BRITS TUTORS LINKS: REVISION QUESTIONS ON THE FOLLOWING COURSES FOR BOTH FULL TIME AND PART TIME STUDENTS

COVER AREAS:

ACC 111-PRINCIPLES OF ACCOUNTING 1 FOR FULL TIME AND PART TIME

ACC 121-PRINCIPLES OF ACCOUNTING 2 FOR FULL TIME AND PART TIME

ACC 212-COST ACCOUNTING 1 FOR FULL TIME AND PART TIME

ACC 222-COST ACCOUNTING 2 FOR FULL TIME AND PART TIME

ACC 225-PUBLIC SECTOR ACCOUNTING FOR FULL TIME AND PART TIME

ACC 312-ADVANCED COST ACCOUNTING 1 FOR FULL TIME AND PART TIME

ACC 316-PUBLIC FINANCE FOR FULL TIME AND PART TIME

ACC 326-PUBLIC SECTOR ACCOUNTING 1 FOR FULL TIME AND PART TIME

ACC 415-MANAGEMENT ACCOUNTING 1 FOR FULL TIME AND PART TIME

BEST OF LUCK!

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PATRIOT ODUNARO B.J . (08038454008)

ACC 111-PRINCIPLES OF ACCOUNTING 1 FOR FULL TIME AND PART TIME

1. What do you understand by source document? State ten source documents known to you.

2. List ten users of financial statement information.

3. Without Book-Keeping there wouldn`t be Accounting. Discuss

4. List five subsidiary books as well as ten users of financial statement information.

5. Define a Journal and state its components.

6. What are the uses of Journal Proper? List advantages of the Journal.

7. State what the Accountant will do if the error still cannot be located in the trial balance.

8. Classify the underlisted ledger accounts into capital and recurrent.

i. Depreciation Account vi. Interest Paid Account

ii. Salaries and Wages Account vii. Discount Received

iii. Furniture and Fittings Account viii. Patent and Trade Marks Account

iv. Rent of Warehouse Account ix. Goodwill Account

v. Office Building Account x. Purchase Account

9. Write short note on the following:

(a) Periodicity (b) Materiality (c) Matching Concept (d) Going Concern Concept

(e) Entity Concept

10. Sogbae Nigeria Limited provides the following information relating to its accounts for three years as shown in the table below:

Year	Capital	Profit	Returns on Capital
	N	N	%
2018	750,000		45
2017	450,000	90,000
2016	500,000		35

Required:

(i) Calculate profits for year 2016 and 2018.

(ii) Calculate returns on capital for year 2017.

(iii) Calculate percentage increase in profit between year 2017 and 2018.

(iv) Calculate percentage decrease in profit between year 2016 and 2017.

(v) Calculate increase in capital between year 2017 and 2018.

(vi) Calculate decrease in capital between year 2016 and 2017.

Hints: show all formular and workings

11. What do you understand by a Trial Balance?

12. Ajimatanraeje Nigeria Limited is maintaining a petty cash book with the following analysis column: postage, transport, general expenses, advertisement and fuel.

The cashier is given a cash float of N50,000, reimbursement being made to cashier at the end of each week.

The following transactions took place:

July 16, 2018 Postage stamps purchased N3,500.

July 16, 2018 Fare on delivery parcel N2,500.

July 17, 2018 Cost of registration letter N9,500.

July 18, 2018 Petrol for van N7,500.

July 19, 2018 Advertisement on local Newspaper N10,000.

July 19, 2018 Paid creditor N10,000.

July 20, 2018 Paid for tea and milk for office staff N5,500.

July 23, 2018 Petrol and oil for van N7,500.

July 23, 2018 Postage on parcel N2,500.

July 24, 2018 Traveller`s order book bought N4,000.

July 25, 2018 Paid creditor N10,000.

July 26, 2018 Transport fare to Ikoyi N5,000.

July 26, 2018 Paid officer cleaners N6,000.

July 27, 2018 Cash count N15,000.

From the knowledge acquired through the study of petty cash book, you are required

to :

(a) Prepare petty cash book from the above information.

(b) How much is the reimbursement for:

i. Third week of July 2018.

ii. Four week of July 2018.

HINTS:

i. Third week of July 2018 is from July 16, 2018 to July 22, 2018.

ii. Fourth week of July 2018 is from July 23, 2018 to July 29, 2018

13. Motiriri started a photographic business under the business name Motiriri Special Photos in

August, 2018. The following transactions relate to the first month of operation.

2018:

August 1 Paid N200,000 into bank.

August 5 Withdrew cash N90,000 from bank.

August 7 Bought two brand new cameras for N30,000 cash.

August 9 Paid cash for supplies N45,000

August 11 Purchased office equipment with cheque N25,000.

August 13 Received cash for work done N56,000.

August 15 Bought supplies with cash N10,000

August 18 Paid cash for repair of equipment N15,000.

August 21 Withdrew cash for personal use N12,000.

August 23 Paid telephone bills for the month N6,600 by cheque.

August 25 Delivered 100 pieces of pictures at N200 on credit to customers.

August 27 Received N18,000 cash from customers.

August 28 Bought supplies with cash N5,000.

You are required to prepare the two-column cash book for Motiriri for the month of August, 2018.

14. (a) The following information has been given to you about factory furniture and fittings of Ajimaronu Nigeria Limited.

Cost N5 million

Scrap value N250,000

Useful life 5years

You are required to calculate the annual depreciation charges for each year using:

(a) Reducing Balance Method

(b) Sum of the year Digit Method

15. The following information has been given to you about factory plant and machinery of

Ajikawe Nigeria Limited.

