FUOYE · 100 level · 3 units
FUOYE ACC 101 — Principles of Accounting I Past Questions
Recurring exam topics, sample past questions and revision strategy for ACC 101 at Federal University Oye-Ekiti.
About ACC 101 at FUOYE
ACC 101 introduces the principles of financial accounting to students in business, management and accounting faculties. It covers the accounting equation, double-entry bookkeeping, the journal, the ledger, the trial balance, adjusting entries (accruals, prepayments, depreciation), bank reconciliation, control accounts, and the preparation of basic financial statements (trading and profit-and-loss account, balance sheet). Past questions emphasise practical bookkeeping — students must execute double-entry rules accurately and prepare a balanced trial balance from transaction data. The single most common failure mode is debit-credit confusion: students who memorise rules instead of understanding the underlying logic make systematic errors that cascade through the trial balance. The examination is typically 3 hours with one compulsory question (usually preparing a trial balance, trading account or balance sheet from a list of transactions) and 3 to choose from 5 shorter questions. CA contributes 30 percent and often includes class quizzes plus a graded ledger exercise.
Recurring Topics in ACC 101 Past Papers
Accounting equation
Assets = Capital + Liabilities; how transactions affect each side.
Double-entry bookkeeping
Debit-credit rules; journal entries; posting to ledger accounts.
Trial balance
Listing debit and credit balances; common errors revealed (or not) by a trial balance.
Adjusting entries
Accruals, prepayments, depreciation methods (straight-line, reducing balance).
Bank reconciliation
Matching cash book to bank statement; identifying unpresented cheques, direct deposits, bank charges.
Control accounts
Debtors and creditors control accounts; reconciliation with subsidiary ledgers.
Financial statements
Trading and profit-and-loss account; balance sheet; net profit computation.
Sample Past Questions (ACC 101)
Q1. From the following transactions, prepare the journal entries and post them to the relevant ledger accounts.
Q2. Define the accounting equation and show, with examples, how each of the following transactions affects it: (a) purchase of equipment on credit, (b) cash withdrawal by owner, (c) sale of goods for cash.
Q3. Prepare a trial balance from the following ledger balances as at 31 December.
Q4. Calculate the depreciation expense for the year using (a) the straight-line method and (b) the reducing-balance method, given an asset cost of N500,000, scrap value of N50,000, and useful life of 5 years.
Q5. Reconcile the cash book with the bank statement given the following items.
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Q6. Distinguish between capital and revenue expenditure with two examples of each.
Q7. Prepare a trading and profit-and-loss account from the following trial balance.
Q8. State four errors that will NOT be revealed by a trial balance.
ACC 101 Exam Format at FUOYE
3-hour examination. One compulsory question (40 marks) plus 3 from 5 (60 marks). Workings must be shown. CA contributes 30 percent.
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