gce 2021 intermediate level ohada financial reporting 1

gce 2021 intermediate level ohada financial reporting 1

gce 2021 intermediate level ohada financial reporting 1

1. Using the following data, determine the amount of capital;
Assets: Buildings F CFA 20,000,000; Stock F CFA 8,500,000; Cash F CFA 100,000
Liabilities: Supplier F CFA 3,000,000; Overdraft F CFA 4,000,000.
A 21,100,000CFAF
B 21,600,000CFAF
C 32,400,000CFAF
D 21,400,000CFAF
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2. In the Balance Sheet ‘prepayments are treated as ;
A Fixed assets
B Current assets
C Current liabilities
D Equity
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3. The Accounting classes used to prepare the Balance Sheet are ;
A Classes 6, 7, and 8
B Classes 1, 2, 3, 4 and 5
C Classes 1 to 8
D Classes 4 to 8
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4. The Accounting classes used to prepare the Income Statement;
A Classes 6, 7, and 8
B Classes 1, 2, 3, 4 and 5
C Classes 1 to 8
D Classes 4 to 8
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5. An annual rent of F CFA 240,000 was paid to cover April 4, 2018 ti March 31, 2019. The annual rents to be adjusted on December 31, 2018 will be ?
A 60,000CFAF
B 180,000CFAF
C 20,000CFAF
D 240,000CFAF
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6. On December 20, a company received an invoice for goods worth F CFA 300,000. By December 31, 2018 the goods had not yet arrived. The adjustment entries will be
A Dr 38 and Cr 6031
B Dr 6031 and Cr 38
C Dr 601 and Cr 408
D Dr 408 and Cr 601
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7. An agricultural machine acquired on January 1, 2018 was depreciated at a constant rate of 20%. The net accounting value on December 31, 2019 is F CFA 6,000,000. Determine the original value of the machine
A 30,000,000CFAF
B 15,000,000CFAF
C 6,000,000CFAF
D 10,000,000CFAF

8. An entity acquired transport equipment on January1, 2015 for F CFA 5,000,000 and depreciated it using the sum of year’s digit method for 5 years. The depreciation for 2018 is ;
A 1,333,333CFAF
B 1,000,000CFAF
C 666,667CFAF
D 10,000,000CFAF
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9. Njam Vivian became doubtful with a debt of F CFA 477,000 (VAT inclusive) as at January 1, 2019. Though she settled 60% of her debt during the year, an impairment loss of 15% was created on his account as at December 31, 2019. The amount of impairment loss created as at December 31, 2019 is ;
A 190,800CFAF
B 36,000CFAF
C 24,000CFAF
D 160,000CFAF
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10. Recording of tangible fixed assets at cost is an application of which account concept ?
A Objective evidence
B Matching expenses with revenue
C Going concern
D Historical cost
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11. The journal entry to record the adjustment for office equipment depreciation is debit account 6813 – Depreciation Expense – Office Equipment and Credit …
A 4441 – Office Equipment
B 2844 – Depreciation – Office equipment
C 571 – Head office cash
D 4812 – Supplier of tangible fixed assets
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12. If a fixed asset costs F CFA 3,000,000, has accumulated depreciation of F CFA 2,200,000, and is sold for F CFA 500,000, the gain or loss on disposal is ;
A 800,000CFAF gain
B 800,000CFAF loss
C 300,000CFAF gain
D 300CFAF loss
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13. Which accounting principle is being applied when an entity decides to create impairment loss for doubtful debts?
A Going concern
B Money measurement
C Materiality
D Prudence

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