Accounting Workbook 31

Accounting made simple workbook three
Table of contents
Table of content 1
Dedication2
Acknowledgement3
MODULE ONE: FUNDAMENTALS OF INTERNATIONAL ACCOUNTING4
Topic 1: Accounting and bookkeeping.4
Topic 2: Accounting principles/convention19
MODULE TWO: BOOKS OF PRIME ENTRIES29
Topic 1: The purchases daybook and Purchase return journal29
Topic 2: The Sales Daybook and sales returns daybook29
Topic 3: The cash book36
Working1: Exercises on single column cash book38
Working 2: exercises on two columns cash book41
Working 3: exercises on three columns cash book44
Part two: INTRODUCTION TO OHADA ACCOUNTING SYSTEM52
MODULE TWO: FINANCIAL POSITION OF AN ENTERPRISE 57
MODULE 3: ACCOUNTING RECORDING OF TRANSACTIONS 62
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Dedication
This piece of intellectual property is dedicated to God Almighty
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ACKNOWLEDGEMENT
No solid foundation is laid by a single hand

I want to thank God Almighty for the gift of knowledge, wisdom, inspiration,
health, courage and commitment granted on me to be able to correlate words
and ideas for the realization of this piece, simple approach to Accounting made
simple workbook three
I will equally like to express my gratitude to the Ajong,s family for their financial,
social and moral supports for the realisation of this piece
I also extend gratitude to Mr Nji Raymond, Mr Mbah Elias to whom I am highly

indebted for their act of kindness and to my siblings especially Mbah Bertrand,
,my colleague Madame Mambo for prove reading this piece and to Mr Njoumy
Julius who gave me the go ahead to achieve this piece
I also extend thanks to my very good friend Mr Djou Kuete Sequin for his supports
To all my students, who indirectly gave me the challenge to come up their
increasing desire for a piece pushes me to with something of this magnitude?
Achieve this mile
I will welcome and appreciate all criticism suggestions and contributions that will
go a long way to improve AJONG P of this work
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FUNDAMENTALS OF INTERNATIONAL ACCOUNTING

TOPIC ONE: ACCOUNTING AND BOOKKEEPING
MCQS: Draw a horizontal line on the correct letter corresponding to the right answer
1. IFRS MEANS B It must be relevant
A. Internal financial reporting C. It must be comprehensive
standard
D. Must not specify the time
B. International financial reporting
5. Which of these individuals is not an
standard
accounting user?
C. Interim financial reporting
A. Shareholders
standard
B. state authorities
D. Interpersonal financial reporting
standard C. Debtors
2. A set of regulation and principles that D. Potential creditors
govern financial reporting and accounting
6. Which is the correct meaning of E & O E
practice is known as
as often used in accounting?
A. Accounting chart
A. Errors and omission accepted
B. Accounting law
B. Errors and omission expected
C. Principles
C. Errors and omission accepted
D. Accounting cycle
D Errors and omission excepting
3. Transactions and events are recorded
7. Accounting recording were first carried
when they occur regardless of when the
out in 1494 by an Italian called?
cash is received or paid is which principle
A. Mengoli Luca
A. Fair presentation
B. Luca balancesheet
B. Accrual Basis
C. Luca pacioli
C. Going concern
D. James summer set
D. Materiality
8. Which of the following stakeholder
4. Which is not a characteristic of a good
makes maximum use of accounting
Accounting Information?
information?
A. It must be reliable
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A. School D. Accounting authorities

B. Bank 13. The principle that requires transactions
to be recorded at their cost of purchase is
C. Offices
called?
D. Managing house
A. Cost principle
9. Put the correct meaning of the
B. Historical principle
abbreviations A/C
C. Entity principle
A. Account
D. Double entry principle
B. Advance carried
14. Which of these items is odd in the list
C. Account carried down
A. Banking
D. Advice note
B. Advertising
10. Identify which of this is not a sub branch
of accounting C. Insurance
A. Auditing D. .CDC
B. Financial accounting 15. Which of these is not a measure use to
classify enterprises?
C. Tax accounting
A. Ownership
D. Conventional accounting
B. Mode of operation
11. What's the full meaning of "LTD"?
C. Size
A. Limited trade distance
D. Number of sales
B. Private limited company
16. The steps from which data is recorded
C. Limited trade discount
right up to when it becomes part of the
D. Limited trade financial statement is refers to as?
12. A set of rules and regulations that A. Accounting law15

govern the functioning of accounting and
B. Accounting codes
the preparation of financial statement is
called? C. Accounting cycle
A. Accounting principles D. Accounting process
B. Accounting system 17. The left hand side of an account is called?
C. Accounting steps A. Credit note
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B. Débit note 22. Ngwa bought goods on credit from

peter. on which of the following book of
C. Débit
prime entries will peter register the
D. Credit transaction?
18. The process by which a partnership A. Purchase day book

business cease it operations is refers to as?
B. Sales daybook
A. Break even
C. cash book
B. Liquidation./ Dissolution
D. Returns
C. Separation
23. Casting in accounting means?
D. Termination
A. The process of adding
19. A journal entry that have more than one
B. The process of grouping accounts
Debit and and credit entry is refers to as?
C. The process of selling
A. Contra entry
D. The accounting principles of entity
B. Compound entry
24. Which of the following instructions
C. Double entry
makes maximum use of accounting
D. Casting information?
20. . Which of the following is not a user of A. School

accounting information?
B. Bank
A. Shareholders
C. Offices
B. Tax authorities
D. Manager house
C. Debtors
25. Put the correct meaning of the
D. Creditors abbreviations A/C
21. Which of the following is not an Account
accounting document?
Advance carried
A. Invoice
Account carried down
B. Debit and credit notes
Advice note
C. Pro forma invoice
26. Identify which of this is not a sub branch
D. Receipts of accounting
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A. Auditing C. Limited company

B. Financial accounting D. Public Limited company
C. Tax accounting 28. Information of the sales journal is
posted in?
D. Conventional accounting
A. Sales book
27. What's the full meaning of «PLC"?
B. Purchase book
A. Public limited corporation
C. Sales ledger
B. Private limited company
D. Purchases ledger
COMPETENCY: Structural Questions, provide answers to the following questions
1. What is book keeping?

