Podcast
Questions and Answers
The ______ concept states that transactions and events are treated as separate from the owners of the business.
The ______ concept states that transactions and events are treated as separate from the owners of the business.
entity
The ______ principle assumes that a business will continue to operate indefinitely.
The ______ principle assumes that a business will continue to operate indefinitely.
going concern
The ______ convention states that only transactions that can be measured in monetary terms are recorded.
The ______ convention states that only transactions that can be measured in monetary terms are recorded.
money measurement
The ______ principle requires that once an accounting method is adopted, it should be applied consistently.
The ______ principle requires that once an accounting method is adopted, it should be applied consistently.
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Under the ______ concept, accountants must be cautious and not overstate assets or income.
Under the ______ concept, accountants must be cautious and not overstate assets or income.
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The ______ convention allows for the aggregation of similar items in financial statements to simplify reporting.
The ______ convention allows for the aggregation of similar items in financial statements to simplify reporting.
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The ______ principle states that revenues and expenses should be recorded when they are actually earned or incurred, not when cash is exchanged.
The ______ principle states that revenues and expenses should be recorded when they are actually earned or incurred, not when cash is exchanged.
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The ______ basis values assets at their original purchase price, while the fair value basis gives a current market estimate.
The ______ basis values assets at their original purchase price, while the fair value basis gives a current market estimate.
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Non-current assets are classified as ______ and tangible assets.
Non-current assets are classified as ______ and tangible assets.
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The distinction between capital and revenue items is important for ______ financial statements.
The distinction between capital and revenue items is important for ______ financial statements.
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Depreciation can be calculated using the straight-line method and the ______ balance method.
Depreciation can be calculated using the straight-line method and the ______ balance method.
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A non-current assets register helps in tracking the ______ of assets.
A non-current assets register helps in tracking the ______ of assets.
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Allowances for irrecoverable and doubtful receivables are estimated to account for ______ debts.
Allowances for irrecoverable and doubtful receivables are estimated to account for ______ debts.
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Bank reconciliation statements are prepared to ensure that the bank account ______ matches the company's records.
Bank reconciliation statements are prepared to ensure that the bank account ______ matches the company's records.
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Calculating gross earnings involves accounting for ______ and additional compensation.
Calculating gross earnings involves accounting for ______ and additional compensation.
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The types of bank accounts include savings accounts and ______ accounts.
The types of bank accounts include savings accounts and ______ accounts.
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A breach of sale of goods contract can result in various ______ for the parties involved.
A breach of sale of goods contract can result in various ______ for the parties involved.
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In a hire purchase agreement, the buyer is granted the right to ______ the goods after fulfilling certain terms.
In a hire purchase agreement, the buyer is granted the right to ______ the goods after fulfilling certain terms.
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The principle of utmost good faith is essential in an ______ contract.
The principle of utmost good faith is essential in an ______ contract.
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A limited partnership requires at least one ______ partner and one general partner.
A limited partnership requires at least one ______ partner and one general partner.
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The nature and formation of an employment contract define the rights and ______ of both the employer and employee.
The nature and formation of an employment contract define the rights and ______ of both the employer and employee.
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The Corporate Affairs Commission oversees the formation and regulation of ______ in the country.
The Corporate Affairs Commission oversees the formation and regulation of ______ in the country.
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Insurance contracts can be classified into various types, including life and ______ insurance.
Insurance contracts can be classified into various types, including life and ______ insurance.
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The ______ of a partnership includes its elements such as agreement, business purpose, and mutual consent.
The ______ of a partnership includes its elements such as agreement, business purpose, and mutual consent.
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A single shareholder company is also known as a ______ company.
A single shareholder company is also known as a ______ company.
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The ______ of a company contains its fundamental details and purpose.
The ______ of a company contains its fundamental details and purpose.
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Promoters are individuals who ______ the process of setting up a company.
Promoters are individuals who ______ the process of setting up a company.
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The legal obligation to hold an annual general meeting is defined under ______ law.
The legal obligation to hold an annual general meeting is defined under ______ law.
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The document that outlines the internal rules and procedures of a company is known as the ______.
The document that outlines the internal rules and procedures of a company is known as the ______.
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The ______ of directors is responsible for overseeing the company's management and making key decisions.
The ______ of directors is responsible for overseeing the company's management and making key decisions.
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Debentures are a type of ______ that companies offer to raise funds.
Debentures are a type of ______ that companies offer to raise funds.
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A company may be dissolved through a legal process known as ______.
A company may be dissolved through a legal process known as ______.
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Candidates should be able to understand the structure and uses of communication systems, models, and ______ within and outside an organisation.
Candidates should be able to understand the structure and uses of communication systems, models, and ______ within and outside an organisation.
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This paper consists of three sections: Section A, Section B, and Section ______.
This paper consists of three sections: Section A, Section B, and Section ______.
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Understanding of grammatical rules and mechanics relates to good use of language such as ______, phrases, clauses, and sentences.
Understanding of grammatical rules and mechanics relates to good use of language such as ______, phrases, clauses, and sentences.
