ordinary level 2026 South West mock ohada financial accounting 1
ordinary level 2026 South West mock ohada financial accounting 1
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Assets are define as:
A Borrowed resource with future cash out flow
B Owed resources
C Owned resources
D Resources that the business has control with future cash benefits
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Which of the following trial balances is strongly recommended by the OHADA Accounting System?
A Two column trial balance
B Four column trial balance
C Six column trial balance
D Eight column trial balance
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The credit purchase of industrial equipment is recorded in the book of prime entry as:
A Debit account 601 and credit account 401
B Debit account 241 and credit account 481
C Debit account 241 and credit account 401
D Debit account 4011 and credit account 2411
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A credit bank balance on the trial balance signifies:
A Error committed in the bank statement
B No cash with the bank
C Excess cash with the bank
D Bank over draft
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The cash account of an enterprise has an opening balance of 1,417,000 FCFA. This account has recorded a debit movement of 4,175,000 FCFA and a credit movement of 3,000,000 FCFA. The closing balance of the cash account is:
A 2,592,000
B 8,592,000
C 5,592,000
D 242,000
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The trial balance is used to record balances from:
A Cash book
B Journal
C Ledger
D Balance sheet
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When goods are sold on credit, the following entries are made:
A Dr Account 701 and Cr Account 401
B Dr Account 6031 and Cr Account 311
C Dr account 4111 and Cr account 701
D Dr account 701 and Credit account 4111
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The following are the correct version of the fundamental accounting equation, EXCEPT:
A Assets – Liabilities = Capital
B Asset = Capital + Liabilities
C Assets = Liabilities – Capital
D Assets – Capital = Liabilities
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What are the main roles of an enterprise in the economy?
A Basic needs, exchange of services
B Buying, selling and profit making
C Money exchange and profit role
D Social, economic and financial role
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The invoice prepared by the supplier requesting payment before goods are delivered is called?
A Debit invoice
B Proforma invoice
C Credit invoice
D Payment note
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In an Enterprise, software, License, copyright, logo and trade mark are all aspects of:
A Fixed assets
B Tangible fixed assets
C Intangible fixed
D Financial fixed assets
Use the following information to answer questions 12, 13 and 14.
An invoice of goods sold for 4,500,000 FCFA has a cash discount of 2%, rebate of 10%, consigned containers of 20,000frs and VAT at the standard rate of 19.25%.
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What is the amount of commercial net?
A 3,969,000 FCFA
B 4,410,000 FCFA
C 4,500,000 FCFA
D 4,050,000 FCFA
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What is the net amount payable?
A 4,756,883 FCFA
B 4,500,000 FCFA
C 3,989,000 FCFA
D 3,969,000 FCFA
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Based on the above information, determine the amount of VAT.
A 764,033 FCFA
B 767,883 FCFA
C 647,033 FCFA
D 866,250 FCFA
