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Add past exam question for WDU/ACC102
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udohjeremiah committed Jan 14, 2024
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305 changes: 305 additions & 0 deletions src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/acc102/page.jsx
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import Questions from "@/components/Questions";
import Answers from "@/components/Answers";

export default function BFN102() {
return (
<Questions
school="western delta university"
college="social and management sciences"
department="accounting and finance"
session="2022/2023"
semester="second semester"
courseCode="ACC102"
courseTitle="introduction to financial accounting II"
allowedTime="3hrs"
instruction="attempt all questions in section A and B. attempt question 1 and any other 2 questions in section c"
>
<li>
<h4 className="mb-2 font-bold">Section A: (10 marks)</h4>
<ol className="flex list-decimal flex-col gap-2">
<li>
_______ is not a reason for disagreement between the cash book and
the bank statement (a) Unpresented cheques (b) Uncredited cheques
(c) Bill receivable (d) Standing order
<Answers questionNumber="sectionA-1" />
</li>
<li>
_______ is an obligation which a business is legally bound to pay
(a) Liabilities (b) Income (c) Capital (d) Assets
<Answers questionNumber="sectionA-2" />
</li>
<li>
_______ is the depreciation method that ensures reduction in
depreciation charged agaisnt income on non-current asset (a)
Straight line method (b) Sinking fund method (c) Revaluation method
(d) Reducing balance method
<Answers questionNumber="sectionA-3" />
</li>
<li>
_______ is an order made by a customer to the bank to make regular
payment to somebody (a) Credit transfer (b) Standing order (c)
Dividend (d) Direct debits
<Answers questionNumber="sectionA-4" />
</li>
<li>
_______ ratio shows the number of times stock is turned over within
the period. (a) Currency ratio (b) Inventory turnover (c) Debtor
ratio (d) Dividend yield
<Answers questionNumber="sectionA-5" />
</li>
<li>
_______ method assumes that inventories purchased or produced first
are sold first. (a) LIFO method (b) FIFO method (c) weighted Average
Method (d) Net Realisable Value
<Answers questionNumber="sectionA-6" />
</li>
<li>
_______ account can be defined as the account used to record the
difference on a trial balance temporarily until the errors are
detected and corrected. (a) Suspense (b) Trading (c) Cash (d)
Purchases
<Answers questionNumber="sectionA-7" />
</li>
<li>
_______ method makes provision for equal amount to be charged as
depreciation for each year of useful life of an asset. (a) Straight
line (b) Revaluation (c) Depreciation (d) Accrual
<Answers questionNumber="sectionA-8" />
</li>
<li>
The following are methods of inventory valuation except _______ (a)
LIFO (b) FIFO (c) WAP (d) IFRS
<Answers questionNumber="sectionA-9" />
</li>
<li>
The following are examples of intangible assets except _______ (a)
Goodwill (b) Inventory (c) Patent right (d) Copy right
<Answers questionNumber="sectionA-10" />
</li>
</ol>
</li>

<li>
<h4 className="mb-2 font-bold">Section B: (10 marks)</h4>
<ol className="flex list-decimal flex-col gap-2">
<li>
The acronym LIFO stands for <Answers questionNumber="sectionB-1" />
</li>
<li>
List two reasons for disagreement between the cash book and the bank
statement
<Answers questionNumber="sectionB-2" />
</li>
<li>
List two methods of depreciation{" "}
<Answers questionNumber="sectionB-3" />
</li>
<li>
List two types of accounting ratios{" "}
<Answers questionNumber="sectionB-4" />
</li>
<li>
List the two formats for preparing financial statements{" "}
<Answers questionNumber="sectionB-5" />
</li>
</ol>
</li>