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Section A of the paper consists of 40 compulsory questions, made up of 20 multiple-choice and 20 ______ questions.
Section A of the paper consists of 40 compulsory questions, made up of 20 multiple-choice and 20 ______ questions.
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Components of communication include the definition of communication, the role of communication, and the ______ of the communication process.
Components of communication include the definition of communication, the role of communication, and the ______ of the communication process.
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Conflict can be classified into different types, including ______ conflict and negotiation.
Conflict can be classified into different types, including ______ conflict and negotiation.
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Human communication can be formal or ______, affecting how messages are conveyed and received.
Human communication can be formal or ______, affecting how messages are conveyed and received.
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Candidates are expected to apply language skills to the ______ activities of the organisation.
Candidates are expected to apply language skills to the ______ activities of the organisation.
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The Armed Forces Pension Act No 103 of 1979 is amended by CAP 119 and 212 LFN in ______
The Armed Forces Pension Act No 103 of 1979 is amended by CAP 119 and 212 LFN in ______
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The Pension Reform Act, 2014 includes provisions for retirement benefits and ______ savings account.
The Pension Reform Act, 2014 includes provisions for retirement benefits and ______ savings account.
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International bodies like IFAC focus on government ______ accounting.
International bodies like IFAC focus on government ______ accounting.
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Standardisation of reporting formats is a goal for federal, ______, and local governments in Nigeria.
Standardisation of reporting formats is a goal for federal, ______, and local governments in Nigeria.
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The cash and ______ basis of accounting are methods used in the public sector.
The cash and ______ basis of accounting are methods used in the public sector.
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Constitutional responsibilities include roles of the Minister of Finance and the ______ General.
Constitutional responsibilities include roles of the Minister of Finance and the ______ General.
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The Ministry of Finance Incorporated Act was established in ______.
The Ministry of Finance Incorporated Act was established in ______.
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Bye-laws of local government dictate regulations pertaining to ______ and expenditure.
Bye-laws of local government dictate regulations pertaining to ______ and expenditure.
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Study Notes
ATSWA Regulations & Syllabus
- Effective September 2022
- Participating member institutes include ICAN Nigeria, ICAG Ghana, LICPA Liberia, ICASL Sierra Leone, ONECCA Cameroon, and GICA Gambia.
Contents
- Foreword: (page 2) Discusses the need for the Accounting Technicians Scheme in West Africa.
- Introduction: (page 3) Outlines the role of professional accountants and the need for trained accounting technicians.
- Philosophy of the New Syllabus: (page 3) Explains the syllabus's aims in producing technicians who support professional accountants.
- Objectives of the Scheme: (page 3) The scheme's objectives—qualifying people for accounting and auditing in public sector, industry, commerce, and accounting offices.
- Potential Beneficiaries of the Scheme: (page 4) Identifies who will benefit from the new syllabus, such as those in supervisory roles in government and industry.
- Benefits of the Scheme: (page 4) Highlights the benefits for individuals and organizations, like career development and recognized qualifications.
- Entry Requirements: (page 4) Details the varied country-specific requirements, which are available on each member body's website.
- Registration for Student Membership: (page 5) Explains the registration process and annual fees for student participation in the ATSWA exam scheme.
- Privileges of Students: (page 5) Lists the benefits of student membership, such as access to member body libraries.
- Practical Experience: (page 5) Emphasizes the importance of practical work experience as a part of the program.
- Membership: (page 5) Explains the induction process after passing the ATSWA exams, leading to AATWA status.
- Progression to the Professional Examination: (page 5) Details progression to related professional bodies' exams, with exemption policies for candidates who have completed ATSWA exams.
- Examination: (page 5-6) Outlines the examination schedule – March and September exams.
- Publications: (page 6) Each member institute will produce/offer publications for students—e.g. Journals.
- Secretariat: (page 6) Location of ABWA Council's secretariat. Contact details provided.
- Structure of the Syllabus: (page 7) A detailed outline of the syllabus breakdown into Parts I, II, and III, and subjects within each.
- Examination Time Table: (page 7) The exam schedule by subject.
- Absence from an Examination: (page 7) Rules and regulations about absence from exams and non-refundable fees.
- Misconduct in an Examination: (page 8) Describes prohibited behaviors during exams.
- Examination Results: (page 8) Method of communicating examination results.
- Exemption Guidelines: (page 8-9) Provides a chart of which qualifications grant exemptions from which exams.
Part I, II, and III Details (page 9-12,13, 16-18)
- Part I: Includes Basic Accounting, Economics, Business Law, and Communication Skills.
- Part II: Covers Financial Accounting, Public Sector Accounting, Quantitative Analysis, and Information Technology.
- Part III: Contains Principles of Auditing & Assurance, Cost Accounting, Taxation, and Management.
- Comprehensive descriptions of these subjects and papers are included and detailed on pages 10 through 18. For instance, Paper 1 (Basic Accounting page 10)
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Description
Test your knowledge on fundamental accounting concepts and principles. This quiz covers key topics such as the separation of owner and business transactions, the continuity assumption, and various accounting conventions. Perfect for students and professionals looking to refresh their understanding of accounting basics.
