Ordinary level 2025 South West mock ohada financial reporting 1
Ordinary level 2025 South West mock ohada financial reporting 1
Accrued revenue is described as ».
A Has neither been earned or rcceivcu
B Has been earned but not yet received
C Has been received but not yet earned
D Has been earned and received
2. The meaning of residual value is:
A Cash to be paid when the asset is
disposed
B Estimated disposal value
C Definite sale price of the asset
D Cash to be received when the life of the
asset ends 9. The cost of fixed asset is 100,000,000 frs,
previous depreciation is 10,000,000 frs and
depreciation for the period is 2,000,000 frs.
The NBV of the asset will be:
A 74,000,000 frs
B 12,000,000 frs
C 24,000,000 frs
D 88,000,000 frs
3. Provision written back is treated a3 revenue
because the provision:
* TT.. j_,_ ^ t .«
A mw iA?cii camcQ during tne year
B Is not an expense
C Decreased the previous year’s net
– income
D Increased the previous year’s net income
10. If the amount of any liability cannot be
determine 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 uwyicukiiiuu oL^uidUc provided
4. The lost in value of and extractive site (quarry)
can best be described as:
A Depletion
B Depreciation
f! Wear auu icar
D Operating depreciation
11. One of the doubtful customers of Prof Hamlet
5. PIMPIM balance sheet shows that for our debt
of 500,000 FRS, only 70% can be recovered.
What is the value of impairment of this debt?
A 350,000frs
B 850,000frs
| C ,150,000fir$ D 650,000frs |
‘ |
Ventures with a Debt of 107,325 frs tax
exclusive has assets as follows:
o Total assets 3,000,000 frs
• Privileged debts 2,000,000 frs
• Ordinary debts 4,000,000 frs
The rate of impairment for ordinary debt
should be set at:
A 66.6%
B 75%
C 50%
D 25%
6. How are bank charges appearing in the bank
statement but not in the bank account kept by
the enterprise treated during reconciliation?
A Debit the bank statement column
B Debit the bank account column
C Credit the bank statement column
D Credit the bank account column
12. From Question 11 above, determine the
amount of the debt recoverable
A 67,500 frs
B 26,831.25 frs
C 22,500 frs
D 80,493.75 frs
7. The entries required of the end of the period to
update the accounts before the preparation of
financial statements are known as:
A Preparatory entries
B Adjustment entries
C Journal entries
D Opening entries
13. What is the lifespan of equipment bought at
16,800,000 FRS and has an annual
depreciation of 4,200,000 FRS depreciated
under the constant method?
A 5 years
B 3.5 years
C 4 years
D 6 years