Cost N25 million

Scrap value N1,250,000

Useful life 5years

You are required to calculate the annual depreciation charges for each year using:

(a) Reducing Balance Method

(b) Sum of the year Digit Method

16. Assignment Won Wa Die Limited provides the following information as at 31st December, 2018.

	N
Purchases	2,763,000.00
Revenue	10,863,000.00
Drawing	1,057,500.00
Return Inwards	547,500.00
Return Outwards	465,000.00
Discount Allowed	765,000.00
Discount Received	630,000.00
Trade Receivables	3,375,000.00
Trade Payables	4,282,500.00
Inventory	2,572,500.00
Land	345,000.00
Motor at cost	900,000.00
Furniture at cost	187,500.00
Accumulated depreciation on motor	337,500.00
Accumulated depreciation on furniture	75,000.00
Cash at bank	375,000.00
Cash in hand	142,500.00
Salaries	3,045,000.00
Carriage Inwards	1,665,000.00
Carriage Outwards	772,500.00
Printing and Stationery	270,000.00
Electricity and water	1,110,000.00
Insurance	510,000.00
General Expenses	2,610,000.00
Provision for bade debt	15,000.00
Bad debt already written off	30,000.00
Capital	5,250,000.00
Rent Received	285,000.00
Commission Received	840,000.00

17. Fesojaiye Nigeria Limited provides the following informations and you are required to prepare a trial balance as at 31^st December, 2018.

Purchases 921,000.00

Revenue 3,621,000.00

Drawing 352,500.00

Return Inwards 182,500.00

Return Outwards 155,000.00

Discount Allowed 255,000.00

Discount Received 210,000.00

Trade Receivables 1,125,000.00

Trade Payables 1,427,500.00

Inventory 857,500.00

Land 115,000.00

Motor at cost 300,000.00

Furniture at cost 62,500.00

Accumulated depreciation on motor 112,500.00

Accumulated depreciation on furniture 25,000.00

Cash at bank 125,000.00

Cash in hand 47,500.00

Salaries 1,015,000.00

Carriage Inwards 555,000.00

Carriage Outwards 257,500.00

Printing and Stationery 90,000.00

Electricity and water 370,000.00

Insurance 170,000.00

General Expenses 870,000.00

Provision for bade debt 5,000.00

Bad debt already written off 10,000.00

Capital 1,750,000.00

Rent Received 95,000.00

Commission Received 280,000.00

................................................................................................................................................

ACC 121-PRINCIPLES OF ACCOUNTING 2 FOR FULL TIME AND PART TIME

1. Define control Account and list five reasons for control accounts.

2. Mention five each items to be found in sales ledger control account and purchases ledger control account.

3. Define partnership and state the contents of partnership deed.

4. In the absence of an agreement by the partners, Section 24 of the Partnership Act 1890 shall apply. State the provisions.

5. Differentiate between the following terms:

i. Ordinary Shares and Preference Shares.

ii. Authorised Share Capital and Issued Share Capital

iii. Called Share Capital and Paid Up Capital

6. List six types of non-profit oriented organisation and list three accounting records and financial statements of social clubs.

7. Differentiate between non-profit oriented organisation and profit oriented organisation.

8. Brits Nigeria Limited issued 200,000 ordinary shares of N1.00 each atN1.20 per share

payable as follows:

i. 25k per share on application.

ii. 40k per share on allotment (including the premium)

iii. 35k per share on first call

iv. 20k per share on second and final call

Required: Show the ledger accounts to record the above transactions

9. Write short note on the following:

i. Prime Cost ii. Direct Labour Cost iii. Cost of Raw Material Consumed

iv. Production Overhead Expenses v. Work-In-Progress

10. Peter and Paul formed a partnership on 1st January, 2018. The partnership agreement contains the following:

i. The partners fixed capital are Peter N24,000 and Paul N30,000.

ii. Paul to receive a salary of N1,800 per year.

iii. Interest on capital to be calculated at 5% per annum.

iv. Interest is to be charged on drawing at the rate of 2%.

v. Peter and Paul to share profit in ratio 3:2 respectively.

During the year to 31st December 2018, drawings were Peter N2,250 , Paul N1,750 and the net profit was N13,500. The partners decided to maintain fixed capital account.

You are required to show:

(a) The Profit and Loss Appropriation Account for the year ended 31st December 2018.

(b) The partners Current Account

11. The following balances were extracted from the books of Aiyegbaogbon Enterprises on

31st December, 2018.

Sales ledger, debit balance 1/1/2018 98,260

Sales ledger, credit balance 1/1/2018 2,370

Bought ledger, credit balance 1/1/2018 72,190

Bought ledger, debit balance 1/1/2018 4,210

Cash purchases 27,380

Cash sales 19,360

Accounts settled by contra 6,220

Bills dishonoured 7,500

Bills debts written off 5,260

Bills of exchange drawn on customers 34,730

Returns Inward 7,450

Returns Outwards 8,920

Cash received from debtors 689,230

Cash paid to suppliers 495,140

Discount Received 19,320

Discount Allowed 24,750

Cash refunded to customers 1,270

Sales ledger, debit balance 31/12/2018 120,570

Sales ledger, credit balance 31/12/2018 2,010

Bought ledger, debit balance 31/12/2018 3,340

Bought ledger, credit balance 31/12/2018 55,340

Show all necessary workings.

You are required to prepare:

(a) Credit Sales

(b) Credit Purchases

(d) Total Purchases

12. On January 1, 2019 the sales ledger balance of Foyegbe was N12,000 debit while the

bought ledger balance was N4,850 credit.

The following transactions took place in the month of January 2019.

