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The following transactions relating to debtors were extracted from the books of a company for the month of January 2014: Balance as at 1st January 2014 N725,000 Cash collected during the month N375,000 Bad Debts written off N25,000 Balance as at 31st January 2014 N650,000 Total credit sales during the month of January, 2014 were:

        A.  N325,000

        B.  N975,000

        C.   N475,000

        D.  N350,000

Answer: A

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The IASB's Framework identifies reliability as one of the four qualitative characteristics of financial information. Which one of the following is not an element of reliability?

        A.  Information should be timely

        B.  Information should be free from material error

        C.  Information should be free from bias

        D.  Information must be complete

Answer: A

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The International Accounting Standards Board's (IASB) Framework for the Preparation and Presentation of Financial Statements (Framework) is the IASB's conceptual framework. Which one of the following does the Framework not cover?

        A.  The format of financial statements

        B.  The objective of financial statements

        C.  Concepts of capital maintenance

        D.  The elements of financial statements

Answer: A

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Which of the following statements about bank reconciliations are correct? 1. In preparing a bank reconciliation, unpresented cheques must be deducted from a balance of cash at bank shown 2. A cheque from a customer paid into the bank but dishonoured must be corrected by making a debit entry in the cash book. 3. An error by the bank must be corrected by an entry in the cash book. 4. An overdraft is a debit balance in the bank statement.

        A.  1 and 3

        B.  2 and 3

        C.  1 and 4

        D.  2 and 4

Answer: C

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Which of the following statements are correct? 1. A company's authorised share capital must be included in its published balance sheet as part of shareholders funds. 2.If a company makes a bonus issue of ordinary shares, the total shareholders interest (share capital plus reserves) remains unchanged 3. A company's statement of changes in equity must include the proceeds of any share issue during the period. 4. A company must disclose its significant accounting policies by note to its financial statements.

        A.  1 and 2 only

        B.  1 and 3 only

        C.  3 and 4 only

        D.  2, 3 and 4

Answer: C

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How to login to NOUN Elearn Portal

  • Admin
  • 25 Feb, 2022 12:12:45

You can now use you matric number to login as your username and  password in a lowercase.

https://elearn.nouedu2.net/login/

Note that you are to change your passw...

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