XI ACCOUNTING PRIVATE. Sameer Hussain

Size: px
Start display at page:

Download "XI ACCOUNTING PRIVATE. Sameer Hussain"

Transcription

1 The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit 2014 XI ACCOUNTING PRIVATE Compiled and Solved by: Sameer Hussain

2 ACCOUNTING 2014 PRIVATE Time: 20 Minutes Max. Marks: 20 SECTION A (MULTIPLE CHOICE QUESTIONS) Note: (i) This section contains of 20 part questions and all are to be answered. Each question carries equal marks. (ii) Do not copy down the part question in your answer book. Write only the answer in full against the proper number of the question and its part. (iv) The code of your question paper must be mentioned in bold letters in the beginning. Q.No.1 Choose the correct answer for each from the given options: (1) Contra entry is recorded in: (a) Cash book. (b) Petty cash book. (c) Sales journal. (d) Purchase journal. (2) The following does not affect the owner s equity: (a) Profit. (b) Additional investment. (c) Drawings. (d) Purchase of fixed assets. (3) This is recorded in purchase journal: (a) Purchase of fixed assets. (b) Purchase of merchandise for cash. (c) Purchase of merchandise on account. (d) None of these. (4) A chronological record of all events in a business is: (a) Ledger. (b) Trial balance. (c) List of sales and purchase. (d) General journal. (5) If determines the arithmetic accuracy of double entry: (a) General journal. (b) Ledger. (c) Trial balance. (d) Adjustment. (6) The process of transferring debits and credits from the journal to the ledger accounts is called: (a) Footing. (b) Balancing. (c) Trial balance. (d) Posting. X I A c c o u n t i n g ( P r i v a t e ) Page 2

3 (7) Beginning inventory + Purchases Ending inventory =: (a) Gross profit. (b) Net profit. (c) Goods available for sale. (d) Cost of goods sold. (8) The claims of creditors against the assets of a business are known as: (a) Accounts receivable. (b) Owner s equity. (c) Assets. (d) Liabilities. (9) In case of loss, revenue is always: (a) More than cost. (b) Less than cost. (c) Equal to cost. (d) None of these. (10) This is special journal as well as a part of ledger: (a) General journal. (b) Sales journal. (c) Cash book. (d) Trial balance. (11) Drawings account is closed to: (a) Income summary account. (b) Cash account. (c) Merchandise account. (d) Capital account. (12) A pre-payment is initially recorded as: (a) Expense or liability. (b) Asset or income. (c) Asset or liability. (d) Asset or expense. (13) Allowance for bad debts account is: (a) Contra asset. (b) Liability. (c) Asset. (d) None of these. X I A c c o u n t i n g ( P r i v a t e ) Page 3

4 (14) In trial balance, salaries expense are Rs.90,000. On December 31, adjustment data shows accrued salaries of Rs.15,000. The amount of total salaries expense will be: (a) Rs.75,000. (b) Rs.90,000. (c) Rs.15,000. (d) Rs.105,000. (15) In balance sheet, ending merchandise inventory is shown as: (a) A liability. (b) An income. (c) An asset. (d) Capital. (16) A schedule that explains difference between the balance shown in bank statement and the balance shown in the depositor s accounting records is: (a) Trial balance. (b) Schedule of accounts receivable. (c) Schedule of accounts payable. (d) Bank reconciliation. (17) An entry with more than one debit or more than one credit is called: (a) Compound entry. (b) Double entry. (c) Contra entry. (d) None of these. (18) Depreciation is: (a) Non-cash expense. (b) Cash expense. (c) Prepaid expense. (d) Accrued expense. (19) The excess of assets over capital is/are: (a) Income. (b) Expense. (c) Profit. (d) Liability. (20) The total liabilities of a business are Rs.60,000 which are 1/3 of the total assets, then total assets will be: (a) Rs.20,000. (b) Rs.180,000. (c) Rs.120,000. (d) Rs.60,000. X I A c c o u n t i n g ( P r i v a t e ) Page 4

5 ACCOUNTING 2014 PRIVATE Time: 2 Hours 40 Minutes Max. Marks: 80 Note: Q.No.2 (a) (b) (c) SECTION B (SHORT ANSWER QUESTIONS) (50) Attempt any Four questions. All questions carry equal marks. The use of calculator is allowed. ACCOUNTING TERMS AND EQUATION State the fundamental accounting equation. Give rules of debit and credit in terms of increases and decreases in the value of three elements of the equation. List in sequence the steps involved in a complete accounting cycle. SOLUTION 2 (a) Accounting equation: Assets = Liabilities + Owner s Equity SOLUTION 2 (b) Rules of Debit & Credit: Head of Accounts Increases Decreases Assets Recorded as Debit Recorded as Credit Liabilities Recorded as Credit Recorded as Debit Owner s Equity Recorded as Credit Recorded as Debit SOLUTION 2 (c) Steps of Accounting Cycle: Journal Entries: The transaction is recorded in journal as a debit and credit. Post to Ledger: The journal entries are transferred to the appropriate T-accounts in the general ledger. Trial Balance: A trial balance is calculated to verify that the sum of debits is equal to the sum of credits. Adjusting Entries: Adjusting entries are made for accrued and differed items. The entries are journalized and posted to the T-accounts in the general ledger. Adjusted Trial Balance: A new trial balance is calculated after making the adjusting entries. Financial Statement: Income statement, balance sheet and cash flow statements are prepared. Closing Entries: Transfer the balances of temporary accounts to owner s equity account. After-Closing Trial Balance: A final trial balance is calculated after the closing entries made. Reversing Entries: Reverse the necessary adjusting entries (optional). X I A c c o u n t i n g ( P r i v a t e ) Page 5

