NOUN E-Exam: SMS204 / ACC204 - Introduction to Financial Accounting II, Past Questions

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Adele
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NOUN E-Exam: SMS204 / ACC204 - Introduction to Financial Accounting II, Past Questions

Postby Adele » Sun Jul 15, 2018 1:13 pm

NOUN E-Exam: SMS204 / ACC204 - Introduction to Financial Accounting II, Past Questions




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A system which has
inbuilt linkages where
there are other records
which own numerous
member records can best
describe
database.
hierarchical
database
eExam
FBQ
The development of
linkage systems with
many more record types
and linkages can best
describe
database.
network eExam
FBQ
Records are represented
using table that is made up
of rows and columns in
database.
relational eExam
FBQ
is a collection or pool of
related data which is
available for use by any
number of application
packages.
database Data base eExam
FBQ
An accounting
consists of a programme
for executing an
accounting function.
module Module eExam
FBQ
Expenses incidental to the
representation of
dishonoured bill will be
charged on the debtor's
account as
debit drawee and
credit bank
debit drawee
and credit
transferee
eExam
FBQ
A bill becomes an
accounting issue only
when it has been accepted
by the
drawee eExam

FBQ is a bill of exchange drawn
and payable in Nigeria
Inland bill inland bill eExam
FBQ
A
is a specialised form of
bill of exchange drawn on
a banker and payable on
demand
cheque eExam
FBQ
The cost of
containers is not taken into
consideration in costing
the goods that are sold
returnable eExam
FBQ
containers create no
problems to the accountant
after sale because in
costing the goods, the cost
of packaging would have
been taken into
consideration.
Non-returnable nonreturnable
eExam
FBQ
In the consignor's book,
main account will be
opened.
three 3 eExam
FBQ
A
gives a brief description of
the goods on consignment
and the minimum price at
which they could be sold
pro-forma invoice eExam
FBQ
Goods sent to an agent are
usually despatched in bulk
and are termed as consignment Consignment eExam
FBQ
A
is a business activity
undertaken jointly by two
or more persons that are
otherwise independent
joint venture Joint venture eExam
FBQ
assets that cannot be
touched, although they
may have value is called intangible assets Intangible
assets
eExam
FBQ
Fixed assets that are
depreciate through wear
and tear are referred to as wasting assets Wasting assets eExam
FBQ
A
is the financial statement
showing the assets,
liabilities and owners'
equity of an enterprise.
Balance sheet balance sheet eExam

FBQ
The cost of transporting
goods to the customer is
called carriage outward Carriage
outward
eExam
FBQ
The cost of transporting
goods into the company is
called carriage inwards Carriage
inward
eExam
FBQ
Goods returned by the
customer is called returns inwards return inward eExam
FBQ
Goods returned to the
supplier is referred to as returns outwards return
outward
eExam
FBQ
Goods available for sale at
the end of the trading
period is called closing stock Closing stock eExam
FBQ
Goods for sale at the
beginning of the
accounting year is called opening stock Opening stock eExam
FBQ
Goods bought for resale
are called purchases Purchases eExam
FBQ
Cost of goods available
for sale minus closing
stock is equal to cost of goods sold Cost of goods
sold
eExam
FBQ
Net sales minus cost of
goods sold is equal to Gross profit gross profit eExam
FBQ
Sales less returns inwards
is equal to net sales Net sales eExam
FBQ
Manufacturing firms
include depreciation of
plant and machinery or
factory building in
The cost of goods
produced
the cost of
goods
produced
eExam
FBQ
is concerned with
allocating cost of tangible
fixed assets, amortization
is concerned with
intangible fixed assets.
Depreciation depreciation eExam
FBQ
, requires the annual
accounts and balance sheet
to reflect a true and fair
view of the company’s
affairs.
Companies and
Allied Matters Act
(CAMA) 1990
eExam

FBQ
is the excess of the current
assets over the current
liabilities. That is, current
assets – current liabilities.
Working Capital working
capital
eExam
FBQ
The main objective of
preparing the trading
account is to determine
the gross profit or
gross loss for the
period.
eExam
FBQ
_can be defined as a
schedule or list that shows
the debit and credit
balances extracted from
the ledgers, to show the
arithmetical accuracy of
the ledgers.
Trial Balance trial balance eExam
FBQ
is the fee paid to a notary
public, preferably lawyer
to represent dishonoured
bill to the acceptor.
Noting Charge noting charge eExam
FBQ of coding tend to be more
flexible and are thus more
popular.
Numeric systems numeric
system
eExam
FBQ
is an application package
in which the accounting
modules are integrated so
that if data is entered in
one module, all other
modules affected would be
updated either
automatically or by the
user’s command.
Integrated software integrated
software
eExam
FBQ
is any system which
enables the definition,
storage and retrieval of
information from discrete
files within a system.
Data base
management
system
eExam
FBQ
The intersection of a
column and a row is
known as a cell. A cell eExam
FBQ
appears on the computer
monitor like a flat sheet of
paper with columns and
rows resembling an
analysis sheet.
A spreadsheet a spreadsheet eExam

