FEEDBACK TUTORIAL LETTER
|
|
- Myrtle Williams
- 5 years ago
- Views:
Transcription
1 FEEDBACK TUTORIAL LETTER 1 st SEMESTER 2017 ASSIGNMENT 1 1
2 ASSIGNMENT FEEDBACK TUTORIAL LETTER. Dear Student Thank you for your effort and submitting this assignment on time. I have completed marking your assignment as per suggested memo below. I trust I have marked your script fairly and trust you will appreciate your marks as are the reflection of your efforts. If you have performed well I trust you will celebrate. However just remember you have another assignment due therefore don t relax, pick were you left and hit the next assignment even more harder so you are assured of an easy entry into exam and comfortable cushion against the examination. If you have not done well, pick yourself and identify and assess what you did wrong. Adjust your wrongs for the purpose of the next due assignment as you still have an opportunity to qualify for examination and ultimately passing it. Who said you can t get hundred percent in the next assignment to neutralise the disappointment. At the same time we would like to remind you that by doing your assignment on your own, and not copying it from another will only be to your benefit in the coming exams. I wish you the best in the next assignment Regards, Samuel Mutonga Tel leumashim@yahoo.com 1
3 ASSIGNMENT 1 (46 marks) Question General ledger BW Bank 31/1 Interest Received /1 Balance b/d Balance c/d Discount error Debtors (R/D Cheque) Supplier ½ Balance b/d This was kindly straight forward question. The opening balance and its position was given. Discount was advised as 2% of N$ The question was which side should be corrected. Therefore since it was debited (included in the debit of N$250k) already, you just need to cancel it by crediting cash book resulting in debiting Discount Allowed were it should have been recorded in the first place. RD cheque means the money you have debited into your cash as receipt of money was rejected by the bank due to insufficient cash in drawer s account (or could be another reason but it is irrelevant as what matters is that the bank says they can t credit you with amount as indicated by the debtor.) The Issued of cheque supplied to the supplier, the key was that it was issued before month end that it is payment. The issue of higher cash balance is irrelevant as the amount will be listed reconciling item and at the same time it will be reported prepayments. Thus non recording was wrong, which could be considered at fraudulent reporting. Interest received is straight forward as you received money and we all know that we debit cash book (Bank section in this case) when we receive money. 1.2 Bank reconciliation 31 January 2017 (8) Closing balance as per G/L ( ) Add: outstanding cheques Cheque Cheque Less: Outstanding receipt ( ) Closing balance as per bank statement on 31/1/2017 ( ) 2
4 The starting point was using final adjusted balance as in 1.1. Note: Bank statement balance was not given on purpose so you start with cash book balance as adjusted. The reason we tend to guess (of force) the reconciliation to the bank statement balance. This is a wrong way of doing things. We have to do the right thing by following the correct principle The rest it is simply follow the structure which is straight forward You just have to identify what is unpresented cheques and outstanding deposits and then plot them in the recon as per structure. 1.3 Discount Allowed Bank See comment in1.1. on discount 1.4 Bank Supplier This was test your basic understanding at the same time to give you practical experience. It was common knowledge cheques expired after 6 months thus cannot be presented for payment after 6 months. You simply needed to apply the knowledge of reversal. When you made a payment you debited supplier and credited bank, thus to reverse is to do the opposite. 3
5 QUESTION DR CR Mark 1 C. Thomas Thomasson Manufacturing The Journal is correct thus no adjustment is required. 2 Suspense Telephone This says telephone was overstated thus it need to be reduced by crediting with difference. Suspense is involved as the error was isolated to Telephone account only thus causing the trial balance not to balance. 3 Suspense Sales Sales was less and we know sales is an income account which increases on the credit. Thus we should credit the sales account and debit suspense as the error was isolated too. 4 Repairs Machinery Machinery was overstated by repairs amount thus we needed to reduce it. Assets reduce by credit as result repairs which was understated will be debited. 5 Suspense Rent income
