Tüm alıştırma soruları

The following financial balances were extracted from the books of Tunde Trading Store as at 31 December 2025:

- Premises: $\text{₦}2,500,000$
- Motor Vehicles (at cost): $\text{₦}1,200,000$
- Accumulated Depreciation on Motor Vehicles: $\text{₦}300,000$
- Fixtures and Fittings (Net Book Value): $\text{₦}450,000$
- Closing Inventory: $\text{₦}240,000$
- Trade Debtors: $\text{₦}380,000$
- Provision for Doubtful Debts: $\text{₦}20,000$
- Prepaid Insurance: $\text{₦}15,000$
- Accrued Rent Receivable: $\text{₦}25,000$
- Trade Creditors: $\text{₦}290,000$
- Bank Overdraft: $\text{₦}110,000$
- Accrued Electricity Expenses: $\text{₦}35,000$
- 5-Year Bank Loan: $\text{₦}800,000$

Based on the balance sheet classification rules for a sole trader, what is the value of the Working Capital (Net Current Assets) in Naira ( $\text{₦}$ )?

Cevabı ve açıklamayı göster

Cevap: 205000

Cevap

The Working Capital of Tunde Trading Store as at 31 December 2025 is ₦205,000.

Working capital is calculated as total current assets minus total current liabilities. Total current assets equal ₦640,000 (comprising net debtors ₦360,000, closing inventory ₦240,000, prepaid insurance ₦15,000, and accrued rent income ₦25,000). Total current liabilities equal ₦435,000 (comprising trade creditors ₦290,000, bank overdraft ₦110,000, and accrued electricity ₦35,000). Subtracting current liabilities from current assets yields ₦205,000.

Adım Adım Çözüm

1

Determine the net value of trade debtors by deducting the provision for doubtful debts

Net Trade Debtors = ₦380,000 - ₦20,000 = ₦360,000

Provision for doubtful debts is a contra-asset account and must be subtracted from trade debtors to reflect net realizable current assets.

2

Identify and sum all items classified as Current Assets

Total Current Assets = ₦360,000 (Net Debtors) + ₦240,000 (Closing Inventory) + ₦15,000 (Prepaid Insurance) + ₦25,000 (Accrued Rent Income) = ₦640,000

Current assets consist of cash and other assets expected to be converted into cash or consumed within one accounting year. Non-current assets (Premises, Motor Vehicles net of depreciation, Fixtures) are excluded.

3

Identify and sum all items classified as Current Liabilities

Total Current Liabilities = ₦290,000 (Trade Creditors) + ₦110,000 (Bank Overdraft) + ₦35,000 (Accrued Electricity) = ₦435,000

Current liabilities are short-term obligations payable within one accounting period. Long-term obligations such as the 5-Year Bank Loan are non-current liabilities and are excluded.

4

Calculate Working Capital (Net Current Assets)

Working Capital = Total Current Assets - Total Current Liabilities = ₦640,000 - ₦435,000 = ₦205,000

Working Capital represents the operational liquidity available to a business, defined as Current Assets minus Current Liabilities.

Anahtar Kavram

Working Capital (Net Current Assets) Calculation

Tahmini Süre:3m 0s

Soru 11562Soru →

Zainab Enterprises extracted the following financial figures for the year ended 31st December 2025:

Financial Item	Amount ( $\text{N}$ )
Gross Profit	$120,000$
Rent Received	$8,000$
Salaries and Wages	$45,000$
Insurance Paid	$12,000$
Carriage Outwards	$5,000$

Additional Information:
Insurance paid includes an advance payment of $\text{N}2,000$ for the next financial year.

What is the net profit of Zainab Enterprises for the year?

\text{N}68,000

\text{N}64,000

\text{N}60,000

\text{N}52,000

Cevabı ve açıklamayı göster

Cevap: $\text{N}68,000$

Cevap

The net profit of Zainab Enterprises for the year is

\text{N}68,000

.

The net profit is

\text{N}68,000

. Total revenue consists of Gross Profit (

\text{N}120,000

) plus Rent Received (

\text{N}8,000

), yielding

\text{N}128,000

. Deducting adjusted expenses of

\text{N}60,000

(Salaries

\text{N}45,000

+ Insurance

\text{N}10,000

+ Carriage Outwards

\text{N}5,000

) gives

\text{N}68,000

.

Adım Adım Çözüm

1

Adjust the insurance expense for prepayment

Adjusted Insurance Expense =

\text{N}12,000 - \text{N}2,000 = \text{N}10,000

Prepaid expenses relate to the subsequent accounting period and must be deducted from cash paid.

2

Calculate total operating expenses

Total Expenses = Salaries (

\text{N}45,000

) + Adjusted Insurance (

\text{N}10,000

) + Carriage Outwards (

\text{N}5,000

) =

\text{N}60,000

Sum all expenses incurred during the accounting period to determine total overheads.

3

Calculate net profit

Net Profit = Gross Profit (

\text{N}120,000

) + Rent Received (

\text{N}8,000

) - Total Expenses (

\text{N}60,000

) =

\text{N}68,000

Net Profit is calculated by adding other income items to gross profit and subtracting total operating expenses.

