Transactions – NBC Institute

FA – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the medium through which basic transaction information is recorded.

Question

The medium through which basic information (e.g. amount, date, description, and authorization) regarding a transaction is recorded as it takes place is called:

Answer

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Tags: Recording, Source Documents, Transactions
Level: Level 1

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

Question

In a consignment agreement, which of these transactions does NOT require a double entry in the consignee’s books?

A. Goods sold by the consignee
B. Goods received from consignor
C. Consignee’s expense
D. Consignee’s commission
E. Cheque or draft sent to consignor

Answer

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Tags: Consignment, Double Entry, Transactions
Level: Level 1

FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions

Identifies the source document used to record transactions in the sales day book.

Question

The source of data for the recording of sales day book of a business enterprise is:
A. Returns inward note
B. Returns outward note
C. Official receipt
D. Payment voucher
E. Invoice

Answer

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Tags: Sales Day Book, Source Document, Transactions

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

Question

Which of the following transactions result in an increase in cash of a business?
A. Drawings from the business
B. Payment for a new asset
C. Proceeds from disposal of non-current asset
D. Payment to a supplier
E. Goods sold on credit to customers

Answer

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Tags: Cashflow, Financial Reporting, Transactions
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2022

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

Question

The primary purpose of the general journal in accounting is to:

A. Record transactions from books of prime entry
B. Record year-end adjustments only
C. Correct errors in personal ledgers
D. Provide a record and explanation of various adjustments
E. Serve as the primary book of entry for all financial transactions

Answer

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Tags: Accounting Records, General Journal, Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

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 – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the medium through which basic transaction information is recorded.

Question

The medium through which basic information (e.g. amount, date, description, and authorization) regarding a transaction is recorded as it takes place is called:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Recording, Source Documents, Transactions
Level: Level 1

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

Question

In a consignment agreement, which of these transactions does NOT require a double entry in the consignee’s books?

A. Goods sold by the consignee
B. Goods received from consignor
C. Consignee’s expense
D. Consignee’s commission
E. Cheque or draft sent to consignor

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consignment, Double Entry, Transactions
Level: Level 1

FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions

Identifies the source document used to record transactions in the sales day book.

Question

The source of data for the recording of sales day book of a business enterprise is:
A. Returns inward note
B. Returns outward note
C. Official receipt
D. Payment voucher
E. Invoice

Answer

Find Related Questions by Tags, levels, etc.

Tags: Sales Day Book, Source Document, Transactions

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cashflow, Financial Reporting, Transactions
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2022

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

Question

The primary purpose of the general journal in accounting is to:

A. Record transactions from books of prime entry
B. Record year-end adjustments only
C. Correct errors in personal ledgers
D. Provide a record and explanation of various adjustments
E. Serve as the primary book of entry for all financial transactions

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, General Journal, Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

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

Question Tag: Transactions

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FA – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the medium through which basic transaction information is recorded.

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions

Identifies the source document used to record transactions in the sales day book.

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

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

Define income and list characteristics of capital and revenue income.

FA – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the medium through which basic transaction information is recorded.

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions

Identifies the source document used to record transactions in the sales day book.

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

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

Define income and list characteristics of capital and revenue income.

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FA – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the medium through which basic transaction information is recorded.

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FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

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FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions

Identifies the source document used to record transactions in the sales day book.

You're reporting an error for "FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

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FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

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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 – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions

Identifying the medium through which basic transaction information is recorded.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q22 – Recording Financial Transactions"

FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions

Determining which consignment transaction does not require double entry.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q5 – Recording Financial Transactions"

FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions

Identifies the source document used to record transactions in the sales day book.

You're reporting an error for "FA – May 2018 – L1 – SA – Q20 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions

Describe the primary purpose of the general journal in accounting.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q11 – Recording Financial Transactions"

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"

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