cameroon gce 2023 intermediate level Ohada Financial Reporting 1
cameroon gce 2023 intermediate level Ohada Financial Reporting 1
Which of the following will be affected by
adjustment of expenses?
A The statement of expenditures.
B The statement of financial position.
C The statement of casli flow.
D The statement of bank reconciliation.
If a business pays for only 11 months’ rent
during the financial year, what accounting
term is given to the outstanding one month’s 8.
rent?
A Repayment.
B Prepayment.
C Underpayment.
D Accrual.
7. In the situation of an on-going court case
with a customer, which of the following
accounting A Dr. 4162 entries Doubtful are most customers appropriate?
Cr. 4111 Customers
B Dr 6511 Losses on customers
Cr 4162 Doubtful customers
C Dr 4161 Disputed
Cr. 4111 Customers
D Dr 6511 Losses on customers
Cr 4111 Customers
I .
an
customers
?
•
The accounting entry for impairment losses
written back on short-term securities is
A Dr 296 Impairment of Equity securities
Cr 7972 Imp. Losses written back
on financial fixed assets.
B Dr 590 Impairment of S.T securities
Cr. 7795 Imp. Losses written back on
marketable securities
C Dr 296 Impairment of Equity securities
Cr. 7795 Imp. Losses written
back on marketable securities
D Dr 590 Impairment of S.T securities
Cr 7972 Imp. Losses written back
On financial fixed assets.
3. Annual depreciation expenses is calculated
on
A Current Assets.
B Tangible Fixed Assets.
C Current Liabilities.
D Owner’s Equity.
4. If the useful lifespan of an asset is 5years,
and it is depreciated using the linear
depreciation method, the rate of depreciation 9.
will be
A 0.02%.
B 0.2%.
C 20%.
D 2%.
Identify the relevant set of financial
statements to be prepared at the end of a
financial year.
A Balance Sheet and Income statement.
B Balance Sheet, Income Statement and
Cash flow Statement.
C Balance Sheet, Income Statement,
Cash flow statement and notes to
accounts.
D Balance Sheet and statement of income
expenditure.
An increase in value of an element of fixed
assets is known as
A Appreciation.
B Accumulated Depreciation.
C Progressive depreciation.
D Written up value.
5.
\C
The adjustment for goods delivered without
an invoice in the books of a supplier who is
registered for VAT is
Dr 4181 Customers, invoiced to be issued
A Cr 7011 Sales of goods
Cr 4435 VAT on documents to be issued.
B Dr 4111 Customers
Cr 7011 Sales of goods
C Dr 4181 Customers, invoiced to be issued
Cr 7011 Sales of goods
D Dr 4181 Customers, invoiced to be issued
Cr 7011 Sales of goods
Cr 4431 VAT invoiced on sales.