6 Rent received is income thus rent income account should be credited following the principle of income in double entry laws. This involves suspense account as the error was isolated to rent income account only. 6 Purchases Creditors This was on omission in the books thus needed to be entered in purchases and creditors. Purchases is expense account increase on debit and while creditors are liabilities increase on credit. 2.2 Journal number N$ Mark Net profit Sales-Thomas 1-1 Telephone Sales Repairs Depreciation 4? 1 Rent received Purchases This required you to consider how a particular affects profit. Reduction in expenses and increase in income results in a positive effect on profit. However increase in expenses and decrease in income results in negative effect on profit. See the journals above and related comments to understand further. 5
7 Question A 3.2 D 3.3 B 3.4 B 3.5 B 3.6 C 3.7 A 3.8 B 3.9 D This was multiple choice based on topics covered in your study guide and lesser extent based on prior and general knowledge. Mostly students performed well with lowest score on this question being 5 out of 10. 6
Chapter 5. Control Accounts. Notes to teachers
Chapter 5 Control Accounts Notes to teachers 1 Start with Chapters 3 and 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the books and
More informationMARK SCHEME for the May/June 2007 question paper 0452 ACCOUNTING
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark
More informationBank Reconciliation Statements
Chapter 4 Bank Reconciliation Statements Notes to teachers 1 Start with Chapter 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the cash
More informationCPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra
CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra What is a Trial balance? It is a Statement prepared to ensure the arithmetical accuracy of all the accounts before the preparation of the
More information2007 VCE VET Financial Services GA 2: Written examination
2007 VCE VET Financial Services GA 2: Written examination GENERAL COMMENTS Students were well prepared for the 2007 VCE VET Financial Services examination. They are reminded to attempt each question and
More informationresources controlled - as a result of past events - future economic benefits expected to flow
Discussion class notes : FAC1503 Financial accounting the provision of financial information to mainly external parties recording of transactions and the preparation of financial statements Management
More informationACCOUNTING... 2 SRIGCSGPOVIN0201 Group V Creative, Technical and Vocational
SRIGCSGPOVIN0201 www.xtremepapers.com Group V Creative, Technical and Vocational ACCOUNTING... 2 Paper 0452/01 Paper 1 - Multiple Choice... 2 Paper 0452/02 Paper 2... 3 Paper 0452/03 Accounting... 8 1
More informationPRINCIPLES OF ACCOUNTS
Cambridge General Certificate of Education Ordinary Level PRINCIPLES OF ACCOUNTS Paper 7110/11 Multiple Choice Question Number Key Question Number Key 1 C 16 B 2 A 17 A 3 B 18 B 4 C 19 A 5 A 20 C 6 B 21
More informationModule Title: Financial Accounting 2
CORK INSTITUTE OF TECHNOLOGY INSTITIÚID TEICNEOLÍOCHT CHORCÍ Semester 2 Examinations 2007/08 Module Title: Financial ccounting 2 Module Code: CCT 6009 School: School of usiness Programme Title: achelor
More informationPrepare the necessary journal entries to correct the above. Narrations are not required.
Correction of errors HKDSE (2017, 5) (Correction of errors) ABC Limited drafted a trial balance as at 31 December 2016, before the preparation of the closing entries. As the trial balance did not agree,
More informationPANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
More informationFEEDBACK TUTORIAL LETTER
FEEDBACK TUTORIAL LETTER 1 st SEMESTER 2017 ASSIGNMENT 1 S 1 COURSE: Cost and Management Accounting 201 COURSE CODE: S TUTORIAL LETTER: 01/2017 DATE: 03/ 2017 Dear Student Thank you for submitting your
More informationNet Profit Add: interest on drawings: Jane x Allen x 5
ACCOUNTING ORDINARY LEVEL GRADE 12 1 1. Jane and Allen are in partnership. Their partnership agreement provides that 1. Interest on capital is allowed at 10% per annum. 2. Interest on drawings is charged
More informationBook-keeping and Accounts Level 2
Book-keeping and Accounts Level 2 8991-02-002 2012 Sample Paper Candidate s name (Block letters please) Centre no Date Time allowed: 2 hours (Plus 5 minutes' reading time) Note making is not allowed during
More informationProfit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 12 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP B) END SEMESTER
More informationTRIAL BALANCE. Samir K Mahajan
TRIAL BALANCE Samir K Mahajan TRIAL BALANCE: MEANING AND METHOD Trial balance is a statement which shows debit balances and credit balances of all accounts in the ledger. Since, every debit should have
More informationMARK SCHEME for the October/November 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the /November 2011 question paper for the guidance of teachers 0452 ACCOUNTING
More informationCBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that
CBA Model Question Paper CO2 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 a Income
More informationErrors Not Affecting the Trial Balance
Errors Not Affecting the Trial Balance With these types of errors, the debit and credit columns of the Trial Balance will still be the same total. These errors are corrected by means of JOURNAL ENTRIES.
