1 FOUNTIONS IN OUNTNY Recording Financial Transactions Specimen Exam applicable from June 2014 Time allowed: 2 hours LL 50 questions are compulsory and MUST be attempted. Paper F1 o NOT open this paper until instructed by the supervisor. This question paper must not be removed from the examination hall. The ssociation of hartered ertified ccountants
2 LL 50 questions are compulsory and MUST be attempted Please use the space provided on the inside cover of the andidate nswer ooklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks. 1 Which of the following is an example of capital expenditure? Paying for refurbishment as part of upgrading a building Paying carriage outwards in respect of selling goods Paying legal fees in order to recover customer debts Paying bonuses to production operatives 2 Vic s receivables ledger balances total $50,000, which does not agree with his trade receivables control account. The following errors were found: (1) credit note for $750 was not recorded in the receivables ledger (2) contra entry of $2,000 was entered in the control account but not in the receivables and payables ledgers. What should be the total of the balances on his receivables ledger after correcting the following errors? $52,750 $50,000 $49,250 $47,250 3 hrista pays her mortgage by instructing her bank to make monthly payments of a fixed amount from her current account. When the mortgage rate changes she issues revised instructions to the bank. Which method of payment is hrista using? Standing Order Payable Order irect ebit rossed cheque 4 firm has a credit facility with a local trade supplier. n invoice for purchases has been credited to the supplier s account and debited to the sales account. Which of the following journal entries will correct the error? r Sales account r Supplier account r Supplier account r Sales account r Purchases account r Sales account r Sales account r ank account 2
3 5 Which of the following would be on the credit side of the receivables ledger control account? (1) ash received (2) Irrecoverable debts (3) iscounts allowed (4) Sales 1, 2 and 3 only 2 and 4 only 1 and 4 only 1, 2, 3 and 4 6 The following is a summary of the petty cash transactions for a week: Income $ Expenditure $ Opening balance 500 Travelling expenses 150 Sale of stamps 10 Subsistence expenses 250 Sale of paper 50 Petty cash is maintained using the imprest system. What sum should be reclaimed by the cashier at the end of the week? $160 $340 $400 $500 7 The balance on the payables ledger control account should be equal to which other figure in the accounting system? The total of the balances on the individual customers accounts The total of the balances on the individual suppliers accounts The unreconciled balance on the receivables ledger control account The balance on the receivables ledger control account reconciled for items in transit 8 Louise introduces her car into her business. Which parts of the business accounting equation will change? ssets and capital apital and profit Liabilities and assets apital and liabilities 9 Freya started in business on 1 September. uring September she made cash sales of $6,400 and issued credit sales invoices for $10,200 of which $8,600 had been paid. What would be the balance of the sales account in the general ledger at the end of September? $6,400 $10,200 $8,000 $16,600 3 [P.T.O.
