Regulatory Environment of Accounting – Page 2

FA – May 2012 – L1 – SA – Q34 – Regulatory Environment of Accounting

Identifying the process where progress billings for payments exceed the revenue recognized in IAS for construction contracts.

Question

In accordance with International Accounting Standard (IAS) on construction contract, the process where the rate of progress billings for payment is higher than those utilized for revenue recognition is ……………………………..

Answer

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Tags: Construction Contracts, IAS, Revenue Recognition
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2012

FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifying the function of the Financial Reporting Council of Nigeria.

Question

Which of the following is NOT a function of the Financial Reporting Council of Nigeria?

A. Promoting and enforcing compliance with the accounting standards developed by the Board
B. Developing and publishing in the public interest accounting standards to be observed in the preparation of financial statements
C. Advising State Governments on matters relating to accounting standards
D. Receiving notices of non-compliance with its standards from the preparer
E. Advising the Minister on making of regulations under Section 356 of Companies and Allied Matters, Cap C20, LFN 2004

Answer

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Tags: Accounting Standards, Financial Reporting Council, Nigerian Accounting Laws
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2012

FA – Nov 2011 – L1 – SB – Q6 – Recording Financial Transactions

This question requires the journal entries to record consignment transactions.

Question

The following transactions were recorded in the books of Fadep Enterprises:

(i) On 1 October 2010, Fadep Enterprises sent goods worth N160,000 on consignment to Associate Enterprises and incurred expenses on transportation and loading of N4,800 and N1,200 respectively.
(ii) On 7 October 2010, Associate Enterprises received the consignment and paid N80,000 into the bank account of Fadep Enterprises.
(iii) On 31 October 2010, Associate Enterprises prepared and sent an Account Sales to Fadep Enterprises having made sales of N180,000. The remaining goods on hand were valued at N16,000 at original cost.
(iv) Associate Enterprises deducted 2.5% as commission and off-loading expenses of N2,000.
(v) On 5 November 2010, Associate Enterprises sold the remaining goods for N20,000.

You are required to:
(a) Prepare the journal entries with narration to record the above transactions in the books of Fadep Enterprises. (13 marks)
(b) State TWO principal differences between goods on consignment and sale of goods. (2 marks)

Answer

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Tags: Consignment Accounting, Journal Entries
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SB – Q2c – Regulatory Environment of Accounting

This question asks about the different types of construction contract pricing.

Question

Write short notes on the different types of construction contract pricing

Answer

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Tags: Construction Contracts, Pricing
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

Question

Define “Construction Contracts” in accordance with SAS 5.

Answer

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Tags: Construction Contracts, SAS
Level: Level 1

Topic: Regulatory Environment of Accounting

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

Question

Which Statement of Accounting Standard (SAS) is on Construction Contract?

Answer

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Tags: Construction Contracts, SAS
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q1 – Regulatory Environment of Accounting

This question tests knowledge on what legally brings a company into existence.

Question

Which of the following brings a company into legal existence?
A. Memorandum of Association
B. Articles of Association
C. Companies and Allied Matters Act Cap C20 LFN 2004
D. Certificate of Incorporation
E. Corporate Affairs Commission

Answer

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Tags: Certificate of Incorporation, Company Law, Memorandum of Association
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

FA – Nov 2012 – L1 – SB – Q2 – Regulatory Environment of Accounting

Explain the conceptual framework under IFRS and discuss accounting concepts and definitions of assets and liabilities.

Question

a. Explain the term “Conceptual Framework” in relation to International Financial Reporting Standards (IFRS). (4 Marks)

b. Define Assets and Liabilities. (2 Marks)

c. The International Accounting Standards Board’s framework for the preparation of financial statements requires that entities should comply with certain accounting concepts and underlying assumptions which include:

i. Substance over form;
ii. Materiality;
iii. Comparability; and
iv. Going concern.

Explain briefly the meaning of these concepts. (4 Marks)

d. Discuss the information needs of the following users of a company’s financial statements:
i. Lenders;
ii. Suppliers;
iii. Customers;
iv. Employees;
v. Government and its agencies. (5 Marks)

Answer

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Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2012

FA – Nov 2012 – L1 – SB – Q37 – Regulatory Environment of Accounting

Define the offer of company shares to a select group of individuals.