More informationThis exam paper is in two sections. You should try to complete every task in both sections.
Exam NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) 2003 Standards Tuesday 17 June 2008 (afternoon) Time allowed - 3 hours plus 15 minutes reading time Please
More informationChapter # 9. Correction of Errors. Principles of Accounting XI. Sameer Hussain.
Correction of Errors Principles of Accounting XI Chapter contents Correction of errors. Errors where trial balance still balances: o Error of omission. o Error of commission. o Error of principle. o Compensating
More informationTHE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the June 2004 question papers 0452 ACCOUNTING 0452/01 Paper 1 (Multiple Choice),
More informationChapter 5 Extra review questions
Accounting for Non-Accountants 10th Online Material 1 Chapter 5 Extra review questions 1 Enter up the entries needed in the journal to correct the following errors. Narratives are not required: (a) Advertising
More informationUNIVERSITY OF MALTA SECONDARY EDUCATION CERTIFICATE SEC ACCOUNTING. May Marking Scheme Paper I
UNIVERSITY OF MALTA SECONDARY EDUCATION CERTIFICATE SEC ACCOUNTING May 2011 Marking Scheme Paper I MATRICULATION AND SECONDARY EDUCATION CERTIFICATE EXAMINATIONS BOARD PAPER I Answer ALL questions. Question
More informationLivestock Office Native Accounting
Livestock Office Native Accounting 12/04/2017 Contents Native Accounting... 2 General Ledger... 3 G/L Codes... 3 G/L Code Budgets... 4 G/L Tree... 5 G/L Journals... 6 Bank Accounts... 7 Bank Statements...
More informationPREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE
CHAPTER-4 PREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE BANK RECONCILIATION STATEMENT Bank Reconciliation Statement is prepared to reconcile the difference between the bank Balance
More informationCOMSATS INSTITUTE OF INFORMATION TECHNOLOGY, ABBOTTABAD
COMSATS INSTITUTE OF INFORMATION TECHNOLOGY, ABBOTTABAD Registration # Signature Quiz # 2 and 3 Financial MBA 1(3.5) Instructions: 1. Borrowing of Calculator, Ruler etc. is not allowed 2. Switch off Mobile
More informationPaper F3 (INT) Financial Accounting. June 2010 ACCA FINAL ASSESSMENT. Kaplan Publishing/Kaplan Financial
ACCA FINAL ASSESSMENT Financial Accounting June 2010 Time allowed: 2 hours All FIFTY questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. This question
More informationMARK SCHEME for the May/June 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/03 Paper 3, maximum raw mark
More informationTHE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers
THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers 1. (a) Wages expense 114,866 Wages control 114,866 (b) PAYE/ NI 23,349 Bank 23,349 (c) Wages
More information(50) BASIC ACCOUNTING
All Rights Reserved Time: 03 hours THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA Instructions to candidates FOUNDATION EXAMINATION - JANUARY 2015 (50) BASIC ACCOUNTING (1) This paper consists
More informationExaminer s report F3 & FFA papers For CBE and Paper exams covering July to December 2017
Examiner s report F3 & FFA papers For CBE and Paper exams covering July to December 2017 General Comments There are two sections to the examination paper and all of the questions are compulsory. Section
More informationAnnual Qualification Review
LCCI International Qualifications Level 2 Certificate in Book-Keeping and Accounts Annual Qualification Review 2008 For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com
More informationChapter 8. Recording Adjusting and Closing Entries
Chapter 8 Recording Adjusting and Closing Entries Adjusting Entries Adjusting Entries - journal entries recorded to update general ledger accounts at the end of a fiscal period (Supplies & Prepaid Insurance).