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2. What is Accounting
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3. How is book keeping different from accounting

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4. State the different branches of accounting.

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5. Explain the difference branches of accounting
a. Management accounting
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b. Financial accounting
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c. Cost accounting.
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6. State the primary objective of accounting

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7. State other four objective of accounting

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8. Explain the following characteristics of good accounting information
i. Reliability
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ii. Understandability
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iii. Relevant
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iv. Desirable
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v. Timelines
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9. List three other characteristics not mentioned above
a.
b.
c.
10. What is the importance of accounting information?

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9. Explain how the following stakeholders use accounting information
i. Taxpayers
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ii. Managers
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iii. Potential investors

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iv. The bank

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v. Potential buyers
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vi. Creditors
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9. State four sources of accounting information
a.
b.
c.
d.
10. What do you understand by an enterprise?

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11. Generally enterprises can be classified according to: size, nature of activity and ownership. Make a
brief explanation on the different criteria used to classified enterprises
a. Size
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b. Nature of activity
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c. Ownership.
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12. According to ownership, State four enterprises each that can be classified as?
a. Public entreprises
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b. Private entreprises
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c. Parastatals.
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13. What are parastatals?

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14. List 3 categories of enterprises under the following sector
i. Laundry sector
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ii. Service sector

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15. Give the meaning of the following accounting abbreviation
i. R/D
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ii. E&OE
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iii. ROCE
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iv. EPS.
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v. Disc.
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vi. P/L.
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vii. TB.
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viii. Inv.
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ix. CFA.
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x. Amt.
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xi. O/D.
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xii. A/C.
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xiii. B/d.
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xvi. C/f and C/d.

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xvii. NBV.
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xviii. IASB.
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ixx. SSAP.
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xx. FRS.
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xxi. FIFO.
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xxii. LIFO.
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xxiii. WAC.
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xxiv. IFRS.
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xxv. GAAP.
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16. Explain the following terms as use in accounting
a. An account.
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b. Bank statement.
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c. Balance.
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d. Carriage inwards.
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e. Carriage outward.
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f. Casting.
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g. Accounting cycle.
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h. Account codes.
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I. Business transaction.
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J. Impersonal accounts.
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k. Ledger
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l. Nominal accounts
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m. Inventory turnover.
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n. Indirect costs.
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o. Standing order
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p. Sales returns
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q. Residual value
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r. Profit
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17. What are accounting concepts or principles

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18. State any four underlying accounting concepts
I.
II
III
Iv
19. Explain the following accounting concepts
a. Historical concept
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b. Business entity concept

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c. Money measurement concept

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d. Time interval concept

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e. Dual aspect concept

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f. Going concern concept

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g. Prudence concept
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h. Consistency
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i. Accruals concept
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j. Matching principle
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k. Materiality
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MODULE TWO: BOOKS OF PRIME ENTRIES

TOPIC TWO: THE PURCHASE DAYBOOK AND PURCHASE RETURN JOURNAL
1. The book of prime entry use to record A. Debit note

the value of goods return to us by
B. Credit note
customers.
C. Invoice
A. Return inward journal
D. Receipts
B. Return outward journal
5. Which other name is used to refer to
C. Purchases daybook
returns outward Daybook?
D. Sales daybook
A. Purchases return
2. Informations if returns Inward are posted
B. Sales return
in the
C. Return to supplier
A. Sales ledger
D. Return to customers
B. Purchases léger
6. Total credit sales are _____ in the general
C. Return inward ledger
ledger
D. General ledger
A. Debited
3. When goods are return by the customer
B. Credited
to the supplier a _____ is issued to the
customer C. Both debited and credited
A. Debit note D. Carried forward
B. Credit note 7. Goods bought and paid immediately with
the use of cheque is recorded in which of
C. Receipts
the following books of prime entry?
D. An invoice
A. Sales daybook
4. Which of these document is usually
B. Purchases daybook
painted in red to differentiate them from
other documents C. Return outward Daybook
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D. Returns Inward daybook A. The journal accounts

8. The individual accounts in return outward B. Sales account
Daybook/ journal are?
C. Ledgers accounts
A. Debited
D. Purchase accounts
B. Credited
10. At the end of the period, all total credit
C. Carried to the ledger as balance sales appears on ?
D. Carried forward for the next A. Purchases ledger
trading period
B. Purchases daybook
9. The trial Balance contains the balances
C Sales ledger
of?
D. Sales daybook
COMPETENCY AND STRUCTURAL QUESTIONS
1. What are books of prime entries?

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2. In a chronological manner, present the accounting cycle

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3. What is a ledger?
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4. List the three main types of ledger

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5. Identify the various daybooks to be kept by an enterprise

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6. Define a purchase daybook and present it Format

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7. What are the uses of a purchase daybook

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8. What are the sources of information needed for the preparation of a purchase
daybook
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9. a): Draw up an appropriate ruling for a Purchases Day Book for Bertrand and
enter the following for the month of August 2022
Aug1: Bought from Albert & Victoria 138,000 Frs.
Aug2: Bought from Edward Ltd 4,600,000 FRS, George & Co 59,800 Frs.
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Aug8: Bought Charles publishing 37,400 Frs.
Aug9: Bought William & Partners 883,200 Frs.
Aug 14: Purchased from Ngwa & Sons 413,000 Frs.
Aug17: Purchased from General Commercial Agency 200,000 Frs.