4 10 Which of the following journal entries correctly records the credit purchase of plant and equipment? r Purchase ledger control account r Plant and Equipment r ash r Plant and Equipment r Plant and Equipment r Purchase ledger control account r Plant and Equipment r ash 11 Marvin has a balance of $3,350 on his sales ledger control account but his list of customer balances totals $3,500. Which of the following balances would explain the difference? The total of sales day book was overstated by $150 contra of $150 has been posted in the customer s individual account but not the control account credit note of $150 has not been recorded in the sales day book n irrecoverable debt has been accounted for in the control account but not the individual customer account 12 lbert sold 15 units of inventory with a list price of $40 per unit to Michael. He gives Michael a 10% trade discount and a 5% settlement discount if Michael pays within 30 days. What will be the total of the invoice that lbert issues to Michael for this transaction? $540 $600 $510 $ Which of the following errors would be found by extracting a trial balance? transaction has been completely missed in the accounts The double entries have been made the wrong way round ifferent figures have been entered for the debit and credit entries n expense item has been posted to a non-current asset account. 14 ion performed a purchase ledger control account reconciliation and found the following errors: (1) The purchase day book was overstated by $720 (2) credit note for $380 was omitted from the day books altogether Which of the following shows the necessary adjustments to ensure that the balances reconcile at the correct amount? r Purchase ledger control account $1,100, Subtract $380 from the list of supplier balances r Purchase ledger control account $1,100, dd $380 to the list of supplier balances r Purchase ledger control account $1,100, Subtract $380 from the list of supplier balances r Purchase ledger control account $1,100, dd $380 to the list of supplier balances 4
5 15 Which of the following are benefits of an effective document retention policy to a small business? (1) To ensure all documents are stored forever (2) To meet legal and tax requirements of the business (3) To mitigate risks arising from internal and external disputes of the business (4) To increase operational efficiency and maintain control over costs 1 and 3 only 2, 3 and 4 only 1, 2 and 4 only 1, 2, 3 and 4 16 Hywel purchases goods on credit with a list price of $100. The supplier gives Hywel a trade discount of 15% and also offers a cash discount of 10% for payment within 30 days. What is the amount that Hywel will debit to his purchases account? $ $85 00 $76 50 $ Which of the following are valid reasons for keeping a payables ledger control account? (1) To obtain a figure for payables to be included in the statement of financial position (2) To assist in the location of errors (3) To check the accuracy of entries made in personal accounts 1 and 2 only 2 and 3 only 1, 2 and 3 1 and 3 only 18 credit sale of goods for $51 to J avis was entered in the accounts as $15. What type of error has occurred? ompensating error Error of omission Error of principle Error of transposition 19 Which of the following represents the correct imprest amount in an imprest petty cash system? Notes and coins in the cash box vouchers for payments IOUs Notes and coins in the cash box + vouchers for payments IOUs Notes and coins in the cash box vouchers for payments + IOUs Notes and coins in the cash box + vouchers for payments + IOUs 5 [P.T.O.
6 20 Which of the following statements are true about a good coding system for financial transactions? (1) It enables a company to easily extract data for management analysis (2) It provides a unique code for each item within the system (3) It provides codes that are uniform in format (4) It requires management authorisation before creation of new codes 1 and 2 only 3 and 4 only 2, 3 and 4 only 1,2, 3 and 4 21 Which one of the following is the correct posting from the purchase day book? r Purchases account r Payables ledger control account r Purchases account r ash book r Payables ledger control account r Purchases account r ash book r Purchases account 22 nnabel s cash book shows her to be $2,030 overdrawn. bank reconciliation, however, shows that a standing order payment for $365 had been entered in the cash book twice, and that a dishonoured customer s cheque for $275 had been debited in the cash book rather than credited. What is nnabel s true overdraft position? $1,845 $1,940 $2,120 $2, Narvinda buys goods from Jamal for $2,500. He returns half of the goods on 15 May. Which of the following documents would be issued by Jamal for the return of the goods? Invoice redit note ebit note Remittance advice 24 If a cheque is marked ccount Payee Only, Not Negotiable what does this mean? The cheque should be paid only into the account of the named drawer The cheque should be paid only into the account of the named payee The paying bank can deposit the cheque in an account other than the payee The receiving bank can deposit the cheque in an account other than the payee 6
7 25 The following statements relate to the aged receivables analysis: (1) It provides information about debt collection efficiency to the management (2) It identifies when payments are due to be made to suppliers Which of the above statements are correct? 1 only 2 only oth the statements Neither of the statements 26 credit entry into a ledger account represents which of the following? Increase in an expense Increase in income Increase in an asset Increase in drawings 27 Iwan s payables ledger showed that $2,300 was owed to suppliers at the start of the week. uring the week Iwan made purchases of $3,900 although he paid $900 of this in cash. He also paid suppliers $1,000 by cheque. What is the closing balance on his payables ledger? $4,000 $4,300 $5,200 $6, Which of the following errors will require an entry to a suspense account to correct it? credit purchase was completely omitted from the accounting records credit sale was recorded as a cash sale The payment of wages was debited to the rent account instead of the wages account The cash sale was recorded correctly in the sales account and credited in the bank account 29 What document is usually sent every month from the supplier to the customer, listing all the transactions between them during that month? Invoice Receipt Statement redit note 7 [P.T.O.