<li>
<h4 className="mb-2 font-bold">Section C: (50 marks)</h4>
<ol className="flex flex-col gap-2">
<li>
<h5 className="mb-2 font-bold">Question 1</h5>
<p className="mb-2">
Azazi commenced business as a sole trader in March 2023 as a
textile merchant. The following are the details of
&quot;Ankara&quot; purchased and sold by him in March, 2023.
</p>
<div className="mb-2">
<p className="space-x-4">
<span>March 4th</span>
<span>purchased 100 bundles at N1,000 each</span>
</p>
<p className="space-x-4">
<span>March 6th</span>
<span>purchased 150 bundles at N1,000 each</span>
</p>
<p className="space-x-4">
<span>March 8th</span>
<span>sold 80 bundles at N1,800 each</span>
</p>
<p className="space-x-4">
<span>March 13th</span>
<span>sold 90 bundles at N1,850 each</span>
</p>
<p className="space-x-4">
<span>March 18th</span>
<span>purchased 70 bundles at N1,200 each</span>
</p>
<p className="space-x-4">
<span>March 22nd</span>
<span>sold 50 bundles at N1,950 each</span>
</p>
<p className="space-x-4">
<span>March 25th</span>
<span>sold 60 bundles at N1,800 each</span>
</p>
<p className="space-x-4">
<span>March 28th</span>
<span>purchased 90 bundles at N1,250 each</span>
</p>
<p className="space-x-4">
<span>March 31st</span>
<span>sold 50 bundles at N1,900 each</span>
</p>
</div>
Required: Using First-In-First-Out (FIFO), calculate the value of
closing inventory at 31st March, 2023 and prepare the profit or loss
account for the month{" "}
<strong class="whitespace-nowrap">(20 marks)</strong>
<Answers questionNumber="sectionC-1" />
</li>
<li>
<h5 className="mb-2 font-bold">Question 2</h5>
<ol className="flex list-[lower-alpha] flex-col gap-2">
<li>
What is a Bank Reconcilation Statement?{" "}
<strong class="whitespace-nowrap">(5 marks)</strong>
<Answers questionNumber="sectionC-2a" />
</li>
<li>
List and explain five reasons for disagreement between cash book
and bank statement{" "}
<strong class="whitespace-nowrap">(10 marks)</strong>
<Answers questionNumber="sectionC-2b" />
</li>
</ol>
</li>
<li>
<h5 className="mb-2 font-bold">Question 3</h5>
<p className="mb-2">
Use the following information from the books of Ojo enterprises to
answer the question below:
</p>
<div className="mb-2">
<p className="space-x-4">
<span>Sales</span>
<span>N45,000</span>
</p>
<p className="space-x-4">
<span>Opening inventory</span>
<span>N20,000</span>
</p>
<p className="space-x-4">
<span>Closing inventory</span>
<span>N30,000</span>
</p>
<p className="space-x-4">
<span>Expenses</span>
<span>N15,000</span>
</p>
<p className="space-x-4">
<span>Non-current asset</span>
<span>40,000</span>
</p>
<p className="space-x-4">
<span>Receivables</span>
<span>N10,000</span>
</p>
<p className="space-x-4">
<span>Payables</span>
<span>N5,000</span>
</p>
<p className="space-x-4">
<span>Purchases</span>
<span>25,000</span>
</p>
</div>
Required: Calculate the following:
<ol className="flex list-[lower-alpha] flex-col gap-2">
<li>Cost of goods sold</li>
<li>Net profit</li>
<li>Current ratio</li>
<li>Working capital</li>
<li>Net profit percentage</li>
</ol>
<strong class="whitespace-nowrap">(15 marks)</strong>
<Answers questionNumber="sectionC-3" />
</li>
<li>
<h5 className="mb-2 font-bold">Question 4</h5>
<ol className="flex list-[lower-alpha] flex-col gap-2">
<li>
Define depreciation{" "}
<strong class="whitespace-nowrap">(2 marks)</strong>
<Answers questionNumber="sectionC-4a" />
</li>
<li>
List 3 causes of depreciation{" "}
<strong class="whitespace-nowrap">(3 marks)</strong>
<Answers questionNumber="sectionC-4b" />
</li>
<li>
Stephanie & Co. bought a laptop on the 1/7/2023 for office use
at a cost of #120,000. The equipment is expected to have a
useful of 4 years. The scrap value of the computer is estimated
at #20,000. Using sum-of-the-digit method, calculate the annual
depreciation.{" "}
<strong class="whitespace-nowrap">(10 marks)</strong>
<Answers questionNumber="sectionC-4c" />
</li>
</ol>
</li>
<li>
<h5 className="mb-2 font-bold">Question 5</h5>
<p className="mb-2">
The following information has been extracted from the books of WDU
enterprises:
</p>
<div className="mb-2">
<p className="space-x-4">
<span>Sales</span>
<span>N50,000</span>
</p>
<p className="space-x-4">
<span>Opening inventory</span>
<span>N5,000</span>
</p>
<p className="space-x-4">
<span>Purchases</span>
<span>N20,000</span>
</p>
<p className="space-x-4">
<span>Returned outwards</span>
<span>N1,000</span>
</p>
<p className="space-x-4">
<span>Closing inventory</span>
<span>N2,500</span>
</p>
<p className="space-x-4">
<span>Carriage inward</span>
<span>N2,500</span>
</p>
<p className="space-x-4">
<span>Wages</span>
<span>N5,000</span>
</p>
<p className="space-x-4">
<span>Marketing expenses</span>
<span>5,000</span>
</p>
<p className="space-x-4">
<span>Return inwards</span>
<span>2,500</span>
</p>
</div>
You are required to prepare the trading account of the business{" "}
<strong class="whitespace-nowrap">(15 marks)</strong>
<Answers questionNumber="sectionC-5" />
</li>
</ol>
</li>
</Questions>
);
}
4 changes: 4 additions & 0 deletions src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/page.jsx
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Expand Up @@ -2,6 +2,10 @@ import LinkList from "@/components/LinkList";

const courses = {
"": [
{
name: "ACC 102 - Introduction to Financial Accounting II",
route: "2nd-semester/acc102",
},
{
name: "BFN 102 - Element of Banking II",
route: "2nd-semester/bfn102",
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