It' i's revision time, take OHADA Financial Report

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It' i's revision time, take OHADA Financial Report - CRM 2025 Mock

CRM 2025 Mock

50/50 MCQs for:

CRM 2025 Mock

Which method of depreciation allocates the cost of an asset evenly over its useful life, resulting in the same depreciation expense each year?

Constant method.

Product/Service hours method.

Sum of the years digit method.

Reducing Balance Method.

If an office equipment is depreciated over 5 years using the sum of the years' digits method, what percentage of the depreciable amount will be recognized as depreciation expense in the 4th year?

20%.

33.33%.

13.33%.

6.67%.

The accumulated depreciation as of 31/12/2024 for a vehicle acquired on 01/04/2021 is 3,300,000 FCFA. The vehicle has an estimated useful life of 5 years and is depreciated using the constant method. What was the original cost of the vehicle?

5,000,000 FCFA.

4,500,000 FCFA.

6,000,000 FCFA.

3,500,000 FCFA.

An equipment was purchased at the beginning of the year for 5,000,000 FCFA and is being depreciated over 4 years using the reducing balance method with a rate of 25% (implied for a 4-year life with reducing balance if not specified otherwise). What will be the depreciation expense in the first year?

1,250,000 FCFA.

2,000,000 FCFA.

2,500,000 FCFA.

1,875,000 FCFA.

From which date is the depreciation of fixed assets typically calculated?

The date of installation.

The delivery dates.

The date put into service.

The acquisition dates.

A customer owing 477,000 FCFA (tax inclusive) has gone bankrupt. Their assets total 4,000,000 FCFA, privileged creditors are owed 3,000,000 FCFA, and ordinary creditors (including the company) are owed 5,000,000 FCFA. What is the estimated impairment rate for ordinary creditors?

40%.

80%.

25%.

20%.

During an economic downturn, the market value of marketable securities decreased from 40,000 FCFA to 35,000 FCFA. What does this price difference represent in accounting terms?

Depreciation.

Loss.

Impairment loss.

Devaluation.

Mr. Mbah owes the company 400,000 FCFA, and legal proceedings have been initiated against him. How is Mr. Mbah classified as a customer in this situation?

Ordinary customer.

Litigious customer.

Customer.

Doubtful customer.

Why are impairments often considered non-cash expenses?

They are written back.

They have not yet occurred.

No cash is paid for them.

They can be reversed.

In which account is the income generated from the disposal of a fixed asset, when treated as an extraordinary activity, typically recorded?

822.

571.

521.

7594.

On 31/12/2022, transport equipment had accumulated depreciation of 4,200,000 FCFA and an original cost of 10,000,000 FCFA. It was sold on this date for 5,200,000 FCFA. What is the result of this disposal?

600,000 FCFA loss.

300,000 FCFA gain.

600,000 FCFA gain.

300,000 FCFA loss.

What is complimentary depreciation?

Extra ordinary depreciation.

Calculated over the lifespan of the fixed asset.

Calculated in the year of disposal of a fixed asset.

Calculated at the end of the year.

What is the correct journal entry to record the impairment of marketable securities?

Debit 6795 credit 590.

Debit 6972 credit 590.

Debit 590 credit 6972.

Debit 590 credit 6795.

When shares of another company are acquired for the purpose of generating short-term profits from trading, how are they classified?

Longterm securities.

Investment securities.

Participation securities.

Equity securities.

During the reconciliation of the bank account with the bank statement, an electricity bill paid by a bank cheque (for which a debit advice was received) was not recorded in the enterprise's books. What type of error is this?

Commission.

Transposition.

Principle.

Omission.

The bank account in the enterprise's books and the enterprise's account in the bank are reciprocal accounts. Which of the following statements correctly describes their relationship?

A transaction debited in the bank account should be debited in the bank statement.

A transaction credited in the bank account should be credited in the bank statement.

A transaction debited in the bank account should be recorded in the bank statement.

A transaction debited in the bank account should be credited in the bank statement.

Cheques that have been issued by the enterprise to suppliers and recorded in its cash book but have not yet been presented to the bank for payment are known as:

Unpaid cheques.

Uncredited cheques.

Unpresented cheques.

Undebited cheques.

Muluh enterprise has sales of 250,000 FCFA, purchases of 180,000 FCFA, and a debit balance for the variation of stock of goods of 20,000 FCFA. What is the gross profit?

70,000 FCFA.

90,000 FCFA.

50,000 FCFA.

150,000 FCFA.

What is the estimated value of an asset at the end of its useful life, which might be recovered upon its disposal?

Scrap value.

Accounting value.

Real value.

Net book value.

A business has fixed assets of 4,000,000 FCFA, current assets of 2,500,000 FCFA, long-term liabilities of 1,500,000 FCFA, and current liabilities of 3,000,000 FCFA. What is the capital (owner's equity) of the business?

3,000,000 FCFA.

2,000,000 FCFA.

4,000,000 FCFA.

2,500,000 FCFA.