Question

The offer of shares of a company to a group of selected persons is called?

Answer

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Tags: Equity, Private placement, Shares
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2012

FA – May 2013 – L1 – SB – Q4 – Regulatory Environment of Accounting

Prepare the Statement of Profit or Loss

Question

The following balances were extracted from the accounting records of the partnership of David and Daniel as at 30 April 2013:

You are required to:
Prepare the Statement of Profit or Loss of the partnership for the year ended 30April 2013, in a vertical format.

Answer

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Tags: Depreciation, Inventory, Law of Partnership, Partnership
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting

This question discusses the challenges and roles involved in the adoption of IFRS in Nigeria.

Question

The Financial Reporting Council of Nigeria Act, 2011, replaced the Nigeria Accounting Standards Board Act, No 22 of 2003.

This new body is charged with the responsibility for developing and publishing Accounting and Financial Reporting Standards to be observed in the preparation of Financial Statements of public entities in Nigeria and for related matters.

a. State FIVE challenges of adopting International Financial Reporting Standards (IFRS) in Nigeria. (10 Marks)
b. Identify FIVE roles of the Financial Reporting Council of Nigeria. (5 Marks)

Answer

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Tags: Financial Reporting Council of Nigeria, Financial Standards, IFRS Adoption
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

Question

IFRS are developed and published by:

A. International Accounting Standards Committee
B. International Accounting Standards Advisory Council
C. International Accounting Standards Board
D. International Accounting Standards Foundation
E. International Accounting Reporting Standards Board

Answer

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Tags: Financial Reporting, IFRS, International Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

Question

The rules and regulations which apply to financial reporting may be collectively referred to as the “regulatory framework.” In practice, most of these frameworks refer to:

A. Entities
B. Stock markets
C. Financial accounts
D. Cash flow statements
E. Fund statements

Answer

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Tags: Financial Reporting, Regulatory Framework
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting

Identifies the body responsible for issuing financial reporting standards in Nigeria.

Question

The responsibility for issuing reporting standards in Nigeria is that of …………………………………

Answer

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Tags: Financial Reporting Council, Regulatory Bodies, Reporting Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2014

FA – May 2014 – L1 – SA – Q1 – Regulatory Environment of Accounting

Identifies where statutory books and records should be kept according to CAMA.

Question

The Companies and Allied Matters Act, CAP C20 LFN 2004 requires that the statutory books and records of a company be kept at …………………………………

Answer

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Tags: CAMA, Regulatory Compliance, Statutory Records
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2014

FA – May 2014 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifies the document governing a company's relationship with third parties.

Question

The document which discloses the conditions that govern a company’s relationship with third parties is called
A. Articles of Association
B. Loan notes
C. Register of Members
D. Memorandum of Association
E. Memorandum of Understanding

Answer

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Tags: Articles of Association, Company Law, Corporate Documentation, Memorandum
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2014

FA – Nov 2013 – L1 – SA – Q35 – Regulatory Environment of Accounting

Determining the date of transition to IFRS.

Question

Gbaja Plc has always prepared financial statements to 31 December each year. The company prepared its first IFRS financial statements for the year ended 31 December 2012 with the comparative figures for the year ended 31 December 2011. State the date of transition to IFRS.

Answer

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Tags: Financial Statements, IFRS, Transition Date
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q34 – Regulatory Environment of Accounting

Identifying who can be appointed as the Chairman of the Financial Reporting Council of Nigeria.

Question

Who can be appointed as the Chairman of the Financial Reporting Council of Nigeria?

Answer

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Tags: Corporate Governance, Financial Reporting, Regulatory Bodies
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q24 – Regulatory Environment of Accounting

Identifying the body responsible for issuing IFRS.

Question

The responsibility for issuing International Financial Reporting Standards (IFRS) is that of ____________.