More informationMARK SCHEME for the May/June 2006 question paper 7110 PRINCIPLES OF ACCOUNTS. 7110/02 Paper 2 maximum raw mark 100
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE O Level MARK SCHEME for the May/June 2006 question paper 7110 PRINCIPLES OF ACCOUNTS 7110/02 Paper 2 maximum raw mark 100 This mark scheme is published
More informationMARK SCHEME for the May/June 2010 question paper for the guidance of teachers 9706 ACCOUNTING
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 9706 ACCOUNTING 9706/23
More informationCambridge International General Certificate of Secondary Education 0452 Accounting November 2014 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key Messages Questions can be set on any section of the syllabus and a good knowledge of all sections
More informationSUGGESTED SOLUTIONS. KE1 Financial Accounting & Reporting Fundamentals. September All Rights Reserved
SUGGESTED SOLUTIONS KE1 Financial Accounting & Reporting Fundamentals September 2015 All Rights Reserved SECTION 1 Answer 01 1.1. Learning Outcome: 1.1.5 State the differences between financial accounting
More informationTHE INDIAN COMMUNITY SCHOOL, KUWAIT
THE INDIAN COMMUNITY SCHOOL, KUWAIT SERIES : II TERM /FN/ 2018-2019 CODE : 055 TIME ALLOWED : 2 HOURS NAME OF STUDENT : MAX. MARKS : 50 ROLL NO. :.. CLASS/SEC :.. NO. OF PAGES :4 ACCOUNTANCY ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
More informationBOOKS OF ORIGINAL ENTRIES
BOOKS OF ORIGINAL ENTRIES These are the books of first entry. The transactions are first recorded in these books before being entered in the ledger books. These books are also called as books of Prime
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities
Osborne Books Tutor Zone Bookkeeping Controls Answers to chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 (a) A standing order
More informationMGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30
MGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30 Wages paid to laborers working in the manufacturing department is treated as an expense of: Cost of goods sold Administrative expense Selling expense
More informationJune 2014 Examination Question Paper
June 2014 Examination Question Paper 208 Exam ID 2050 Exam ID Question Paper for the following Qualifications: 200: Level 2 Certificate in Bookkeeping QCF: 50090537 210: Level 2 Award in Manual Bookkeeping
More informationLevel 3 Certificate in Manual Bookkeeping QCF. Level 3 Certificate in Applied Bookkeeping QCF
Exam ID 322 Qualifications: Level 3 Certificate in Book-keeping QCF Accreditation number: 500/8479/3 Level 3 Certificate in Manual Bookkeeping QCF Accreditation number 500/9260/1 Level 3 Certificate in
More information* * (plus 5 minutes reading time) The marks allocated to each question are shown in brackets. All answers must be written in ink.
Book-keeping and Accounts Level 2 8991-02-002 (NU-BKA 02) This paper must be returned with the candidate s work, otherwise the entry will be void and no result will be issued. *8991002* Candidate s name
More informationWeek 3. Topic 3 Chapter 3. ACT102 Introduction to Accounting. Accounting for end of financial period adjustments 21/02/2018
ACT102 Introduction to Accounting Week 3 Accounting for end of financial period adjustments Topic 3 Chapter 3 2 RECAP Topic 2: Recording Business Transactions The accounting equation must always balance
More informationChapter 3: The Ledger and Double-Entry Accounting System. 3. How to record in Assets, Liabilities & Owner s Equity account:
1 Chapter 3: The Ledger and Double-Entry Accounting System Topic Outline: 1. Ledger 2. Ledger Account the T-account 3. How to record in Assets, Liabilities & Owner s Equity account: - the increases - the
More informationWhat will be the effect of this adjustment on the financial statements?
