Every objective and theory question in this paper, and the topic notes to revise each one.
| No. | Section | Marks | Covers |
|---|---|---|---|
| Q1 | 14 | From the previous syllabus. Asks you to explain seven concepts at 2 marks each: going concern, consistency of present... | |
| Q2 | 10 | From the previous syllabus. From a summary of a company’s cash book, asks for the adjustments required in the cash bo... | |
| Q3 | 20 | From the previous syllabus. Asks for the gain or loss on disposal of plant and an old car (5 marks) and the IAS 16 sc... | |
| Q5 | 14 | From the previous syllabus. Asks for seven advantages of a limited liability company over a sole proprietorship. | |
| Q6 | 10 | From the previous syllabus. Asks you to explain five elements of financial statements. Learn the definitions from the... |
From the previous syllabus. Asks which statement is not correct about the definition of assets.
From the previous syllabus. Asks which measure of inventory is acceptable, what IAS 2 deals with, why inventory is written down to net realisable value, whether a change from FIFO to weighted average is a change in estimate, and what IAS 2 does not require to be disclosed.
From the previous syllabus. Both ask for the effect of a reduction in the allowance for doubtful debts.
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. Gives a partnership profit shared in a ratio, and a minimum profit share guaranteed to one partner by the others. Asks for a partner’s share after the guarantee.
From the previous syllabus. Gives opening and closing inventory, purchases and a profit margin of 5%, and asks for the gross profit.
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. Question 14 asks for gross profit from opening inventory, closing inventory, purchases and a 5% margin. Question 19 asks which items are deducted from goods available for sale to reach cost of sales.
From the previous syllabus. Asks which of four changes are changes in accounting estimates, including a change in useful life, a change in the allowance for doubtful receivables, a move from cost to revaluation and a move from FIFO to weighted average.
From the previous syllabus. Question 17 of May 2021 asks what is not disclosed when expenses are analysed by nature (gross profit). Question 19 of May 2023 asks for the tax charge from an opening liability, current tax, an under-estimate and tax paid.
From the previous syllabus. Asks for the total dividends paid from issued and paid-up capital of ₦376,000 in shares of 50 kobo, a share premium of ₦234,000 and a dividend of 16 kobo a share.
From the previous syllabus. Both ask how rent paid in advance and rent received in advance are classified.
From the previous syllabus. Asks you to explain seven concepts at 2 marks each: going concern, consistency of presentation, accrual, fair presentation, substance over form, prudence and materiality.
From the previous syllabus. From a summary of a company’s cash book, asks for the adjustments required in the cash book (5 marks) and a reconciliation statement starting from an overdrawn statement balance (5 marks). Part (b) belongs to the errors and suspense topics.
From the previous syllabus. A suspense balance of ₦5,500,000 and five errors. Asks for journal entries to rectify them.
From the previous syllabus. Asks for the gain or loss on disposal of plant and an old car (5 marks) and the IAS 16 schedule of movement for the year (15 marks). A similar Super Limited question is November 2017 Question 6.
From the previous syllabus. Asks for seven advantages of a limited liability company over a sole proprietorship.
From the previous syllabus. Asks you to outline four uses of source documents in producing financial information.
From the previous syllabus. Asks you to explain five elements of financial statements. Learn the definitions from the table in this topic. The measurement models in part (a)(ii) belong to the next topic.
From the previous syllabus. Asks you to state four models of measurement of the elements of financial statements.
From the previous syllabus. Asks for the cost of plastic buckets sold under FIFO, from opening inventory, production costs and fixed overheads absorbed on normal capacity.
| No. | Section | Marks | Covers |
|---|---|---|---|
| Q1 | 20 | From the previous syllabus. A statement overdraft and a cash book credit balance with a list of unpresented cheques a... | |
| Q3 | 20 | From the previous syllabus. A company final accounts question where the directors recommend a transfer of ₦15,000,000... | |
| Q4 | From the previous syllabus. Asks you to explain cash, accrual and break-up bases and to state four limitations of the... | ||
| Q5 | 20 | From the previous syllabus. Asks you to explain inventories (3 marks), the costs included (8 marks) and excluded (4 m... | |
| Q6 | 20 | From the previous syllabus. Asks for five IAS 16 disclosures (10 marks), then the gain or loss on a car taken in part... |
From the previous syllabus. Asks where the credit entry appears when vehicles are bought for cash. The same item appears in both diets.
From the previous syllabus. Question 5 asks what an item credited on the bank statement but not yet recorded in the cash book is. Question 15 asks which item should not be added to or subtracted from the cash book balance to find the adjusted bank balance.
From the previous syllabus. Asks which costs are included in or excluded from the cost of inventories under IAS 2, such as selling costs, conversion costs and carriage inwards.
From the previous syllabus. Asks what is true of the totals of discount allowed and discount received in a cash book. The same item appears in both diets.
From the previous syllabus. Asks the entry when a sole trader takes goods for personal use, the basic features of the single-entry system, and the best description of incomplete records.
From the previous syllabus. Asks which item should not be added to or subtracted from the cash book balance to find the adjusted bank balance. Value added tax charges is one of the options.
From the previous syllabus. Asks what two partnerships combining is called, how goodwill is found from several years of profit, and when goodwill can be valued in a partnership.
From the previous syllabus for the first three. Each asks which fundamental accounting concept is complied with when adjustments are made for prepaid and accrued expenses. The answer is the accruals concept.
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 which of five items is not a liability. The same item appears in both diets.
From the previous syllabus. A statement overdraft and a cash book credit balance with a list of unpresented cheques and other items. Asks for an adjusted cash book (9 marks), a reconciliation statement (7 marks) and two reasons for regular reconciliation (4 marks). The same question appears in both diets.
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. A company final accounts question where the directors recommend a transfer of ₦15,000,000 to general reserves and a 5% dividend on ordinary share capital.
From the previous syllabus. Asks for the statement of profit or loss of a limited company from a trial balance and a given gross profit, ignoring taxation, with depreciation, provisions and a recommended transfer to reserves.
From the previous syllabus. Asks for the statement of financial position of a limited company after a transfer of ₦15,000,000 to general reserves and a 5% dividend recommended by the directors, ignoring tax.
From the previous syllabus. Asks you to explain cash, accrual and break-up bases and to state four limitations of the cash basis. The same question appears in both diets.
From the previous syllabus. Asks you to explain to a business owner how a petty cash book operates. The same question appears in both diets.
From the previous syllabus. Asks you to explain inventories (3 marks), the costs included (8 marks) and excluded (4 marks), then to calculate the cost of imported and local raw materials and the cost per unit of finished product (5 marks).
From the previous syllabus. A partnership shares profit in a ratio after salaries to each partner. Asks for the statement of profit or loss and appropriation, with a new partner admitted during the year on a pro rata time basis, and the partners’ current accounts.
From the previous syllabus. A new partner is admitted during the year on stated terms. Asks for the profit or loss and appropriation account for the year, on a pro rata time basis, and the partners’ current accounts.
From the previous syllabus. Asks for five IAS 16 disclosures (10 marks), then the gain or loss on a car taken in part-exchange (2 marks) and the motor vehicles, accumulated depreciation and disposal accounts (8 marks). The same question appears in both diets.