8 30 company has the following year end payroll information Gross salaries and wages $285,350 Income tax deducted $61,063 Employers pension contributions $26,786 Employees pension contributions $23,034 What is the company s total payroll cost for the year? $312,136 $274,107 $396,233 $308, Walter sells goods to Ninevah with a list price (exclusive of sales tax) of $4,300, offering a 4% trade discount. Sales tax is 17 5% What amount should be recorded for this transaction in the sales account (to the nearest $1)? $4,850 $4,128 $5,053 $3, Which of the following statements regarding sales tax in the trial balance is true? Output tax and input tax are debit balances Output tax and input tax are credit balances Output tax is a credit balance and input tax is a debit balance Output tax is a debit balance and input tax is a credit balance 33 Which of the following should be classified as current liabilities? (1) Trade receivables (2) Sales tax payable (3) Trade payables (4) rawings 1 and 2 2 and 3 3 and 4 2 and 4 34 Sally s balance in her cash book is $160 debit. However her bank statement shows a different amount. On investigation, Sally discovered the following: 1. cheque that Sally paid into the bank for $40 is still outstanding 2. cheque for $60 paid by Sally to Molly has not yet been presented 3. Sally has forgotten to record a cash withdrawal of $30 4. When Sally inspects her bank statement she sees that the bank has deducted charges of $15 from her account What is the balance on Sally s bank statement? $95 $135 $185 $225 8
9 35 valon gives his customers individual trade discounts from the list price and a general 5% cash discount for all invoices settled within seven days of issue. new customer, Nolava, negotiates a 25% trade discount. His transactions during June are: 12 June uys goods with a $5,000 list price 15 June Returns goods with a $1,000 list price as faulty 16 June Pays half of the net balance on his account How much does Nolava owe valon at the end of June? $1,425 $1,500 $2,000 $2, Richard has a balance of $350,000 on his payables ledger control account at the end of May. What does this mean? He has bought $350,000 of goods in May He is owed $350,000 by his customers He owes $350,000 to his suppliers He has paid $350,000 to his suppliers in May 37 Melanie is a sales tax registered trader. Her purchases day book shows purchases of $2,000, net of sales tax at 17 5%. What double entry will Melanie post at the end of her day s trading? r Purchases $2,000 r Payables $2,000 r Purchases $2,350 r Payables $2,350 r Payables $2,350 r Purchases $2,000 r Sales tax $350 r Purchases $2,000 r Sales tax $350 r Payables $2, Seb packs goods on an assembly line. He is paid a different amount each week, depending on his output of assembled goods. y what method of remuneration is Seb paid? Piecework ommission Hourly rate Salaried 9 [P.T.O.