Credit sales 175,900

Bad debt 4,225

Dishonoured cheque 6,250

Credit purchases 90,300

Returns inwards 7,850

Bills receivable 22,500

Cash received from debtors 78,000

Cash paid to creditors 57,000

Discount allowed 2,250

Discount received 4,725

Cheques from debtors 37,500

Bills payable 10,750

Debit balance in bought ledger transferred

to sales ledger 1,300

Discounts allowed but subsequently disallowed 750

Discounts received but subsequently withdrawn 725

Required: Prepare:

(i) Total Debtors Account

(ii) Total Creditors Account

13. Mawibekiri who has not kept a complete set of books for his business has been able to provide the following information.

31st December, 2017 31st December, 2018

N N

Plant and Machinery 31,500 35,350

Stock in trade 15,120 17,255

Trade Debtors 11,396 13,020

Trade Creditors 6,020 6,468

Prepayment-Rates - 350

Accruals:

Rent 910 1,750

Expenses 840 1,050

Additional information:

i. A summary of his cash transactions for the year is shown below:

	Cash Book
	N		N
Balance b/f	1,834	Creditors	119,112
Cash Sales	116,592	Wages	18,669
Debtors	57,134	Rent	5,250
		Rates	1,750
		Expenses	11,382
		New Machinery	7,000
		Drawings	7,560
		Balance c/d	4,837
	175,560		175,560
Balance b/d	4,837

ii. Details of discounts are as follows:

Allowed N2,205 and Received N4,578

You are required to prepare:

(a) Opening Statement of Affairs.

(b) Trading, Profit or Loss Account for the year ended 31st December, 2018.

14. On 1st April 2018, Banuso purchased a business for N5,770 and paid for it the same day. The assets and liabilities of the business on that day were as follows with the one on 31st March 2019.

1st April, 2018 31st March, 2019

N N

Freehold Premises 3,000 3,000

Equipment 300 450

Shop Fittings 900 1,100

Stock-In-Trade 1,400 1,600

Debtors 320 640

Creditors 150 90

Cash at Bank - 390

On 1st April, 2018, Banuso opened a business account into which he paid N350. During the year his drawings were:

Cash N1,100

Goods N140

He also brought in additional cash capital of N700.

You are required to prepare a statement showing the profit or loss of the business for the year ended 31st March 2019 after taking into consideration the following:

(i) Depreciation of: Shop Fittings N100 and Equipment N30

(ii) N80 was written off as bad debts.

15. The following list of balances was extracted from the records of Motiriri Textile Mills on 31st December, 2017.

Stock of raw cotton: 1st January 2017 22,100

Stock of raw cotton: 31st December 2017 23,400

Purchase of raw cotton 234,500

Carriage on raw cotton brought 67,900

Direct wages 111,300

Factory Expenses:

Depreciation on plant and machinery 45,300

Salaries 71,200

Power and heat 66,100

Insurance and maintenance 17,500

Required:

Prepare manufacturing account for the year ended 31st December, 2017.

16. Assignment Won Wa Die is a manufacturer. The trial balance as at 31st December, 2018 is as follows:

DR CR

N N

Delivery van expenses 2,500

Lighting/ heating-Factory 2,859

Lighting/ heating-Office 1,110

Manufacturing wages 45,470

General Expenses 9,450

Sales men`s commission 7,860

Purchases of raw material 39,054

Rent 7,000

Machinery ( Cost N50,000) 32,500

Office Equipment (Cost N15,000) 11,000

Office Salary 6,285

Debtors 28,370

Creditors 19,450

Bank 13,337

Sales 136,500

Premises (Cost N50,000) 40,000

Stock at 31st December, 2017:

Raw Material 8,565

Finished goods 29,480

Work in progress 5,000

Drawings 8,560

Capital 142,450

______ _______

298,400 298,400

Additional information:

i. Stock at 31st December, 2018 are valued at :

Raw Material N 9,050

Finished goods N31,200

Work in progress N 3,000

ii. Depreciation: Machinery 20%, Office Equipment 15%, Premises 10% and all are on reducing balance method.

iii. Manufacturing wages due but paid at 31st December, 2018 amounted N305 and rent

prepaid N100.

iv. General expenses and rent are to be allocated as follows:

General expenses 1/6 to factory and remaining are to be charged to office.

Rent 3/5 to factory and remaining are to be charged to office.

v. Finished goods has to have 15% mark-up

You are required to:

(a) Prepare for Assignment Won Wa Die Limited Account for the year ended 31st December, 2018

(b) Statement of Financial Position as at that date.

...................................................................................................................................

ACC 212-COST ACCOUNTING 1 FOR FULL TIME AND PART TIME

1. Explain the following cost classification:

i. Classification as Direct or Indirect Cost ii. Classification according to function

iii. Classification according to behaviour iv. Classification according to relevance

v. Classification according to product cost and period cost

2. Differentiate between Cost Control and Cost Reduction.

3. Write short note on the following terms:

i. Cost ii. Cost Unit iii. Cost Centre

4. List three element of cost known to you.

5. (a) Write short note on the following methods of stock valuation:

i. First In First Out (FIFO) ii. Last In First Out (LIFO) iii. Weighted Average Method

6. Write short note on the following stock control records:

i. Bin Card ii. The Stock Tally Card iii. The Stock Ledger Card

7. List five causes of stock discrepancies in inventory control

8. State five advantages of Cost Accounting.

9. Explain the following classification of overhead:

i. Production Overhead ii. Administrative Overhead

iii. Marketing, Selling and Distribution Overhead

10. What do you understand by Overhead?

11. What do you understand by Group Incentive Scheme?

12. State five functions of Cost Accounting Department.

13. State four advantages of Group Incentive Scheme.

14. The following information relates to Foyegbe Manufacturing Limited from July 1 to 31^st December, 2018.

Date	Quantity	Cost (N)
Receipts: July 5 August 1 September 3 October 4 December	200 400 600 400 500	720,000 1,520,000 2,400,000 1,400,000 1,400,000
Sales: August 2 October 12 December 12	500 600 400	2,500,000 2,700,000 1,500,000