Anahtar Kavram

Calculation of Net Profit with Year-End Prepayment Adjustment

Tahmini Süre:50s

Soru 11563Soru →

Kenechukwu Enterprises purchased office equipment for $₦500,000$ on 1 January 2024. The equipment is expected to have a useful life of 5 years and a residual value of $₦50,000$ . Using the straight-line method, what is the annual depreciation charge?

₦100,000

₦90,000

₦450,000

₦50,000

Cevabı ve açıklamayı göster

Cevap: $₦90,000$

Cevap

The annual depreciation charge for the equipment is

₦90,000

.

The correct annual depreciation is obtained by subtracting the residual value of

₦50,000

from the purchase cost of

₦500,000

to get a depreciable base of

₦450,000

, and then dividing by the 5-year useful life to get

₦90,000

per annum.

Adım Adım Çözüm

1

Determine the depreciable cost of the asset.

Depreciable Amount = Cost - Residual Value =

₦500,000 - ₦50,000 = ₦450,000

.

Under the straight-line method, depreciation is computed on the total net cost consumed over the asset's useful life.

2

Divide the depreciable amount by the useful life.

Annual Depreciation =

₦450,000 / 5 = ₦90,000

.

Straight-line depreciation allocates an equal expense amount to each accounting year.

Anahtar Kavram

Straight-line Depreciation Calculation

Tahmini Süre:45s

Soru 11564Soru →

Match each core component of a computerized accounting system with its corresponding operational description.

Soldaki öğeye tıklayın, sonra eşleşen sağdaki öğeye tıklayın

Cevabı ve açıklamayı göster

Cevap

Hardware matches with physical equipment; Software matches with system programs and applications; Data matches with financial facts and records; Peopleware matches with human personnel who operate the system.

Each computerized accounting system relies on five major components: hardware (the physical machinery), software (programs providing execution rules), data (financial facts stored in databases), procedures (operating rules), and peopleware (human operators and analysts). Matching hardware to physical equipment, software to computer programs, data to financial records, and peopleware to human personnel correctly pairs each component with its defining function.

Adım Adım Çözüm

1

Identify the physical tangible devices in a computerized accounting environment.

Hardware represents the physical electronic equipment (computers, printers, scanners).

Tangible machinery constitutes hardware.

2

Identify the set of instructions or programs controlling accounting routines.

Software consists of system software and application packages designed for accounting functions.

Intangible programs driving computer operations are software.

3

Identify the raw inputs and stored files processed by the accounting system.

Data represents the financial numbers, transaction logs, and database entries.

Information/figures entered into the accounting program are data.

4

Identify the human element operating and maintaining the system.

Peopleware comprises users, system engineers, database administrators, and accountants.

Human expertise and personnel responsible for system usage are classified as peopleware.

Anahtar Kavram

Components of Computerized Accounting Systems

Soru 11565Soru →

At the end of the financial year on 31st December 2025, Folake Enterprise extracted the following summary balances:
- Gross profit: $\text{N}200,000$
- Discount received: $\text{N}8,000$
- Total operating expenses: $\text{N}85,000$

The following year-end adjustments are to be made:
1. Rent prepaid of $\text{N}5,000$ was included in total operating expenses.
2. An increase of $\text{N}3,000$ in the provision for doubtful debts is to be provided for.
3. The purchase of an office computer costing $\text{N}20,000$ was mistakenly debited to general operating expenses.

What is the net profit of Folake Enterprise for the year?

\text{N}145,000

\text{N}125,000

\text{N}115,000

\text{N}151,000

Cevabı ve açıklamayı göster

Cevap: $\text{N}145,000$

Cevap

The net profit for Folake Enterprise is

\text{N}145,000

.

Total revenue income is

\text{N}208,000

(Gross Profit

\text{N}200,000

plus Discount Received

\text{N}8,000

). Operating expenses are adjusted by deducting prepaid rent (

\text{N}5,000

) and removing capital expenditure wrongly debited as general expenses (

\text{N}20,000

), then adding the increase in provision for doubtful debts (

\text{N}3,000

), yielding

\text{N}63,000

. Subtracting adjusted expenses from total income gives a net profit of

\text{N}145,000

.

Adım Adım Çözüm

1

Calculate total revenue/income to be credited to Profit and Loss Account

Total Income = Gross Profit + Discount Received =

\text{N}200,000 + \text{N}8,000 = \text{N}208,000

Gross profit and other operating income like discounts received increase profit.

2

Calculate total adjusted operating expenses

Adjusted Expenses =

\text{N}85,000 - \text{N}5,000 \text{ (prepaid rent)} - \text{N}20,000 \text{ (office computer)} + \text{N}3,000 \text{ (provision increase)} = \text{N}63,000

Prepaid expenses relate to future periods and must be deducted. Capital expenditure (office computer) is a non-current asset and must be excluded from revenue expenses. Increases in provision for doubtful debts represent additional expenses and must be added.

3

Determine net profit

Net Profit = Total Income - Total Adjusted Expenses =

\text{N}208,000 - \text{N}63,000 = \text{N}145,000

Net profit is the excess of gross profit and incidental income over total adjusted operating expenses.