Which of the following accounting items appears in both the profit and loss account (income statement) and the balance sheet?

Assets.

Depreciation.

Income.

Expenses.

22. On 01/09/2021, a loan was taken, and an annual interest of 120,000 FCFA was paid in advance. What is the adjusting journal entry required on 31/12/2021?

Debit 671 80,000 credit 4081 80,000.

Debit 4081 80,000 credit 677 80,000.

Debit 671 80,000 credit 476 80,000.

Debit 476 80,000 credit 671 80,000.

As at 31/12/2021, the electricity bill for the period is still pending and is estimated to be 70,000 FCFA based on previous months. What are the necessary adjusting journal entries?

Debit 6052 70,000 Credit 4081 70,000.

Debit 4181 70,000 Credit 6052 70,000.

Debit 4081 70,000 Credit 6052 70,000.

Debit 6052 70,000 Credit 4181 70,000.

During a physical count of cash on hand, a cash shortage is identified when:

The cash in hand is more than the cash account balance.

The cash account balance is more than the real amount of cash.

The cash account balance is less than the real amount of cash.

Both the cash account and the real amount of cash are less.

The impairment loss on the value of stock of goods was 350,000 FCFA on 31/12/2021, compared to 475,000 FCFA on 31/12/2020. The impairment written back as at 31/12/2021 is recorded as:

Debit 391 and credit 7593 with 475,000.

Debit 6593 and credit 391 with 350,000.

Debit 6593 and credit 391 with 475,000.

Debit 391 and credit 7593 with 350,000.

To insert a visual representation of data into an Excel worksheet, which tab should be selected?

View.

Data.

Insert.

Format.

What is the purpose of using an absolute cell reference in an Excel formula?

The cell reference moves when copied.

The cell reference does not change when the formula is copied.

The cell reference changes as the formula changes.

The cell reference changes when the formula is copied.

What is an Excel function?

Inbuilt in excel and called by the user.

Used to carryout calculations.

Inputed by the user.

The same as a formula.

Which number system is fundamentally used by computers for internal operations?

Binary.

Decimal.

Octal.

Hexadecimal.

What type of software manages the computer's hardware and provides a platform for other software to run?

Driver software.

Application software.

Utility software.

System software.

Under what condition is a software considered a licensed software?

Anyone can modify it.

It does not expire.

The user has to pay for it.

Anyone can use it.

What is the smallest unit of data measurement in computing?

Byte.

Kilobyte.

Bit.

Megabyte.

1,024,000,000 Kilobytes (KB) is equivalent to how many Terabytes (TB)?

3 TB.

4 TB.

2 TB.

1 TB.

What is the binary representation of the decimal number 12?

0011₂.

1011₂.

1101₂.

1100₂.

Which of the following input devices captures information by taking a digital image of a physical document or object?

Scanner.

Barcode reader.

Keyboard.

Mouse.

Where is information that the user is actively working with typically stored for quick access?

ROM.

Memory.

CPU.

RAM.

How many main options are typically found in the iPlans spider menu?

10.

In iPlans software, which menu option is used to create a new company or organizational site?

Company.

Taxation.

Accounting.

Gateways.

After creating a new site in iPlans, what is generally the first crucial step before starting any accounting work?

To create the journals.

To import the chart of accounts.

To create third party accounts.

To define the accounting year.

When recording a financial transaction in iPlans, which is usually the first mandatory field to be filled?

The site.

The date.

The header type.

The journal.

Which iPlans module is specifically designed for day-to-day bookkeeping tasks and transaction recording?

Exploitation.

Pay.

Accounting.

Taxation.

In iPlans, under which menu option would one typically find the functionality to create new journals (e.g., sales journal, cash journal)?

Account consultation.

Enter operations.

Record consultation.

List of records.

To upload a chart of accounts file in iPlans, after navigating to the chart of accounts section, which button or option is typically clicked?

New.

Modify.

Select.

Account update.

In iPlans, to customize the properties or details of an existing account in the chart of accounts, which button or option would you typically select after accessing the chart of accounts?

Account update.

Modify.

Select.

New.

In Microsoft Excel, which feature allows for the quick summation of a large range of numerical data?

Auto format.

Auto fill.

Auto correct.

Auto sum.

Which Excel function is used to display the current date and time in a worksheet cell?

=Time( ).

=Now( ).

=today( ).

=Current Time( ).

To password-protect an entire Excel worksheet, you would typically find the 'Protect Sheet' option under which menu?

Tools.

Format.

Edit.

Data.

What is the Excel feature that allows you to keep specific rows or columns visible on the screen while scrolling through other parts of the worksheet?

Locking.

Selecting.

Fixing.

Freezing.

What is the keyboard shortcut to cut selected data in most Windows applications, including Excel?

CTRL + R.

CTRL + V.

CTRL + C.

CTRL + X.

50. NOT, AND, OR, and XOR are examples of what type of functions in the context of computing and logic?

Text functions.

Relational functions.

Logical functions.

Arithmetic functions.