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. InventoryÂ
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
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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 Â
- 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
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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   SellerÂ
- E. Office equipment    Sales
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