Anahtar Kavram

Net Profit Determination with Year-End Adjustments

Soru 11566Soru →

Chidubem Trading Store reported the following financial balances at the end of its accounting year:
- Gross Sales: $\text{₦}220,000$
- Returns Inwards: $\text{₦}10,000$
- Opening Inventory: $\text{₦}25,000$
- Purchases: $\text{₦}140,000$
- Carriage Inwards: $\text{₦}8,000$
- Purchases Returns: $\text{₦}5,000$
- Closing Inventory: $\text{₦}30,000$

What is the gross profit of Chidubem Trading Store for the year in Naira ( $\text{₦}$ )?

Cevabı ve açıklamayı göster

Cevap: 72000

Cevap

The gross profit earned by Chidubem Trading Store for the accounting year is ₦72,000.

To find gross profit, calculate Net Sales (Gross Sales minus Returns Inwards) and subtract Cost of Goods Sold (Opening Inventory plus Purchases plus Carriage Inwards minus Purchases Returns minus Closing Inventory).

\text{Net Sales} = \text{₦}220,000 - \text{₦}10,000 = \text{₦}210,000

.

\text{COGS} = \text{₦}25,000 + \text{₦}140,000 + \text{₦}8,000 - \text{₦}5,000 - \text{₦}30,000 = \text{₦}138,000

. Thus,

\text{Gross Profit} = \text{₦}210,000 - \text{₦}138,000 = \text{₦}72,000

.

Adım Adım Çözüm

1

Calculate Net Sales

Net Sales = ₦210,000

Returns inwards (sales returns) must be deducted from gross sales:

\text{���}220,000 - \text{₦}10,000 = \text{₦}210,000

.

2

Calculate Net Purchases and Goods Available for Sale

Goods Available for Sale = ₦168,000

Add carriage inwards to purchases as a direct expense of bringing goods to the business, and deduct returns outwards (purchases returns):

\text{₦}25,000 + (\text{₦}140,000 + \text{₦}8,000 - \text{₦}5,000) = \text{₦}168,000

.

3

Determine Cost of Goods Sold (COGS)

COGS = ₦138,000

Deduct closing inventory from goods available for sale:

\text{₦}168,000 - \text{₦}30,000 = \text{₦}138,000

.

4

Compute Gross Profit

Gross Profit = ₦72,000

Subtract Cost of Goods Sold from Net Sales:

\text{₦}210,000 - \text{₦}138,000 = \text{₦}72,000

.

Anahtar Kavram

Trading Account and Gross Profit Calculation

Tahmini Süre:1m 30s

Soru 11567Soru →

The following financial details were extracted from the books of Babs Flour Mills for the year ended 31st December 2025:

Expense Item	Amount (₦)
Direct raw materials consumed	1,500,000
Direct factory wages paid	800,000
Indirect factory labor	420,000
Factory machinery depreciation	250,000
Machine lubricants and factory consumables	90,000
Rent and rates paid	600,000
Factory insurance paid	160,000

Additional information:
1. Rent and rates paid includes ₦100,000 paid in advance for 2026. Rent is apportioned 80% to the factory and 20% to the administrative office.
2. Factory insurance has an outstanding accrued liability of ₦40,000 at the end of the financial year.

What is the total amount of factory overheads to be charged in the Manufacturing Account for the year?

₦1,360,000

₦1,440,000

₦2,160,000

₦1,560,000

Cevabı ve açıklamayı göster

Cevap: ₦1,360,000

Cevap

The total factory overheads to be charged in the Manufacturing Account is ₦1,360,000.

The correct total of ₦1,360,000 is derived by aggregating all indirect costs attributable to production: Indirect labor (₦420,000), Factory portion of rent after deducting prepayment [80% × (₦600,000 - ₦100,000) = ₦400,000], Factory machinery depreciation (₦250,000), Machine lubricants and consumables (₦90,000), and Factory insurance after adding accruals (₦160,000 + ₦40,000 = ₦200,000). Direct raw materials and direct wages belong to Prime Cost and are excluded.

Adım Adım Çözüm

1

Calculate the factory portion of rent and rates after adjusting for prepayments.

Total rent expense for the period = ₦600,000 - ₦100,000 (prepayment) = ₦500,000. Factory share (80%) = 80% × ₦500,000 = ₦400,000.

Prepaid expenses must be deducted to reflect only the current period's cost, and non-factory allocations must be excluded.

2

Calculate the total factory insurance expense including accruals.

Factory insurance for the period = ₦160,000 + ₦40,000 (accrual) = ₦200,000.

Accrued expenses incurred in the period must be added to the cash paid.

3

Identify all indirect manufacturing cost items and sum them up.

Indirect factory labor (₦420,000) + Apportioned factory rent (₦400,000) + Factory machinery depreciation (₦250,000) + Machine lubricants and consumables (₦90,000) + Adjusted factory insurance (₦200,000) = ₦1,360,000.

Factory overheads consist strictly of indirect manufacturing costs, excluding direct costs (raw materials and direct wages).

