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.