6 Q.No.3 GENERAL JOURNAL Mr. Akbar started his business on January 1, 2014 by investing cash Rs.90,000 and equipment worth Rs.50,000. During the month, the following transactions were completed: January: 5. Purchased merchandise on credit Rs.50,000 from Asim Traders and paid Rs.2,000 for transportation on it. 7. Sold merchandise on credit Rs.16,000 and for cash Rs.15,000 to Mr. Khalid. 15. Received a cheque of Rs.15,000 from Mr. Khalid in full settlement of his account. 20. Paid by cheque Rs.49,500 to Asim Traders in full settlement of their account. 25. Deposited the cheque in the bank, received on January Mr. Akbar purchased a mobile phone for his personal use from the business cash Rs.5, Paid rent in advance by a cheque of Rs.10,000 for office building. REQUIRED Prepare General Journal entries. SOLUTION 3 MR. AKBAR GENERAL JOURANL FOR THE MONTH OF JANUARY 2014 Date Particulars P/R Debit Credit Jan. 1 Cash 90,000 Equipment 50,000 Akbar Capital 140,000 (To record the investment by owner in the business) Jan. 5 Purchases 50,000 Transportation in 2,000 Accounts payable (Asim Traders) 50,000 Cash 2,000 (To record the goods purchased on account and paid transportation) Jan. 7 Accounts receivable (Mr. Khalid) 16,000 Cash 15,000 Sales 31,000 (To record the goods sold for cash and on account) Jan. 15 Cash 15,000 Sales discount 1,000 Accounts receivable (Mr. Khalid) 16,000 (To record the cheque received from customer) Jan. 20 Accounts payable (Asim Traders) 50,000 Purchase discount 500 Bank 49,500 (To record the payment to supplier by cheque) Jan. 25 Bank 15,000 Cash 15,000 (To record the cheque deposited into bank) X I A c c o u n t i n g ( P r i v a t e ) Page 6

7 Date Particulars P/R Debit Credit Jan. 30 Drawings 5,000 Cash 5,000 (To record the cash withdrew by owner for personal use) Jan. 31 Prepaid office rent 10,000 Bank 10,000 (To record the rent paid in advance) Q.No.4 TRIAL BALANCE The following are balances taken from the ledger of Qadri Brothers on March 31, 2014: Cash Rs.?; Accounts receivable Rs.10,000; Merchandise inventory Rs.6,500; Sales Rs.45,000; Prepaid rent Rs.4,000; Purchase discount Rs.1,500; Service income Rs.4,000; Office equipment Rs.10,000; Accounts payable Rs.4,000; Purchases Rs.20,000; Supplies expense Rs.1,500; Salaries expense Rs.14,000; Miscellaneous expense Rs.1,500; Sales return and allowance Rs.2,000; Capital Rs.30,000. REQUIRED Prepare a Trial Balance with proper heading, arranging the accounts in sequence. SOLUTION 4 Computation of Cash Balance: Credits: Sales 45,000 Purchase discount 1,500 Service income 4,000 Accounts payable 4,000 Capital 30,000 Total credits 84,500 Less: Debits: Accounts receivable 10,000 Merchandise inventory 6,500 Prepaid rent 4,000 Office equipment 10,000 Purchases 20,000 Supplies expense 1,500 Salaries expense 14,000 Miscellaneous expense 1,500 Sales return and allowance 2,000 Total debits (69,500) Cash balance 15,000 X I A c c o u n t i n g ( P r i v a t e ) Page 7

8 QADRI BROTHERS TRIAL BALANCE FOR THE MONTH ENDED MARCH 31, 2014 NO. PARTICULARS P/R DEBIT CREDIT 1 Cash 15,000 2 Accounts receivable 10,000 3 Merchandise inventory 6,500 4 Prepaid rent 4,000 5 Office equipment 10,000 6 Accounts payable 4,000 7 Capital 30,000 8 Sales 45,000 9 Sales return and allowance 2, Service income 4, Purchases 20, Purchases discount 1, Supplies expense 1, Salaries expense 14, Miscellaneous expense 1,500 Total 84,500 84,500 Q.No.5 CASH BOOK M/S. Jawaid & Co. uses three column cash book in their business. On March 1, 2014, they had cash in hand Rs.50,000 and cash at bank Rs.90,000. Following transactions were completed by them during March: March 05: Sold merchandise for cash Rs.36,000. March 10: Received a cheque from Younus for Rs.24,500 in full settlement of Rs.25,000. The cheque was deposited into the bank on the same day. March 15: Paid cash to Muneer Rs.22,700 iin full settlement of his account of Rs.23,000. March 17: The cheque of Younus was dishonoured by the bank. March 26: Withdrew from bank Rs.2,000 to pay residential flat s rent and Rs.6,000 for office rent. REQUIRED Prepare a three column cash book. Balance it on March 31 and bringing down the balances as on April 1, SOLUTION 5 X I A c c o u n t i n g ( P r i v a t e ) Page 8