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9: b. Linda Ltd has the following purchases for the month of June 2023
June 2: From Chinje & Bos 3 sets of gold classes at 250,000 Frs; 5 balls at 20,000
Frs. each less trade discount.
June 14: From Elong 6 bats at 20,000 Frs. cach, 6 ice buckets at 30,000 Frs: 4
rugby balls at 25. each less 10% trade discount.
June 20: From Wunde 6 trophies at 100,000 Frs. each; 4 gold clubs at 300,000 Frs.
each less 37% discount.
June 25: From Njokwi 5 bats at 40,000 Frs. each less 25% trade discount June 30:
From Musa 8 goal posts at 70,000 Frs. each less 25% trade discount.
Required: Enter up the purchase journal for the month.

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8. What is a purchases ledger?

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9. State the procedure of posting items in the purchase journal

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10. Post the information of question 9(a) and 9(b) in the purchases ledger and extract a trial balance
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10(b). Extract of Trial balance from the information in question 10 above

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11. From the following transactions below
May 1: commence a business with: cash 150,000 FRS and bank 600000 FRS
May 2: bought goods on credit 20000 FRS
May 4. Bought goods for cash: 30000 FRS
May 9: sold goods for cash: 50000 FRS
May 10: Bought goods from the following: Mua 80,000 Frs.; Anding 90,000 Frs; and Njam
40.000 Frs.
May 12: Bought equipment by cheque 250,000 Frs.
May 14: Credit purchases from Njam 20,000 Frs.
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May 20: Paid the following account by cheques in each cash deducting 10% cash discount,
Njam and Mus
May 28: Bought from Nkem goods 150,000 Frs. less trade discount
May 30: Paid electricity bills by cash 20,000 Frs.
May 31: Credit purchases from the following; Mua 60,000 Frs.; Musa 80,000 Frs., Muluh
20,000 Frs
Required. Prepare
a. A purchases daybook and cash book
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b Post in to the purchases ledger

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c. Extract a TB
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12. From the following information write up a Purchase Day Book, prepare the
ledger accounts concemed extract a Trial Balance
Invoices received from supplies for goods,

May 4: J. Penn 47000frs
May 9: Mr Agbor 102,000 Frs.
May 12: T. Japhet 91000frs
May 17: L Menang 75000frs
May 23: P Sandra:. 148000frs
May 30: H. Fru 125,000 frs
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13. What is a return outward daybook and state it Format

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14. What are the sources of information needed for the preparation of return outward daybook
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15. From the information of question 12 above, and considering that
6 may: we return goods 22000 FRS to J, Penn
18 may: we return goods worth 175000 FRS to Agbor
25 May: return outward to p Sandra: 35000 FRS
29 May return outward to H fru 25000 FRS
Required: record the transactions in the appropriate daybook and do the

accounting posting in the purchases ledger
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TOPIC THREE: THE SALES DAYBOOK/ SALES RETURN JOURNAL
INSTRUCTIONS: PROVIDE ANSWERS TO THE FOLLOWING QUESTIONS

1. The book of prime entry use to record C. Purchases daybook
the value of goods returns by us is called?
D. Sales daybook
A. Return inward journal
2. Information from the cash books are
B. Return outward journal posted in the?
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A. Sales ledger C. Rebates

B. Purchases ledger D. Discount granted
C. Return inward ledger 7. Discount that reduces the amount to be
received by suppliers of goods is refers to
D. General ledger
as?
3. When goods are return by the customer
A. Discount received
to the supplier a _____ is issued to the
customer B. Discount allowed
A. A Debit note C. Trade discount
B. Credit note D. Rebates
C. Receipts 8. The individual accounts in return outward
Daybook/ journal are?
D. An invoice
A. Debited
4. Which of this document is usually painted
in red to differentiate them from other B. Credited
documents?
C. Carried to the ledger as balance
A. Debit note
D. Carried forward for the next
B. Credit note trading period
C. Invoices
D. Receipts 9. The trial Balance contains the balances
of?
5. Which other name is used to refer to
returns outward Daybook? A. The journal accounts
A. Purchases return B. Sales account
B. Sales return C Ledgers accounts
C. Return to supplier D. Purchase accounts
D. Return to customers 10. Discount that reduces the amount to be
paid by customers of goods is refers to as?
6. A commercial deduction made on goods
to encourage fast payment by customers is? A. Discount received
A. Cash discount B. Discount allowed
B. Trade discount C. Trade discount
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STRUCTURAL ESSAY QUESTIONS
1. What is a sales daybook?

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2. What are the Sources of information needed for the preparation of a sales
daybook
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3. Present the format of a sales journal

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4. From the following details, enter up the sales journal. August 2022
Aug. 1 Credit sales to Jonathan 187000frs
Aug. 3. Credit sales to Appiapoh 166000
Aug 6: Credit sales to Welisane: 12000frs
Aug10: Credit sales to Jonathan: 55000
Aug17: Credit sales to Njingang 289000frs
Aug19: Credit sales to Sone. 66000
Aug27: Credit sales to Fotabong 28000

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Aug 31: Credit sales to Simbo 78000

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5. what is a sales ledger

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6. Use the information in question 4 and post the transactions into a sales ledger
and extract a TB
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7. Enter up the Sales Journal from the following, and then post the items to the
relevant accounts in the Sales Ledger. Then show the transfer to the Sales
Account in the General Ledger. Extract a Trial Balance
Nov. 2023
Nov 1: Credit sales to Ekane 305,000 Frs.