Required: Calculate the cost of the product issued during the period and the value on hard on 31^st December, 2018 using First In First Out (FIFO)

15. The following information relates to Ajimatanraeje Manufacturing Limited from July 1 to 31^st December, 2018.

Date	Quantity	Cost (N)
Receipts: July 5 August 1 September 3 October 4 December	200 400 600 400 500	720,000 1,520,000 2,400,000 1,400,000 1,400,000
Sales: August 2 October 12 December 12	500 600 400	2,500,000 2,700,000 1,500,000

Required: Calculate the cost of the product issued during the period and the value on hard on 31^st December, 2018 using Last In First Out (LIFO)

16. Ajikawe Enterprises provides the following data relating to component B9.

Cost of raw material N10 per unit

Usage per day 100 units

Minimum re-order period 20 days

Maximum re-order period 30 days

Cost of ordering materials N400 per order

Carrying cost 10% per annual

Assume that each year consists of 48 working weeks of 5 days per week.

Required: Calculate:

(i) The Re-Order Level (ii) The Re-Order Quantity (iii) The Maximum Level

(iv) The Minimum Level (v) The Average Level

17. The annual demand of Foyegbe Limited was 500,000 units and the holding cost is N400 per unit. It usually cost the company N576 to place an order. Calculate the Economic Order Quantity for the company.

18. The budgeted production overhead and other budget data for Assignment Won Wa Die Limited are as follows:

Production Department A Production Department B

Budgeted Overhead Cost N72,000 N10,000

Other Informations:

Direct Material Cost N64,000

Direct Labour Cost N80,000

Machine Hours 10,000

Direct Labour Hours 18,000

Unit of production 10,000

Required: Calculate the production overhead absorption rate using the various basis of apportionment.

19. Using the information given below, you are required to calculate the amount earned by each employee under each of the following remuneration method:

i. Piece Works ( with guaranted hourly rate) ii. Hourly rate

	Employee P	Employee Q	Employee R
Hours worked per 1,000 units Rate per unit Guaranted hourly rate Actual time taken (hrs) Actual output produced	23 N12.50 N60 40 200	32 N5.00 N75 42 125	38 N7.50 N50 39 150

20. Ji Masun Motors Limited, a car assembly plant buys batteries from an overseas supplier at N20 per battery. Total annual requirement are 25,000 batteries at a rate of 100 per working day. The following cost data are available:

Desired annual return on stock investment N2.

Sundry carrying cost/ unit per year 50k.

Total carrying cost/ unit per year N2.50

Cost of purchase order include clerical cost, stationery, telephone N50.

Average usage 3,000 units per week

Minimum Usage 2,200 units per week

Maximum Usage 4,200 units per week

Re-Order Period 10 14 weeks

Required:

(a) Prepare in tabular form the total annual relevant cost for each of the following order sizes: 250, 500, 1000, 2000, 4000, and 8000.

(b) What is the EOQ for batteries at Ji Ma Sun Motors Limited and why?

i. Maximum Level ii. Average Level iii. Minimum Level vi. Re-Order Level

21. Write short note on the following methods of stock valuation:

i. First In First Out (FIFO) ii. Last In First Out (LIFO) iii. Weighted Average Method

ACC 222-COST ACCOUNTING 2 FOR FULL TIME AND PART TIME

1. Batch No.X777 incurred the following costs:

Dept. A 420 labour hours at N3.50

Dept. B 686 labour hours at N3.00

Factory overheads are absorbed on labour hours and the rates are N8 per

hour for Dept. A and N5 per hour for Dept.B.

The firm uses a cost plus system for setting prices and expected a 25% gross

profit (sales minus total cost). Administration overheads are absorbed at

10% selling price. Assuming that 1,000 units were produced in Batch X777.

Calculate:

(a) The selling price per unit

(b) The total amount of administrative overheads

2. Sogbae Press Limited was asked to quote for supplying 5,000 and 25,000 booklets. The company normally expects a profit of 10% on sales.

Costs were recognised as follows:

Paper and other materials (per 1,000 copies) 30.00

Wages (per 1,000 copies) 20.00

Layout cost 500.00

Fixed Overhead 200.00

Variable Overhead ( 12% of wages)

Draft a cost computation, showing minimum selling prices that might be quoted per 1,000 copies of the supplies.

3. From the records of Ajimatanraeje & Co. Ltd the following information is extracted which appears to be incomplete Cost accounts for the quarter ended 31st December, 2018.

N`000

Store Ledger Control Account:

Opening Balance 176.0

Financial Ledger Control Account 224.2

Production Wages Control Account:

Financial Ledger Control Account 196.0

Production Overhead Control Account:

Financial Ledger Control Account 119.3

Job Ledger Control Account:

Opening Balance 114.9

The balances at the end of period are:

Stores Ledger 169.5

Job Ledger 153.0

During the period 64,500kg of direct materials were issued from stores at a weighted average price of N3.20 per kg. The balance of materials issued from store represented indirect materials.

75% of the production wages are classified are direct average gross wages of direct workers was N5.00 per hour production overheads are absorbed at a predetermined rate of N6.50 per direct labour hour.

You are required to complete the cost account for the period.