9 M/S. JAWAID & CO. THREE COLUMN CASH BOOK FOR THE MONTH OF MARCH 2014 Date Mar. 1 Mar. 5 Mar. 10 Mar. 17 Apr. 1 Particulars Sales Accounts receivable Accounts receivable Balance b/d P/R Sales Disc. 500 (500) --- Cash 50,000 36,000 86,000 63,300 Bank 90,000 24, ,500 82,000 Date Mar. 15 Mar. 17 Mar. 26 Mar. 26 Mar. 31 Particulars Accounts payable Accounts receivable Drawings Rent expense Balance c/d P/R Purch. Disc Cash 22,700 22,700 63,300 86,000 Bank 24,500 2,000 6,000 32,500 82, ,500 X I A c c o u n t i n g ( P r i v a t e ) Page 9

10 Q.No.6 BANK RECONCILIATION STATEMENT Comparison of cash book and bank statement of Mr. Tariq Jamil, a sole trader, reveals the following for the month of April 2014: 1) Balance per cash book (Debit balance) Rs.17,000 and as per bank statement (Debit balance) Rs.23,000. 2) Direct deposit by a customer Rs.5,000. 3) A cheque of Rs.18,000 issued in settlement of an account was recorded in the cash book as Rs.13,000. 4) Uncleared cheques Rs.37,000. 5) Unpresented cheques Rs.7,000. 6) Bank made direct payment for an outstanding bill of business Rs.10,000. REQUIRED (a) Prepare bank reconciliation statement as on April 30, (b) Record necessary entries in General Journal of the books of Mr. Tariq Jamil at April 30, SOLUTION 6 (a) MR. TARIQ JAMIL BANK RECONCILIATION STATEMENT FOR THE MONTH OF APRIL 2014 Particulars Cash Book Pass Book Unadjusted balance on 30 April ,000 (23,000) Add: Direct deposit Accounts receivable (2) 5,000 Less: Accounts payable Error (3) (5,000) Add: Uncleared cheques (4) 37,000 Less: Unpresented cheques (5) (7,000) Less: Bills payable (6) (10,000) Adjusted balance 7,000 7,000 SOLUTION 6 (b) MR. TARIQ JAMIL GENERAL JOURNAL FOR THE MONTH OF APRIL 2014 Date Particulars P/R Debit Credit 1 Mark up charges 600 Accounts receivable 3,500 Equipment 1,500 Notes payable 3,000 Bank 8,600 (To record the decrease in bank account) 2 Bank 10,800 Dividend income 2,200 Cash 8,600 (To record the increase in bank account) Q.No.7 SPECIAL JOURNALS Following information for the month of February 2014 is contracted from the books of Shahzaman Co. February 02: Purchase goods from Momin Rs.12,000 on credit. X I A c c o u n t i n g ( P r i v a t e ) Page 10

11 February 05: Purchase merchandise from Muslim for Rs.30,000 paying a cheque of Rs.12,000 and agreeing to pay the balance after ten days. February 10: Purchase office supplies on account from Jazib Rs.2,000. February 15: Purchase merchandise from Qazi for Rs.17,000 with term 2/10, n/30. February 20: Purchase merchandise from Imran for Rs.40,000 receiving quantity discount of Rs.2,000. REQUIRED Prepare a purchase journal from above given information. Total it and write an entry on February 28 to indicate debit and credit. SOLUTION 7 SHAHZAMAN CO. PURCHASE JOURNAL FOR THE MONTH OF FEBRUARY 2014 Date Invoice No. Name of Suppliers P/R Amount February 2 Momin 12,000 February 5 Muslim 18,000 February 15 Qazi 17,000 February 20 Imran 38,000 February 28 Purchases Dr. 85,000 Accounts payable Cr. SECTION C (DETAILED ANSWER QUESTIONS) (30) Instruction: Attempt the following question which is compulsory: Q.No.8 FINANCIAL STATEMENT The following balances have been taken from the ledger of Raza & Co. on December 31, 2013: Debit Balance Credit Balance Cash Rs.60,000 Accounts payable Rs.38,000 Accounts receivable Rs.40,000 Notes payable Rs.32,000 Merchandise inventory Rs.80,000 Unearned rent Rs.32,000 Prepaid insurance Rs.26,000 Sales Rs.220,000 Office equipment Rs.50,000 Accumulated depreciation Rs.22,000 Purchase Rs.190,000 Raza s Capital Rs.157,000 Salaries expense Rs.30,000 Sales return Rs.25,000 Rs.501,000 Rs.501,000 Data for Adjustment on December 31, 2013: (i) Merchandise inventory Rs.80,000. (ii) Insurance expired Rs.4,000. (iii) Bad debts estimated Rs.600. (iv) Outstanding salaries Rs.4,000. (v) Depreciation on office equipment for the year Rs.3,000. (vi) Rent earned Rs.8,000. REQUIRED Prepare any two of the following: (a) Income statement for the year ended December 31, (b) Balance sheet as on December 31, (c) Closing entries on December 31, X I A c c o u n t i n g ( P r i v a t e ) Page 11