10 39 The following ledger balances make up a company s trial balance: $ Sales 76,700 Purchases 26,800 Non-current assets 31,400 Payables 18,200 Receivables 32,300 ash at bank 14,200 apital 9,800 What is the total of the debit column of the trial balance? $94,900 $104,700 $105,900 $209, Susan is a computer equipment dealer. She uses the following coding system for her financial transactions: 1st number 2nd number 100 Purchases 300 ash 200 Sales 400 Payables 500 Receivables anielle buys computer equipment worth $2,000 on credit from Susan. Which of the following would be the code recorded on the invoice issued by Susan? In alveer s cash receipts book for the month of June the trade receivables column totalled $6,570. What does this amount represent? The amount invoiced to alveer s customers during June The amount owed by alveer s customers at the end of June The amount received from alveer s customers during June The amount of discounts given to alveer s customers during June 42 Jenny has a bank balance of $550 at the start of the week. uring the week the following transactions occur: ay 1 She sells goods on credit for $876 ay 2 She receives a cheque for $400 from a credit customer ay 3 She purchases office equipment with a list price of $1,000 but receives a 10% discount for paying immediately by cheque How much does Jenny have in the bank at the end of the week? $2,826 $400 $50 $126 10
11 43 Which of the following are books of prime entry? (1) Sales day book (2) Payables ledger (3) Journal (4) ash book 1, 3 and 4 1, 2 and 4 2, 3 and 4 1, 2 and 3 44 Pimlico owes Vauxhall for some goods it recently bought. Pimlico are settling the invoice early to obtain a discount. What is the correct double entry for this in Vauxhall s books? r Vauxhall r ank r iscount received r Vauxhall r iscount received r ank r ank r iscount allowed r Pimlico r ank r iscount allowed r Pimlico 45 Fred works on a car factory assembly line and is paid a rate of $4 50/hour for a 35 hour week. ll overtime is paid at time and a half. In addition a piecework rate of $25 for every car assembled each week is paid. Last week Fred worked 46 hours and completed the assembly of three cars. How much is Fred s gross pay for the week? $ $ $ $ Which of the following will help to reduce overdue balances in receivables ledger accounts? Improved debt collection methods n increase in the bank overdraft facility redit customers paying invoices more slowly n increase in credit facilities to customers 47 arion sells the following goods for cash during January: Net Price $ Sales Tax $ 5 Jan To Maurice Jan To Harris Jan To Merton What are the correct entries in arion s general ledger? r Sales $1,799 r Sales tax $268 r ash $2,067 r ash $2,067 r Sales $1,799 r Sales tax $268 r Sales $1,531 r Sales tax $268 r ash $1,799 r ash $1,799 r Sales $1,531 r Sales tax $ [P.T.O.
12 48 What journal entry would be posted if a sole trader starts a business by introducing his cash savings and a car into the business? r Motor vehicles r ank r apital r ank r Motor vehicles r ank r apital r Motor vehicles r ank r Motor vehicles r apital r ank 49 Malindra sent a payment to Nicholas along with a document detailing the items and invoices the payment related to. What is this document known as? ebit note redit note Remittance advice elivery note 50 The following statements relate to the sales ledger control account: (1) Settlement discounts will not be recorded in the sales ledger control account (2) The allowance for the irrecoverable debts is recorded in the sales ledger control account Which of the above statements are correct? 1 only 2 only oth 1 and 2 Neither 1 nor 2 (100 marks) End of Question Paper 12
14 FOUNTIONS IN OUNTNY Paper F1 Recording Financial Transactions Specimen Exam nswers 1 2 ($50, ,000) ($ ( ) ($10, ,400) ($15 x 40) (10% of 600) ($100 15% of 100) ( $2,030 $550 + $365) ($2,300 +$3,000 $1,000) ($285,350 + $26,786) 31 ($4,300 4% of 4,300) ($160 $40 + $60 $30 $15) 35 ½ of ($4,000 25% of $4,000) ($26,800 + $31,400 + $32,300 + $14,200) ($950 $(1,000 10% of 1,000) ($4 50 x 35) + ($6 75 x 11) + (3 x $25)
FOUNTIONS IN OUNTNY Maintaining Financial Records Specimen Exam applicable from June 2014 Time allowed: 2 hours LL 50 questions are compulsory and MUST be attempted. Paper F2 o NOT open this paper until
FOUNTIONS IN OUNTNY Financial ccounting Pilot Paper Time allowed: 2 hours LL 50 questions are compulsory and MUST be attempted. Paper FF o NOT open this paper until instructed by the supervisor. This question
Fundamentals Level Knowledge Module Financial Accounting Specimen Exam applicable from June 2014 Time allowed: 2 hours This paper is divided into two sections: Section A ALL 35 questions are compulsory
FOUNTIONS IN OUNTNY Management Information Specimen Exam applicable from June 2014 Time allowed: 2 hours LL 50 questions are compulsory and MUST be attempted. Paper M1 o NOT open this paper until instructed
C02 Financial Accounting Fundamentals Control Accounts Let s consider a more detailed example: Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts. At 1 May
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2016 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:
Sample Exam Paper Question 1 The difference between an income statement and an income and expenditure account is that: A. An income and expenditure account is an international term for an Income statement.