Nov 2: Credit sales to Raymond 164,000 Frs.
Nov 3: Credit sales to Hans 45,000 Frs.
Nov5: Credit sales to Tinghem 212.000 Frs.
Nov 7: Credit sales to Anah 1,296,000 Frs.
Nov 8: Credit sales to Mondo 100,000 Frs.
Credit sales to Java 308,000 FRS
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8. In which book of original entry will you post the following transactions?
Transactions Books of prime entries
Bought goods on credit
Sold goods for cash
Bought goods for cash
Sold goods on credit
Received cash from the bank
Return goods to a supplier
Customers return goods to us
9. What do you understand by return inward journal

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10. State the format of return inward journal

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11. What are the documents needed for the preparation of return inward journal
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12. from the information of question 4 above and considering that
5 Aug: Mr Jonathan made a return inward of 2000 FRS
9 Aug: Mr Walisane made returns of goods 23000 FRS
12: Mr Jonathan made a return of 19000 FRS
15: Mr sone made a return of 34000frs
Required: record the transactions in a the customer's journal and post the
transactions in the appropriate ledger
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TOPIC FOUR: THE CASHBOOK
INSTRUCTIONS: PROVIDE ANSWERS TO THE FOLLOWING QUESTIONS

1. Return inwards reduces? D. Trade commission
A. Purchase daybook 5. A book of prime entry where transactions

such as corrections of errors, purchases of
B. Sales daybook
fixed assets on credit , sales of fixed assets
C. Petty cash book on credit are all recorded is refers to as ?
D. Cashbooks A sales daybook
2. Return outwards reduces? B. Purchase daybook
A. Purchase daybook C. Cash book
B. Sales daybook D. General journal
C. Petty cash book 6. Mr Teh bought goods from madam

Maureen for 500000frs and was allowed a
D. Cashbooks deduction 10%, how much was this amount
offered Mr Teh by madam Maureen?
3. With the three column cashbook,
discount allowed and discount received are A. 25000 FRS.
found in?
B. 50000 FRS
A credit and debit side
C. 450,000 FRS
B. Debit and credit side
D. 475000 FRS
C. Debit and centre
7. How will this amount be called in the
D. None of the above book of Mr Teh?
4. Reduction made on goods to encourage A. Discount Allowed
to encourage fast payment is refers to as?
B. Discount received
A. Trade discounts
C. Cashed out
B. Cash discounts
D. Commission
C. Commission
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8. On which side of the cash book will 10. Expenditures on fixed assets are?
Madam Maureen's records this amount?
A. Revenue expenditures
A. Debit side
B. Capital expenditures
B. Credit side
C. Revenue receipts
C. Both side
D. Capital receipts
D. Middle side
11. The accounts for suppliers and
9. A subsidiary record is a book: customers are called?
A containing the ledgers A. Real accounts
B containing the balance sheet B. Nominal account
C. found in the journal C. Impersonal account
D containing the original entry D. Personal account
1. Define the following
a. The cash book

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b. Pretty cash book

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c. Petty cash float

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d. Imprest system
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e. Discount allowed
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f. Discount received
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g. Two columns cash book

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2. State four documents use for the preparation of the cashbook

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3. List the different types of cashbook and their components

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4. Use the information below and present a single column cash book
4(a) from the following transactions, you are required to prepare a cash book for
the month of August
Aug1: The proprietor puts capital into the business, cash 940,000 FRS.
Aug 2: Received 115,000 FRS cash frem Mbingo.
Aug 4 : Cash sales 102,000 FRS
Aug 6: Paid rent 35,000 FRS cash.
Aug 7: Paid cash into the bank 50,000 FRS
Aug 15: Cash sales 40,000 FRS
Aug 23: Paid 277,000 FRS cash to Song
Aug 20: Withdrew cash from bank for Business use 120,000 FRS.
Aug 30: Drew cash for personal use 50,000 FRS
Aug 30: Paid wages in cash 118,000 FRS

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4(b). JULIUS business had the following transactions for the month of June
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June 1: Put in cash into the business from private sources 6,000,000
June 3: Lend 500,000FRS cash to Henry.
June 9: Purchased a typewriter paying for by cash 400.000 FRS
June 24: Paid Bernard 130,000FRS. 27 Paid Charles 500,000FRS.
June 30: Received 2.400.000 FRS cash from Frida
Required: Prepare Julius Cash Book as at 7 May.

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4(c). Mr Ajong paid 1.500.000frs out of his private assets into a business cash till
on may 1
May 1: Paid for shop fittings 345,000 FRS.
May 2: Purchased goods paying for by cash 1,000,000 FRS.
May 2: Drew cash from bank 25.000 FRS
May 3: Sold goods for cash 21,000 FRS
May 4: Paid rent 30,000 FRS
May 5: Bought stationery and postage stamps for cash 7,000 FRS
May 6: Sold goods for cash 125,000 FRS
Required: prepare Mr Ajong cash book as at May 7
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EXERCISES ON THE DOUBLE COLUMN CASH BOOK
5 (a) Record the transactions below in the cash book of P. Kin business and bring
down the balance 31 March;
Mar 1: P. Kin commenced business with: bank 400000 Cash 20000
Mar 2: Bought goods paying for by cheque. 300000
Mar 3: Bought goods for cash 18,000
Mar 4: Cashed cheque for office expenses 20,000
Mar 7: Cash sales. 63,000
Mar 7: Paid cash into bank 60,000
Mar 12: Sold goods and received cheque 150,000
Mar 17: Paid sundry expenses in cash 4,000
Mar 28: Bought goods by cheque. 200000
Mar 30: Cash sales. 35,000
Mar 31: Withdrew cash for personal use 30,000
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5(b). Write up a two-column cashbook from the following transactions April
1 Balance b/f from last month of : Cash 105,000 Frs, bank 2,154,000
2 S Cash sales 605,000 Frs.
3 Paid cash into bank 500,000 Frs.
4 J. Mathews paid us by cheque 217,000 Frs. 5 Paid for postage stamps in