Answer

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Tags: Accounting Standards, IFRS, Regulatory Bodies
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q19 – Regulatory Environment of Accounting

Identifying a non-statutory book in a registered company.

Question

Which of the following books is not a statutory book of a registered company?

A. Register of directors’ interest
B. Register of members
C. Register of charges and loan notes holders
D. Register of suppliers and contractors
E. Register of directors and company secretaries

Answer

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Tags: Company Compliance, Corporate Records, Statutory Books
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2013

Topic: Regulatory Environment of Accounting

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FA – May 2012 – L1 – SA – Q34 – Regulatory Environment of Accounting

Identifying the process where progress billings for payments exceed the revenue recognized in IAS for construction contracts.

You're reporting an error for "FA – May 2012 – L1 – SA – Q34 – Regulatory Environment of Accounting"

FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifying the function of the Financial Reporting Council of Nigeria.

You're reporting an error for "FA – May 2012 – L1 – SA – Q4 – Regulatory Environment of Accounting"

FA – Nov 2011 – L1 – SB – Q6 – Recording Financial Transactions

This question requires the journal entries to record consignment transactions.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q6 – Recording Financial Transactions"

FA – Nov 2011 – L1 – SB – Q2c – Regulatory Environment of Accounting

This question asks about the different types of construction contract pricing.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2c – Regulatory Environment of Accounting"

FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting

This question asks for the definition of construction contracts according to SAS 5.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2b – Regulatory Environment of Accounting"

FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting

This question asks for the SAS relating to construction contracts.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q2a – Regulatory Environment of Accounting"

FA – Nov 2011 – L1 – SA – Q1 – Regulatory Environment of Accounting

This question tests knowledge on what legally brings a company into existence.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q1 – Regulatory Environment of Accounting"

FA – Nov 2012 – L1 – SB – Q2 – Regulatory Environment of Accounting

Explain the conceptual framework under IFRS and discuss accounting concepts and definitions of assets and liabilities.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q2 – Regulatory Environment of Accounting"

FA – Nov 2012 – L1 – SB – Q37 – Regulatory Environment of Accounting

Define the offer of company shares to a select group of individuals.

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FA – May 2013 – L1 – SB – Q4 – Regulatory Environment of Accounting

Prepare the Statement of Profit or Loss

You're reporting an error for "FA – May 2013 – L1 – SB – Q4 – Regulatory Environment of Accounting"

FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting

This question discusses the challenges and roles involved in the adoption of IFRS in Nigeria.

You're reporting an error for "FA – May 2013 – L1 – SB – Q1 – Regulatory Environment of Accounting"

FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting

This question tests knowledge of the body responsible for developing IFRS.

You're reporting an error for "FA – May 2013 – L1 – SA – Q3 – Regulatory Environment of Accounting"

FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting"

FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting

Identifies the body responsible for issuing financial reporting standards in Nigeria.

You're reporting an error for "FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting"

FA – May 2014 – L1 – SA – Q1 – Regulatory Environment of Accounting

Identifies where statutory books and records should be kept according to CAMA.

You're reporting an error for "FA – May 2014 – L1 – SA – Q1 – Regulatory Environment of Accounting"

FA – May 2014 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifies the document governing a company's relationship with third parties.

You're reporting an error for "FA – May 2014 – L1 – SA – Q4 – Regulatory Environment of Accounting"

FA – Nov 2013 – L1 – SA – Q35 – Regulatory Environment of Accounting

Determining the date of transition to IFRS.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q35 – Regulatory Environment of Accounting"

FA – Nov 2013 – L1 – SA – Q34 – Regulatory Environment of Accounting

Identifying who can be appointed as the Chairman of the Financial Reporting Council of Nigeria.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q34 – Regulatory Environment of Accounting"

FA – Nov 2013 – L1 – SA – Q24 – Regulatory Environment of Accounting

Identifying the body responsible for issuing IFRS.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q24 – Regulatory Environment of Accounting"

FA – Nov 2013 – L1 – SA – Q19 – Regulatory Environment of Accounting

Identifying a non-statutory book in a registered company.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q19 – Regulatory Environment of Accounting"

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