12 SOLUTION 8 (a) RAZA & CO. INCOME STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2013 Sales 220,000 Less: Sales returns (25,000) Net sales 195,000 Less: Cost of Goods Sold: Merchandise inventory beginning 80,000 Add: Purchases 190,000 Merchandise available for sale 270,000 Less: Merchandise inventory ending (80,000) Cost of goods sold (190,000) Gross profit 5,000 Less: Operating Expenses: Salaries expense (30, ,000) 34,000 Insurance expense 4,000 Bad debts expense 600 Depreciation expense 3,000 Total operating expenses (41,600) Loss from operation (36,600) Add: Other Income: Rent income 8,000 Net loss (28,600) SOLUTION 8 (b) RAZA & CO. BALANCE SHEET AS ON 31 DECEMBER 2013 ASSETS EQUITIES Current Assets: Liabilities: Cash 60,000 Accounts payable 38,000 Accounts receivable 40,000 Notes payable 32,000 Less: All for bad debts (600) 39,400 Unearned rent 24,000 Merchandise inventory 80,000 Salaries payable 4,000 Prepaid insurance 22,000 Total liabilities 98,000 Total current assets 201,400 Owner s Equity: Fixed Assets: Capital 157,000 Office equipment 50,000 Less: Net loss (28,600) Less: All for depreciation (25,000) Total owner s equity 128,400 Total fixed assets 25,000 Total assets 226,400 Total equities 226,400 X I A c c o u n t i n g ( P r i v a t e ) Page 12

13 Additional Working: RAZA & CO. ADJUSTING ENTRIES FOR THE PERIOD 31 DECEMBER 2013 Date Particulars P/R Debit Credit 1 Merchandise inventory 80,000 Expense and revenue summary 80,000 (To close the ending inventory) 2 Insurance expense 4,000 Prepaid insurance 4,000 (To adjust the prepaid insurance) 3 Bad dents expense 600 Allowance for bad debts 600 (To adjust the bad debts expense) 4 Salaries expenses 4,000 Salaries payable 4,000 (To adjust the unpaid salaries) 5 Depreciation expense 3,000 Allowance for depreciation Office equipment 3,000 (To adjust the depreciation expense) 6 Unearned rent 8,000 Rent income 8,000 (To adjust the unearned rent) SOLUTION 8 (c) RAZA & CO. CLOSING ENTRIES FOR THE PERIOD ENDED 31 DECEMBER 2013 Date Particulars P/R Debit Credit 1 Expense and revenue summary 336,600 Sales return 25,000 Merchandise inventory beginning 80,000 Purchases 190,000 Salaries expenses 34,000 Insurance expenses 4,000 Bad debts expense 600 Depreciation expense 3,000 (To close the various expense accounts) 2 Sales 220,000 Merchandise inventory ending 80,000 Rent income 8,000 Expense and revenue summary 308,000 (To close the revenue account) 3 Raza s Capital 28,600 Expense and revenue summary 28,600 (To close the expense and revenue summary account) X I A c c o u n t i n g ( P r i v a t e ) Page 13

XI ACCOUNTING REGULAR / PRIVATE. S.Hussain

XI ACCOUNTING REGULAR / PRIVATE. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

XI ACCOUNTING REGULAR / PRIVATE. S.Hussain

XI ACCOUNTING REGULAR / PRIVATE. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

XI - ACCOUNTING REGULAR / PRIVATE

XI - ACCOUNTING REGULAR / PRIVATE The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

XI ACCOUNTING REGULAR / PRIVATE

XI ACCOUNTING REGULAR / PRIVATE The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

XI ACCOUNTING REGULAR / PRIVATE

XI ACCOUNTING REGULAR / PRIVATE The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

PRINCIPLES OF ACCOUNTING b.com part I

PRINCIPLES OF ACCOUNTING b.com part I PRINCIPLES OF ACCOUNTING b.com part I 2013 PRIVATE (SUPPLEMENTARY) Solved Paper Compiled & Solved by: Sameer Hussain Instructions: (1) Attempt any FIVE questions. (2) All questions carry equal marks. (3)

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS Institute of Information Technology Abbottabad COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS Institute of Information Technology Abbottabad COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time

More information

Composed & Solved Hafiz Salman Majeed

Composed & Solved Hafiz Salman Majeed FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 4) Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset

More information

B.COM I ACCOUNTING REGULAR/ PRIVATE. S.Hussain

B.COM I ACCOUNTING REGULAR/ PRIVATE. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

Commecs College Macro Plan ( )

Commecs College Macro Plan ( ) Commecs College Macro Plan (-) Subject: Accounting Class: XI Sections: AZIZ TABBA, BUKHARI Unit No. Start Date 1 Aug 01, End Date Aug 03, Number Of Periods Topic/Chapter Contents Objectives By the end

More information

Model Paper Principals of Accounting Objective

Model Paper Principals of Accounting Objective Model Paper Principals of Accounting Objective Intermediate Part I (11 th Class) Examination Session 2012-2013 and onward Total marks: 15 Paper Code Time Allowed: 20 minutes Note:- You have four choices

More information

B.COM I ACCOUNTING PRIVATE. Sameer Hussain

B.COM I ACCOUNTING PRIVATE. Sameer Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit 2013 B.COM I ACCOUNTING

More information

CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra

CPT 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 information

B.COM I ACCOUNTING REGULAR. S.Hussain

B.COM I ACCOUNTING REGULAR. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

XII ACCOUNTING REGULAR / PRIVATE. S.Hussain

XII ACCOUNTING REGULAR / PRIVATE. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

Chapter # 5. Special Journals. Principles of Accounting B.Com Part I. Sameer Hussain.

