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 31st December, 2018.
N
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
(c)
Statement
of Financial Position ( Extract ) as at 31st December 2018
11. The following balances were extracted from the
books of Aiyegbaogbon Enterprises on
31st
December, 2018.
N
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
(c)
Total
Sales
(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.
N
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.
(c)
A
Statement of Financial Position as at that date.
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.
N
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 31st 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 31st December, 2018 using
First In First Out (FIFO)
15. The following information relates to
Ajimatanraeje Manufacturing Limited from July 1 to 31st 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 31st 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?
(c) The data given above is to be used for
calculating the following stock control levels:
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
(c)
The profit per unit
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:
N
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:
N
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.
(c) Creditors are settled one month in arrears.
(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.
(c)
Wages of N180, 000 and overheads of N240, 000
(including N60, 000 depreciation) are settled monthly.
(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:
N
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:
N
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 31st 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
31st 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:
N
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.
(c)
Comment
briefly upon the information revealed by each of the variances you have
computed.
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
(c)
Direct
labour 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