CIS FIACIAL ACCOUTIG 2.1 COTACT UMBER 08038400843 COTACT HOURS TUESDAYS AD FRIDAY 6PM 7PM. QUESTIO WEEK 3- Bad debts &Provision for doubtful debt VIDEO LECTURE CHAPTER: 5 MULTIPLE CHOICE QUESTIOS 1 A business
More informationICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation
ICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation Compiling financial statement Compiling financial statement
More informationTuesday 6 December 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time
NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 6 December 2005 (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level PRINCIPLES OF ACCOUNTS
UNIVERSITY OF MRIGE INTERNTIONL EXMINTIONS General ertificate of Education Ordinary Level PRINIPLES OF OUNTS 7110/01 www.xtremepapers.com Paper 1 Multiple hoice October/November 2006 dditional Materials:
More informationFinancial Accounting. Sample Paper 3 Questions & Suggested Solutions. Page 1 of 31
Financial Accounting Sample Paper 3 Questions & Suggested Solutions Page 1 of 31 NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide
More informationCASH FLOWS FROM OPERATING ACTIVITIES
1 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers (calc a) Cash paid to suppliers and employees (calc b) Cash generated from / (used in) operations Dividends received Interest received
More informationAccounting Principles. Question Paper, Answers and Examiners Comments. Level 3 Diploma June B/PQP/1
Accounting Principles Question Paper, Answers and Examiners Comments Level 3 Diploma 7B/PQP/1 Copyright of the Institute of Credit Management Institute of Credit Management The Water Mill, Station Road,
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A Class: Date: Subject: Accounting Instructor: Zaheer A. Swati Time Allowed: 30 Minutes Max Marks:
More informationACCOUNTING Accounting June 2003
www.xtremepapers.com ACCOUNTING... 2 Paper 0452/01 Multiple Choice... 2 Paper 0452/02 Paper 2... 3 Paper 0452/03 Paper 3... 8 1 Paper 0452/01 Multiple Choice Question Number Key Question Number 1 D 21
More informationCambridge International General Certificate of Secondary Education 0452 Accounting November 2011 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education www.xtremepapers.com Paper 0452/11 Paper 11 Key messages This question paper contained a mixture of multiple-choice, short
More informationLevel 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
More informationChapter 5. Solution 5.1. Donncha O Donoghue 1
Chapter 5 Solution 5.1 Distinguish between books of original entry and ledger accounts The books of original entry ( day books or journals ) are the books in which transactions are first recorded and are
More information[Time: Hours] 2. The cash book is used for recording the credit transaction of the business
Q.1) A) N.B: [Time: 2 1 2 Hours] Please check whether you have got the right question paper. 1. All Questions are compulsory carrying 15 marks each. 2. Working notes should form part of your answers wherever
More information2012 Accounting GA1: Written examination 1
Accounting GA1: Written examination 1 GENERAL COMMENTS The June examination was the first for the revised study design. The examination was significantly different to past June examinations as it consisted
More informationALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD (Department of Commerce) PRINCIPLES OF ACCOUNTING (438) CHECK LIST SEMESTER: AUTUMN, 2012
ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD (Department of Commerce) PRINCIPLES OF ACCOUNTING (438) CHECK LIST SEMESTER: AUTUMN, 2012 This packet comprises following material:- 1. Text book (one) 2. Assignment
More informationCambridge International General Certificate of Secondary Education 0452 Accounting June 2014 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key Messages Question 1 consisted of ten multiple choice items covering topics across the whole syllabus.
More information* * (plus 5 minutes reading time) The marks allocated to each question are shown in brackets. All answers must be written in ink.