Chapter # 5. Special Journals. Principles of Accounting B.Com Part I. Sameer Hussain. Special Journals Principles of Accounting B.Com Part I www.facebook.com/a4accounting.net WHAT THE EXAMINER USUALLY ASK? Special Journals: o Purchase Journal. o Purchase Returns & Allowance Journal. o Sales

More information

Executive Level. Financial Accounting & Reporting Fundamentals. (3) Section 1(a): 10 multiple choice questions (MCQs) all questions are compulsory.

Executive 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 information

Chapter # 1. Accounting for Incomplete Records (Single Entry) Principles of Accounting XII.

Chapter # 1. Accounting for Incomplete Records (Single Entry) Principles of Accounting XII. Accounting for Incomplete Records (Single Entry) Principles of Accounting XII WHAT THE EXAMINER USUALLY ASK? Computation of capital at start. Computation of capital at end. Computation of missing figures.

More information

Paper No:34 Solved by Chanda Rehman & ABr

Paper No:34 Solved by Chanda Rehman & ABr Paper No:34 Solved by Chanda Rehman & ABr FINALTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2) Time: 120 min Marks: 87 Question No: 1 ( Marks: 1 ) - Please choose one We can say that

More information

Profit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital

Profit (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 information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every

More information

B.COM II ADVANCED ACCOUNTING

B.COM II ADVANCED ACCOUNTING The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit 2014 B.COM II ADVANCED

More information

ACCT-112 Final Exam Practice Solutions

ACCT-112 Final Exam Practice Solutions ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30

More information

Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an):

Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset Liability Revenue Deferred expense Question No: 2 ( Marks: 1 ) - Please choose

More information

Rate = 1 n RV / C Where: RV = Residual Value C = Cost n = Life of Asset Calculate the rate if: Cost = 100,000

Rate = 1 n RV / C Where: RV = Residual Value C = Cost n = Life of Asset Calculate the rate if: Cost = 100,000 Solved by ABr & Chanda Rehman Final MCQs It is supposed that on 31st December, 2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 10% of the sundry

More information

XII ACCOUNTING REGULAR / PRIVATE. S.Hussain

XII ACCOUNTING REGULAR / PRIVATE. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

Chapter 5. Solution 5.1. Donncha O Donoghue 1

Chapter 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

MIDTERM EXAMINATION Spring 2010 MGT101- Financial Accounting (Session - 6)

MIDTERM EXAMINATION Spring 2010 MGT101- Financial Accounting (Session - 6) MIDTERM EXAMINATION Spring 2010 MGT101- Financial Accounting (Session - 6) Time: 60 min Marks: 47 Question No: 1 ( Marks: 1 ) - Please choose one Double entry accounting system includes: Accrual accounting

More information

Fundamentals of Accounting Resources

Fundamentals of Accounting Resources Contents Figure 1 - The Profit and Loss statement example... 2 Figure 2 - Balance sheet example... 3 Figure 3 - Example of a Balance Sheet... 4 Figure 4 - Example of a Profit & Loss Sheet... 5 Figure 5-10

More information

ADVANCED ACCOUNTING b.com part II

ADVANCED ACCOUNTING b.com part II ADVANCED ACCOUNTING b.com part II 2014 Regular & Private (SUPPLEMENTARY) Solved Paper Compiled & Solved by: Sameer Hussain Instructions: (1) Attempt any FIVE questions. (2) All questions carry equal marks.

More information

Accounting Basics, Part 1

Accounting Basics, Part 1 Accounting Basics, Part 1 Accrual, Double-Entry Accounting, Debits & Credits, Chart of Accounts, Journals and, Ledger Part 1 What s Here Introduction Business Types Business Organization Professional Advice

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Chapter 2 Review of the Accounting Process AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty

More information

Chapter # 9. Correction of Errors. Principles of Accounting XI. Sameer Hussain.

Chapter # 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 information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every

More information

Index. Assets (continued) scrapping or disposal trading-in Auditing Profession Act 26 of

Index. Assets (continued) scrapping or disposal trading-in Auditing Profession Act 26 of Index A Accounts balancing... 61 incomplete records... 369 Accounting balancing an account... 61 basic accounting equation... 27 cycle... 130 definition... 4, 13 developments... 5 domains... 14 function...

More information

FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1)

FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1) FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1) Question No: 1 ( Marks: 1 ) - Please choose one Debenture is also named as: Share Bond Equity Reserve Question No: 2 ( Marks:

More information

BSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II

BSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II BSc (Hons) Tourism and Hospitality Management Cohort: BTHM/12B/FT Year 1 Examinations for 2012/2013 Semester I & 2012 Semester II MODULE: FINANCIAL ACCOUNTING MODULE CODE: ACCF 1102A Duration: 2 Hours

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Intermediate Accounting 8th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-8th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting

More information

Trial Balance. Format of Trial Balance. The under mention points may be noted for preparing a trial balance.

