Every objective and theory question in this paper, and the topic notes to revise each one.
| No. | Section | Marks | Covers |
|---|---|---|---|
| Q1 | 20 | Asks you to post and balance the trade receivables account (8 marks), the bad debts account (3 marks) and the allowan... | |
| Q2 | 20 | From the previous syllabus. Gives the statements of a listed company with a plant sold at a loss, a share issue, part... | |
| Q3 | 8 | From the previous syllabus. Asks you to define an accounting policy and a change in accounting estimates with two exa... | |
| Q4 | Asks for the profit or loss appropriation account, the partners’ current and capital accounts and a statement of fina... | ||
| Q5 | 10 | From the previous syllabus. Asks you to write up a two-column cash book of cash and bank, with a loan received and re... | |
| Q6 | 8 | From the previous syllabus. Asks for the elements of the cost of an item of PPE under IAS 16 with four examples of di... |
From the previous syllabus. Asks which measurement basis applies when a company is not a going concern.
From the previous syllabus. Asks how the double entry rule is expressed.
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. These ask for the charge or allowance in the statement of profit or loss from receivables figures and a percentage.
From the previous syllabus. These ask how depreciation differs from other expenses, what is not considered in the useful life, and when depreciation starts under IAS 16.
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. Asks for the journal entries needed to remove goodwill recognised on the admission of a new partner.
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.
Question 14 of May 2023 asks for the cost of sales from a 10% mark-up. Question 7 of May 2024 asks how much inventory the owner withdrew. Question 15 of November 2023 asks for the accounting equation after the owner takes cash and inventory.
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. 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.
Asks you to post and balance the trade receivables account (8 marks), the bad debts account (3 marks) and the allowance account (6 marks), and to extract the statement of financial position at each year end (3 marks), for a company with a customer unable to pay in full.
From the previous syllabus. Gives the statements of a listed company with a plant sold at a loss, a share issue, part redemption of loan notes and a dividend, and asks 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 you to define an accounting policy and a change in accounting estimates with two examples each (6 marks), and to outline the treatment of changes in estimates (2 marks).
Asks for the profit or loss appropriation account, the partners’ current and capital accounts and a statement of financial position extract, and, in the later question, how profit is shared between partners, the partners’ initial capital and the capital and current accounts.
From the previous syllabus. Asks you to write up a two-column cash book of cash and bank, with a loan received and repaid by cheque, and to balance it off. Part (b) belongs to the double entry topic.
From the previous syllabus. Asks for the elements of the cost of an item of PPE under IAS 16 with four examples of directly attributable costs.
From the previous syllabus. Asks for the disposal of cars from a carrying amount and accumulated depreciation, with the gain or loss and the ledger accounts. Part (a) belongs to the cost topic.
| No. | Section | Marks | Covers |
|---|---|---|---|
| Q1 | 8 | Asks you to explain the difference between the roles of a bookkeeper and an accountant in the accounting process. | |
| Q2 | 20 | From the previous syllabus. Asks you to explain briefly seven concepts: going concern, consistency, accrual, fair pre... | |
| Q3 | 12 | From the previous syllabus. Asks you to identify and discuss the four measurement bases for the elements of financial... | |
| Q4 | 8 | Asks for a description of each cost element of PPE under IAS 16 and the conditions for capitalising them. | |
| Q5 | 12 | From the previous syllabus. Asks you to state and explain the relationships among the main components of financial st... | |
| Q6 | Asks for the profit or loss appropriation account, the partners’ current and capital accounts and a statement of fina... |
From the previous syllabus. Asks for the primary roles of accountants in business and the economy.
From the previous syllabus. Question 2 asks for the purpose of a chart of accounts. Question 11 asks for the primary purpose of the general journal.
Question 3 of May 2024 asks which statement differentiates bad debt from doubtful debt. Question 3 of November 2023 asks for the general allowance in the statement of profit or loss.
Asks which items belong to disposals, the gain or loss on an old car, what is not an IAS 16 disclosure, and the state of the asset account after a disposal.
Asks what is true of goodwill, the journal for the amount due to a retired partner who is not paid immediately in cash, and which events lead to a change in a partnership agreement.
Asks for the closing inventory under FIFO and the cost per unit under weighted average from opening inventory of 250 units, purchases of 750 units and an issue of 500 units.
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.
Question 14 of May 2023 asks for the cost of sales from a 10% mark-up. Question 7 of May 2024 asks how much inventory the owner withdrew. Question 15 of November 2023 asks for the accounting equation after the owner takes cash and inventory.
Asks for the cash paid for wages and salaries from accrued wages at the start and end and the wages expense.
Asks you to explain the difference between the roles of a bookkeeper and an accountant in the accounting process.
Asks you to explain the various types of accounting and their roles in providing information to different users.
From the previous syllabus. Asks you to explain briefly seven concepts: going concern, consistency, accrual, fair presentation, substance over form, prudence and materiality.
From the previous syllabus. Asks you to identify and discuss the four measurement bases for the elements of financial statements in the Conceptual Framework.
From the previous syllabus. Asks you to state three types of errors the trial balance can reveal and to explain two of them. The rest of the question covers journal entries and the suspense account.
From the previous syllabus. A trial balance with a debit excess of ₦863,000 and fourteen errors. Asks for the correcting journals (7 marks) and the suspense account (8 marks).
From the previous syllabus. Asks for the suspense account for a debit excess of ₦863,000.
Asks for a description of each cost element of PPE under IAS 16 and the conditions for capitalising them.
From the previous syllabus. Asks you to state and explain the relationships among the main components of financial statements.
Asks you to state and explain the relationships among the main components of financial statements.
Asks you to explain the distinction between accounting policies and accounting estimates under IAS 8.
Asks for the profit or loss appropriation account, the partners’ current and capital accounts and a statement of financial position extract, and, in the later question, how profit is shared between partners, the partners’ initial capital and the capital and current accounts.