Anahtar Kavram

Factory Overheads and Indirect Manufacturing Costs

Tahmini Süre:2m 0s

Soru 11568Soru →

Zeno Enterprises operates three departments: Department Alpha, Department Beta, and Department Gamma. During the financial year ended 31st December 2025, total Rent and Rates paid was $₦270,000$ , which includes a prepayment of $₦30,000$ for the following year. The floor space occupied by the departments is $500\text{ m}^2$ for Alpha, $300\text{ m}^2$ for Beta, and $400\text{ m}^2$ for Gamma. What is the amount of Rent and Rates to be apportioned to Department Beta?

Cevabı ve açıklamayı göster

Cevap: 60000

Cevap

The amount of Rent and Rates apportioned to Department Beta is

₦60,000

.

Rent and Rates are apportioned using floor space occupied as the equitable basis. The actual expense incurred for the accounting year is

₦270,000 - ₦30,000 = ₦240,000

. Department Beta occupies

300\text{ m}^2

out of a total

1,200\text{ m}^2

, so its share is

\frac{300}{1,200} \times ₦240,000 = ₦60,000

.

Adım Adım Çözüm

1

Calculate the net Rent and Rates expense for the financial year

₦240,000

Prepayments relate to the subsequent financial period and must be deducted from cash paid to arrive at the actual expense incurred for the period.

2

Calculate total floor space occupied across all departments

1,200\text{ m}^2

Rent and Rates expenses are equitably apportioned on the basis of floor area occupied.

3

Calculate Department Beta's share of the net Rent and Rates expense

₦60,000

Multiply the net rent expense by Department Beta's fraction of the total floor space:

\frac{300\text{ m}^2}{1,200\text{ m}^2} \times ₦240,000 = ₦60,000

.

Anahtar Kavram

Apportionment of Rent and Rates based on floor area after adjusting for prepaid expenses.

Soru 11569Soru →

A prospective investor analyzing the published financial statements of a company before purchasing shares is primarily interested in evaluating which of the following?

The business entity's overall profitability and potential dividend returns

The detailed daily bookkeeping postings and routine journal entries

The exact computation of corporate income tax liabilities for tax assessment

The operational workplace safety standards and employee union benefit structures

Cevabı ve açıklamayı göster

Cevap: The business entity's overall profitability and potential dividend returns

Cevap

The business entity's overall profitability and potential dividend returns

Prospective investors are external users of financial statements who seek to commit capital into a business. Their main objective is to measure the firm's earning capacity, profitability trends, and potential dividend yields to determine if the investment will generate an acceptable return.

Adım Adım Çözüm

1

Identify the specific user group of accounting information named in the stem.

The user group is prospective equity investors.

Different user groups require different financial information according to their economic decision-making goals.

2

Determine the primary financial decision and information need for this prospective investor group.

Investors seek to maximize return on invested capital through dividends and capital appreciation.

Assessing profitability and expected dividend returns allows investors to decide whether purchasing shares in the company is financially viable.

Anahtar Kavram

Information Needs of Investors

Soru 11570Soru →

The accounting records of Danladi Traders provided the following financial details for the year ended 31 December 2025:

- Sales: $\text{₦}320,000$
- Opening Inventory: $\text{₦}45,000$
- Purchases: $\text{₦}210,000$
- Carriage Inwards: $\text{₦}12,000$
- Carriage Outwards: $\text{₦}18,000$
- Returns Outwards: $\text{₦}8,000$
- Closing Inventory: $\text{₦}50,000$

What is the Gross Profit of Danladi Traders for the year ended 31 December 2025?

\text{���}111,000

\text{₦}93,000

\text{₦}135,000

\text{₦}123,000

Cevabı ve açıklamayı göster

Cevap: $\text{��}111,000$

Cevap

The Gross Profit for Danladi Traders is

\text{₦}111,000

.

The correct Gross Profit is

\text{₦}111,000

. Net Purchases equal Purchases

(\text{₦}210,000)

plus Carriage Inwards

(\text{₦}12,000)

minus Returns Outwards

(\text{₦}8,000)

, giving

\text{₦}214,000

. Adding Opening Inventory

(\text{₦}45,000)

gives Cost of Goods Available for Sale of

\text{₦}259,000

. Subtracting Closing Inventory

(\text{₦}50,000)

yields Cost of Goods Sold of

\text{₦}209,000

. Finally, subtracting Cost of Goods Sold from Sales

(\text{₦}320,000)

gives

\text{₦}111,000

. Note that Carriage Outwards is an operating expense and does not affect Gross Profit.

Adım Adım Çözüm

1

Calculate Net Purchases

Net Purchases =

\text{₦}210,000 + \text{₦}12,000 - \text{₦}8,000 = \text{₦}214,000

Carriage inwards is a direct expense added to purchases, while returns outwards reduce total purchases.

2

Calculate Cost of Goods Available for Sale

Cost of Goods Available =

\text{₦}45,000 + \text{₦}214,000 = \text{₦}259,000

Opening inventory is combined with net purchases to find the total goods available for sale.

3

Calculate Cost of Goods Sold (COGS)

COGS =

\text{₦}259,000 - \text{₦}50,000 = \text{₦}209,000

Closing inventory is deducted from total goods available for sale.

4

Calculate Gross Profit

Gross Profit =

\text{₦}320,000 - \text{₦}209,000 = \text{₦}111,000

Gross profit is determined by subtracting the cost of goods sold from total sales.

