From f2d95eb43367a28a7fdb32b2d1eb33531fec43dc Mon Sep 17 00:00:00 2001 From: Udoh Jeremiah Date: Sun, 14 Jan 2024 11:03:38 +0100 Subject: [PATCH] Add past exam question for WDU/ACC102 --- .../100-level/2nd-semester/acc102/page.jsx | 305 ++++++++++++++++++ .../2022_2023/100-level/2nd-semester/page.jsx | 4 + 2 files changed, 309 insertions(+) create mode 100644 src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/acc102/page.jsx diff --git a/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/acc102/page.jsx b/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/acc102/page.jsx new file mode 100644 index 0000000..b511929 --- /dev/null +++ b/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/acc102/page.jsx @@ -0,0 +1,305 @@ +import Questions from "@/components/Questions"; +import Answers from "@/components/Answers"; + +export default function BFN102() { + return ( + +
  • +

    Section A: (10 marks)

    +
      +
    1. + _______ 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 + +
      2. +
    2. + _______ is an obligation which a business is legally bound to pay + (a) Liabilities (b) Income (c) Capital (d) Assets + +
      3. +
    3. + _______ 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 + +
      4. +
    4. + _______ 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 + +
      5. +
    5. + _______ 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 + +
      6. +
    6. + _______ 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 + +
      7. +
    7. + _______ 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 + +
      8. +
    8. + _______ 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 + +
      9. +
    9. + The following are methods of inventory valuation except _______ (a) + LIFO (b) FIFO (c) WAP (d) IFRS + +
      10. +
    10. + The following are examples of intangible assets except _______ (a) + Goodwill (b) Inventory (c) Patent right (d) Copy right + +
      11. +
    +
    • + +
  • +

    Section B: (10 marks)

    +
      +
    1. + The acronym LIFO stands for +
      2. +
    2. + List two reasons for disagreement between the cash book and the bank + statement + +
      3. +
    3. + List two methods of depreciation{" "} + +
      4. +
    4. + List two types of accounting ratios{" "} + +
      5. +
    5. + List the two formats for preparing financial statements{" "} + +
      6. +
    +
    • + +
  • +

    Section C: (50 marks)

    +
      +
    1. +
      Question 1
      +

      + Azazi commenced business as a sole trader in March 2023 as a + textile merchant. The following are the details of + "Ankara" purchased and sold by him in March, 2023. +

      +
      +

      + March 4th + purchased 100 bundles at N1,000 each +

      +

      + March 6th + purchased 150 bundles at N1,000 each +

      +

      + March 8th + sold 80 bundles at N1,800 each +

      +

      + March 13th + sold 90 bundles at N1,850 each +

      +

      + March 18th + purchased 70 bundles at N1,200 each +

      +

      + March 22nd + sold 50 bundles at N1,950 each +

      +

      + March 25th + sold 60 bundles at N1,800 each +

      +

      + March 28th + purchased 90 bundles at N1,250 each +

      +

      + March 31st + sold 50 bundles at N1,900 each +

      +
      + 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{" "} + (20 marks) + +
      2. +
    2. +
      Question 2
      +
        +
      1. + What is a Bank Reconcilation Statement?{" "} + (5 marks) + +
        2. +
      2. + List and explain five reasons for disagreement between cash book + and bank statement{" "} + (10 marks) + +
        3. +
      +
      3. +
    3. +
      Question 3
      +

      + Use the following information from the books of Ojo enterprises to + answer the question below: +

      +
      +

      + Sales + N45,000 +

      +

      + Opening inventory + N20,000 +

      +

      + Closing inventory + N30,000 +

      +

      + Expenses + N15,000 +

      +

      + Non-current asset + 40,000 +

      +

      + Receivables + N10,000 +

      +

      + Payables + N5,000 +

      +

      + Purchases + 25,000 +

      +
      + Required: Calculate the following: +
        +
      1. Cost of goods sold
        2. +
      2. Net profit
        3. +
      3. Current ratio
        4. +
      4. Working capital
        5. +
      5. Net profit percentage
        6. +
      + (15 marks) + +
      4. +
    4. +
      Question 4
      +
        +
      1. + Define depreciation{" "} + (2 marks) + +
        2. +
      2. + List 3 causes of depreciation{" "} + (3 marks) + +
        3. +
      3. + 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.{" "} + (10 marks) + +
        4. +
      +
      5. +
    5. +
      Question 5
      +

      + The following information has been extracted from the books of WDU + enterprises: +

      +
      +

      + Sales + N50,000 +

      +

      + Opening inventory + N5,000 +

      +

      + Purchases + N20,000 +

      +

      + Returned outwards + N1,000 +

      +

      + Closing inventory + N2,500 +

      +

      + Carriage inward + N2,500 +

      +

      + Wages + N5,000 +

      +

      + Marketing expenses + 5,000 +

      +

      + Return inwards + 2,500 +

      +
      + You are required to prepare the trading account of the business{" "} + (15 marks) + +
      6. +
    +
    • +     + ); +} diff --git a/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/page.jsx b/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/page.jsx index bfbf2d4..2a94ad6 100644 --- a/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/page.jsx +++ b/src/app/past-questions-archive/wdu/acc/2022_2023/100-level/2nd-semester/page.jsx @@ -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",