Book-keeping and Accounts Level 2 8991-02-002 (NU-BKA 02) This paper must be returned with the candidate s work, otherwise the entry will be void and no result will be issued. *8991002* Candidate s name
More information1 st Year Examination : Summer FINANCIAL ACCOUNTING l NEW SYLLABUS. PAPER, SOLUTIONS and EXAMINERS REPORT
1 st Year Examination : Summer 2009 FINANCIAL ACCOUNTING l NEW SYLLABUS PAPER, SOLUTIONS and EXAMINERS REPORT NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting
More informationVCE VET FINANCIAL SERVICES
Victorian Certificate of Education 2012 SUPERVISOR TO ATTACH PROCESSING LABEL HERE STUDENT NUMBER Letter Figures Words VCE VET FINANCIAL SERVICES Written examination Thursday 22 November 2012 Reading time:
More informationExamination for the Bachelor s Degree
Examination for the Bachelor s Degree name: exam in module: Accounting I nationality: 1st examiner: grade: 1st examiner: Berkau / Rosenberg sign.: matriculation number: 2nd examiner: grade: date: January
More informationMark Scheme. Accounting ACCN1. General Certificate of Education. Unit 1 Introduction to Financial Accounting examination - January series
Version 1.0 02/10 General Certificate of Education Accounting ACCN1 Unit 1 Introduction to Financial Accounting Mark Scheme 2010 examination - January series Mark schemes are prepared by the Principal
More informationTHE TRIAL BALANCE AND THE CORRECTION OF ERRORS
CHAPTER 22 THE TRIAL BALANCE AND THE CORRECTION OF ERRORS Question 1 Error Type of error 1 An invoice received from a supplier for $657 was recorded in the purchases day book as being for $567 Error of
More informationCS101 Introduction of computing
FINAL TERM EXAMINATION MGT101- Financial Accounting (PAPER 1). Question No: 1 (Marks: 1 ) basic accounting principle/concept according to which Business is independent from its owner(s) is known as: Separate
More informationG.C.E.(A.L.) Support Seminar
G.C.E.(A.L.) Support Seminar 2014 Accounting Paper I Answer Guide Questoion No. Answer Questoion No. Answer (1) 3 (21) 2 (2) 4 (22) 4 (3) 1 (23) 4 (4) 5 (24) 3 (5) 5 (25) 2 (6) 3 (26) 4 (7) 5 (27) 3 (8)
More informationAS Accounting. ACCN1 Introduction to Financial Accounting Mark scheme June Version 1.0: Final Mark Scheme
AS Accounting ACCN1 Introduction to Financial Accounting Mark scheme 2120 June 2016 Version 1.0: Final Mark Scheme Mark schemes are prepared by the Lead Assessment Writer and considered, together with
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/02
Centre Number Candidate Number Name UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/02 Paper 2 Candidates answer on the Question
More informationFINANCIAL ACCOUNTING FUNDAMENTALS. A date is then fixed for the commencement of the standard which date is often stated in the standard itself.
SOLUTION 1 a. Process of Developing Accounting Standards Identification of the need for an accounting standard for the purpose of resolving conflicting or varied views on a subject matter or where existing
More informationSyllabus Topic 3: Limited liability companies (3.2.3), (3.2.4), (3.2.5), (3.2.6), (3.2.7), (3.2.8), (3.2.9), (3.2.10), (3.2.12), (3.2.13), (3.2.
EDI LCCI IQ ON DEMAND EXAMINATION BOOK-KEEPING AND ACCOUNTS (IAS) LEVEL 2 MARKING SCHEME ASE20050A PRACTICE PAPER DISTINCTION MARK 75% CREDIT MARK 60% PASS MARK 50% Key: of = own figure TOTAL 100 MARKS
More informationCambridge International General Certificate of Secondary Education 0452 Accounting June 2016 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key messages Candidates should read the question carefully before attempting to answer. A label for
More informationExam ID 322. Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
More informationQuestion Paper Financial Accounting -I (MB131): October 2007
Page 1 of 20 Question Paper Financial Accounting -I (MB131): October 2007 Answer all questions. Marks are indicated against each question. 1. Which of the following is a current asset? Building Goodwill
More informationAAT. Accounts Preparation. Pocket notes
AAT Accounts Preparation Pocket notes Accounts Preparation British library cataloguing-in-publication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing
More informationabc GCE 2004 June Series Mark Scheme Accounting Unit ACC1
GCE 2004 June Series abc Mark Scheme Accounting Unit ACC1 Mark schemes are prepared by the Principal Examiner and considered, together with the relevant questions, by a panel of subject teachers. This
More informationFEEDBACK TUTORIAL LETTER ASSIGNMENT 2 COST AND MANAGEMENT ACCONTING 102 CMA512S
FEEDBACK TUTORIAL LETTER 2 nd SEMESTER 2017 ASSIGNMENT 2 COST AND MANAGEMENT ACCONTING 102 CMA512S 1 COURSE: COST AND MANAGEMENT ACCOUNTING 102 COURSE CODE: CMA512S TUTORIAL LETTER: 01/2017 DATE: 08/2017
More informationSoft clean eraser Soft pencil (type B or HB is recommended)
*5614158211* Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/11 Paper 1 Multiple Choice May/June 2015 Additional Materials: Multiple Choice Answer Sheet Soft clean
More informationSPECIMEN MATERIAL AS ACCOUNTING 7126 PAPER 1 FINANCIAL AND MANAGEMENT ACCOUNTING. Mark scheme. Specimen V 1.0
SPECIMEN MATERIAL AS ACCOUNTING 7126 PAPER 1 FINANCIAL AND MANAGEMENT ACCOUNTING Mark scheme Specimen V 1.0 Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant
More information(c) Debtor overpaid the amount owed. Debtor paid his account and later returned goods.