Anahtar Kavram

Trading Account and Gross Profit Calculation

Tahmini Süre:1m 30s

Soru 11571Soru →

The following extract was taken from the manufacturing records of Enugu Textile Mills Ltd for the operational year ended 31 December 2025:

Item	Amount (₦)
Opening stock of raw materials	150,000
Closing stock of raw materials	90,000
Purchases of raw materials	420,000
Carriage inwards on raw materials	30,000
Direct factory wages	280,000
Production royalties paid	45,000
Factory supervisor salary	65,000
Factory rent and rates	80,000
Depreciation of factory plant	40,000

What is the prime cost of production for Enugu Textile Mills Ltd for the year?

₦805,000

₦835,000

₦900,000

₦1,020,000

Cevabı ve açıklamayı göster

Cevap: ₦835,000

Cevap

The prime cost of production is ₦835,000.

Prime cost is the total of all direct production costs. First, calculate the cost of raw materials consumed: Opening Stock (₦150,000) + Purchases (₦420,000) + Carriage Inwards (₦30,000) - Closing Stock (₦90,000) = ₦510,000. Next, add all other direct costs, which are Direct Factory Wages (₦280,000) and Production Royalties (₦45,000). ₦510,000 + ₦280,000 + ₦45,000 gives ₦835,000. Indirect costs such as factory supervisor salary, factory rent, and plant depreciation are factory overheads and are excluded from prime cost.

Adım Adım Çözüm

1

Calculate the Cost of Raw Materials Consumed

Raw Materials Consumed = Opening Stock + Purchases + Carriage Inwards - Closing Stock = ₦150,000 + ��420,000 + ₦30,000 - ₦90,000 = ₦510,000

Carriage inwards is a direct expenses added to purchases, while closing stock must be deducted to find the cost of materials actually used in production.

2

Identify other direct cost components

Direct Factory Wages = ₦280,000; Production Royalties = ��45,000

Royalties tied directly to production units and direct factory labor are direct costs, whereas supervisor salary, factory rent, and plant depreciation are indirect factory overheads.

3

Compute Prime Cost

Prime Cost = Raw Materials Consumed + Direct Wages + Direct Expenses = ₦510,000 + ₦280,000 + ₦45,000 = ₦835,000

Prime cost is defined as the aggregate total of all direct production costs.

Anahtar Kavram

Prime cost comprises all direct costs of production: direct raw materials consumed, direct wages/labor, and direct expenses (such as royalties or carriage inwards on raw materials). Factory overheads are excluded.

Soru 11572Soru →

Bisi and Audu are partners in a business entity that operates a fluctuating capital account system. On 1st January 2025, Bisi's capital account had a credit balance of $\text{₦}1,500,000$ . For the year ended 31st December 2025, the following details relate to Bisi:
- Additional capital introduced: $\text{₦}300,000$
- Share of net profit: $\text{₦}450,000$
- Interest on capital: $\text{₦}75,000$
- Annual partner salary: $\text{₦}120,000$
- Total cash drawings: $\text{₦}200,000$
- Interest on drawings: $\text{₦}15,000$

What is the closing balance of Bisi's capital account as at 31st December 2025?

\text{₦}1,800,000

\text{₦}2,660,000

\text{₦}2,230,000

\text{₦}2,245,000

Cevabı ve açıklamayı göster

Cevap: $\text{₦}2,230,000$

Cevap

\text{₦}2,230,000

Under the fluctuating capital account system, only one account (the Capital Account) is maintained for each partner. All capital injections, profit shares, salaries, and interest on capital increase the capital balance (credited), while all drawings and interest on drawings decrease the capital balance (debited). Adding all additions (

\text{₦}1,500,000 + \text{₦}300,000 + \text{₦}450,000 + \text{₦}75,000 + \text{₦}120,000 = \text{₦}2,445,000

) and subtracting all deductions (

\text{₦}200,000 + \text{₦}15,000 = \text{₦}215,000

) results in a closing credit balance of

\text{₦}2,230,000

.

Adım Adım Çözüm

1

Calculate total credits to Bisi's capital account

\text{₦}1,500,000 + \text{₦}300,000 + \text{₦}450,000 + \text{₦}75,000 + \text{₦}120,000 = \text{₦}2,445,000

Under the fluctuating capital account system, opening capital, additional capital, profit share, interest on capital, and salaries are credited to the capital account.

2

Calculate total debits to Bisi's capital account

\text{₦}200,000 + \text{₦}15,000 = \text{₦}215,000

Drawings and interest on drawings reduce the partner's equity in the business and are debited to the capital account.

3

Compute the closing capital balance

\text{₦}2,445,000 - \text{₦}215,000 = \text{₦}2,230,000

Deducting total debits from total credits yields the net closing capital credit balance.

Anahtar Kavram

Fluctuating Capital Account System

Soru 11573Soru →

A growing retail company recently switched from a manual ledger system to an enterprise computerized accounting package. The managing director believes that because the software automatically calculates account balances and posts entries, internal controls are no longer necessary. Which of the following is the most accurate assessment of this belief?

It is incorrect because computerized systems still require controls over physical access, user permissions, and input data accuracy to prevent fraud and errors.

