NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting

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NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting

Postby Jed » Sun May 10, 2020 11:42 am

NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting




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1 --------- refers to a combination of two or more companies, usually of not greatly disparate size, into
one company.

Amalgamation

2 The process in which one company acquires the business of another company is known as --------

Absorption

3 --------- means the winding up of an existing company and registering itself into a new one after a
rearrangement of its financial position.

External Reconstruction

4 ------ is when one company purchase the controlling interest in the share capital of another existing
company.

Takeover

5 The process in which one company acquires the business of another company is known as --------

Absorption

6 ------- is a combination of two or more companies in which one company survives on its own name and
the other ceases to exist as legal entity.

Merger

7 --------- refers to a combination of two or more companies, usually of not greatly disparate size, into
one company.

Merger

8 -------- signifies the transfer of all or some part of assets and liabilities of one or more than one existing
company or two or more companies to a new company.

Amalgamation

9 Given the following; Gross profit 3,985,000 ,Net Profit 1,275,000 ,Turnover 13,715,000
Shareholders􀳦?? Fund 6,675,000 ,Total Assets 10,000,000. What is Gross Profit to sale

0.291

10 Given the following; Gross profit 3,985,000 ,Net Profit 1,275,000 ,Turnover 13,715,000
Shareholders􀳦?? Fund 6,675,000. Total Assets 10,000,000 What is Net profit on Total Assets

0.128

11 The responsibility for safekeeping of pension funds and assets lies with ------

Pension Commission

12 All pension funds and assets shall only be managed by ------- licensed by the Regulators.

Pension Fund Administrators

13 ------- is established as the Regulator for pension matters.

Pension Commission

14 Contributory pension payments in the Military include ---------

Employer 􀳦?? minimum of twelve and a half percent

15 contributory pension payments in the Private and public sectors include -------

Employer 􀳦?? minimum of seven and a half percent

16 Features Of A Bill Of Exchange does not include ------------

It is a conditional document

17 --------- is a bill of exchange, which has been accepted, drawn or endorsed by a person, not for
valuable consideration but for the sole purpose of lending his name/reputation to another person, to enjoy
some benefits which he could not have enjoyed otherwise.

Accommodation Bill

18 Profit on containers retained by customers is calculated as------

(CBP-VP) x No of containers retained by customer.

19 Profit on hiring of containers is calculated as------

(COP-CBP) x no of containers invoiced to customers.

20 .------- is the price at which container are included in the stock.

Valuation price





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Jed
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Re: NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting

Postby Jed » Sun May 10, 2020 11:43 am

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21 --------- refers to a combination of two or more companies, usually of not greatly disparate size, into
one company.

Merger

22 The process in which one company acquires the business of another company is known as --------

Absorption

23 --------- means the winding up of an existing company and registering itself into a new one after a
rearrangement of its financial position.

External Reconstruction

24 ------ is when one company purchase the controlling interest in the share capital of another existing
company.

Takeover

25 The process in which one company acquires the business of another company is known as --------

Absorption

26 ------- is a combination of two or more companies in which one company survives on its own name
and the other ceases to exist as legal entity.

Merger

27 --------- refers to a combination of two or more companies, usually of not greatly disparate size, into
one company.

Merger

28 -------- signifies the transfer of all or some part of assets and liabilities of one or more than one
existing company or two or more companies to a new company.

Amalgamation

29 Given the following; Gross profit 3,985,000 ,Net Profit 1,275,000 ,Turnover 13,715,000
Shareholders􀳦?? Fund 6,675,000 ,Total Assets 10,000,000. What is Gross Profit to sale

0.291

30 Given the following; Gross profit 3,985,000 ,Net Profit 1,275,000 ,Turnover 13,715,000
Shareholders􀳦?? Fund 6,675,000. Total Assets 10,000,000 What is Net profit on Total Assets

0.128

31 The responsibility for safekeeping of pension funds and assets lies with ------

Pension Commission

32 All pension funds and assets shall only be managed by ------- licensed by the Regulators.

Pension Fund Administrators

33 ------- is established as the Regulator for pension matters.

