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NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
MARCH/APRIL 2015 EXAMINATION
COURSE CODE: ACC312
CREDIT UNIT: 3
COURSE TITLE: INTERMEDIATE FINANCIAL ACCOUNTING II
TIME ALLOWED: 21/2 HOURS
INSTRUCTION:
Attempt question one and any three questions of your choice.
Question one carries 25 marks while others carry 15 marks each.
Present your answer in coherent and orderly manner.
QUESTIONS
- Below if the trial balance of Mukata Farms as at 31 December 2008 is as follows:
DR CR
N’000 N’000
Regular labour expenses 5,120
Repair of motor vehicles 680
Petrol, oil and lubrications 336
Electricity 240
Depreciation 1,080
Rent and rates 720
Insurance 120
Debtors 7,200
Repairs of property 720
Telephone 96
Bank charges 136
Generator repairs and diesel 1,960
Other general expenses 240
Cash at bank 4, 320
Equipment 10,400
Drawings 2,800
Capital 17,200
Creditors 2,360
Opening stock 5,536
Purchases 6,192
Sales 34,120
Subsidies 904
Fertilizer 560
Seeds 1,280
Contract work- crop 1,680
Casual labour- crop 40
Other expenses- crop 208
Feed 2,240
Casual labour- livestock 120
Vetenary medicine-livestock 320
Dairy expenses 80
Sundry expenses- livestock 160
54,584 54,584
Further information relevant to the accounts are as follows:
- Closing stock: Cassava N240,000, Yam N540,000, Cow 240,000, Ram N400,000.
- Sales: Cassava N4,400,000, Yam N5,680,000, Cow N19,560,000, Ram N4,480,000.
- 2/3 of rent and rates; petrol, electricity and telephone should be charged to the farm’s account.
- The opening stocks for the following product lines: Cassava N1,256,000, Yam N1,240,000, Cow N2,200,000, Ram N1,840,000.
- Purchases of: Cow N4,720,000 and Ram N1,472,000.
- Own consumption: Cassava N64,000; Cow N120,000.
- Subsidies: Cassava N160,000, Yam N224,000, Cow N320,000, Ram N200,000.
You are required to prepare trading, profit and loss account of Multinational Farms for the year ended 31 December 2008 and its balance sheet as at that date.
- Using the following data, compute full costs for 2004 Depreciation, Depletion & Amortization using:
- Equivalent physical units of production; and
- Revenue values of oil and gas
N’000
Net capitalization costs 17,500
Future development costs 5,000
Estimated dismantlement and reclamation
Costs, net of salvage 2,500
End of year total proved reserve:
Oil 475,000 barrels
Gas 450,000 MCF
2004 production/revenue:
Oil 25,000 bbls - N 7,500,000
Gas 60,000 MCF - N900,000
End of year price
Oil N6,000/bbl
Gas N500/MCF
- What are the purposes of generally accepted accounting principles?
- A. Mention and briefly explain six accounting concepts.
b. What is accounting policy?
5. Define the following terms according to the provision of the Accounting Standard
i. A lease;
ii. Operating lease;
iii. Finance lease;
iv. Leverage lease; and
v. Sales-typed lease.
6. a. Mention five non-bank financial institutions.
b. Mention five types of classification of cost oil and gas producing activities are involved in.
c. Mention five types of tax