It is correct because computerized software automatically generates audit trails that eliminate any risk of unauthorized data modification.

It is correct because automated posting changes the nature of accounting from analytical record-keeping to routine manual bookkeeping.

It is incorrect because computerized accounting systems process transactions exclusively in periodic batches without real-time security risks.

Cevabı ve açıklamayı göster

Cevap: It is incorrect because computerized systems still require controls over physical access, user permissions, and input data accuracy to prevent fraud and errors.

Cevap

It is incorrect because computerized systems still require controls over physical access, user permissions, and input data accuracy to prevent fraud and errors.

The assessment that internal controls are unnecessary in a computerized system is false. While computerized accounting systems automate arithmetic calculations and routine posting, they introduce distinct risks such as unauthorized file access, software manipulation, and erroneous input processing. Therefore, robust internal controls—including password restrictions, user roles, audit trails, and input verification—remain essential for maintaining data accuracy and security.

Adım Adım Çözüm

1

Analyze how transaction processing differs between manual and computerized accounting systems.

In manual accounting, ledger posting and trial balance extraction require human manual calculation. In computerized systems, posting and arithmetic balancing occur instantly and automatically upon data input.

Understanding operational differences highlights where clerical errors are eliminated and where new system risks emerge.

2

Evaluate internal control requirements within a computerized environment.

Although computerized systems eliminate computational errors, they remain vulnerable to incorrect input ('Garbage In, Garbage Out'), unauthorized system access, software tampering, and lack of segregation of duties.

Automation shifts control focus from mathematical checking to access management, input validation, and system security.

3

Determine the validity of the managing director's belief.

The belief is false because computerization alters the form of internal controls required but does not eliminate the necessity for internal financial controls.

Effective internal control remains mandatory regardless of whether an accounting system is manual or computerized.

Anahtar Kavram

Internal Controls in Computerized vs. Manual Accounting Systems

Soru 11574Soru →

At the conclusion of a temporary joint venture formed to sell a batch of surplus equipment, one of the co-venturers agrees to take over the remaining unsold equipment at an agreed valuation for use in their private business. Which of the following correctly describes the double-entry accounting treatment for this takeover and the underlying joint venture feature it demonstrates?

Credit the Joint Venture Account with the agreed value and debit the individual co-venturer's account, demonstrating that co-venturers act as co-principals sharing venture assets without creating a separate legal entity.

Credit the Sales Account of the joint venture and debit the Cash Account, demonstrating that the joint venture is a distinct legal entity executing an arm's-length commercial sale.

Debit the Joint Venture Account and credit the Purchases Account, demonstrating routine bookkeeping entries for an ongoing partnership concern.

Debit the Consignment Account and credit the Principal's Capital Account, demonstrating a principal-agent relationship between the participants.

Cevabı ve açıklamayı göster

Cevap: Credit the Joint Venture Account with the agreed value and debit the individual co-venturer's account, demonstrating that co-venturers act as co-principals sharing venture assets without creating a separate legal entity.

Cevap

Credit the Joint Venture Account with the agreed value and debit the individual co-venturer's account, demonstrating that co-venturers act as co-principals sharing venture assets without creating a separate legal entity.

When a co-venturer takes over unsold inventory at the end of a joint venture, the Joint Venture Account is credited with the agreed valuation to reflect the income/value extracted from the venture, while the co-venturer's personal account is debited to charge them for the asset. This reflects the fundamental nature of a joint venture as a temporary agreement where participants act as co-principals rather than a separate legal entity.

Adım Adım Çözüm

1

Identify the nature of unsold assets taken over by a co-venturer upon termination of a joint venture.

The asset is transferred from the joint venture pool to a co-venturer at an agreed valuation.

Since the joint venture is temporary and lacks a separate legal entity status, remaining assets belong directly to the co-venturers as co-principals.

2

Apply the double-entry accounting principle for asset takeover in joint venture accounts.

Credit the Joint Venture Account (reducing venture expenditure / recognizing value realized) and debit the receiving co-venturer's account.

This ensures the co-venturer is charged for the asset value received, allowing accurate calculation of final venture profit or loss.

Anahtar Kavram

Nature of Joint Venture and Accounting Treatment of Unsold Stock

Soru 11575Soru →

Match each set of topographic relief measurements to its corresponding slope gradient ratio ( $1 \text{ in } N$ ).

Soldaki öğeye tıklayın, sonra eşleşen sağdaki öğeye tıklayın

Cevabı ve açıklamayı göster

Cevap

Vertical Interval

20\text{ m}

/ Distance

200\text{ m}

matches

1 \text{ in } 10

; Vertical Interval

50\text{ m}

/ Distance

1,000\text{ m}

matches

1 \text{ in } 20

; Vertical Interval

100\text{ m}

/ Distance

500\text{ m}

matches

1 \text{ in } 5

; Vertical Interval

10\text{ m}

/ Distance

500\text{ m}

matches

1 \text{ in } 50

.

Each slope measurement set correctly matches its calculated gradient ratio by applying the standard formula

\text{Gradient} = \frac{\text{VI}}{\text{HE}}

and reducing the resulting fraction to a

1 \text{ in } N

form.

