Accounting from Incomplete Records

FA – May 2012 – L1 – SA – Q25 – Accounting from Incomplete Records

Calculating the portion of joint costs attributable to a department.

Question

X and Y are two departments that share 50% of all joint costs equally and the balance in the ratio of 2:1, respectively. If a sum of N300,000 is incurred jointly, what will be the portion attributable to X?

Answer

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Tags: Cost Allocation, Joint Costs
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

Question

In branch accounting, a loss that occurs due to natural causes or the perishable character of goods, and as such is inevitable, is called a:

Answer

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Tags: Branch Accounting, Losses
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – Nov 2011 – L1 – SA – Q14 – Accounting from Incomplete Records

This question tests what an increase in capital over a year represents in the absence of proper books.

Question

In a business enterprise that has not kept proper books of accounts, what does an increase in capital at the end of the year over capital at the beginning of the year represent?
A. Increase in capital
B. Decrease in capital
C. Underutilization of resources
D. Inefficient management of capital
E. Improved operating performance

Answer

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Tags: Capital Increase, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2011

FA – Nov 2020 – L1 – SA – Q10 – Accounting from Incomplete Records

Identifies the situation where the statement of affairs is used to ascertain opening equity.

Question

Where there are no proper books of account, the equity at the commencement of a period is ascertained by preparing:
A. Statement of profit or loss
B. Statement of financial position
C. Statement of affairs
D. Bank reconciliation statement
E. Receivables and payables account

Answer

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Tags: Financial Position, Incomplete Records, Statement of Affairs
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2020

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

Question

Where goods are invoiced by a head office to its branch at cost-plus, the Branch Inventory Adjustment Account is used to determine?

Answer

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Tags: Branch Accounting, Cost-plus Accounting, Inventory Adjustment
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2012

FA – May 2014 – L1 – SA – Q8 – Accounting from Incomplete Records

This question tests knowledge of the specific book used to record details of non-current assets.

Question

Which memorandum book is used to record the particulars of non-current assets?

Answer

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Tags: Accounting Books, Non-current Assets, Record Keeping
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q37 – Accounting from Incomplete Records

Calculating Adamu's purchases for the period using available data.

Question

Adamu does not keep complete accounting records. However, you were able to extract the following information from the available records for the year ended 31 December 2012:

	₦
Cash purchases	234,000
Cash and cheque payments for goods supplied	1,671,000
Trade payables at 1 January 2012	58,200
Trade payables at 31 December 2012	43,200

What was Adamu’s purchases for the period?

Answer

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Tags: Accounting Calculations, Incomplete Records, Purchases
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q29 – Accounting from Incomplete Records

Understanding commission entitlement for a venturer when guaranteeing a debt.

Question

A venturer is entitled to ____________ commission when guaranteed any debt owed by customers.

Answer

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Tags: Commission, Debt Guarantee, Joint Ventures
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

Question

In a Joint Venture Account, what does the balance in a venturer’s account represent?

Answer

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Tags: Accounting Balances, Financial Transactions, Joint Ventures
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

Question

In preparing a set of final accounts from incomplete records, which of the following information need NOT be considered?

A. Business structure
B. Accounting and business equations
C. Credit sales and trade receivables
D. Purchases, inventory, and the cost of sales
E. Stolen goods, goods destroyed, or goods taken by the owner of the business

Answer

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Tags: Accounting Information, Final Accounts, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – May 2012 – L1 – SA – Q25 – Accounting from Incomplete Records

Calculating the portion of joint costs attributable to a department.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Allocation, Joint Costs
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

Question

In branch accounting, a loss that occurs due to natural causes or the perishable character of goods, and as such is inevitable, is called a:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Losses
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – Nov 2011 – L1 – SA – Q14 – Accounting from Incomplete Records

This question tests what an increase in capital over a year represents in the absence of proper books.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Increase, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2011

FA – Nov 2020 – L1 – SA – Q10 – Accounting from Incomplete Records

Identifies the situation where the statement of affairs is used to ascertain opening equity.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Position, Incomplete Records, Statement of Affairs
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2020

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

Question

Where goods are invoiced by a head office to its branch at cost-plus, the Branch Inventory Adjustment Account is used to determine?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Cost-plus Accounting, Inventory Adjustment
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2012

FA – May 2014 – L1 – SA – Q8 – Accounting from Incomplete Records

This question tests knowledge of the specific book used to record details of non-current assets.