Trial Balance. Format of Trial Balance. The under mention points may be noted for preparing a trial balance. Trial Balance All the businessmen after completion of posting from journal or subsidiary books to the ledger want to verify the accuracy of the posting. For this purpose, our statement is prepared wherein

More information

MIDTERM EXAMINATION MGT101- Financial Accounting (Session - 5) Time: 60 min Marks: 50

MIDTERM EXAMINATION MGT101- Financial Accounting (Session - 5) Time: 60 min Marks: 50 MIDTERM EXAMINATION MGT101- Financial Accounting (Session - 5) Time: 60 min Marks: 50 Question No: 1 ( Marks: 1 ) - Please choose one An accounting system is used by a business to: Analyze transactions

More information

MIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2)

MIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2) MIDTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine

More information

Chapter 2 Review of the Accounting Process

Chapter 2 Review of the Accounting Process Intermediate Accounting 9th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-9th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting

More information

MGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30

MGT101 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 information

[Time: Hours] 2. The cash book is used for recording the credit transaction of the business

[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 information

CS101 Introduction of computing

CS101 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 information

FANLING LUTHERAN SECONDARY SCHOOL

FANLING 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 information

8 Self-Balancing Ledgers

8 Self-Balancing Ledgers 8 Self-Balancing Ledgers BASIC CONCEPTS System Ledger keeping of Self Balancing Ledger System implies a system of ledger keeping which classifies ledgers as per nature of transactions. In this system,

More information

FUNDAMENTAL ACCOUNTING (100) Secondary

FUNDAMENTAL ACCOUNTING (100) Secondary Page 1 of 11 Contestant Number: Time: Rank: FUNDAMENTAL ACCOUNTING (100) Secondary REGIONAL 2016 CONCEPT KNOWLEDGE: True/False (20 @ 2 points each) Multiple Choice (25 @ 2 points each) APPLICATION KNOWLEDGE:

More information

Question Paper Financial Accounting -I (MB131): October 2007

Question 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 information

REINFORCEMENT ACTIVITY 3, Part B, p. 715

REINFORCEMENT ACTIVITY 3, Part B, p. 715 REINFORCEMENT ACTIVITY 3, Part B, p. 715 10. Unadjusted Trial Balance December 31, 20X4 ACCOUNT TITLE DEBIT CREDIT Cash 25 0 0 1 40 Petty Cash 4 0 0 00 Accounts Receivable 15 7 8 9 20 Allowance for Uncollectible

More information

Class-XI CBSE. Time : 3 hrs. Financial Accounting MM-90

Class-XI CBSE. Time : 3 hrs. Financial Accounting MM-90 Class-XI CBSE Time : 3 hrs. Financial Accounting MM-90 General Instructions (i) This question paper contains two parts A and B (ii) All question in both the parts are compulsory (iii) All parts of the

More information

Century 21 Accounting, 9e Multicolumn Journal Chapter Outlines

Century 21 Accounting, 9e Multicolumn Journal Chapter Outlines Century 21 Accounting, 9e Multicolumn Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting

More information

Answers to activities, practice exercises and exam practice questions

Answers to activities, practice exercises and exam practice questions Answers to activities, practice exercises and exam practice questions This text has not been through the Cambridge endorsement process. 2 [1] The cheque which Noel cashed was for his personal expenses.

More information

CONTROL ACCOUNTS. The debtors control and creditors control accounts facilitates accounting control over the debtors and creditors accounts.

CONTROL ACCOUNTS. The debtors control and creditors control accounts facilitates accounting control over the debtors and creditors accounts. CONTROL ACCOUNTS SPECIFIC OUTCOMES Post to the general ledger, debtors ledger and creditors ledger from the subsidiary books and balance ledger accounts where necessary. Reconcile the control accounts

More information

Sample Question Paper Code-254 ELEMENTS OF BOOK KEEPING & ACCOUNTANCY Class-IX

Sample Question Paper Code-254 ELEMENTS OF BOOK KEEPING & ACCOUNTANCY Class-IX Sample Question Paper Code-254 ELEMENTS OF BOOK KEEPING & ACCOUNTANCY Class-IX Summative Assessment-II March 2011 Examination Design of Question paper Time Allowed : 3 Hrs Maximum Marks : 80 01. Weightage

More information

Adjustments, Financial Statements and the Quality of Earnings

Adjustments, Financial Statements and the Quality of Earnings Adjustments, Financial Statements and the Quality of Earnings Chapter 4 Accounting Cycle 4-2 1 Unadjusted Trial Balance Listing of all the balance sheet and income statement accounts, usually in financial

More information

Record Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance

Record Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts Chapter 2 Record Transactions in the Journal 2 Basic summary device Detailed record of increases

More information

(c) Debtor overpaid the amount owed. Debtor paid his account and later returned goods.

(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 information

FORENSIC ACCOUNTING VERSION

FORENSIC ACCOUNTING VERSION FORENSIC ACCOUNTING VERSION Fraudulent or incorrect transactions are presented below. Your job as a forensic accountant is to correct the financial statements and determine how income and total assets

More information

Chapter 5. Control Accounts. Notes to teachers

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 information

MANAGEMENT ACCOUNTING

MANAGEMENT ACCOUNTING MANAGEMENT ACCOUNTING Accounting: The Language of Business Accounting - a process of identifying, recording, summarizing, and reporting economic information to decision makers in the form of financial

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS 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 information

SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME

SCHOOL 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 information

ITL Public School Annual Examination ( )

ITL Public School Annual Examination ( ) ITL Public School Annual Examination (2015-1) Date: 29.02.1 Class: XI Accountancy (055) (Set -B) Time: hrs M. M: 90 General Instructions: 1. All questions are compulsory 2. Marks for each question are