cash 60,000 Frs.
6 Bought offices equipment by cheque 189,000 Frs.
7 Paid Banga J. by cheque 50,000 Frs.
9 Received rent refund by cheque 72,000 Frs.
11 Withdrew cash 250,000 Frs. from the bank for business use.
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12 Paid wages in cash 239,000 Frs.
14 Paid motor expenses by cheque 57,000 Frs.
16 L. Edward lent us by cheque 200,000 Frs. cash
20. P. Alang paid us by cheque 112,000 Frs.
28. Paid general expenses in cash 22,000 Frs.
30 Paid insurance by cheque 74,000 Frs.

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5(c): Write up a two-column cash book from the following: Sept 2022
Sept 1: Proprietor puts capital into a bank account for the business 940,000
Frs.
Sept 2: Received cheque from Mula Bana 115,000 FRS
Sept 4: Cash sales 102,000 Frs.
Sept 6: Paid rent by cash 35,000 Frs.
Sept 7: Banked 50,000 Frs. of the cash held by the firm.
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Sept 15: Cash sales paid direct into the bank 40,000 Frs.
Sept 23: Paid cheque to S. Wills 277,000 FRS
Sept 29: Withdrew cash from bank for business use 120,000 Frs.
Sept 30: Paid wages in cash 118,000 Frs.
Sept 30: Elongo lent us 200,000 Frs. cash

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EXERCISES ON THE THREE COLUMN CASH BOOK
6 (a). Draw up a three column cash book from the following details as of 31 March
20x2 March
Mar 1: Balance b/f: Cash 230,000 Frs; Bank 1,750,000 Frs.
Mar 2: The following paid their accounts by cheque in each case deducting
5% cash discount: R. Banabas 140,000 Frs.; E. Egbe 220,000 Frs.
Mar 4: Paid 120,000 Frs. rents by cheque
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Mar 5: Paul lent is 1,000,000 Prs. paying by cheque
Mar 6: Paid the following accounts by cheque in each case deducting a 5%

cash discount: A. Aku 360,000 C. Bíh 800,000 Frs.
Mar 10: Paid motor expenses in cash 14,000 F
Mar 12: Ekema pays his account of 77,000 Frs. by cheque 74,000 Frs. Less
3,000 Frs. cash discount
Mar 15: Paid wages in cash 160.000 Frs.
Mar 21: Cash withdrawn from the bank for business use 350,000 Frs.
Mar 25: Paid T. Tina 133,000 Frs. cash in full settlement of his account of
140,000 Fr.
Mar 24: Cash drawings 120,000 Frs.
May 29: Bought 650,000 FRS, fixtures paying by cheque
May 31: Received 85.000 Frs. commissions by cheque

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6(b). A three-column cashbook is to be written up from the following details and

balance off at August.
Aug 1 Balances brought forward Cash 230,000 Fr.; Bank 4,756,000 Frs.
Aug 2 the following paid their accounts by cheque in each case deducting 5%
cash discount: Carine 280,000FRS Petz P. 180,000 FRS, and Odun 11 600,000 FRS
Aug 3: Cash sales paid direct into the bank 134,000 Frs.
Aug 5: we paid rent 88000FRS by cash less 10% cash discount
Aug 8: Withdrew cash from the bank for business use 250,000 Frs.
Aug 10: Cash sales 206,000 Frs.
Aug12: Mangwas paid us their account of 89,000 Frs, by cheque. Less 2,000
Frs. cash discount.
Aug 14: Paid wages by cash 250,000 Frs.
Aug 16: We paid the following accounts by cheque: Lucas 117,000 Frs. less
cash discount 8,000 Frs.
Aug 20: Bought fixtures by cheque 8,000,000 Frs. Less 10% cash disc
Aug 24: Bought motor lorry paying by cheque 7,166,000 Frs.
Aug29: Receive 169,000 FRS cheque from Ange and allowed 9000 disc
Aug 30: Cash sales 116.000 Frs.
Aug 30: Bought 60,000 FRS. Stationary paying for by cash

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7). Explain what you understand by a two-column cash book.

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7 (b). What are the usual types of cash discounts?

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7 (c). Name the other class of discount and say its purpose.
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8. Bonki, a sole trader uses an analytical petty cash book with column for traveling,
postage, stationary, motor expenses, cleaning and ledger account. This system is
base on an imprest amount of 100,000 FRS which Bonki replenishes every month
end. Bonki provide the following information for the month of July 2023
July 1: petrol 4000 FRS
July 3: postage stamps 1500 FRS
July 4: one realm of paper 3000 FRS
July 5: settlement of James account 15000 FRS

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July 7: office cleaning material 2000 FRS
July 9: motor expenses: 5000 FRS
July 9: return of wansi taxi fare: 2000 FRS
July. 10: car polish: 3000fra
July 12: petrol and oil: 7000 FRS
July 13: registered mail: 1500 FRS
July 14: office carpet shampoo: 2000 FRS
July 14: Petrol: 7000 FRS
July 20: petrol 5000 FRS
July 24: settled Guessogo account 20000 FRS
July 27: settled Nana account: 3000 FRS
Required: present a petty cash book

