Financial Accounting · 2022

From the previous syllabus. Asks you to state the components of financial statements.

From the previous syllabus. Asks you to state the components of financial statements under IAS 1, which IFRS 18 now calls the primary financial statements and the notes.

From the previous syllabus. Part (a) asks for the components of financial statements under IAS 1. Part (b)(ii) asks for the statement of financial position of a PLC with a bank loan, share premium and an income tax charge.

From the previous syllabus. Question 1(b) includes inventory costing ₦4,500,000 that can be sold for only ₦1,688,000. Question 6(a) asks for an inventory ledger under weighted average cost for a year and the closing inventory.

From the previous syllabus. Asks for the statement of profit or loss of a PLC with an income tax charge of ₦12,702,000, sales made on credit on 1 January of the next year that are in the revenue figure, an inventory write-down and unpaid loan interest.

From the previous syllabus. A list of the costs of a machine includes spare parts inclusive of VAT at 7.5%. Recoverable VAT is left out of the cost. The rest of the question belongs to the topics on property, plant and equipment and depreciation.

From the previous syllabus. Asks for four general requirements of IAS 16 on depreciation (4 marks), and for two years’ depreciation on a straight-line and on a reducing balance basis (8 marks).

From the previous syllabus. Asks for the cost of a machine from clearing, installation and testing, purchase price and spare parts inclusive of VAT at 7.5%, with a rebate.

From the previous syllabus. A pharmacy owner has a summary of her bank account for the year. Asks for sales and purchases (10 marks), the statement of profit or loss (5 marks) and the statement of financial position (5 marks).

From the previous syllabus. Asks for the receivables and bad debt entries of a company from its opening receivables, credit sales, receipts and bad debts written off.

From the previous syllabus. A trial balance that fails to agree lists a VAT liability among its credit balances. The question is mainly about errors and the suspense account.

From the previous syllabus. Asks for a trial balance and the suspense balance (6 marks), correcting journals with narrations (10 marks) and the suspense account (4 marks).

From the previous syllabus. Asks for the suspense account for a sole trader’s trial balance that failed to agree.

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. 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. 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. 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.