1 David Odoyo maintains a full set of books of account. He prepares a purchases ledger control account and a sales ledger control account at the end of every month. (a) State two advantages of control
More informationACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS
ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS 1.The following control account has been prepared by a trainee accountant: Opening balance 308,600 Cash received from credit customers
More informationExecutive Level. Financial Accounting & Reporting Fundamentals. (3) Section 1(a): 10 multiple choice questions (MCQs) all questions are compulsory.
Copyright Reserved No. of pages: 14 Executive Level Financial Accounting & Reporting Fundamentals Instructions to candidates (1) Time allowed: Reading and planning 15 minutes Writing 3 hours (2) Total:
More informationAdjusting the Accounts
HOSP 1860 (Financial Acct) Learning Centre Adjusting the Accounts Anytime we prepare financial statements or reach the end of an accounting period, there are account adjustments that need to be made to
More informationA Queen s University Production
A Queen s University Production Alternative formats for this presentation can be found on the Financial Services website. For assistance, visit or contact us at: Website: www.queensu.ca/financialservices/support.html
More informationPlease write all your answers in blue or black ink in the answer book provided. There are 3 questions to attempt.
Desk Number. University Card Number FOUNDATION Mid Term Assessment Group November 2016 Accounting 1.5 hours Instructions Please write all your answers in blue or black ink in the answer book provided.
More informationFEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S]
FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S] 1 Question 1 28 marks Most students found some difficulties in determining the payment of the lease. They just
More informationCorrection of Errors Principles of Accounting B.Com Part I Sameer Hussain
Correction of Errors Principles of Accounting B.Com Part I www.facebook.com/a4accounting.net WHAT THE EXAMINER USUALLY ASK? Types of errors: o Error of omission. o Error of commission. o Error of principle.
More informationCHAPTER 3. The Adjusting Process. Chapter Overview
CHAPTER 3 The Adjusting Process Chapter Overview This chapter introduces the student to the adjusting process. Cash and accrual accounting are illustrated and differentiated. The accounting period concept,
More informationUnderstanding Reversal Entries
Understanding Reversal Entries Kalaithasan Kuppusamy Reversal entries, which are done on the first day of a new accounting period, are the complete opposite of adjustments entries done at the end of a
More informationFANLING LUTHERAN SECONDARY SCHOOL
FANLING LUTHERAN SECONDARY SCHOOL 2012 2013 2 nd Term Examination S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 20th June, 2013 Time allowed: 8:30 am - 11:00 am (2 hour 30 minutes)
More informationNVQ/SVQ Level 3 in Accounting Maintaining Financial Records and Preparing Accounts (FRA) and
NVQ/SVQ Level 3 in Accounting Maintaining Financial Records and Preparing Accounts (FRA) and Advanced Certificate in Accounting (Diploma Pathway) Financial Accounting (FRA) June 2006 SUGGESTED ANSWERS
More informationB Swift Dr Trading and Profit and Loss Account for the year ended the X6 Cr Opening Stock 300 Sales 6,700 4,260 Closing Stock 550 4,560 Gross Pr
Recording depreciation Depreciation within the double-entry system Fixed assets accounts are always kept for showing assets at cost price. This adheres to the Historic Cost accounting concept. As a result,
More informationFinancial Accounting. Sample Paper / 2018 Questions & Suggested Solutions
Financial Accounting Sample Paper 2 2017 / 2018 Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide
More informationMODEL ANSWERS PAPER 1
Exam ID 321 Qualifications: Level 3 Certificate in Bookkeeping (QCF) Accreditation number 500/8479/3 Level 3 Certificate in Manual Bookkeeping (QCF) Accreditation number 500/9260/1 Level 3 Certificate
More information