UNIVERSITY OF MRIGE INTERNTIONL EXMINTIONS International General ertificate of Secondary Education OUNTING 0452/01 Paper 1 Multiple hoice May/June 2006 dditional Materials: Multiple hoice nswer Sheet Soft
Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions Name: JCansfield Page 1 of 27 Accounting Cycle The Accounting cycle takes place over 12 months. We refer to this as the Financial
FOUNTIONS IN OUNTNY Managing osts and Finance Specimen Exam applicable from June 2014 Time allowed: 2 hours LL 50 questions are compulsory and MUST be attempted. Paper M2 o NOT open this paper until instructed
1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions
LCCI International Qualifications Level 1 Certificate in Book-Keeping Syllabus Effective for examinations to be held after 1 Jan 2008 For further information contact us: Tel. +44 (0) 8707 202909 Email.
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
SYLLABUS CHART LEVEL 1 BUSINESS ACCOUNTING -PAPER 1 Financial Accounting Paper 10 Business Accounting Paper 1 OVERALL AIM To provide the learner with knowledge and skills of basic accounting concepts and
Recording Financial Transactions (FA1) September 2015 (for CBE exams from 23 September 2015) to August 2016 This syllabus and study guide are designed to help with teaching and learning and is intended
INTRODUCTORY CERTIFICATE Paper FA1 Recording Financial Transactions STUDY NOTES 2014 Kaplan Financial Limited, 2013 The text in this material and any others made available by any Kaplan Group company does
Fundamentals Level Skills Module udit and ssurance Thursday 4 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section LL 12 questions are
BAFS Compulsory Part Introduction to Accounting : Technology Education Section Curriculum Development Institute Education Bureau, HKSARG April 2009 1 Beauty Full Co. 2 BAFS Compulsory Part 3 BAFS Compulsory
15_1312MH_CH09 27/1/05 8:38 am Page 87 PREPARING part 3 FINAL ACCOUNTS 9 The final accounts of sole traders 10 Accounting principles, concepts and policies 11 Depreciation and fixed assets 12 Bad debts
AAT Level 2 Certificate in Accounting Qualification specification Version date: July 2014 Ofqual qualification number: 60069090 1 Purpose statement Who is this qualification for? The AAT Level 2 Certificate
Section A- FINANCIAL ACCOUNTING 1. Which of the following is not a Fixed Asset? (a) Building (b) Bank balance (c) Plant (d) Goodwill [Hints: (b) Fixed asset is an asset held with the intention of being
CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International General Certificate of Secondary Education MARK SCHEME for the October/November series 0452 ACCOUNTING 0452/23 Paper 2, maximum raw mark 120
BOOKKEEPING WITH COMPUTERS INTRODUCTION Whether manual or computerised, bookkeeping is essentially the same. Both methods use the same concept of DOUBLE ENTRY, i.e. Debits () and edits (). Double entry
AAT Diploma in Accounting and Business Qualification specification Version date: July 2014 Ofqual qualification number: 60100229 1 Purpose statement Who is this qualification for? The purpose of this qualification
T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for
Chapter 2 Processing accounting information This chapter covers briefly the following topics: Double entry bookkeeping and ledger accounts The debit and credit rules Recording transactions Balancing off
LESSON 2 Double Entry Processing On completing this lesson you should be able to: Identify and explain the accounting concepts which underpin the double entry system of processing business transactions
OUNTING SMPLE PPER 2011 QUESTIONS 1 Which TWO of the following information needs apply to the government and its agencies in relation to the business of a sole trader? The government and its agencies need
FIA FA1 Recording Financial Transactions Chapter 1 Business transactions and documentation What is a business? Business transactions Discounts Sales tax Storage of information What is a business? Business
www.xtremepapers.com UNIVERSITY OF MRIGE INTERNTIONL EXMINTIONS International General ertificate of Secondary Education OUNTING 0452/01 Paper 1 Multiple hoice May/June 2005 dditional Materials: Multiple
Fundamentals of Financial Accounting C H A P T E R 2 Books of Prime Entry Chapter Introduction The ledger accounts of a business are the main source of information used to prepare the financial statements.