4. Brits Modern Shoemaking Company Limited found that their production costs for the

2000 accounting year had been as follows:

Direct Wages 8,000,000

Direct Material Cost 5,000,000

Direct Expenses 1,500,000

Production Overhead 2,400,000

Total Shoe Manufactured 160,000 units

Machine time used 10,000 hours

Direct Labour Hour used 40,000 hours

500 pairs of shoes were produced during the first two weeks of the year as a single job,

which had a direct wage cost of N8,000, direct material cost of N5,000 and direct

expenses of N1,500. The company apportions fixed overhead cost using the percentage

of direct wages and charges administrative expenses and selling expenses at the rate of

15% and 10% respectively.

Required: Determine the following:

(i) Production Cost

(ii) Total Cost

(iii) Cost Per pair of shoe

5. Banuso Nigeria Limited furnishes you with the following data:

Product Units Selling Price Sales Value

(kg) N N

X 100 1,850 185,000

Y 150 1,700 255,000

250 440,000

The joint cost is N500,000.

Required:

Apportion the joint cost between the two main products on the basis of:

a. Physical Output Basis

b. Sales Value Basis

6. A product passes through two processes (X, Y) to completion. The following information

were obtained from the company`s record.

Process X Process Y

N N

Material 125,000 175,000

Labour 100,000 87,500

Overhead 187,500 125,000

The input of material in Process A is 12,500kg while the outputs of the two processes are

7,500kg and 5,000kg respectively. The scrap value of normal loss is N2 per unit. Normal

loss is 10% of input.

Prepared: Prepare

a. Process X and Process Y Account

b. Abnormal Loss/ Abnormal Gain Account

7. A product passes through two processes (A, B) to completion. The following information

were obtained from the company`s record.

Process A Process B

N N

Material 100,000 140,000

Labour 80,000 70,000

Overhead 150,000 100,000

The input of material in Process A is 10,000kg while the outputs of the two processes are

6,000kg and 4,000kg respectively. The scrap value of normal loss is N2 per unit. Normal

loss is 10% of input.

Prepared: Prepare

a. Process A and Process B Account

b. Abnormal Loss/ Abnormal Gain Account

8. (a) LCP Water Limited has a cash balance of N200,000 at the beginning of January 2019.

The sales and purchases for the first 5 months are given below:

Month Sales Purchases

Jan. 200,000 50,000

Feb. 300,000 80,000

Mar. 450,000 120,000

Apr. 600,000 170,000

May 750,000 200,000

(b) 70% of sales are realised in the month following sales and the remainder in the

following 2 months.

(d) Overhead expenses of N40,000 is incurred on monthly basis.

(e) The company plans to purchase a new generator costing N70,000 in April 2019

(f) Wages of N50, 000 are incurred on monthly basis.

Required:

Prepare cash budget for January to April 2019.

9. The opening balance on 1 January was expected to be N360, 000. The

Budgeted sales and purchases were as follows:

Sales (N) Purchases (N)

November 2018 960,000 -

December 2018 1,080,000 720,000

January 2019 900,000 660,000

February 2019 900,000 540,000

March 2019 960,000 660,000

Notes:

(a) Analysis of record shows that debtors settle according to the following pattern: 60% within the month of sales, 25% in the month following and remaining 15% the next month.

(b) All purchases are on credit and past experience shows that 90% are settled in the month of purchase and the balance settled the month after.

(d) Taxation of N96, 000 has to be settled in February and the company will receive insurance claim of N300, 000 in March.

You are required to prepare a cash budget for January, February and March.

10. Bamidupe Moyege Nigeria Limited is operating a flexible budget control its budget for the year is as follows:

Level of Activities

70% 80% 90% 100%

700units 800units 900units 1,000units

Prime Cost (N) 14,000 16,000 18,000 20,000

Variable Cost (N) 2,100 2,400 2,700 3,000

16,100 18,400 20,700 23,000

Semi-Variable Cost 3,400 3,600 3,800 4,000

Fixed Cost 5,000 5,000 5,000 5,000

24,500 27,000 29,500 32,500

Required:

Separate the Semi-Variable Cost and prepare operational statement to management.

Also include cost of attaining 120% level of activity.

11. Explain the following types of budgets:

(i) Fixed Budget (ii) Flexible Budget (iii) Rolling Budget (iv) Cash Budget

(v) Master Budget

12. Distinguish between Budgeting and Budgetary Control.

13. State any five importance of budgeting.

14. What do you understand by budgetary control?

15. List six benefits of budgeting.

16. Enumerate the requirements for an effective systems of budgetary control.

17. Explain the following terms in the context of joint and By-Product Costing:

a. Joint Costs b. Joint Products c. By-Product d. Net Realisable Value

ACC 225-PUBLIC SECTOR ACCOUNTING FOR FULL TIME AND PART TIME

1. What do you understand by Public Sector Accounting?

2. List five purposes of Public Sector Accounting.

3. State five users each of Public Sector Accounting Information from two categories.

4. Enumerate five differences between Public Sector Accounting and Private Sector Accounting

5. What do you understand by government revenue?

6. What are the general sources of revenue of various governments?

7. Define revenue collector and state his or her functions.

8. Define Federation Accounts Allocation Committee (FAAC).

9. Define Capital Expenditure Warrants.

10. Define Budgetary Control.

11.Mention five advantages and disadvantages of Planning, Programming and Budgeting

System.

12. State five objectives of Budgetary Control.

13. Write short note on the following:

i. Virement Warrant

ii. Provisional Development Fund General Warrant

iii. Development Fund Annual General Warrant

iv. Reserve Expenditure Warrants

14. Ajikawo L.G.A has a population of 15 million citizens of which 12 million are taxable adults who will pay tax at the rate of N2,000 per adult. It also has 50,000 market stalls rented to traders at N120,000 per annum per stall.

There are 20,000 hawkers who will pay entrances fees to the market on daily basis at the rate of N250 per day. There are 28 days in a month and 12 months in a year.