Pension Commission

34 Contributory pension payments in the Military include ---------

Employer 􀳦?? minimum of twelve and a half percent

35 contributory pension payments in the Private and public sectors include -------

Employer 􀳦?? minimum of seven and a half percent

36 Features Of A Bill Of Exchange does not include ------------

It is a conditional document

37 --------- is a bill of exchange, which has been accepted, drawn or endorsed by a person, not for
valuable consideration but for the sole purpose of lending his name/reputation to another person, to enjoy
some benefits which he could not have enjoyed otherwise.

Accommodation Bill

38 Profit on containers retained by customers is calculated as------

(CBP-VP) x No of containers retained by customer.

39 Profit on hiring of containers is calculated as------

(COP-CBP) x no of containers invoiced to customers.

40 .------- is the price at which container are included in the stock.

Valuation price





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Jed
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Re: NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting

Postby Jed » Sun May 10, 2020 11:43 am

Email: Solutions2tma@gmail.com
Whatsapp: 08155572788


41 a contract for an asset that contains a provision giving an option to acquire legal title to the asset
upon fulfillment of certain condition stated in the agreement is -------

Hire purchase

42 A body corporate is treated as a ------- of another body corporate, if both are subsidiaries of the same
company, but neither is the other􀳦??s subsidiary.

Significant influence

43 A holding of 20 percent but less than 50% of the equity voting rights is regarded as the ability to
exercise -------

Significant influence

44 ------- is the power to participate in the financial and operating policy decisions of the investee but
does not have control over those policies.

Significant influence

45 ------- is an enterprise in which the investor has significant influence and which is neither a subsidiary
nor a joint venture of the investor.

Associated companies

46 ------- value of a security is what the value should he if appropriately valued based on the company s
fundamentals

Intrinsic value

47 --------- is when a person or company does not have enough assets to pay all of their debts.

Balance-sheet insolvency

48 ------- is when a person or company has enough assets to pay what is owed, but does not have the
appropriate form of payment.

Cash-flow insolvency

49 --------is the state of being unable to pay the money owed, by a person or company, on time

Insolvency

50 The specified minimum paid up capital for Reinsurance companies is --------

􀳦?􀳦10 billion

51 The specified minimum paid up capital for Composite insurance companies is

􀳦?􀳦5 billion

52 The specified minimum paid up capital for Life insurance companies is -------

N2 billion

53 The specified minimum paid up capital for Non-life insurance companies is -------

􀳦?􀳦3 billion

54 The minimum paid up share capital required of Mortgage institutions

N2 billion

55 The minimum paid up share capital required of Micro finance banks is ----

N20 million

56 The minimum paid up share capital required of Bureau de change is -------

N500 million

57 The minimum paid up share capital required of Universal banks is -------

N25 billion

58 -------- is the aggregate amount, which the new company is to pay the owners of the discontinuing
business and creditors.

purchase consideration

59 --------- is the account in which the profit or loss on the dissolution of a

Realization account

60 --------- means the winding up of an existing company and registering itself into a new one after a
rearrangement of its financial position

External Reconstruction




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Jed
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Re: NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting

Postby Jed » Sun May 10, 2020 11:44 am

Email: Solutions2tma@gmail.com
Whatsapp: 08155572788


61 ------ is the specified minimum paid up capital for Composite insurance companies

􀳦?􀳦5 billion

62 the price at which container are included in the stock is-----

Credit-back- price

63 Operating Cash Flow

Cash Flows from Operations / Current Liabilities

64 Cash

(Cash + Marketable Securities) / Current Liabilities

65 uick (Acid Test)