More information

ACCOUNTING JUNE EXAMINATION GRADE 11

ACCOUNTING JUNE EXAMINATION GRADE 11 1 ACCOUNTING JUNE EXAMINATION 2015 GRADE 11 MARKS: 300 TIME: 3 HOURS This Question paper consists of 13 pages and 11 pages Answer book INSTRUCTIONS AND INFORMATION 2 1. You are provided with a question

More information

KULLEĠĠ SAN BENEDITTU Secondary School, Kirkop HALF YEARLY EXAMINATION 2015/2016. Question A B C D Global Mark. Max. Mark

KULLEĠĠ SAN BENEDITTU Secondary School, Kirkop HALF YEARLY EXAMINATION 2015/2016. Question A B C D Global Mark. Max. Mark KULLEĠĠ SAN BENEDITTU Secondary School, Kirkop Mark HALF YEARLY EXAMINATION 2015/2016 FORM 4 ACCOUNTING TIME: 1h 30min Question A B C D Global Mark Max. Mark 10 14 40 36 100 Mark Instructions to students:

More information

ACC100 Introduction to Accounting

ACC100 Introduction to Accounting ACC100 Introduction to Accounting Week 4 Recording Transactions Chapter 3 - Recording Transactions Study Group Australia Pty Limited, SGA1286-F2/10/12 2 Learning Outcomes On completion of this week s study,

More information

PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )

PANCHAKSHARI 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 information

MGT101 All Solved Past Papers of Mid Term Exam in one file By

MGT101 All Solved Past Papers of Mid Term Exam in one file By MGT101 All Solved Past Papers of Mid Term Exam in one file By http://vustudents.ning.com MIDTERM EXAMINATION 7 th Dec 2009 MGT101- Financial Accounting Question No: 1 Income of the business includes: Cash

More information

ALLAMA 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 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 information

COMSATS INSTITUTE OF INFORMATION TECHNOLOGY, ABBOTTABAD

COMSATS 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 information

Business Background Management is responsible for preparing...

Business Background Management is responsible for preparing... Business Background Management is responsible for preparing... Financial Statements High Quality = Relevance + Reliability... Are useful to investors and creditors. Business Background Revenues are recorded

More information

Accounting 1A Class Notes Chapter 2 Analyzing Transactions. Chart of Accounts 1. Assets. Liabilities. 3. Owners Equity. Revenue. 5.

Accounting 1A Class Notes Chapter 2 Analyzing Transactions. Chart of Accounts 1. Assets. Liabilities. 3. Owners Equity. Revenue. 5. Chart of Accounts 1. Assets 2. Liabilities 3. Owners Equity 4. Revenue 5. Expense T- ACCOUNTS Title, Debit on the Left and Credit on the right Foot both sides (if more than one entry) Balance on the side

More information

Chapter 2 Analyzing Transactions

Chapter 2 Analyzing Transactions 1 Chapter 2 Analyzing Transactions Chapter 2 Analyzing Transactions From Chapter 1: The Accounting Equation Assets = Liabilities + Owner's Equity Assets = Liabilities + Capital Drawing + Revenues - Expenses

More information

Prof Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1

Prof Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1 Prof Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1 In this chapter of notes I ll provide a complete example of the accounting cycle. The order of the tasks to complete

More information

Accountancy. Blue Print. Part A

Accountancy. Blue Print. Part A Accountancy Blue Print Part A S.No Lesson Name V.Short Short Long Total 1. Introduction - 3(1) 4(1) - 7 2. Theory Base Accounting 1(1) 3(2) - 7 3. Recording of business transactions - 4(1) 6(2) 16 4. Trail

More information

MODEL PAPER PRINCIPLES OF ACCOUNTING Intermediate Part-I Examination

MODEL PAPER PRINCIPLES OF ACCOUNTING Intermediate Part-I Examination MODEL PAPER PRINCIPLES OF ACCOUNTING Intermediate Part-I Examination OBJECTIVE Time: 30Minutes Marks: 20 Q.No:1.:Write answers to the questions on the objective answer sheet provided. You have four choices

More information

S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module

S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module FANLING LUTHERAN SECONDARY SCHOOL 2015 2016 FIRST TERM EXAM S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 19th January, 2016 Time allowed: 8:30 am - 10:45 am (2 hour 15 minutes)

More information

THE INDIAN COMMUNITY SCHOOL, KUWAIT

THE INDIAN COMMUNITY SCHOOL, KUWAIT THE INDIAN COMMUNITY SCHOOL, KUWAIT SERIES : II MTE / FN/2017-2018 CODE : M 055 TIME ALLOWED : 2 HOURS NAME OF STUDENT : MAX. MARKS : 50 ROLL NO. :.. CLASS/SEC :.. NO. OF PAGES : 5 ACCOUNTANCY ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

More information

FINANCIAL ACCOUNTING II

FINANCIAL ACCOUNTING II Question 1 You have been asked to sort out the accounts of a client - Mr Soh, a trader. You collect the following information in respect of the year ended 31st December 2006: Assets and Liabilities at

More information

The Adjustment Process and Financial Statements Irwin/McGraw-Hill

The Adjustment Process and Financial Statements Irwin/McGraw-Hill Chapter 4 The Adjustment Process and Financial Statements Business Background: The Accounting Cycle Phase 1: During the Accounting Period. Start of the Accounting Period! Perform transaction analysis.!