Question

Which memorandum book is used to record the particulars of non-current assets?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Books, Non-current Assets, Record Keeping
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q37 – Accounting from Incomplete Records

Calculating Adamu's purchases for the period using available data.

Question

Adamu does not keep complete accounting records. However, you were able to extract the following information from the available records for the year ended 31 December 2012:

	₦
Cash purchases	234,000
Cash and cheque payments for goods supplied	1,671,000
Trade payables at 1 January 2012	58,200
Trade payables at 31 December 2012	43,200

What was Adamu’s purchases for the period?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Calculations, Incomplete Records, Purchases
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q29 – Accounting from Incomplete Records

Understanding commission entitlement for a venturer when guaranteeing a debt.

Question

A venturer is entitled to ____________ commission when guaranteed any debt owed by customers.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Commission, Debt Guarantee, Joint Ventures
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

Question

In a Joint Venture Account, what does the balance in a venturer’s account represent?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Balances, Financial Transactions, Joint Ventures
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

Question

In preparing a set of final accounts from incomplete records, which of the following information need NOT be considered?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Final Accounts, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2013

Topic: Accounting from Incomplete Records

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FA – May 2012 – L1 – SA – Q25 – Accounting from Incomplete Records

Calculating the portion of joint costs attributable to a department.

You're reporting an error for "FA – May 2012 – L1 – SA – Q25 – Accounting from Incomplete Records"

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

You're reporting an error for "FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2011 – L1 – SA – Q14 – Accounting from Incomplete Records

This question tests what an increase in capital over a year represents in the absence of proper books.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q14 – Accounting from Incomplete Records"

FA – Nov 2020 – L1 – SA – Q10 – Accounting from Incomplete Records

Identifies the situation where the statement of affairs is used to ascertain opening equity.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q10 – Accounting from Incomplete Records"

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records"

FA – May 2014 – L1 – SA – Q8 – Accounting from Incomplete Records

This question tests knowledge of the specific book used to record details of non-current assets.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q37 – Accounting from Incomplete Records

Calculating Adamu's purchases for the period using available data.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q37 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q29 – Accounting from Incomplete Records

Understanding commission entitlement for a venturer when guaranteeing a debt.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q29 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records"

FA – May 2012 – L1 – SA – Q25 – Accounting from Incomplete Records

Calculating the portion of joint costs attributable to a department.

You're reporting an error for "FA – May 2012 – L1 – SA – Q25 – Accounting from Incomplete Records"

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

You're reporting an error for "FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2011 – L1 – SA – Q14 – Accounting from Incomplete Records

This question tests what an increase in capital over a year represents in the absence of proper books.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q14 – Accounting from Incomplete Records"

FA – Nov 2020 – L1 – SA – Q10 – Accounting from Incomplete Records

Identifies the situation where the statement of affairs is used to ascertain opening equity.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q10 – Accounting from Incomplete Records"

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records"

FA – May 2014 – L1 – SA – Q8 – Accounting from Incomplete Records

This question tests knowledge of the specific book used to record details of non-current assets.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q37 – Accounting from Incomplete Records

Calculating Adamu's purchases for the period using available data.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q37 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q29 – Accounting from Incomplete Records

Understanding commission entitlement for a venturer when guaranteeing a debt.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q29 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records

Understanding the balance in a venturer’s account in a Joint Venture.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records

Determining information that is not needed when preparing accounts from incomplete records.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q3 – Accounting from Incomplete Records"

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