(Cash + Marketable Securities + Net Receivables) / Current Liabilities

66 Current

Current Assets / Current Liabilities

67 Asset turnover

Sales/Capital Employed

68 Dividend Payout

Common Dividends / Net Income

69 Return on Total Equity

Net Income / Average Total Stockholders􀳦?? Equity

70 Pretax Return on Assets

Earnings Before Interest & Taxes / Average Total Assets

71 Return on Assets

Net Income / Average Total Assets

72 Return on Sales

Net Income / Sales

73 Gross Margin

(Sales 􀳦?? COGS) / Sales

74 Control is also presumed to exist when the parent has

Power over less than half the voting right in agreement with other investors.

75 IFRS 11deals with ---------

Joint Arrangements

76 IFRS 10 deals with --------

Consolidated Financial Statements.

77 IFRS 3 deals with -------

Business Combinations

78 IAS 31 deals with -------

Interests in Joint Ventures

79 IAS 28 deals with -----

Investment in Associates

80 IAS 7 recognizes the following methods of preparing cash flow

Direct and Indirect Method




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Jed
Posts: 1449
Joined: Tue Oct 10, 2017 6:37 pm
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Re: NOUN TMA Past Questions & Answers: ACC419 - Advanced Financial Accounting

Postby Jed » Sun May 10, 2020 11:45 am

Email: Solutions2tma@gmail.com
Whatsapp: 08155572788


81 . ------- is the price at which customers will be credited back (refunded) provided containers are
returned within the stipulated period

Credit-back- price

82 ------- is the price at which containers are issued out to the customers. The containers should he
returned within the specified /agreed time.

Charged-out-price

83 ----- are paid during gestation period or due to abnormal working condition during the early periods
of lease as the activity level is low in that period.

Short-working

84 The excess of minimum rent over actual royalty calculated on the basis of output or sales is termed as
------.

Short-working

85 In case of low output or low sales, a certain sum of money payable in any case-even if the royalties
based on output or sales are lower is known as

Deeds rent

86 The person who takes out the special rights from its owner on lease for consideration is called -----

Lessee

87 The persons who gives out his some special rights over something say mining rights or patent rights
or copyrights, on lease to another person for a consideration is called the

Landlord
Lessor
Patentee
***All of the above

88 . ------- is also the periodical payment based on sales, made by the lessee of a copyright to the lessor.

Copyright royalty

89 . ------- is the periodical payment based on output, made by the lessee of a patent or patent right to be
lessor.

Patent royalty

90 --------- is a periodical payment generally based on output, made by lessee of a mine or quarry to the
lessor or the landlord

Mining royalty

91 Until the acceptance of goods are signified, it would be incorrect to debit customer􀳦??s accounts and
credit sales account for -----------

Goods sent on Sale or Return

92 In the case of -----------, the transfer of goods to the customer does not amount to sale, since the right
of ownership has not passed to the customer.

Goods sent on Sale or Return

93 The methods by which interest charged on a credit sale may be apportioned over the period of the
payment do not include:

Revolving fund method

94 -------- is the sum payable by hire purchase buyer at specific intervals to liquidate the balance of the
purchase price after the payment of the initial deposit.

Hire purchase installment

95 . ------- is also known as finance charges. It is the excess of the hire purchase price over the cash price.

Hire purchase interest

96 During the period of the ------ contract, legally the asset remains the property of the supplier.

Hire purchase

97 ----------conditions are usually the payment of an agreed number of installments or the payment of a
notional sum at the end of the contracted period.

Hire purchase

98 ------- is a contract for an asset that contains a provision giving an option to acquire legal title to the
asset upon fulfillment of certain condition stated in the agreement.

Hire purchase

99 -------- is an arrangement whereby the parties that have control of the arrangement have right to the
net asset of the arrangement

joint venture

100 .------ is an arrangement whereby the parties that have control of the arrangement have right to the
assets and obligations for the liabilities relating to the arrangement.

Joint operation





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