More information

First Semester MBA Degree Examination, Accounting for Managers Model Question Paper-2 Time: 3 hrs. Max. Marks: 100

First Semester MBA Degree Examination, Accounting for Managers Model Question Paper-2 Time: 3 hrs. Max. Marks: 100 USN 18MBA13 First Semester MBA Degree Examination, Accounting for Managers Model Question Paper-2 Time: 3 hrs. Max. Marks: 100 Note: 1. Answer any FOUR full questions from Part-A. 2. Part-B Case Study

More information

TERMINOLOGY. Statement of comprehensive income for the year ended.. Income statement for the year ended.

TERMINOLOGY. Statement of comprehensive income for the year ended.. Income statement for the year ended. GENERAL ISSUES Textbook 3 rd edition Admission to exam: Submission of 1 st assignment Year/examination mark: Ass 1: 50% of 10% Ass 2: 50% of 10% If you obtain 60% for Ass 1 and 0% for Ass 2, your year

More information

Chapter 1. assembled and processed

Chapter 1. assembled and processed 1 Introduction to Accounting and Business Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature

More information

Current liability Creditors mark each

Current liability Creditors mark each .. Jacintha Trading and Profit and Loss Account for the year ended 3 December 200 $ $ $ Opening stock 60000 Sales 63000 Purchases 26500 Less sales returns 550 Less purchases returns 475 62450 26025 Add:

More information

ACC 211/212: Double Entry Logs

ACC 211/212: Double Entry Logs ACC 211/212: Double Entry Logs Journal Entries: o Credits are always indented (account name and value). o The sum of debits will always equal the sum of credits. o The month name is required only for the

More information

Chapter 5 Extra review questions

Chapter 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 information

COMPOSED BY SADIA ALI SADI (MBA)

COMPOSED BY SADIA ALI SADI (MBA) Mega File MGT101 Fall 2011 Question No: 7 ( Marks: 1 ) - Please choose one Which of the following business publishes the Financial Statements? Sole-Proprietorship Partnership Trust Public Limited Company

More information

Subsidiary Ledgers & Control Accounts. F. M. Kapepiso

Subsidiary Ledgers & Control Accounts. F. M. Kapepiso Subsidiary Ledgers & Control Accounts F. M. Kapepiso The accounting cycle Transaction Source document Journal LEDGER Control a/cs Trial balance Financial statements Learning objectives At the end of the

More information

Financial Accounting

Financial Accounting Drawings Assets expenses Capital Income Liabilities - Drawings - Capital - Assets - Income - Expenses - Liabilities Dt (Increases) Cr (Increases) Cr (decreases) Dt (decreases) Financial Accounting Financial

More information

Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield. Slide 3-2

Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield. Slide 3-2 3-1 C H A P T E R 3 THE ACCOUNTING INFORMATION SYSTEM Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield 3-2 Learning Objectives 1. Understand basic accounting terminology. 2. Explain double-entry

More information

MGT101- Financial Accounting

MGT101- Financial Accounting MIDTERM EXAMINATION MGT101- Financial Accounting Question No: 1 ( Marks: 1 ) - Please choose one Depreciation arises because of: Fall in the market value of an asset Fall in the value of money Physical

More information

Chapter 3 the Adjusting Process. Learning Objective 1 Describe the nature of the adjusting process.

Chapter 3 the Adjusting Process. Learning Objective 1 Describe the nature of the adjusting process. 1 Chapter 3 Adjusting Process Chapter 3 the Adjusting Process Learning Objective 1 Describe the nature of the adjusting process. Nature of the Adjusting Process General concept: revenues are earned when

More information

WEEK 7 to 12: FINANCIAL ACCOUNTING FOR BUSINESS Accounting Cycle ACCOUNTING CYCLE STEP 1: RECOGNISE & RECORD TRANSACTIONS

WEEK 7 to 12: FINANCIAL ACCOUNTING FOR BUSINESS Accounting Cycle ACCOUNTING CYCLE STEP 1: RECOGNISE & RECORD TRANSACTIONS WEEK 7 to 12: FINANCIAL ACCOUNTING FOR BUSINESS Accounting Cycle ACCOUNTING CYCLE STEP 1: RECOGNISE & RECORD TRANSACTIONS EXTERNAL TRANSACTIONS INTERNAL TRANSACTIONS NON-TRANSACTIONAL EVENTS Involves an

More information

GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks

GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks INSTRUCTIONS: 1. You are provided with complete cash journals of Mars & Sons who are a stationery shop that sell to the public at a mark-up

More information

MGT101 Long Questions

MGT101 Long Questions MGT101 Long Questions Question No: 56 ( Marks: 5 ) Write down the five advantages of Limited Company. Answer It is a legal entity created by law and hence has its own recognition, good will and brand equity

More information

Ch.4 The Accounting Cycle for a Service Business (cont )

Ch.4 The Accounting Cycle for a Service Business (cont ) Ch.4 The Accounting Cycle for a Service Business (cont ) Adjusting entries using T-accounts Work with a Worksheet for a service business Prepare Financial Statements Journalizing and posting adjusting

More information

CS101 Introduction of computing

CS101 Introduction of computing MGT101 Financial Accounting Lecture wise s Answers for Final Term Exam Preparation Write down the five advantages of Limited Company. Answer 1. It is legal entities created by law and hence has its own

More information

Chapter 4. The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio

Chapter 4. The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio Chapter 4 The Accounting Cycle Adjusting Entries Closing Process Net Profit Margin Ratio The Accounting Cycle Accounting cycle process Records individual transactions Produces the four basic financial

More information