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.