Financial Accounting · November 2015

From the previous syllabus. Company final accounts questions that state that provisions are to be made for directors’ fees of ₦6,000,000 and audit fees of ₦2,500,000. You charge them as expenses and credit a provision or accrued expense.

From the previous syllabus. The marking guide of this company final accounts question awards marks for entries in a statement of changes in equity, with retained earnings for the year carried to the total column.

From the previous syllabus. Asks for the statement of profit or loss of a company for the year, from balances given after the gross profit has been found, with depreciation, provisions for directors’ and audit fees, prepaid insurance and accrued electricity. No taxation.

From the previous syllabus. Gives the balances of a company after the gross profit has been found, with depreciation, provisions for directors’ and audit fees, prepaid insurance and accrued electricity, and asks for the statement of financial position without notes.

From the previous syllabus. Asks for five reasons why the bank statement balance may differ from the cash book balance (5 marks), then an adjusted cash book (8 marks) and a bank reconciliation statement (7 marks) for a club with a credit statement balance.

From the previous syllabus. Asks for the reducing balance rate for a vehicle with a four-year life and a residual value (2 marks), the charge for two years and the carrying amount (3 marks).

From the previous syllabus. Asks you to post a quarter of transactions to the relevant ledger accounts and balance the accounts.

From the previous syllabus. Asks for the total acquisition cost of equipment from a list including a discount, transport, installation, repair costs and operators’ salaries.

From the previous syllabus. Asks you to define an intangible non-current asset and give one example. Part (b) is a partnership question.

From the previous syllabus. Asks for the sharing of profit where a partner receives commission, a salary and interest on fixed capital, and, in the larger question, the statement of profit or loss and statement of financial position of the partnership.

From the previous syllabus. Asks for a reconciliation of the receivables ledger control account and the ledger balances (8 marks), then a suspense account (2 marks).

From the previous syllabus. Both ask you to open a suspense account and post the entries needed to clear it, after a control account reconciliation.

From the previous syllabus. Asks you to differentiate between cash, accrual and break-up bases and to state one setback of the cash basis.

From the previous syllabus. Asks for the rent recognised in profit or loss (3 marks) and in the statement of financial position (1 mark) when rent is paid quarterly in advance and then raised, and for a rental income account with accrued and prepaid rent (8 marks).

From the previous syllabus. Asks you to prepare a rental income account from accrued rent and prepaid rent at both year ends, rent received, uncollectable rent written off and an agreement fee, to find the rent recognised in profit or loss.