Adım Adım Çözüm

1

Recall the fundamental gradient formula

Gradient =

\frac{\text{Vertical Interval (VI)}}{\text{Horizontal Equivalent (HE)}}

Gradient measures the ratio of vertical elevation change to horizontal ground distance.

2

Calculate the ratio for the first measurement set (

20\text{ m}

VI and

200\text{ m}

HE)

\frac{20}{200} = \frac{1}{10} = 1 \text{ in } 10

Dividing both numerator and denominator by 20 simplifies the fraction to 1 in 10.

3

Calculate the ratio for the second measurement set (

50\text{ m}

VI and

1,000\text{ m}

HE)

\frac{50}{1000} = \frac{1}{20} = 1 \text{ in } 20

Dividing both numerator and denominator by 50 simplifies the fraction to 1 in 20.

4

Calculate the ratio for the third measurement set (

100\text{ m}

VI and

500\text{ m}

HE)

\frac{100}{500} = \frac{1}{5} = 1 \text{ in } 5

Dividing both numerator and denominator by 100 simplifies the fraction to 1 in 5.

5

Calculate the ratio for the fourth measurement set (

10\text{ m}

VI and

500\text{ m}

HE)

\frac{10}{500} = \frac{1}{50} = 1 \text{ in } 50

Dividing both numerator and denominator by 10 simplifies the fraction to 1 in 50.

Anahtar Kavram

Slope and Gradient Calculation

Soru 11576Soru →

Musa and Taraba entered into a joint venture to trade in grain, maintaining a separate set of books with a Joint Bank Account. Total sales revenue deposited into the Joint Bank Account amounted to $\text{\mathbb{N}}850,000$ , while total venture purchases and expenses paid through the bank totaled $\text{\mathbb{N}}600,000$ . If profits and losses are shared equally between Musa and Taraba, what is Musa's share of the net joint venture profit in Naira ( $\text{\mathbb{N}}$ )?

Cevabı ve açıklamayı göster

Cevap: 125000

Cevap

Musa's share of the net joint venture profit is 125,000 Naira.

The total profit of the joint venture is found by taking total revenues credited to the Joint Venture Account (\text{\mathbb{N}}850,000) minus total expenses debited to the Joint Venture Account (\text{\mathbb{N}}600,000), giving a net profit of \text{\mathbb{N}}250,000. Since profits are shared equally (1:1 ratio), Musa's share is half of \text{\mathbb{N}}250,000, which equals \text{\mathbb{N}}125,000.

Adım Adım Çözüm

1

Determine the net profit of the joint venture

Net Profit = \text{\mathbb{N}}850,000 - \text{\mathbb{N}}600,000 = \text{\mathbb{N}}250,000

Net profit is calculated by deducting total joint venture costs and expenses from the total gross revenues.

2

Calculate Musa's share of the profit based on the equal profit-sharing agreement

Musa's Share = \text{\mathbb{N}}250,000 \times \frac{1}{2} = \text{\mathbb{N}}125,000

Since Musa and Taraba share profits equally, total net profit is divided by 2.

Anahtar Kavram

Calculation of Net Joint Venture Profit and Venturer Profit Share using Separate Books

Soru 11577Soru →

Under a fluctuating capital account system, Bisi's capital account had an opening credit balance of $\text{₦}500,000$ on 1st January 2025. During the year, she introduced additional capital of $\text{₦}100,000$ , was credited with a share of profit of $\text{₦}80,000$ , and made cash drawings of $\text{₦}50,000$ . What is the closing balance of Bisi's capital account in Naira ( $\text{₦}$ ) at 31st December 2025?

Cevabı ve açıklamayı göster

Cevap: 630000

Cevap

The closing balance of Bisi's capital account is ₦630,000.

Under a fluctuating capital account system, only one account (the Capital Account) is maintained for each partner. All transactions—including opening balance, additional capital, profit share, and drawings—are combined into this single account. The closing credit balance is calculated as

\text{₦}500,000 + \text{₦}100,000 + \text{₦}80,000 - \text{₦}50,000 = \text{₦}630,000

.

Adım Adım Çözüm

1

Calculate total credits to the fluctuating capital account

₦500,000 + ₦100,000 + ₦80,000 = ₦680,000

Under the fluctuating capital account system, all capital contributions and profit appropriations are credited directly to the capital account.

2

Deduct total debits (drawings) from the capital account

₦680,000 - ₦50,000 = ₦630,000

Drawings reduce partner's equity and are debited directly to the capital account under the fluctuating method.

Anahtar Kavram

Fluctuating Capital Account Method

Soru 11578Soru →

A trading business operates multiple divisions under one management. Match each departmental accounting action on the left with its corresponding primary objective on the right.

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Cevabı ve açıklamayı göster

Cevap

Each departmental accounting action directly aligns with its specific management purpose: comparing gross margins evaluates relative departmental efficiency; determining whether to discontinue a unit facilitates segment closure or expansion decisions; calculating bonuses based on divisional profit rewards managers accurately; and tracking inter-segment transfers maintains effective operational and inventory control.

Departmental accounting provides internal financial visibility across distinct operational sections. Comparing profit margins shows relative operational efficiency across units. Analyzing unit profitability informs decision-making regarding closure or expansion. Determining individual segment net profit allows fair performance-based rewards for section managers. Finally, tracking inter-departmental transfers ensures proper control over inventory and internal resources.

