Double-Entry Accounting Principles

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

Question

Which of the following is NOT a shortcoming of single entry book-keeping?

A. A trial balance is not available
B. Profits are overstated
C. There are no subsidiary books
D. There are no control accounts
E. There are no ledger accounts.

Answer

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Tags: Book-keeping, Control Accounts, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

Question

Which of the following is a liability account in the books of the lessor?

A. Short workings account
B. Royalty receivable account
C. Cash account
D. Lessee account
E. Statement of Profit or Loss

Answer

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Tags: Accounting, Lease, Lessor, Liability
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2012

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

Question

What are the accounting entries to record the cash purchase of a non-current asset?

Answer

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Tags: Cash Purchases, Double Entry, Non-current Assets
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

Question

A sole trader took some goods costing N1,000 from inventory for his own use. The normal selling price of the goods is N2,500. What are the double-entry postings required?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Drawings, Inventory
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

Question

A collection of ledger balances is used in preparing …………………………………

Answer

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Tags: Financial Statements, Ledger Balances, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

Question

Where a specific trade receivable is written off as bad, the corresponding credit is expected to be in
A. Purchases Account
B. Bad Debts Account
C. Allowance for Doubtful Debts Account
D. Sales Account
E. Receivables Ledger Control Account

Answer

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Tags: Bad Debts, Double Entry, Receivables
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

Question

The double entry rule is expressed as
A. Debit the receiver, credit the giver
B. Debit the giver, credit the receiver
C. Debit the receiver, credit the Bank/Cash account
D. Debit the Bank/Cash account, credit the giver
E. Debit amount paid, credit amount received

Answer

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Tags: Accounting Fundamentals, Basic Accounting Principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

Question

Computer Company Limited recently bought ten computers for its use, which of the following is the correct method of recording this transaction?
A. Debit computers account and credit cash account
B. Debit purchases account and credit cash account
C. Debit cash account and credit purchases account
D. Debit cash account and credit computers account
E. Debit computers account and credit purchases account

Answer

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Tags: Asset Recording, Double Entry, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2018

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

Question

If the opening and closing inventories of an entity are ₦34,565 and ₦41,222 respectively, and the cost of sales is ₦160,545, how much are the purchases?

A. ₦119,323
B. ₦153,888
C. ₦167,202
D. ₦201,767
E. ₦236,332

Answer

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Tags: Accounting Equation, Cost of Sales, Inventory, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

Question

Success Motors bought three Toyota vehicles on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the
A. Sales day book
B. Purchases day book
C. Payables account
D. Cash book
E. Purchases account

Answer

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Tags: Accounting Records, Cash Transactions, Vehicle Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2022

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

Question

Which of the following is NOT a shortcoming of single entry book-keeping?

A. A trial balance is not available
B. Profits are overstated
C. There are no subsidiary books
D. There are no control accounts
E. There are no ledger accounts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Book-keeping, Control Accounts, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

Question

Which of the following is a liability account in the books of the lessor?

A. Short workings account
B. Royalty receivable account
C. Cash account
D. Lessee account
E. Statement of Profit or Loss

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Lease, Lessor, Liability
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2012

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

Question

What are the accounting entries to record the cash purchase of a non-current asset?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Purchases, Double Entry, Non-current Assets
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

Question

A sole trader took some goods costing N1,000 from inventory for his own use. The normal selling price of the goods is N2,500. What are the double-entry postings required?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Double Entry, Drawings, Inventory
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2013

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

Question

A collection of ledger balances is used in preparing …………………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Ledger Balances, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bad Debts, Double Entry, Receivables
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Fundamentals, Basic Accounting Principles, Double Entry
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Recording, Double Entry, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2018

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

Question

If the opening and closing inventories of an entity are ₦34,565 and ₦41,222 respectively, and the cost of sales is ₦160,545, how much are the purchases?

A. ₦119,323
B. ₦153,888
C. ₦167,202
D. ₦201,767
E. ₦236,332

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Equation, Cost of Sales, Inventory, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Records, Cash Transactions, Vehicle Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: NOV 2022

Topic: Double-Entry Accounting Principles

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FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

You're reporting an error for "FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles"

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

You're reporting an error for "FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

You're reporting an error for "FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

You're reporting an error for "FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles"

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

You're reporting an error for "FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles"

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

You're reporting an error for "FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting"

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

You're reporting an error for "FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles"

FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles

Identifying a liability account in the books of a lessor.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q4 – Double-Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles

This question tests the double-entry accounting treatment for the cash purchase of a non-current asset.

You're reporting an error for "FA – May 2013 – L1 – SA – Q32 – Double Entry Accounting Principles"

FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles

This question asks for the double-entry accounting treatment for goods taken from inventory for personal use by the sole trader.

You're reporting an error for "FA – May 2013 – L1 – SA – Q31 – Double Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

You're reporting an error for "FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles

Determines the corresponding credit entry for a bad debt write-off.

You're reporting an error for "FA – May 2014 – L1 – SA – Q8 – Double-Entry Accounting Principles"

FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles

Identifies the rule for double-entry bookkeeping.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Double-Entry Accounting Principles"

FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles

Determines the correct double-entry recording of a computer purchase transaction.

You're reporting an error for "FA – May 2018 – L1 – SA – Q11 – Double-Entry Accounting Principles"

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

You're reporting an error for "FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting

Identify the correct entry for a cash purchase of vehicles.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q4 – Double-Entry Accounting"

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