ICAN-ATSWA I SEPT 2019 Past Questions

Examination Type

ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA ACCOUNTING TECHNICIANS SCHEME, WEST AFRICA PART I EXAMINATIONS – SEPTEMBER 2019 BASIC ACCOUNTING PROCESSES & SYSTEMS

Time Allowed: 3 hours

SECTION A: PART I MULTIPLE-CHOICE QUESTIONS (30 Marks)

ATTEMPT ALL QUESTIONS IN THIS SECTION

Write ONLY the alphabet (A, B, C, D or E) that corresponds to the correct option in each of the following questions/statements.

1. Which of the following is NOT an item in the statement of financial position?

  • A. Bad Debts
  • B. Cash
  • C. Building
  • D. Account Receivable
  • E. Inventory 

2. Which of the following is NOT an asset?

  • A. Cash at Bank
  • B. Account Receivable
  • C. Account Payable
  • D. Inventory
  • E. Shop

3.  Which of the following is NOT a non-current asset?

  • A. Land
  • B. Furniture & fittings
  • C. Buildings
  • D. Inventory
  • E. Motor vehicles

4.  The characteristics of public sector entities are

  • I. They have multiple objectives
  • II. There is no equity ownership
  • III. There is equity ownership
  • IV. They are profit making institutions.
  • A. I and IV
  • B. I and III
  • C. I and II
  • D. III and IV
  • E. II and IV

 

5.  Which of the following correctly represent the accounting equation?

  • A. Assets + Capital = Liability
  • B. Assets + Liabilities = Capital
  • C. Capital – Liabilities = Assets
  • D. Liabilities – Assets = Capital
  • E. Assets – Liabilities = Capital

6. Which of the following is NOT correct?

                             Assets    Liabilities   Capital

                               N             N            N

  • A.                         7,850   1,250       6,600
  • B.                         8,200   2,800       5,400
  • C.                         9,550   1,150       8,200
  • D.                        6,540    1,120       5,420  
  • E.                        12,500   8,300       4,200

7. The following are the commonly used books of original entry, EXCEPT

  • A. Sales day book
  • B. Purchase day book
  • C. Returns Inwards day book
  • D. Returns Outwards day book
  • E. Control Account

8. A trial balance can best be described in which of the following ways?

  • A.It shows the financial position of a business
  • B. It is a special account
  • C. It shows all the entries in the books
  • D. It is a list of balances on the books at a particular dates
  • E. It is used to correct errors in the accounts

9.The following items are usually found in a Bank Reconciliation Statement, EXCEPT

  • A. Dishonoured cheque
  • B. Adjusted cash book balance
  • C. Bank balance
  • D. Unpresented cheque
  • E. Bank errors

 

10. When a photocopy machine is purchased on credit for N500,000, state the account to be debited and credited

             Debit                   Credit

  • A. Office equipment       Purchases
  • B. Purchases                 Office equipment
  • C. Seller                       Office equipment
  • D. Office equipment      Seller 
  • E. Office equipment       Sales

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