ambridge International Examinations ambridge International dvanced Subsidiary and dvanced Level OUNTING 9706/01 Paper 1 Multiple hoice For Examination from 2016 SPEIMEN PPER 1 hour *0123456789* dditional
0 Learning Objectives: 14.1 Describe the important of accounting and financial information. 14.2 Differentiate between managerial and financial accounting. 14.3 Identify the six steps of the accounting
GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING NOVEMBER 2013 MARKS: 300 TIME: 3 hours This question paper consists of 24 pages and an 18-page answer book. Accounting 2 DBE/November 2013 INSTRUCTIONS
GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING NOVEMBER 2010 MARKS: 300 TIME: 3 hours This question paper consists of 21 pages and an answer book of 19 pages. Accounting 2 DBE/November 2010 INSTRUCTIONS
NCEA Level 2 Accounting (91176) 2013 Page 1 of 7 Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Evidence Part A Question One
3 Balancing accounts and the trial balance this chapter covers... With the traditional form of account (the T account) that we have used so far, it is necessary to calculate the balance of each account
SEC SYLLABUS (2017) ACCOUNTING SEC 01 SYLLABUS 1 Accounting SEC 01 Syllabus (not available in September) Paper 1 (2hrs) + Paper II (2 hrs) The aims of the syllabus are to enable students: 1. To understand
ACCT 652 Accounting Week 4 Special Journals, Cash, and Internal Controls Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JULY 2015 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time: 02 hours.
Cash Book & Petty Cash Book 8 4 Karl is a sole trader who keeps full double entry accounting records including Sales, Purchases and Nominal Ledgers. Examiner s On 1 April 2003, balances in Karl s books
Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/02 Paper 2 For Examination from 2014 SPECIMEN MARK SCHEME 1 hour 45 minutes MAXIMUM
*0018636067* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/13 Paper 1 October/November 2013 Candidates answer on the Question
Glossary of Accounting Terms Peter Baskerville Account for or 'bring to account': An accounting phrase used to describe the recording of a financial transaction that is required under the generally accepted
Castle 2.3 Statements Got the answer? Be the first to stand with your group s flag. Got it correct? MAKE or BREAK a castle, yours or any other group s. The group with the most castles wins. Enjoy! Question
Process Accounts Payable and Receivable UNIT PURPOSE On successful completion of this unit the learner will be able to maintain financial records of a business using both manual accounting processes and
INTERNATIONAL DIPLOMA PROGRAM ON BUSINESS BOOKKEEPING & ACCOUNTS Designed to produce bookkeeping and accounts personnel trained in the MODERN PRACTICAL METHODS OF ACCOUNTING Trained and competent bookkeeping
PART ONE: TRIAL BALANCES chapter 8 posting to general ledger accounts Learning outcomes The learning outcomes for this chapter are to post journal entries for a double entry system to the general ledger
CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2013 series 0452 ACCOUNTING 0452/22 Paper 2, maximum raw mark 120 This mark scheme
Glossary of Accounting Terms Account - Something to which transactions are assigned. Accounts in MYOB are in one of eight categories: Asset Liability Equity Income Cost of sales Expense Other income Other
Understanding Accounting Reports Whats inside You ll often hear the term management accounts - but how often do you use this information to actually manage your business on a day to day basis? It may well
Business Accounting 1. Purchase Book records: a. All Cash Purchases b. All Credit Purchases c. Credit Purchase of goods in trade d. None of the above 2. A bank reconciliation statement is prepared to know
KABARAK UNIVERSITY UNIVERSITY EXAMINATIONS /2010 ACADEMIC YEAR FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION COURSE CODE: ACCT 510 COURSE TITLE: FINANCIAL ACCOUNTING STREAM: DAY: TIME: MBA THURSDAY
ACCOUNTS PREPARATION I Double entry bookkeeping Introduction A sound knowledge of double entry underpins many of the learning outcomes and skills required for Accounts Preparation I. A sound understanding
SAMPLE QUESTION PAPER IN ACCOUNTANCY Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper for the guidance of teachers
Fill in the Blanks. 1) Bad debts are written off by debiting Bad Debt account and crediting Personal account. 2) The amount of depreciation keeps reducing year after year in Reducing Balance method. 3)
Section 2: The Bookkeeping Process Dermott Crofton email@example.com 1 This Section of the Course Bookkeeping Process Double Entry Bookkeeping Rules of Debits and Credits The T-Account Representing transactions
TRIAL BALANCE and RECTIFICATION OF ERRORS Practice paper 2 1. Which of these errors does not affect agreement of Trial Balance. a) Errors of principle. b) Complete omission in subsidiary books. c) Compensating
MODULE - 3 15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November question paper 0452 ACCOUNTING 0452/03
NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING I 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the
5 Accruals and prepayments this chapter covers... In the last chapter we have looked at the preparation of financial statements or final accounts using the extended trial balance, or spreadsheet, approach.