Required:

As a student of Management and Business Studies prepare the revenue budget of the

local Government for the year 2018.

15. Prepare:

(a) Federation Account

(b) Consolidated Revenue Fund

From the following information:

Inflows: N’000

Import duties 20,000

Export duties 35,000

Excise duties 50,000

Petroleum profits tax 1,600,000

Companies income tax 355,000

PAYE: deductions from the emolument of the Armed Forces 15,000

Police personnel 3,000

Residents of Abuja 2,000

Dividend from Federal Government Investments 6,000

Balance b/f 3,000

Outflows:

Remuneration of Statutory Officers 13,000

Recurrent expenditure 750,000

Transfer to: Development Fund 50,000

Contingency Fund 10,000

Note: The revenue allocation formula is:

Federal Government 52.68%

State Government 26.72%

Local Government 20.60%

16. Sogbae State Government has a problem of not being able to pay the salaries of workers

promptly. Apart from the statutory allocation receivable from the State and Federal Governments, internally generated sources are meagre.

You are the Chief Accountant assigned the responsibility of managing the Treasury.

The following informations are available.

On 31st March, 2017 the state anticipated the under listed transactions up to 31st October, 2017.

(a) Prepare the cash budget of the State for April 2018 to September 2018.

(b) Advise the Government on the ways of optimising the use of liquid funds.

ACC 312-ADVANCED COST ACCOUNTING 1 FOR FULL TIME AND PART TIME

1. Jimbrainz has been talking to a trainee Accountant, Adetoun, who has been teaching her principle of double-entry book keeping. She tried to show Jimbrainz the difference between integrated accounts and interlocking accounts; however, Jimbrainz is still puzzled and has asked you in your capacity as Cost Accountant for further demonstration.

Describe briefly what you understand by the terms:

a. Integrated cost Accounts

b. Interlocking cost Accounts

2. List five (5) features of contract costing.

3. Draw up a chart to give effect to your explanation of the organisation of a cost department.

4. Brits Nigeria Limited, Printers and Publishers use 100,000 rolls of new printer which it obtains from a factory at Ikenne-Remo Kingdom at N50 a roll.

The ordering and handling cost amount to N200 per order while the carrying cost is 12% per annum.

Required:

a. Calculate the order size most economical to the company.

b. Assume that the order quantity is 4,000 rolls, calculate:

i. The number of orders per annum

ii. Total cost per annum

5. A product passes through two processes (X, Y) to completion. The following information

were obtained from the company`s record.

Process X Process Y

N N

Material 125,000 175,000

Labour 100,000 87,500

Overhead 187,500 125,000

The input of material in Process A is 12,500kg while the outputs of the two processes are

7,500kg and 5,000kg respectively. The scrap value of normal loss is N2 per unit. Normal

loss is 10% of input.Required: Prepare

a. Process X and Process Y Account b. Abnormal Loss/ Abnormal Gain Account

6. Sogbae Press Limited was asked to quote for supplying 5,000 and 25,000 booklets. The company normally expects a profit of 10% on sales.

Costs were recognised as follows:

Paper and other materials (per 1,000 copies) 30.00

Wages (per 1,000 copies) 20.00

Layout cost 500.00

Fixed Overhead 200.00

Variable Overhead ( 12% of wages)

Draft a cost computation, showing minimum selling prices that might be quoted per 1,000 copies of the supplies.

7. Feyikogbon Construction Company Limited engages in building of an estate.

The work on the estate commenced on the 1st January, 2010 and after one year, on

31st December, 2018, the data below were available:

Plant sent to the site 100,000

Direct material received at site 460,000

Direct wages incurred 350,000

Direct expenses incurred 45,000

Hire of Crane 40,000

Indirect Labour costs 70,000

Supervision Salaries 42,000

Surveyor fees 8,000

Service Cost 18,000

Hire of Scafolding 20,000

Overhead incurred on Site 60,000

Head Office expenses apportioned to the site 70,000

Cash received from Estate 1,000,000

Value of plant on site 75,000

Work certified at 31^st Dec. 2008 1,250,000

Cost of work not certified 250,000

Wages accrued 30,000

Service Cost accrued 2,000

Materials on site 40,000

You are required to:

Prepare account for the contract for the year ended 31^st December, 2018.

8. “ Cost Codes are essential ingredients of cost accounting”. Discuss this in the light of the benefits derivable from coding within an organisation.

9. With your understanding of Financial Accounting, design an accounts code for Brits Manufacturing Company Limited in Ikoyi, Lagos.

10. Ajigbaowo Nigeria Limited’s Trading, Profit or Loss Account for the period ended 31 January, 2019 was as follows:

N N

Purchases 150,000 Sales (75,000 units) 281,250

Closing Stock 12,750 Discount received 2,500

137,250 Investment income 16,750

Direct wages 42,350

Production expenses 9,720

Selling costs 16,650

Admin. Expenses 13,580

Depreciation 4,915

Net Profit 76,035

300,500 300,500

The costing profit for the period was only N61,985.

You were however given the following additional information in respect to the accounts:

(i) The cost accountant valued closing stock at N27,840

(ii) Depreciation was valued by the cost accountant at N3,540

(iii) Selling and administration cost were valued at 10% of sales value and N0.24 unit of

sales in the cost accounts.

(iv) Production expenses in the cost account was N5090

You are required to reconcile the profit figures as revealed by the two accounts.

ACC 316-PUBLIC FINANCE FOR FULL TIME AND PART TIME

1. Explain the following concepts:

i. Gross Domestic Product (GDP) ii. Gross National Income (GNI)

iii. Personal Income (PI) iv. Disposable Income (DI)

v. Net National Income (NNI).

