ordinary level 2026 South West mock international financial accounting 1

The method of stock valuation use to exit goods from the warehouse which is convenient for perishable products is:

A Last In First Out

B Next In First Out

C First In First Out

D Weighted Average Cost

At the end of the trading period 2023, the total amount paid as salary is 450,000frs of which 80,000frs was prepaid salaries. What amount will be treated as salary as expense in the income statement?

A 450,000 FCFA

B 530,000 FCFA

C 80,000 FCFA

D 370,000 FCFA

A fixed asset purchased on the 01/04/2016 for 800,000frs was depreciated at a constant rate of 20% using the straight line method. What is the accumulated depreciation as at 31/12/2019?

A 160,000 FCFA

B 320,000 FCFA

C 640,000 FCFA

D 600,000 FCFA

Miss Dipita is a member of CDC labor club. She is obliged to an annual contribution of 500,000frs to help run the social movement. What is the accounting term use to describe this amount paid?

A Dues

B Subscription

C Levy

D Annual Contribution

In the accounting cycle, after the posting of the transactions to their respective ledgers account, what is the next step?

A Preparation of Final Accounts

B Extraction of Trial Balance

C Recording in the general Journal

D Cancellation of Records

Which method of pricing policy requires the newest stock to be sold first?

A First In First Out

B Weighted Average cost After each Entry

C Weighted Average After All Entry

D Last In first Out

The following information was extracted from MARVEL Manufacturing Enterprise (figures in FCFA):

Total production cost: 245,000

Total Overhead expenses: 85,000

Total Factory lightening: 15,000

Factory Salaries: 10,000

There was no work in progress at start and at close. What is the prime cost of the enterprise?

A 160,000 FCFA

B 145,000 FCFA

C 135,000 FCFA

D 260,000 FCFA

During the trading period, Ndolo a sole proprietor spent the sum of 340,000frs to increase the capacity of her warehouse. How will this expenditure be treated at the end of the year?

A Added to expenses in the income statement

B Subtracted from the net profit

C Added to the value of Building in the balance sheet

D Reduce Capital in the balance sheet

From the books of Angel enterprise, the following were extracted:

Sales day book total: 800,000

Discount receive: 34,000

Discount allowed: 15,250

Set off: 750

Refunds to customer Imbolo: 15,300

What is the closing balance in the sales ledger control account?

A 799,250

B 784,000

C 799,300

D 659,300

In departmental accounting, inter departmental transfer are valued at:

A Selling price

B Purchase price

C Market price

D Actual price

Who is responsible for the preparation of the bank reconciliation statement?

A The Bank

B The Enterprise

C The Customer

D The State