gce 2022 intermediate level ohada financial reporting 1
gce 2022 intermediate level ohada financial reporting 1
Accrued revenue is revenue that
A Has neither been earned or received
‘B Hasbeenearned but not yetreceived
C Has been received but not yet earned
D Has been earned and received
1 . 8.
be
A Added to the balance per bank statement
B Deducted from the balance of the bank
account
C Added to the balance of bank account
D Deducted from the balance per bank
statement
2. Residual value means
A cash to be paid when the asset is disposed
off
B estimated disposal value
C definite sale price of the asset
D cash to be received when the life of the
asset ends
The cost of a Fixed asset is 100,000,000 FCFA,
previous depreciation is 10,000,000 FCFA,
depreciation for the period is 2,000,000 FCFA.
The net book value of this asset will be
A 74,000,000 FCFA
B 12,000,000 FCFA
C 24,000,000 FCFA
•D- 88,000,000 FCFA
9.
Provision written back is treated as revenue
because the provision
A has been earned during the year
is not an expense
C decreased the previous year’s net income
D increased the previous year’s net income
3.
B
If the amount of any liability cannot be
determined with accuracy it means
-A- an asset should be provided
B a liability should be provided
C a provision should be set aside
D a depreciation should be provided
10.
4. The lost in value of an extractive site (quarry) can
best be described as
A depletion
-B- depreciation
C Wear and tear
N
D Operating depreciation One of the doubtful customers of ABC enterprise
with a debt of I07,325FCFA tax inclusive has
assets as follows:
Total assets
Privileged debts
Ordinary debts
Using the above information, answer questions 11
and 12
Mr John’s balance sheet shows that for our debt
of 500,000FCFA, only 70% can be recovered.
What is the value of impairment of this debt?
A. 350,000 FCFA
B 850,000 FCFA
C 150,000 FCFA
D 650,000 FCFA
5.
3,000,000FCFA
2,000,000FCFA
4,000,000FCFA
1 1. The rate of impairment for ordinary debt should
be set at
A 66.6%
B 75%
C 50%
D 250%
How are bank charges appearing in the bank
statement but not in the bank account kept by the
entity treated during reconciliation?
‘A Debitedbythebankstatementcolumn,
B Debited by the bank account column,
C Credited by the bank statement column,
D Credited by the bank account column,
6.
12. Determine the amount of the debt recoverable?
A 67,500FCFA
B 23,831.25FCFA
C 22.500FCFA
D 80.493.75FCFA
The entries required at the end of the period to
update the accounts before the preparation of
financial statements are known as
A preparatory entries
-B- adjusting entries
C journal entries
D opening entries
7.
13. Calculate the life span of an equipment bought at
16,100,000FCFA and the annual depreciation
expt ise is 4,200,000FCFA
A 5 years
B 3 years 6months
1> 4 years
D 6 years