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Fully work questions: To be done during lessons in class
A. You were presented with the following by Mr Mengoh Enterprise for the months of January
and March 2020:
2 January: B king paid us by cheque 40000 FRS and we allowed a discount of 2.5%
8 we paid R long his account of 100,000 Frs. by cheque and received 5% discount
11 January: We withdrew 100,000F cash from the bank for business use
16 January: N Campbell pays us his account 280000 by deducting 2.5% cash discount
25th January: We paid office expenses by cash 92,000F
26 January: D Stand pays us in cash 40000 by deducting 5% cash discount
29 January: We paid U Barrow by cheque 60000 less 5% cash discount
30 January: We paid A Allan 440000 by cheque less 2.5% cash discount.
1" March: Sold goods to M Marshall : Bread 24,000F rice 26,000F less 2.5% on credit
7th March: Sold to R Richard: Tin tomatoes 400,000F, less 40% trade discount on credit.
8th: Bought from C Clark Garri, 70,000F, Maggi, 230.000F, less 33 1/3% on credit
9 May: Return inwards from M Marshall bread 4,000F
18th May: Return inward from R Richard 40,000F
19th May: Return outwards to C Clark 10,000F
Required: Bring out
i. The three column cashbook. ii. The purchase daybook III. The sales daybook (15marks)
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B. The following transactions were carried out in Tito enterprise for the year 2021 follows
1st January: Balance brought down on December
Bank balance 29000, cash balance: 1654000
Accounts receivable: B. King: 120000 N. Campbell: 280000 D. Shane: 40000
Accounts payable : U Barrow: 60000. A Alan: 440000 R. Long: 100000
2/1/21: B king pays us by cheque haven deducted 2.5% cash discount. 117000
8/1/21: we paid R Long his account by cheque deducting 5% discount
11January: we withdraw 100,000cash from the bank
16th January: Campbell his account deducting 25% cash discount
25th: We office expenses by cash 92,000F
26th January: D. Stand pays us cash deducting 5% cash
29 January: we paid Barrow by cheque less cash discount
30th: We paid A Allan by cheque less 2.5% cash discount.
1. March: Sold goods to M Marshall
Brasse goods 24,000F, brownce items 26,000F less 2.5% trade discount on credit
7, March: Sold to R Richard : Tin goods 400,000F, less 40% trade discount on credit.
9, March: Bought from C clark: To goods 70000, Lead goods 230000, less 33.3% on credit
16, March: bought from A chart: copper goods 320000frs less 50% trade discount
23 March: sold to T young: Tin goods 50000f, Brasee item 70000 Frs., lead 80000 FRS, all less
20% trade discount on Credit
31, March: bought from N Nelson figures 100,000, 50% trade discount
May 1: Return inwards from M Marshall brasse goods 4,000F
10 May: Return inward from R Richard: 40000
9, May: Return outwards Clark 10,000F
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16, may: return outward to A chart: 2000
23, May: Return inward from T Young 15.000F
30, May: outward to Nelson 1000frs
Nelchy who's a cashier of Mr Asking Enterprise gave Benny the petty cashier 300000 frs as
petty cash float on the 1 of June 2021 and Benny carries out the following transactions
2,June: postage : 18.000F 3 June: Travelling 12,000F
4 June: Cleaning expenses 15,000F

7 June : petrol for delivery van 22.000F
8, June: stationary 17,000F 30 June: Petrol 14.000F
Work Required
a. Present a three column cash book
b) Write up the sales and purchase daybook
c) write up the returns inward and outward daybook
d) Present write up the petty cash book
e) Present the general journal
f) Post the items from the various books of original accounts
g) Open the general ledger for the other accounts
h) Extract trial balance ( I) Present income statement
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INTRODUCTION TO OHADA FINANCIAL ACCOUNTING SYSTEM
MCQS : draw a horizontal line on the correct letter corresponding to the

right answer
1. OHADA was established on B. Accounting law
A. October 17, 1992 C. Accounting cycle
B. October 17, 1993 D. Accounting principle
C. January 1st 2002 4. How many members are involved in the
OHADA ACCOUNTING
D. January 1st 2001
A. 17
2. Principles of OHADA ACCOUNTING LAW
B. 16
A. Fair presentation
C. 15
B. Accrual Basis
D. 14
C. Going concern
5. All of the following are member countries of
D. History of OHADA the OHADA EXCEPT
3. The standardized framework that provides a A. Nigeria
structure for recording and classifying financial
transactions is B. Cameroon
A. Accounting chart C. Bénin
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D. Sénégal D. Nature of activities ownership and

size
6. The OHADA ACCOUNTING chart is consist of
various categories except 11. According to ownership, enterprise can be
classified as follows except one, which is the
A. Assets exception
B. Liabilities A. Partnership
C. Equity B. Sole proprietorship
D. Value C. Common initiative group
7. All of the following are features of the
D. Para-public
OHADA Accounting cycle except
12. How many forms of business enterprises are
A. Simplified reporting requirements there?
B. Emphasis on fair presentation A.2
C. uniform accounting principles B. 3
D. Financial reporting standard C. 4
8. All of the following are production process of D. 5
an enterprise except one, which is the
exception 13. A business owned and run by one person
only is?
A. Input
A. Sole trader
B. Output
B. Partnership
C. Processing
C. Joint venture
D. Inbox
D. Company
9. _________ controls all the other factors of
production 14. All of the following are characteristic of an
enterprise except
A. Land
A. Large size
B Entrepreneur
B. Revenue
C. Capital
C. Complex structure
D. Labour
D. Global reach
10. Enterprise are classified according to
15. All of the following are roles of the
A. Nature of activities, ownership and enterprise except
scope
A. Producing goods and services
B. Nature of activity, scope and labour
B. Creating jobs
C. Land labour and capital
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C. Diving innovation D) Organization for the harmonization of

