Records the items in the relevant books of prime entry and explains how to post from the books of prime entry to the ledgers.

Question

b. Ladu Limited has the following transactions related to sales and purchases in the month of July 2023:

July 2: Purchases from Abe Limited: ₦300,000
July 5: Sales to Jide Limited: ₦150,000
July 9: Purchases returns to Abe Limited: ₦50,000
July 12: Sales returns from Jide Limited: ₦20,000
July 14: Purchases from Bola Limited (offering a trade discount of 5%): ₦400,000
July 15: Sales to Yau Limited: ₦200,000
July 22: Sales returns from Yau Limited: ₦30,000
July 25: Sales to Zeb Limited (cash discount of 2.5% granted): ₦250,000
July 26: Purchases from Cletus Limited: ₦250,000
July 31: Purchases returns to Cletus Limited: ₦30,000

Required:

i. Record the items in the relevant books of prime entry of Ladu Limited in July 2023. (7 Marks)

ii. State how the postings will be done from the books of prime entries into the ledgers. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Discounts, Prime Entry, Purchases, Sales
Level: Level 1

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

Question

Source of information for preparing Control Accounts EXCLUDES:

A. Purchases journal
B. Cash discount
C. Sales day book
D. Cash account
E. Opening Statement of Financial Position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash, Control Accounts, Prime Entry, Purchases
Level: Level 1

Topic: Control Accounts
Series: NOV 2012

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

Question

An alternative name for a revenue journal is:

A. Revenue invoice
B. Revenue day book
C. Daily sales record
D. Revenue ledger
E. Returns day book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Prime Entry, Revenue Journal
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law

Identifying the book of prime entry where trade discounts are recorded

Question

In which of the following books of prime entry will trade discount be recorded?
A. Pro-forma note
B. Sales day book
C. Purchases day journal
D. Cash account
E. Petty cash book

Answer

Find Related Questions by Tags, levels, etc.

Tags: Day Book, Prime Entry, Purchases, Tags: Trade Discounts
Level: Level 1

Topic: Sources of Nigerian Law

FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Records the items in the relevant books of prime entry and explains how to post from the books of prime entry to the ledgers.

Question

b. Ladu Limited has the following transactions related to sales and purchases in the month of July 2023:

July 2: Purchases from Abe Limited: ₦300,000
July 5: Sales to Jide Limited: ₦150,000
July 9: Purchases returns to Abe Limited: ₦50,000
July 12: Sales returns from Jide Limited: ₦20,000
July 14: Purchases from Bola Limited (offering a trade discount of 5%): ₦400,000
July 15: Sales to Yau Limited: ₦200,000
July 22: Sales returns from Yau Limited: ₦30,000
July 25: Sales to Zeb Limited (cash discount of 2.5% granted): ₦250,000
July 26: Purchases from Cletus Limited: ₦250,000
July 31: Purchases returns to Cletus Limited: ₦30,000

Required:

i. Record the items in the relevant books of prime entry of Ladu Limited in July 2023. (7 Marks)

ii. State how the postings will be done from the books of prime entries into the ledgers. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Discounts, Prime Entry, Purchases, Sales
Level: Level 1

Question Tag: Prime Entry

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law

Identifying the book of prime entry where trade discounts are recorded

FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Records the items in the relevant books of prime entry and explains how to post from the books of prime entry to the ledgers.

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law

Identifying the book of prime entry where trade discounts are recorded

FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Records the items in the relevant books of prime entry and explains how to post from the books of prime entry to the ledgers.

Our offerings

Contact Info

Customer

Get In Touch

NBC Institute

Question Tag: Prime Entry

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q7 – Control Accounts"

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

You're reporting an error for "FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions"

BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law

Identifying the book of prime entry where trade discounts are recorded

You're reporting an error for "BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law"

FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Records the items in the relevant books of prime entry and explains how to post from the books of prime entry to the ledgers.

You're reporting an error for "FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q7 – Control Accounts"

FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions

This question asks for an alternative name for the revenue journal.

You're reporting an error for "FA – May 2013 – L1 – SA – Q7 – Recording Financial Transactions"

BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law

Identifying the book of prime entry where trade discounts are recorded

You're reporting an error for "BL – Nov 2019 – L1 – SA – Q2 – Sources of Nigerian Law"

FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Records the items in the relevant books of prime entry and explains how to post from the books of prime entry to the ledgers.

You're reporting an error for "FA – May 2024 – L1 – SB – Q2b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

Our offerings

Contact Info

Customer

Get In Touch

NBC Institute

admin