FBQ
When the scrap value is
deducted from the original
cost of an asset, and the
remaining figure divided
by the number of years
‘useful life’ of the asset
the method of depreciation
used is
Straight Line
Method
straight line
method
eExam
FBQ
The transformation of raw
material into finished
goods is known as
Manufacturing of
goods
manufacturing
of goods
eExam
FBQ
In manufacturing Account
all element of direct
material, labour, expenses
and factory overhead are
charged to
Manufacturing
account
manufacturing
account
eExam
FBQ
The aggregate of direct
material, direct labour,
direct expenses and
production overhead cost
is called
Production cost production
cost
eExam
FBQ
A Situation where by a
firm has no working
capital and can not meet
its current liabilities is
called
overtrading Overtrading eExam
FBQ
The amount of the cost of
an assets that is allocated
to expenses during any
accounting period is called
Depreciation depreciation eExam
FBQ
Gross profit less expenses
is known as Net profit net profit eExam
FBQ
Given the following data:
Purchases N4,500,
Returns outward N300,
Returns inward N150,
Carriage outward N830,
Carriage inwards N260,
Opening stock N935 and
Closing stock N 1,000 .
The value of the cost of
goods sold is
N4295 4295 eExam
FBQ
The double entry required
to record Net loss is Dr. Capital Cr.
P&L
debit capital
account,
credit profit
and loss
account
eExam

FBQ
Assuming no returns
outward or carriage
inwards, the cost of goods
sold will be equal to
.
Sales less gross
profit
eExam
FBQ
The correct double entry
to transfer rent paid for the
year to the profit and loss
account is
Dr. P&L Cr. Rent
debit profit
and loss
account,
credit rent
account
eExam
FBQ
A business operate its
petty cash by using the
imprest system. At the
beginning of the month,
the petty cashier was
given N1,000 out of which
she spent N800. She will
be reimbursed with
.
N800 800 eExam
FBQ
A debit note is a document
made out when goods are undercharged eExam
FBQ
An item is subject to a
20% trade discount. Its
price is N1,000.
is the sales price.
N800 800 eExam
FBQ
The purchase of a motor
vehicle on credit from
Temi Ltd for use in a firm
should be recorded as
Dr. Motor vehicle
Cr. Temi Ltd.
debit motor
vehicle, credit
Temi Ltd
eExam
FBQ
The trading profit and loss
account is also called income statement Income
statement
eExam
FBQ
comprises different
accounting modules such
as cashbook sales ledger,
purchase ledger, general
ledger and payroll.
Accounting
package
accounting
package
eExam
FBQ
A bill drawn in Nigeria
and payable in another
country is a Foreign bill foreign bill eExam

FBQ
An unconditional order in
writing addressed by one
person to another, signed
by the person giving it,
requiring the person to
whom it is addressed to
pay on demand or at a
fixed future date certain
sum of money to the
bearer is
Bill of exchange bill of
exchange
eExam
FBQ
Containers used for
packaging of goods can be
classified into 2 Two eExam
FBQ
An additional level of
layer of material design to
protect the primary
package is called
Secondary package secondary
package
eExam
FBQ
is any printed information
which appear on the
package of a product to
describe the product in it.
Labelling labelling eExam
FBQ
Any item that contain
goods for the purpose of
either preservation or
conveyance to an agreed
destination is called
Container container eExam
FBQ
A paper called
__gives brief description
of the goods on
consignment and the
minimum amount it can be
sold.
Pro-forma pro-forma eExam
FBQ
A person who send goods
in a consignment
arrangement is called a Consignor consignor eExam
FBQ
A
is an arrangement where
by goods are sent to an
agent who tries to sell
them on behalf of the
sender on commission
basis.
Consignment consignment eExam