business law in Africa
D. Significant impact
21. The OHADA treaty was signed on:
16. _________________ is a company owned
by the state A) 17th October 1993
A. Public company B) 1st January 2001.
B. Private company C) 1st January 1993
C. Joint venture company D) 17th October 2001
D. Sole proprietorship company 22. Which of the following country is not a party
to the OHADA treaty
17.Profit is equal too
A) Sénégal
A. Assets > liabilities
B) Mauritius Island.
B. Asset < liabilities
C) Cameroon.
C. Assets and liabilities are equal
D) Canada
D. Assets =liability + owners’ equity
23. Classes one to five are?
18. Which of the following is a source document
needed in preparing the cash book A) Profit and loss account.
A. Cash sales invoice and pay in slip B) Balance sheet account.
B. All sales and purchase invoice C. Debit C) Ordinary account.
and credit notes D. Cash sales and credit invoice
D) Parallel account
19. A reduction in the cost of goods for bulk
buying is called? 24. Classes 8 to 9 are?
A. Cash discount A) Profit and loss account.
B. Trade discount B) Balance sheet account.
C. Discount allowed C) Ordinary account.
D. Discount received D) Parallel account
20. OHADA means 25. The OHADA treaty was signed in?
A) Organization and harmonization of A) Sénégal.

Africa business Law B) Mauritius Island
B) Organization for the harmonization of C) Cameroon.
Africa duties and activities
D) France
C) Organization and harmonization of
business law in Africa 26. Codification of OHADA accounting system
means
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A) A code is attributed to each account A. A document showing the code of

different accounts in a class
B) Recording transaction
B. A document containing numbers of
C) a facilitator which eases the some accounting elements
understanding of the codification
C. A small book use to records transactions
D) A booklet use to refer the code of some in a journal
items
D. A booklet used by students
27. The first digit of every code indicates:
31. According to OHADA law, if a business starts
A) Class of account. it operations on July 1 2019 then the first
B) Principal account. financial statements will be prepared on?
C) Division account. A. December 31 2019
D) Sub divisional account B. July 1 2019
28. The forth digit of every code indicates: C. December 31 2020
A) Class of account. D. None of the above
B) Principal account. 32. . Accounting period is a period of?
C) Divisional account. A. 6 months
D) Sub divisional account B. 11 months
29. One of the major objectives of OHADA is to: C. 12 months
A) Stop arbitration and unify business law D. 18 months

in Africa 33. Which of the following is not an assets?
B) Promote arbitration and unify business Buildings
law in Africa
B. Cash balance
C) Modify and unify accounting practice
and convention in Africa C. Loan from Asaba
D) Implement a unique accounting system D. Receivables
in Africa
30. Which of the following describe OHADA
accounting plan?
STRUCTURAL TYPE QUESTIONS

Instructions: provide relevant answers to the following questions
1. The acronym OHADA stands for?
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2. Provide a brief history of OHADA
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3. Apart from countries in the CEMAC zone list 10 other members state of OHADA
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4. State the main objective of OHADA
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5. List two main divisions of accounts in each class.
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6. Explain the various factors of production
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MODULE TWO: FINANCIAL POSITION OF AN ENTERPRISE

1. Which of the following is a liability? D. Good sold for cash
A Machinery 3. To produce goods and services an enterprise
needs to combine certain factors, such as
B. Accounts payable for goods
A. Money and food
C. Motor van
B. Material and immaterial things
D. Cash at bank
C. Immaterial and production things
2. Which of the following should not be called
sales? D.Material and production things
A Office fixtures sold 4. All of the following are sources of funds
except;
B. Goods sold on credit
A. Borrowing from Njangi groups
C. Sales of it previously included in
purchases B. Borrowing from Friends
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C. Borrowing from the bank C. Liability

D. Borrowing from children D. Capital
5. Application of funds mean; 10. Intangible fixed assets include all of the
following except;
A. The origin of funds
B. How capital has been used A. Licences
C. Contribution from shareholders B. Trademark
D. Personal savings C. Goodwill
6. The fundamental accounting equation is D. Furniture

normally started as 11. Profit t appears in the balance sheet on the
A. Source of funds = application of _____side:
funds A. Asset side
B. Assets=liabilities B. Liability side
C. Liability=capital C. Capital side
D. Liability=owner’s equity D. Revenue side
7. If a business is setup, it needs resources 12. Liability appears on the balance sheet on
before it can be successful, these resources are the ____side
all of the following except;
A. Assets side
A. Land
B. Liability side
B. Loan
C. Financial side
C. Furniture
D. Expenses side
D. Equipment
13. Current assets less current liabilities is
8. All of the following are assets except; refers to as?
A. Furniture A. Capital employed
B. Building B. Working capital
C. Cash C. Total equity
D. Payables D. Capital ratio
9. All of the following are elements of a balance 14. Which is not an element of accounting
sheet except; equation?
A. Debit A. Capital
B. Liability
B. Assets
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C. Asset A. Profit doesn't alter capital

