March 2024 Part I - Insight - Accounting Technicians Scheme, West Africa

Oct 3, 2026

March 2024 Insight material for the ATSWA Accounting Technicians Scheme (Part I) focusing on “Basic Accounting” for an exam setting. It provides examination instructions, timetable details, and a structured section of multiple-choice questions covering core accounting concepts such as the form of accounting, IAS 1 components, qualitative characteristics, business and public sector features, and accounting principles like prudence and objectivity. It also includes ledger-entry questions for credit sales and goods returned.

LanguageEnglish

CategoryExam

FormatPDF

Pages80

Reading Time3 h 22 min

AccessFree to download

PART I PAPERS

BASIC ACCOUNTING

Economics

Business Law

Communication Skills

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA INSIGHT MARCH 2024 ATSWA EXAMINATIONS PART I Question Papers Suggested Solutionsand Examiners’ Comments TABLE OF CONTENTS COVER PAGE ……………………………..………………….......... i TABLE OF CONTENTS .…………………..……………………...... ii TITLE PAGE ………………………………………………………... iii PART I PAPERS BASIC ACCOUNTING ………………………………………………. 1 – 24 ECONOMICS ……………………………………………………….. 25 – 43 BUSINESS LAW ……………………………………………......….. 44 – 62 COMMUNICATION SKILLS ……………………………………...... 63 – 77 AT/241/PI.1 Examination No THE ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA ACCOUNTING TECHNICIANS SCHEME, WEST AFRICA MARCH 2024 EXAMINATIONS (PART 1) BASIC ACCOUNTING PLEASE READ THESE INSTRUCTIONS BEFORE COMMENCEMENT OF THE PAPER EXAMINATION INSTRUCTIONS 1. All solutions should be in ink. Any solution in pencil will not be marked. 2. Read all instructions on each part of the paper carefully before answering the questions. 3. Ensure that you do not answer more than the number of questions required for Section B (The Essay Section). 4. Check your pockets, purse and mathematical sets, etc to ensure that you do not have prohibited items such as telephone handset, electronic storage device, wrist watches, programmable devices or any form of written material on you in the examination hall. You will be stopped from continuing with the examination and liable to further disciplinary actions including cancellation of examination result if caught. 5. Do not enter the hall with anything written on your docket. 6. Insert your examination number in the space provided above. TUESDAY, MARCH 26, 2024 DO NOT TURN OVER UNTIL YOU ARE TOLD TO DO SO ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA ACCOUNTING TECHNICIANS SCHEME, WEST AFRICA PART I EXAMINATIONS – MARCH 2024 BASIC ACCOUNTING Time Allowed: 3 hours SECTION A: PART I MULTIPLE-CHOICE QUESTIONS (30 MARKS) ATTEMPT ALL QUESTIONS IN THIS SECTION Write ONLY the alphabet (A, B, C, D or E) that corresponds to the correct option in each of the following questions/statements. 1. The basic form of accounting started with A. Financial Statements B. Finance keeping C. Book-keeping D. Record keeping E. Financial Analysis 2. The components of financial statements according to IAS 1 on Presentation of Financial Statements include the following, EXCEPT A. Statement of Financial Position B. Statement of Changes in Equity C. Statement of Financial Reconciliation D. Statement of Cash flow E. Statement of Profit or Loss 3. Which of the following is NOT an enhancing qualitative characteristics of accounting information? A. Acceptability B. Comparability C. Verifiability D. Timeliness E. Understandability 4. Which of the following is NOT a characteristic of Business? A. It exists to make profits B. Its main objective is to provide social benefits C. It makes profit by supplying goods or services to others D. Its reward for accepting risk is profit E. It supplies goods that it either makes or buys from other parties 5. Mr. Koffi, in partnership with Mr. Nana, withdrew GH¢100,000 from the partnership account for his personal use. The amount should be: A. Credited into his capital account B. Debited into his current account C. Credited into his current account D. Debited into his capital account E. Debited into his personal account 6. Which of the following is NOT a characteristic of a Public Sector entity? A. They have multiple objectives B. Budget is very important C. Profit maximisation is not a major objective D. There is Equity ownership E. Operating and financial framework are set by legislation 7. Which of the following is a TRUE characteristic of Prudence Concept? A. Accountant should not recognise income until it is earned B. Accountant should recognise profit before it is earned C. Accountant should recognise only cash income D. Accountant needs not recognis

FAQs

What are the key exam instructions for writing solutions?

Solutions must be written in ink, prohibited items must not be brought into the hall, and candidates must follow instructions for attempting the required number of questions in each section.

Which accounting statement components are excluded according to IAS 1 (except)?

The question asks which component is NOT included among items such as Statement of Financial Position, Statement of Changes in Equity, and Statement of Cash Flow, alongside Statement of Profit or Loss.

How should credit sales and goods returned be recorded in ledger entries?

The document includes scenarios for credit sales and returns due to damages, then asks for the correct debit/credit ledger entries for the sales and the returned goods.

Oct 3, 2026

Uploaded by SundayMiles