FBQ
A
account is an account in
which the balance reflect
the aggregate balances of
many related subsidiary
accounts which are part of
the double entry system
Control control eExam
FBQ
A technique use for the
purpose of ascertaining
profit in a manufacturing
account is called
Market price market price eExam
FBQ is a claim by an outsider
on the assets of the
business
Liability eExam
FBQ
are merely debit balances
not written off, items of
expenditure of unusual
character which are not
recoupable
Fictitious assets fictitious
assets
eExam
FBQ
is the statement that shows
the presentation of the
summary of assets and
liabilities in a well
arranged form, so that the
financial position may be
clearly ascertained
Balance sheet balance sheet eExam
FBQ
The book of agreement
between parties in a joint
venture is
Memorandum of
Joint venture
eExam
FBQ
When supplier is also a
customer, it means
has occurred.
contral entry eExam
FBQ
The capital sum which
represents the difference
between the assets and
liabilities belonging to the
members of a society or
club is referred to as
accumulated Fund eExam
FBQ
A Non-trading
organisation's equivalent
of a profit and loss
account is called
income and
Expenditure
account
eExam




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Adele
Posts: 522
Joined: Mon Nov 06, 2017 3:24 pm
Contact:

Re: NOUN E-Exam: SMS204 / ACC204 - Introduction to Financial Accounting II, Past Questions

Postby Adele » Sun Jul 15, 2018 1:29 pm

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Q76 ____________, requires the annual accounts and balance sheet to reflect a true and fair view of the company’s affairs.

Companies and Allied Matters Act (CAMA) 1990

Q77 Manufacturing firms include depreciation of plant and machinery or factory building in
____________

The cost of goods produced

Q78 A system which has inbuilt linkages where there are other records which own numerous member records can best describe ________ database.

hierarchi cal

Q79 The development of linkage systems with many more record types and linkages can best describe _______ database.

network

Q80 Records are represented using table that is made up of rows and columns in _________ database.

Relational

Q81 _________ is a collection or pool of related data which is available for use by any number of application packages.

database

Q82 An accounting _________ consists of a programme for executing an accounting function.

module

Q83 A bill becomes an accounting issue only when it has been accepted by the _______

drawee

Q84 _______ is a bill of exchange drawn and payable in Nigeria.

inland b ill

Q85 A _______ is a specialised form of bill of exchange drawn on a banker and payable on demand.

cheque

Q86 The cost of ________ containers is not taken into consideration in costing the goods that are sold.

returnable

Q87 ________ containers create no problems to the accountant after sale because in costing the goods, the cost of packaging would have been taken into consideration.

non-return able

Q88 In the consignor's book, _______ main account will be opened.

thre e

Q89 Goods sent to an agent are usually despatched in bulk and are termed as ________

consignm ent

Q90 A _______ is a business activity undertaken jointly by two or more persons that are otherwise independent.

joint ven ture

Q91 Given the following data: Purchases N4,500, Returns outward N300, Returns inward N150, Carriage outward N830, Carriage inwards N260, Opening stock N935 and Closing stock N 1,000 . The value of the cost of goods sold is

N4,295

Q92 The double entry required to record Net loss is :

Dr. Capital , Cr. P&L

Q93 The characteristic of a current asset will not include

not bought in for sales

Q94 Assuming no returns outward or carriage inwards, the cost of goods sold will be equal to

Sales less gross profit

Q95 The correct double entry to transfer rent paid for the year to the profit and loss account is ?

Dr. P&L , Cr. Rent

Q96 Which of the following entries will be entered in the general ledger?

investment made by the owner

Q97 A business operate its petty cash by using the imprest system. At the beginning of the month, the petty cashier was given N1,000 out of which she spent N800. How much will she be reimbursed ?

N800

Q98 Which of the following books of original entry should be used to record credit sales ?

Sales journal

Q99 A debit note is a document made out when goods are :

unde rcharged

Q100 An item is subject to a 20% trade discount. Its price is N1,000. what is the sales price?

N800

Q101 The purchase of a motor vehicle on credit from Temi Ltd for use in a firm should be recorded as:

Dr. Motor vehicle, Cr. Temi L td.

Q102 Which of the following concept use the rule ''every transaction affects two or more ledger accounts.

Double entry b ookkeeping

Q103 A T- account shows a credit balance of N800 in the bank account and debit balance of N800 in the advertising expenses. Which of the following statement describes information given in accounts?

N800 was paid on advertising

Q104 Balogun bought furniture on credit from Dr Idrisu. which of the following journal entries will be made for this transaction in Balogun's book?

