Every objective and theory question in this paper, and the topic notes to revise each one.
| No. | Section | Marks | Covers |
|---|---|---|---|
| Q1 | 20 | From the previous syllabus. Asks you to explain inventory (3 marks), then to find the cost and net realisable value o... | |
| Q2 | 10 | From the previous syllabus. Asks for the statement of profit or loss and other comprehensive income of a company, wit... | |
| Q3 | 20 | From the previous syllabus. Asks you to define depreciation, depreciable amount, useful life and residual value (6 ma... | |
| Q4 | 20 | From the previous syllabus. A company’s bank statement shows an overdraft that does not agree with the cash book. Ask... | |
| Q5 | 20 | From the previous syllabus. Gives the statement of profit or loss and financial position of a company and asks, in ac... | |
| Q6 | 12 | From the previous syllabus. Asks, in tabular form, for three sources of information and the records they come from fo... |
From the previous syllabus. Asks where payments received in advance from customers are included.
From the previous syllabus. Asks which two characteristics are fundamental.
From the previous syllabus. Both ask in which record or book a trade discount is recorded.
From the previous syllabus. Asks what the excess of expenditure over income is called, where the excess of income over expenditure is added, what represents members’ interest in a club, and what the difference between assets and liabilities of a not-for-profit organisation is called.
From the previous syllabus. Asks for the sales from a gross margin of 40%, the profit on a sale at a 20% mark-up, and the gross profit from a profit margin of 5%.
From the previous syllabus. A handset is sold for ₦250,000 at cost plus a mark-up of 20%, and the question asks for the profit.
From the previous syllabus. Asks for the equation that calculates a sole trader’s profit, and, in the repeated item, the profit when opening capital is ₦225,000, closing capital ₦260,000 and drawings ₦10,000.
From the previous syllabus. Asks you to explain inventory (3 marks), then to find the cost and net realisable value of four used cars with reconditioning costs, further costs and selling expenses of 5% of price, and the value of each (17 marks).
From the previous syllabus. Asks for the statement of profit or loss and other comprehensive income of a company, with a credit sale to be treated correctly, an inventory write-down, carriage inwards, six months of unpaid loan interest, depreciation at 10% and accrued distribution expenses.
From the previous syllabus. Asks for the statement of financial position of a company with a bank loan, share premium, an inventory write-down to net realisable value and unpaid loan interest.
From the previous syllabus. Asks you to define depreciation, depreciable amount, useful life and residual value (6 marks), and to calculate five years’ charges on a straight-line basis (2 marks) and on a diminishing balance at 54% (12 marks).
From the previous syllabus. A company’s bank statement shows an overdraft that does not agree with the cash book. Asks for an adjusted cash book (10 marks) and a reconciliation statement (10 marks).
From the previous syllabus. Gives the statement of profit or loss and financial position of a company and asks, in accordance with IAS 7, for the statement of cash flows by the indirect method.
From the previous syllabus. Each asks for a full statement of cash flows by the indirect method, so you must also find purchases and proceeds of non-current assets, share issues, loan movements and dividends paid for the investing and financing sections.
From the previous syllabus. Asks, in tabular form, for three sources of information and the records they come from for each of the receivables and payables control accounts.
| No. | Section | Marks | Covers |
|---|---|---|---|
| Q1 | 20 | From the previous syllabus. Asks you to explain the term trial balance (2 marks), to set out four errors that do not ... | |
| Q2 | 20 | From the previous syllabus. Asks for the requirements of IAS 16 on initial recognition (3 marks), the treatment of la... | |
| Q3 | 20 | From the previous syllabus. Asks you to explain the difference between a bank statement and a bank reconciliation sta... | |
| Q5 | 20 | From the previous syllabus. Asks for the sharing of profit where a partner receives commission, a salary and interest... | |
| Q6 | 20 | From the previous syllabus. Asks for the double entries for six disposal events, including sale on credit and sale to... |
From the previous syllabus. Question 1 asks which document a supplier sends when an invoice was understated. Question 12 asks which item is not a book of prime entry.
From the previous syllabus. Both ask in which record or book a trade discount is recorded.
From the previous syllabus. Asks which change in method does not give rise to a change in accounting policy. The answer is the change in depreciation from straight line to the sum-of-digits method, which is a change in estimate.
From the previous syllabus. Asks the order of the three activity groups, which item may not be classified as investing, and which information a statement of cash flows cannot reveal.
From the previous syllabus. Asks for current assets and for working capital from given figures.
From the previous syllabus. Gives cash, inventory, receivables and payables of a business and asks for the amount of the current assets and for the working capital.
From the previous syllabus. Asks which mistake could explain a trial balance in which the debit side exceeds the credit side by ₦30,000.
From the previous syllabus. Asks what the excess of expenditure over income is called, where the excess of income over expenditure is added, what represents members’ interest in a club, and what the difference between assets and liabilities of a not-for-profit organisation is called.
From the previous syllabus. Gives partners’ capital contributions, a profit-sharing ratio after salaries and interest on capital, or equal sharing with opening balances, and asks for a partner’s share of profit and the balance on a current account.
From the previous syllabus. Asks you to explain the term trial balance (2 marks), to set out four errors that do not affect it and four that do in a two-column table (8 marks), and to extract a trial balance from a company’s balances (10 marks).
From the previous syllabus. Asks for the requirements of IAS 16 on initial recognition (3 marks), the treatment of later spending (3 marks) and a classification of plant costs into capital and revenue (14 marks).
From the previous syllabus. Asks you to explain the difference between a bank statement and a bank reconciliation statement (2 marks), then to prepare an adjusted cash book (11 marks) and a reconciliation statement starting from the statement balance (7 marks).
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 the double entries for six disposal events, including sale on credit and sale to staff (7 marks), then the plant, provision for depreciation and plant disposal accounts for three plants (13 marks).