Regulatory Environment of Accounting – Page 4

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 – Mar/July 2020 – L1 – SA – Q8 – Regulatory Environment of Accounting

Differences between financial accounts and management accounts

Question

Which of the following sentences does NOT explain the distinction between financial accounts and management accounts?
A. Financial accounts are primarily for external users and management accounts are primarily for internal users
B. Financial accounts are normally prepared annually while management accounts are prepared monthly
C. Financial accounts are more accurate than management accounts
D. Financial accounts are audited by external auditors whereas management accounts are audited by internal auditors
E. Unlike financial accounts, management accounts are used for rendering returns to tax authorities

Answer

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Tags: External Auditors, Financial Accounts, Management Accounts
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAR/JULY 2020

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.

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

Identifying the function of the Financial Reporting Council of Nigeria.

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

This question requires the journal entries to record consignment transactions.

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

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

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

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

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

This question asks for the SAS relating to construction contracts.

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

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

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.

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

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

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

Prepare the Statement of Profit or Loss

FA – Mar/July 2020 – L1 – SA – Q8 – Regulatory Environment of Accounting

Differences between financial accounts and management accounts

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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.

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

Identifying the function of the Financial Reporting Council of Nigeria.

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

This question requires the journal entries to record consignment transactions.

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

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

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

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

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

This question asks for the SAS relating to construction contracts.

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

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

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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.

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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

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FA – Mar/July 2020 – L1 – SA – Q8 – Regulatory Environment of Accounting

Differences between financial accounts and management accounts

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