2. Differentiate between Public Finance and Private Finance Investment.

3. State four objectives of Fiscal Policy and four instruments of Fiscal Policy.

4. If the reserve ratio is 20% and initial deposit is N50,000, how much money will be

created in the banking system.

5. What do you understand by Budget in the context of government?

6. State five factors affecting government budget and five problems affecting preparation

and implementation of budget.

7. What do you understand by Development Plan? State five features of Development Plan.

8. What are the limitations of Development Planning in Nigeria?

9. What are the general sources of revenue of various governments?

10. Define the term “Public Expenditure and identify ten factors that can influence the

expansion of Public Expenditure.

11. List ten sources of Federal Government revenue in Nigeria.

12. The following information relate to Sogbae Economy:

C = 350 + 0.75 Yd

I = N50 Million

G = N150 Million

X = N30 Million

M = 10 + 0.1Y

T = 20 + 0.2Y

Required:

(a) Calculate the National Income.

(b) Calculate the New National Income if consumption increase to N500 Million, Investment increased by N150 Million and Government increased to N200,000.

13. Sogbae L.G.A has a population of 20 million citizens of which 16 million are taxable adults who will pay tax at the rate of N2,500 per adult. It also has 75,000 market stalls rented to traders at N175,000 per annum per stall.

There are 35,000 hawkers who will pay entrances fees to the market on daily basis at the rate of N500 per day. There are 28 days in a month and 12 months in a year.

Required:

As a student of Management and Business Studies prepare the revenue budget of the local Government for the year 2018.

14. 1. Prepare:

(a) Federation Account

(b) Consolidated Revenue Fund

From the following information for the month of December 2018:

Inflows: N’000

Import duties 20,000

Export duties 35,000

Excise duties 50,000

Petroleum profits tax 1,600,000

Companies income tax 355,000

PAYE: deductions from the emolument of the Armed Forces 15,000

Police personnel 3,000

Residents of Abuja 2,000

Dividend from Federal Government Investments 6,000

Balance b/f 3,000

Outflows:

Remuneration of Statutory Officers 13,000

Recurrent expenditure 750,000

Transfer to: Development Fund 50,000

Contingency Fund 10,000

Note: The revenue allocation formula is:

Federal Government 52.68%

State Government 26.72%

Local Government 20.60%

15. Agbo Ma Biwon State Government has a problem of not being able to pay the salaries of workerspromptly. Apart from the statutory allocation receivable from the State and Federal Governments, internally generated sources are meagre.

You are the Chief Accountant assigned the responsibility of managing the Treasury.

The following informations are available.

On 31st March, 2017 the state anticipated the under listed transactions up to 31st October, 2017.

(a) Prepare the cash budget of the State for April 2018 to September 2018.

(b) Advise the Government on the ways of optimising the use of liquid funds.

ACC 326-PUBLIC SECTOR ACCOUNTING 1 FOR FULL TIME AND PART TIME

1. Define Consolidated Revenue Fund

2. How many revenue heads are payable into the Consolidated Fund Account, and which

line of expenditures is it used to finance.

3. There are three bases under which the financial statements of a public sector enterprises are compiled. These are:

i. The cash basis

ii. The accrual basis

iii. The commitment basis

As a student of Management and Business Studies, explain each of the bases and give two each merits and demerits.

4. Write short note on:

i. Financial Regulations ii. Treasury Circulars iii. Audit Ordinance of 1956

iv. Nigerian Constitution v. Fiscal Responsibility Act of 2007

5. Explain the powers of the:

i. Accountant-General of the Federation

ii. Audit-General for the Federation

6. In accordance with Government Financial Regulations, define Accounting Officers and state five of his or her functions.

7. Prepare:

(a) Federation Account

(b) Consolidated Revenue Fund

From the following information:

Inflows: N’000

Import duties 1,000,000

Export duties 750,000

Excise duties 500,000

Petroleum profits tax 200,000,000

Companies income tax 177,500,000

PAYE: deductions from the emolument of the Armed Forces 1,000,000

Police personnel 75,000

Residents of Abuja 50,000

Dividend from Federal Government Investments 300,000

Outflows:

Remuneration of Statutory Officers 34,500,000

Recurrent expenditure 3,750,000

Transfer to: Development Fund 6,250,000

Contingency Fund 50,000

Note: The revenue allocation formula is:

Federal Government 52.68%

State Government 26.72%

Local Government 20.60%

8. Prepare:

(a) Federation Account

(b) Consolidated Revenue Fund

From the following information:

Inflows: N’000

Import duties 20,000

Export duties 35,000

Excise duties 50,000

Petroleum profits tax 1,600,000

Companies income tax 355,000

PAYE: deductions from the emolument of the Armed Forces 15,000

Police personnel 3,000

Residents of Abuja 2,000

Dividend from Federal Government Investments 6,000

Balance b/f 3,000

Outflows:

Remuneration of Statutory Officers 13,000

Recurrent expenditure 750,000

Transfer to: Development Fund 50,000

Contingency Fund 10,000

Note: The revenue allocation formula is:

Federal Government 52.68%

State Government 26.72%

Local Government 20.60%

9. What do you understand by Public Sector Accounting and state five of its features.

10. Enumerate nine key factors which militate against efficient and effective budget

implementation in the public sector

11. What are the main roles of National Assembly in planning and monitoring of public expenditure.

12. Discuss the main objectives of government economic policies in a developing

economy like Nigeria.

13. Write short note on:

i. Trust Fund ii. Special Fund

iii. Contigency Fund iv. Capital Project Fund

v. Self-Liquidating Fund vi. General Fund

14. Mawibekiri State Government has a problem of not being able to pay the salaries of

workers promptly. Apart from the statutory allocations receivable from the State and

Federal Governments, internally generated sources are meagre.

