Ordinary level 2023 South West regional mock financial reporting 1
Ordinary level 2023 South West regional mock financial reporting 1
1. If a fixed asset costs 3,000,000 FCFA, has
accumulated depreciation of 2,200,000 FCFA,
and is sold for 500,000 FCFA, the gain or loss
on disposal is;
| A | 800,000 CFAF gain |
| B | 800,000 CFAF loss |
| C | 300,000 CFAF gain |
| D | 300,000 CFAF loss |
___________________________________________
| 2. | Using the following data, determine the amount |
| of capital; Assets: Buildings |
20,000,000 CFAF |
| Stock Cash Liabilities: Supplier Overdraft |
8,500,000 CFAF 100,000 CFAF |
| 3,000,000 CFAF 4,000,000 CFAF |
|
| A B C D |
21,100,000 CFAF 21,600,000 CFAF 32,400,000 CFAF 21,400,000 CFAF |
| ____________________________________________ | |
| 3. | The Accounting classes used to prepare the |
| Balance Sheet are: | |
| A B C |
Classes 6, 7, and 8 Classes 1, 2, 3, 4 and 5 Classes 1 to 8 |
| D | Classes 4 to 8 |
| ____________________________________________ | |
| 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 |
| ____________________________________________ | |
| 5. | An annual rent of 240,000 CFAF was paid to cover April 4, 2018 to March 31, 2019. The annual rents to be adjusted on December 31, 2018 |
| will be ? |
| A | 60,000 CFAF |
| B | 180,000 CFAF |
| C | 20,000 CFAF |
| D | 240,000 CFAF |
| ____________________________________________ | |
| 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 |
____________________________________________
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 6,000,000 CFAF. Determine the original value
of the machine
| A | 30,000,000 CFAF |
| B | 15,000,000 CFAF |
| C | 6,000,000 CFAF |
| D | 10,000,000 CFAF |
| ____________________________________________ | |
| 8. | An entity acquired transport equipment on January1, 2015 for 5,000,000 CFAF and depreciated it using the sum of year’s digit method for 5 years. The depreciation for 2018 is: |
| A | 1,333,333 CFAF |
| B | 1,000,000 CFAF |
| C | 666,667 CFAF |
| D | 10,000,000 CFAF |
| ____________________________________________ | |
| 9. | Njam Vivian became doubtful with a debt of |
477,000 CFAF (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 | 190,800 CFAF |
| B | 36,000 CFAF |
| C | 24,000 CFAF |
| D | 160,000 CFAF |
| ____________________________________________ 10. In the Balance Sheet, prepaid expenses are treated |
|
| as: A |
Fixed assets |
| B | Current assets |
| C | Current liabilities |
| D | Equity |
____________________________________________
11. Which accounting principle is applied when an
entity decides to create impairment loss for
doubtful debts?
| A | Going concern |
| B | Money measurement |
| C | Materiality |
| D | Prudence |
____________________________________________
12. A bank statement shows a balance at bank of
32,000 CFAF. The amount of unpresented
cheques is 12,000 CFAF and the amount of
uncredited deposits is 7,000 CFAF. What is the
debit balance in the bank account kept by the
entity?
| A | 13,000 CFAF |
| B | 27,000 CFAF |
| C | 37,000 CFAF |
| D | 51,000 CFAF |