D. Credit B. Profit reduces capital
15. The which of the following elements is odd C. Capital can only come from profit
in the list
D. Profit increase capital
A. Goodwill
20. Another name for receivables is?
B. Licenses
A. Debtors
C. Copyright
B. Creditors
D. Receivables
C. Inventory
16. Asset with short lifespan are generally refers
to as? D. Payable
A. Fixed assets 21. Payables are found on?
B. Non current assets A. Asset side
C. Current assets B. Current Assets
D. Current liabilities C. Capital
17. Current Assets are arrange in order of D. Liabilities
A. Liquidity 22. Another name for stock of goods is?
B. Profitability A. Inventory
C. Solvency B. Purchases
D. Reliability C. Goods
18. Which I'd the following statement is D. Stockies

incorrect 23. Good bought with the prime intention of
A. Asset _ capital= liability reselling are refers to as
B. Liabilities + capital= assets A. Purchases
C. Liabilities + asset= Capital B. Stocks
D. Assets_ liabilities = capital C. Goods
19. Which of the following is correct? D. Inventories
Structural essay questions

1. What is a balance sheet?
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_____________________________________________________________________________________
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2. State the elements of a balance sheet
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3. What are the importance of a balance sheet
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4. State the accounting equation
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5. With examples in each case, define the following
a. Tangible Non current assets
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b. Intangible non current assets
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C. Current Assets
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d. Non current liabilities
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e. Current liabilities
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6. State the accounting equation
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________________
7. Giving that Asset 20,000000 and capital 750000 FRS determine the value of liabilities
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8. Giving the information below: land 2000000, motorcycle 1000000, bank 2500000, goodwill 800000,
Debtors 1200000 FRS payables 4500000 FRS, accrued revenue 700000 FRS
Determine the value of capital
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________________________
9. Use the data below and present a balance sheet as at 31/12/2023 for Mr Asaba
Capital 5,000,000 FCFA

Land 1,300,000 FCFA
Buildings 1,700,000 FCFA
Equipments 1,900,000 FCFA
Stock of goods 400,000 FCFA
Customers (debtors) 300,000 FCFA
Suppliers (Creditors): 800,000 FCFA
Bank: 900,000 FCFA
Cash 500,000 FCFA
Long-term loan: 1,200,000 FCFA
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MODULE 3: ACCOUNTING RECORDING OF TRANSACTIONS
INSTRUCTIONS: PROVIDE RELEVANT ANSWERS TO THE QUESTIONS BELOW

1. What is a journal?
______________________________________________________________________________
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______________________________________________________________________________
________________________
2. Present the layouts of a journal as prescribed under OHADA
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3. List five main functions of a journal
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4. Use the information below and do the accounting recording in a classical journal
Mr Menghomohoh enterprise LTD during the month of February 2023 carried out the following
transactions
Feb 1: bought goods on credit 500,000 FRS
Feb 3: paid suppliers by cheque 120000 FRS
Feb 6: credit sales of goods 1200000 FRS
Feb 10: received cheque from the customer 300000 FRS
Feb 15: bough equipment for personal use 200000 FRS
Feb 16: cash purchase of goods 40000 FRS
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______________________________________________________________________________
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________________________
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5. What is a ledger
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6. Present the format of a ledger.

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7. Post the entries above from question 4 into a ledger and close the accounts
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__________________
8. What is a trial Balance
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________________________
9. Use the information in question 7 above and extract a trial Balance
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Accounting Workbook 31

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Accounting Workbook 31

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Accounting made simple workbook three

No solid foundation is laid by a single hand

I also extend gratitude to Mr Nji Raymond, Mr Mbah Elias to whom I am highly

FUNDAMENTALS OF INTERNATIONAL ACCOUNTING

A. School D. Accounting authorities

12. A set of rules and regulations that A. Accounting law15

B. Débit note 22. Ngwa bought goods on credit from

18. The process by which a partnership A. Purchase day book

20. . Which of the following is not a user of A. School

A. Auditing C. Limited company

COMPETENCY: Structural Questions, provide answers to the following questions

1. What is book keeping?

3. How is book keeping different from accounting

4. State the different branches of accounting.

5. Explain the difference branches of accounting

6. State the primary objective of accounting

7. State other four objective of accounting

8. Explain the following characteristics of good accounting information

9. List three other characteristics not mentioned above

10. What is the importance of accounting information?

9. Explain how the following stakeholders use accounting information

iii. Potential investors

iv. The bank

9. State four sources of accounting information

10. What do you understand by an enterprise?

13. What are parastatals?

14. List 3 categories of enterprises under the following sector

ii. Service sector

15. Give the meaning of the following accounting abbreviation

xvi. C/f and C/d.

16. Explain the following terms as use in accounting

17. What are accounting concepts or principles

18. State any four underlying accounting concepts

19. Explain the following accounting concepts

b. Business entity concept

c. Money measurement concept

d. Time interval concept

e. Dual aspect concept

f. Going concern concept

MODULE TWO: BOOKS OF PRIME ENTRIES

1. The book of prime entry use to record A. Debit note

D. Returns Inward daybook A. The journal accounts

COMPETENCY AND STRUCTURAL QUESTIONS

1. What are books of prime entries?

2. In a chronological manner, present the accounting cycle

4. List the three main types of ledger

5. Identify the various daybooks to be kept by an enterprise

6. Define a purchase daybook and present it Format

7. What are the uses of a purchase daybook

Aug1: Bought from Albert & Victoria 138,000 Frs.

Aug8: Bought Charles publishing 37,400 Frs.

Aug9: Bought William & Partners 883,200 Frs.

Aug 14: Purchased from Ngwa & Sons 413,000 Frs.

Aug17: Purchased from General Commercial Agency 200,000 Frs.

Required: Enter up the purchase journal for the month.

8. What is a purchases ledger?

9. State the procedure of posting items in the purchase journal

10(b). Extract of Trial balance from the information in question 10 above

11. From the following transactions below

May 2: bought goods on credit 20000 FRS

May 4. Bought goods for cash: 30000 FRS

May 9: sold goods for cash: 50000 FRS

May 12: Bought equipment by cheque 250,000 Frs.