You are the Chief Accountant assigned the responsibility of managing the Treasury.

The following information are available:

On 31 May, 2018, the State anticipated the under listed transactions up to 31 December, 2018:

(a) Prepare the Cash Budget of the State for June to November, 2018.

(b) Advise the Government on the ways of optimizing the use of liquid funds.

15. Ajikawo L.G.A has a population of 15 million citizens of which 12 million are taxable adults who will pay tax at the rate of N2,000 per adult. It also has 50,000 market stalls rented to traders at N120,000 per annum per stall.

There are 20,000 hawkers who will pay entrances fees to the market on daily basis at the rate of N250 per day. There are 28 days in a month and 12 months in a year.

Required:

As a student of Management and Business Studies prepare the revenue budget of the

local Government for the year 2018.

ACC 415-MANAGEMENT ACCOUNTING 1 FOR FULL TIME AND PART TIME

1. Foyegbe Nigeria Limited produces and sells Red Soft Drinks. The standard direct cost per crate is as follows:

Material:

100 litres of concentrated juice at N2.00 per litre.

200 litres of carbonated water at N2.50 per litre

10 labour hours at N9.00 per hour.

The budgeted monthly production and sales is 500 crates and the selling price is N1,000 per crate.

The following details relate to October 2017, when 510 crates of Red Soft Drinks were produced and sold:

Sales 506,500

Materials used:

Concentrated juice- 51,600 litres 102,500

Carbonated water- 101,500 litres 258,800

Labour:

5,000 hours cost 45,750

Required:

(a) Compute the price and usage variance for each material.

(b) Calculate the wage rate and efficiency variances.

2. Shotirigbo Nigeria Limited has provided below its operating and maintenance costs for the

last four months:

Months/year Production(Units) Cost (N)

June 2018 12,000 194,000

July 2018 14,000 220,000

August 2018 15,000 222,000

September 2018 16,000 230,000

You are required to use High and Low Method to calculate:

i. Variable cost per unit and the fixed cost for the period.

ii. Express the company`s operating and maintenance costs in linear equation form:

Y = a + bx

iii. What is the expected costs for the last three months of 2018 when the planned activity

level were:

October 2018 17,200

November 2018 25,500

December 2018 37,400

3. Below is the budget of maintenance department of Ajepeaiye Nigeria Limited which is

currently working at 80% capacity.

N`000

Variable Costs:

Direct Labour 60,000

Direct Materials 48,000

Other direct expenses 56,000

Mixed Costs:

Indirect labour 30,000

Maintenance 24,000

Other supplies 32,000

Discretionary fixed costs:

Training cost 15,000

Committed fixed costs:

Depreciation 15,000

280,000

In addition to the above information, you are to note the following:

Indirect labour 60% fixed

Maintenance Expenses 50% fixed

Other supplies 40% variable

You are required to prepare a flexible budget at 60%, 70% and 100% capacities.

4. Alashela Nigeria Limited manufactures the following, with the standard labour hours.

Products:

A 20 minutes

B 45 minutes

C 30 minutes

D 25 minutes

The following information were further provides:

Product Budgeted output (units) Actual output (units)

A 45,000 48,000

B 70,000 62,000

C 53,000 58,000

D 64,000 53,000

Actual hours recorded was 100,000 direct labour hours.

Required to complete:

(i) Activity ratio (ii) Efficiency ratio (iii) Capacity ratio

5. The corporate planning manager of Ajikaowo Nigeria Limited is in the process of preparing the 2018 plan for his organisation, just having obtained the requisite import licence. The following data have been gathered:

Finished Goods:
Products		Opening Stock	Closing Stock		Sales
X		8,000	6,000		30,000
Y		18,000	10,000		20,000

Labour Requirement:
Products		Hours per unit	Rate per unit
X		5	3.20
Y		3	6.00
Materials:
	Usage in production			Rate per unit
Type	Price			X		Y
1	3.00			3		1
2	2.00			4		-
3	2.50			-		6
4	4.00			5		-
5	1.00			-		7

Production overhead is applied at the rate of N3 per direct labour hour.

You are required to prepare:

(a) Production budget

(b) Direct materials purchase budget

(d) The cost of finished goods

(e) If a profit of 1/3 of the selling price is desired, for how much should each unit be sold?

6. Write short note on the following:

(i) Budget Committee (ii) Zero Based Budget (iii) Flexible Budget

7. State five roles of the Management Accountant.

8. Differentiate between Management accounting and Financial Accounting in tabular form, state at least ten factors.

9. The opening balance on 1 January was expected to be N360, 000. The budgeted sales and purchases were as follows:

Sales Purchases

N N

November 960,000 -

December 1,080,000 720,000

January 900,000 660,000

February 900,000 540,000

March 960,000 660,000

Notes:

(e) Analysis of record shows that debtors settle according to the following pattern: 60% within the month of sales, 25% in the month following and remaining 15% the next month.

(f) All purchases are on credit and past experience shows that 90% are settled in the month of purchase and the balance settled the month after.

(g) Wages of N180, 000 and overheads of N240, 000 (including N60, 000 depreciation) are settled monthly.

(h) Taxation of N96, 000 has to be settled in February and the company will receive insurance claim of N300, 000 in March.

You are required to prepare a cash budget for January, February and March.

10. Enumerate ten stages in decision making process.

11. List three merits of Corporate Planning and three demerits of Corporate Planning.

12. Enumerate four benefits to be derived from the preparation of detailed cash budget.

13. What do you understand by cash budget?

14. Write short note on:

a.Planning b. Control

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