C02 Financial Accounting Fundamentals Incomplete Records by Cathy Sibley Part 2 (Before reading this article, please read part 1 which was published in Velocity ) Cost s & the Trading Account We have two
UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION B Com/BBA (2011 Admn. Onwards) II SEMESTER CORE COURSE FINANCIAL ACCOUNTING QUESTION BANK 1) Outstanding expenditure is a account. a) Nominal b) Personnel
Accounts from Incomplete Records 11 LEARNING OBJECTIVES After studying this chapter, you will be able to : state the meaning and features of incomplete records; calculate profit or loss using the statement
CHECKLIT FOR INTERNAL AUDIT Client s Name: Nature of Audit:.. Period covered by the Audit:.. INTERNAL CONTROL QUETIONNAIRE (Evaluation of Internal Control) ACCOUNTING FUNCTION: WAGE & PAYROLL / CAH & BANK
6 SOLE TRADER FINAL ACCOUNTS CASE STUDY Starting out in business Olivia Boulton used to work as a buyer of kitchen and cookware goods for a large department store in central London. She was good at her
Cambridge International Examinations Cambridge International General Certificate of Secondary Education *0123456789* ACCOUNTING 0452/02 Paper 2 For Examination from 2014 SPECIMEN PAPER 1 hour 45 minutes
Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制
13-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 13 Financial Statements and Closing Procedures Section 1: Preparing the Financial Statements Section Objectives 1. Prepare
Tutor Notes aat QCF Level 2 Basic Accounting II TUTOR NOTES STUDY NOTES (TUTOR): BASIC ACCOUNTING II Kaplan Financial Limited, January 2010 All rights reserved. No part of this publication may be reproduced,
INLAND REVENUE DEPARTMENT Saint Lucia Guidelines for Self-Employed Persons Our Mission The Inland Revenue Department stands committed in its impartial treatment of its customers. We aim to provide efficient,
1 INSTITUTE OF FINANCIAL ACCOUNTANTS JUNE 2011 EXAMINATION D1. Financial Accounting Instructions to candidates 1. Time allowed is 3 hours and 10 minutes, which includes 10 minutes reading time. 2. This
Bookkeeping Proficiency (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour. Table of Contents (click
Financial Accounting 1 st Year Examination August 2013 Paper, Solutions & Examiner s Report NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting Technicians Ireland.
Introduction to Accounts Copyright statement Sage (UK) Limited, 2012. All rights reserved We have written this guide to help you to use the software it relates to. We hope it will be read by and helpful
1 A B Money and income Currency The money used in a country euros, dollars, yen, etc. is its currency. Money in notes (banknotes) and coins is called cash. Most money, however, consists of bank deposits:
Fundamentals Level Skills Module Financial Reporting Wednesday 3 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section LL 20 questions
www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial
Your consent to our cookies if you continue to use this website.