Adım Adım Çözüm

1

Identify the primary purpose of departmental accounting

Departmental accounting aims to ascertain separate trading results for distinct units operating under the same business roof.

Segmenting accounting records enables management to evaluate each section independently rather than assessing only the combined results of the entire firm.

2

Match operational actions to management objectives

Margin comparison maps to efficiency evaluation; closure evaluation maps to decision-making on unprofitable segments; profit-based bonuses map to managerial rewards; and transfer tracking maps to inventory control.

Each specific accounting activity addresses a targeted need in planning, controlling, or evaluating departmental operations.

Anahtar Kavram

Objectives of Departmental Accounts

Soru 11579Soru →

Aminu and Folake are partners in a firm. On 1st January 2025, Aminu's fixed capital account balance was $\text{₦}1,200,000$ and his current account had a credit balance of $\text{₦}150,000$ . On 1st July 2025, Aminu introduced additional capital of $\text{₦}300,000$ . The partnership agreement provides for interest on capital at $10\%$ per annum, an annual salary to Aminu of $\text{₦}200,000$ , interest on drawings of $\text{₦}12,000$ , and a share of residual profit of $\text{₦}350,000$ . Aminu's drawings during the year amounted to $\text{₦}180,000$ . If the firm converts to a fluctuating capital account system at the end of the year, what is the closing balance of Aminu's capital account at 31st December 2025?

Cevabı ve açıklamayı göster

Cevap: 2143000

Cevap

The closing balance of Aminu's fluctuating capital account at 31st December 2025 is ₦2,143,000.

The closing balance under the fluctuating capital account system combines all partner equity transactions into a single account. Opening capital (₦1,200,000), opening credit current account balance (₦150,000), additional capital (₦300,000), interest on capital (₦135,000), partner salary (₦200,000), and share of profit (₦350,000) are credited, giving total credits of ₦2,335,000. Drawings (₦180,000) and interest on drawings (₦12,000) are debited (totaling ₦192,000). The net closing balance is ₦2,335,000 - ₦192,000 = ₦2,143,000.

Adım Adım Çözüm

1

Calculate interest on capital for Aminu

₦135,000

Interest on opening capital of ₦1,200,000 at 10% per annum for 1 full year is ₦120,000. Interest on additional capital of ₦300,000 for 6 months (1st July to 31st December) at 10% per annum is ₦15,000 (₦300,000 × 10% × 6/12). Total interest on capital = ₦120,000 + ₦15,000 = ₦135,000.

2

Sum all credit entries in the fluctuating capital account

₦2,335,000

Under a fluctuating capital system, opening capital, current account balances, additions, and partner appropriations are combined. Total Credits = Opening Capital (₦1,200,000) + Opening Current Account (₦150,000) + Additional Capital (₦300,000) + Interest on Capital (₦135,000) + Partner Salary (₦200,000) + Share of Profit (₦350,000) = ₦2,335,000.

3

Sum all debit entries in the fluctuating capital account

₦192,000

Debit items that reduce partner equity include Drawings (₦180,000) + Interest on Drawings (₦12,000) = ₦192,000.

4

Calculate closing capital account balance

₦2,143,000

Subtract total debits from total credits: ₦2,335,000 - ₦192,000 = ₦2,143,000.

Anahtar Kavram

Under a fluctuating capital account system, all capital additions, initial current account balances, share of profits, salaries, interest on capital, drawings, and interest on drawings are recorded directly in a single capital account.

Soru 11580Soru →

A telecommunications enterprise intends to enter into a multi-year service and equipment maintenance agreement with a supplier. Prior to signing the agreement, the enterprise examines the supplier's audited financial statements. Which accounting information aspect is of primary concern to this customer?

Detailed internal variance reports on departmental production overheads

Assurance of the supplier's long-term operational continuity and going concern status

Adjusted taxable profit computations to determine corporate tax liabilities

Strict separation of the enterprise owner's personal transactions from business accounts

Cevabı ve açıklamayı göster

Cevap: Assurance of the supplier's long-term operational continuity and going concern status

Cevap

Assurance of the supplier's long-term operational continuity and going concern status

Customers who rely on suppliers for long-term equipment maintenance and component replacement focus primarily on the supplier's stability and going concern status. This guarantees that the supplier will not collapse financially during the contract period, ensuring continuous service and after-sales support.

Adım Adım Çözüm

1

Identify the accounting information user group in the scenario.

The telecommunications enterprise acts as a commercial customer evaluating a prospective long-term supplier.

Different user groups (investors, creditors, management, tax authorities, customers) have distinct information requirements.

2

Analyze the primary need of customers engaging in long-term commercial commitments.

Customers rely on suppliers for steady provision of parts, maintenance, and warranty fulfillment.

If the supplier fails financially, the customer suffers operational disruptions.

3

Evaluate the financial statement indicator matching this need.

The going concern status and long-term financial stability provide confidence that the supplier will survive and honor long-term commitments.

Going concern evaluation assesses solvency and continuous operational existence.

Anahtar Kavram

Users of Accounting Information and Their Needs - Customers

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