Recording Financial Transactions

FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions

Identifying the least amount of royalty payable by a lessee.

Question

The least amount of royalty payable by the lessee and sub-lessee, if any, irrespective of the actual royalty is called:

Answer

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Tags: Accounting for Royalties, Lease Agreements, Royalty
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2012

FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions

This question involves calculating payments on account receivables during the year.

Question

During a financial year, a company’s financial records reveal the following:

Cash Revenue: N100,000
Credit Revenue: N500,000
Trade receivables at the beginning of the year: N30,000
Trade receivables at the end of the year: N44,000

What were the payments on account receivables during the year?

Answer

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Tags: Financial Reporting, Trade receivables
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions

This question tests knowledge of the accounting entry to record profit loading on goods sent to a branch.

Question

The necessary accounting entry to record profit loading on goods sent to a branch by the Head Office is:

Debit | Credit
A. Branch Inventories Account | Branch Inventories Adjustment Account
B. Branch Inventories Account | Goods sent to Branch Account
C. Goods sent to Branch Account | Branch Inventories Account
D. Branch Inventories Adjustment Account | Branch Inventories Account
E. Branch Inventories Account | Goods sent to Branch Account

Answer

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Tags: Branch accounts, Profit Loading
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions

This question asks for the cost of goods invoiced at a mark-up.

Question

If goods were invoiced by the Head Office to a branch for N86,400 at cost plus a 25% mark-up, what was the cost of the goods?

A. N64,800
B. N69,120
C. N86,400
D. N103,680
E. N108,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost of Goods, Financial Reporting, Invoice
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions

This question defines purchases in financial accounting.

Question

Which of the following correctly describes the meaning of “purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customers

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods for Resale, Purchases
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

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

FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions

This question asks for an explanation of how a petty cash book operates for Chief Emeka.

Question

Chief Emeka is considering setting up a petty cash book from which to pay small expenses. However, he is not sure of how a petty cash book operates.

Required:
Explain to Chief Emeka the operation of a petty cash book. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Imprest System, Petty Cash Book, Small Expenses
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

Question

The fixed amount of money given to a petty cashier at the beginning of a period is called
A. Float
B. Imprest
C. Petty cash
D. Cash received
E. Cash advance

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Financial Records, Petty Cash
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

Question

In a cash book, the opening balance was N70,600, closing balance was N9,200, and the total cash received during the period was N180,000. What was the amount of cash paid out during the period?
A. N79,000
B. N98,000
C. N100,200
D. N118,600
E. N241,400

Answer

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Tags: Balances, Cash Book, Financial Records
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

Question

A loose tools record in the books of MYE Enterprises revealed the following:

Revaluation 1 January, 2013: N200,000
Revaluation 31 December, 2013: N250,000
Depreciation 31 December, 2013: N100,000

What is the value of loose tools acquired during the year?

A. N50,000
B. N60,000
C. N100,000
D. N120,000
E. N150,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acquisition, Depreciation, Loose Tools
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2014

FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions

Identifying the least amount of royalty payable by a lessee.

Question

The least amount of royalty payable by the lessee and sub-lessee, if any, irrespective of the actual royalty is called:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting for Royalties, Lease Agreements, Royalty
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2012

FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions

This question involves calculating payments on account receivables during the year.

Question

During a financial year, a company’s financial records reveal the following:

Cash Revenue: N100,000
Credit Revenue: N500,000
Trade receivables at the beginning of the year: N30,000
Trade receivables at the end of the year: N44,000

What were the payments on account receivables during the year?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Trade receivables
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions

This question tests knowledge of the accounting entry to record profit loading on goods sent to a branch.

Question

The necessary accounting entry to record profit loading on goods sent to a branch by the Head Office is:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch accounts, Profit Loading
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions

This question asks for the cost of goods invoiced at a mark-up.

Question

If goods were invoiced by the Head Office to a branch for N86,400 at cost plus a 25% mark-up, what was the cost of the goods?

A. N64,800
B. N69,120
C. N86,400
D. N103,680
E. N108,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost of Goods, Financial Reporting, Invoice
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions

This question defines purchases in financial accounting.

Question

Which of the following correctly describes the meaning of “purchases”?

A. Items bought
B. Goods bought on credit
C. Goods bought for resale
D. Goods paid for
E. Goods returned by customers

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods for Resale, Purchases
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2013

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

FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions

This question asks for an explanation of how a petty cash book operates for Chief Emeka.

Question

Chief Emeka is considering setting up a petty cash book from which to pay small expenses. However, he is not sure of how a petty cash book operates.

Required:
Explain to Chief Emeka the operation of a petty cash book. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Imprest System, Petty Cash Book, Small Expenses
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

Question

The fixed amount of money given to a petty cashier at the beginning of a period is called
A. Float
B. Imprest
C. Petty cash
D. Cash received
E. Cash advance

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Financial Records, Petty Cash
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Balances, Cash Book, Financial Records
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2022

FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

Question

A loose tools record in the books of MYE Enterprises revealed the following:

Revaluation 1 January, 2013: N200,000
Revaluation 31 December, 2013: N250,000
Depreciation 31 December, 2013: N100,000

What is the value of loose tools acquired during the year?

A. N50,000
B. N60,000
C. N100,000
D. N120,000
E. N150,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acquisition, Depreciation, Loose Tools
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2014

Topic: Recording Financial Transactions

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FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions

Identifying the least amount of royalty payable by a lessee.

You're reporting an error for "FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions

This question involves calculating payments on account receivables during the year.

You're reporting an error for "FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions

This question tests knowledge of the accounting entry to record profit loading on goods sent to a branch.

You're reporting an error for "FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions

This question asks for the cost of goods invoiced at a mark-up.

You're reporting an error for "FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions

This question defines purchases in financial accounting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions"

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"

FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions

This question asks for an explanation of how a petty cash book operates for Chief Emeka.

You're reporting an error for "FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction"

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions"

FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions"

FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions

Identifying the least amount of royalty payable by a lessee.

You're reporting an error for "FA – May 2012 – L1 – SA – Q21 -Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions

This question involves calculating payments on account receivables during the year.

You're reporting an error for "FA – May 2013 – L1 – SA – Q24 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions

This question tests knowledge of the accounting entry to record profit loading on goods sent to a branch.

You're reporting an error for "FA – May 2013 – L1 – SA – Q20 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions

This question asks for the cost of goods invoiced at a mark-up.

You're reporting an error for "FA – May 2013 – L1 – SA – Q18 – Recording Financial Transactions"

FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions

This question defines purchases in financial accounting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q8 – Recording Financial Transactions"

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"

FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions

This question asks for an explanation of how a petty cash book operates for Chief Emeka.

You're reporting an error for "FA – Nov 2022 – L1 – SB – Q4c – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction

Identify the correct term for the fixed amount of money given to a petty cashier.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q14 – Recording Financial Transaction"

FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions

Determine the cash paid out during the period based on the given cash book balances.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q13 – Recording Financial Transactions"

FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions"

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