Dr. Furniture , Cr. Dr Idrisu
Q105 Which of the following items are used to prepare a balance sheet? (i)the name of the firm (ii)the name of the financial statement (iii)the date it is being prepared (iv)the style for the preparation of the statement

i, ii and iii

Q106 Which of the following is an element of the accounting equation? (i)assets (ii)liabilities (iii)trial balance (iv)capital

i, ii and iv

Q107 The trading profit and loss account is also called

income statement

Q108 One of the detailed rule used to record business transactions is

Objectivity

Q109 Which of the following principles assumes that a business will continue for a long time?

going conc ern

Q110 Which of the following describes the practical frame work of bookkeeping?

classifying, recording and summarizing

Q111 Manufacturing firms include depreciation of plant and machinery or factory building in
____________

The cost of goods produced

Q112 An organization can dispose off its fixed assets by either of the following except:

exchanging it for tre asury bills

Q113 ____________is concerned with allocating cost of tangible fixed assets, amortization is concerned with intangible fixed assets.

Depreciation

Q114 ____________, requires the annual accounts and balance sheet to reflect a true and fair view of the company’s affairs.

Companies and Allied Matters Act (CAMA) 1990

Q115 _________is the excess of the current assets over the current liabilities. That is, current assets – current liabilities.

Working Capita l

Q116 The main objective of preparing the trading account is to determine ____________

the gross profit or gross lo ss for the period.

Q117 __________can be defined as a schedule or list that shows the debit and credit balances extracted from the ledgers, to show the arithmetical accuracy of the ledgers.

Trial Balance

Q118 __________ is the fee paid to a notary public, preferably lawyer to represent dishonoured bill to the acceptor.

Notin g Charge

Q119 _______ of coding tend to be more flexible and are thus more popular.

Numeric systems

Q120 _______ is an application package in which the accounting modules are integrated so that if data is entered in one module, all other modules affected would be updated either automatically or by the user’s command.

Integrat ed software

Q121 ___________ is any system which enables the definition, storage and retrieval of information from discrete files within a system.

Data base management syst em

Q122 The intersection of a column and a row is known as

a cell.

Q123 __________ appears on the computer monitor like a flat sheet of paper with columns and rows resembling an analysis sheet.

A spreadsheet

Q124 The invariable result of double entry bookkeeping is that

“the sum of the debits is equals to the sum of the credits”

Q125 When the scrap value is deducted from the original cost of an asset, and the remaining figure divided by the number of years ‘useful life’ of the asset the method of depreciation used is

Straight Line Method

Q126 The Ghana National Accounting Standards (GNAS 10) defines depreciation as:

“the allocation of the depreciable amount of an asset over its es timated useful life”.

Q127 In a non trading organisation, the following accounts are prepared except

Profit and loss account

Q128 Which of these is not a method of depreciation?

High-low method

Q129 The amount of depreciation to be charged to the final account is determined by three of these factors except

The producer and country of produ ction of the assets

Q130 All these are types of reserve except

Royalties Reserve

Q131 The transformation of raw material into finished goods is known as

Manufacturing of goods

Q132 Which of the following cannot be regarded as an account?

Balance sheet

Q133 Which of the following formats is used for the preparation of financial statements? (i)Vertical method (ii)Horizontal method (iii) Diagonal method (iv)T-method

i and iv

Q134 In manufacturing Account all element of direct material, labour, expenses and factory overhead are charged to:

Manufac turing account

Q135 The aggregate of direct material, direct labour, direct expenses and production overhead cost is called

Production cost

Q136 In manufacturing accounts, prime cost is derived by the aggregate of the underlisted except

Production ove rhead

Q137 The following are the causes of depreciation except

Theft

Q138 The correct accounting equation is

Assets=Liabilities+ Equity

Q139 A Situation whereby a firm has no working capital and cannot meet its current liabilities is called

overtrading

Q140 Which of the following will not be classified as an intangible assets ?

A coal mine

Q141 A company owns an assets that had an original cost of N65,000. The assets had an estimated useful life of 12years and an estimated salvage value of N5,000. the company uses the straight line method of depreciation. After 7 years, the company sells the asset for N23,000. What is the gain or loss?

N2,000 Loss

Q142 The amount of the cost of an assets that is allocated to expenses during any accounting period is called

Depreciation

Q143 Which of the following would be classified as a long-term operational assets?

Delivery truck

Q144 Which of the following statement does not help to describe fixed assets?

They cannot be seen or touched although they may have value

Q145 Which of the following will not appear in the trial balance as a debit balance?

Return outward

Q146 Which of the following will not appear on the P&L account?

Return inward

Q147 The cost of delivery of goods to the firm will be treated as:

Carriage inwards- debited to Trading account

Q148 Which of the following cannot appear on the Balance sheet?

Carriage i nwards

Q149 Gross profit less expenses is known as :

Net profit

Q150 Given the following data: Purchases N4,500, Returns outward N300, Returns inward N150, Carriage outward N830, Carriage inwards N260, Opening stock N935 and Closing stock N 1,000 . The value of the cost of goods sold is:

N4,295






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