Chapter # 9. Correction of Errors. Principles of Accounting XI. Sameer Hussain.
|
|
- Barbara Blake
- 5 years ago
- Views:
Transcription
1 Correction of Errors Principles of Accounting XI
2 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 error. o Error of original entry. o Reversal of entries Steps to correct error. Examples of correction of errors where trial balance still balances. Errors where trial balance does not balances. Suspense account. Errors discovered after closing books of accounts. Effects of errors on net profit. Effects of errors on balance sheet. Illustrations. Practice questions. Multiple Choice Questions (MCQs). Page 176
3 CORRECTION OF ERRORS CORRECTION OF ERRORS Correcting entries are made to correct the error in the books of account. There are two types of errors: Errors where the trial balance still balances. Error where trial balance does not balances. ERRORS WHERE TRIAL BALANCE STILL BALANCES A transaction has been completely omitted from the accounting Error of Omission: records. For example, a cash purchase of merchandise of Rs.10,000 was not recorded. Error of Commission: Error of Principle: Compensating Error: Error of Original Entry: Reversal of Entries: A transaction has been recorded in the wrong account. For example, salaries expenses of Rs.3,000 has been debited to wages expenses account in error. A transaction has conceptually been recorded incorrectly. For example, building purchase of Rs.100,000 has been debited to the repair expense account rather than building account. Two different errors have been made which cancel each other out. For example, rent expense of Rs.12,000 has been debited to rent expense account as Rs.14,000 and a casting error on the sales account has resulted in sales being overstated by Rs.2,000. The correct double entry has been made but with the wrong amount. For example, cash sale of Rs.3,200 has been recorded as Rs.2,300. The correct amounts have been posted to the correct accounts but on the wrong side. For example, cash sales of Rs.20,000 has been debited to sales and credited to cash. STEPS TO CORRECT ERROR Step # 1: What was the double entry? Step # 2: Step # 3: What should the double entry have been? Correcting entry. Examples OF CORRECTION OF ERRORS WHERE TRIAL BALANCE STILL BALANCES Error of Omission: A cash purchase of merchandise of Rs.10,000 was not recorded. What should the double What was the double entry? Correcting entry entry have been? Purchases 10,000 Dr. Purchases 10,000 Dr. No entry Cash 10,000 Cr. Cash 10,000 Cr. Page 177
4 Error of Commission: Salaries expenses of Rs.3,000 has been debited to wages expenses account in error. What was the double entry? What should the double entry have been? Correcting entry Wages expenses 3,000 Dr. Cash 3,000 Cr. Salaries expenses 3,000 Dr. Cash 3,000 Cr. Salaries expenses 3,000 Dr. Wages expenses 3,000 Cr. Error of Principle: Building purchase of Rs.100,000 has been debited to the repair expense account rather than building account. What was the double entry? What should the double entry have been? Correcting entry Repair expenses 100,000 Dr. Cash 100,000 Cr. Building 100,000 Dr. Cash 100,000 Cr. Building 100,000 Dr. Repairs expense 100,000 Cr. Rent expense of Rs.12,000 has been debited to rent expense account as Compensating Error: Rs.14,000 and a casting error on the sales account has resulted in sales being overstated by Rs.2,000. What should the double What was the double entry? Correcting entry Rent expenses 14,000 Dr. Cash 12,000 Cr. Cash 10,000 Dr. Sales 12,000 Cr. Error of Original Entry: What was the double entry? Cash 2,300 Dr. Sales 2,300 Cr. entry have been? Rent expenses 12,000 Dr. Cash 12,000 Cr. Cash 10,000 Dr. Sales 10,000 Cr. Cash sale of Rs.3,200 has been recorded as Rs.2,300. What should the double entry have been? Cash 3,200 Dr. Sales 3,200 Cr. Sales 2,000 Dr. Rent expenses 2,000 Cr. Cash 900 Dr. Sales 900 Cr. Correcting entry Reversal of Entries: Cash sales of Rs.20,000 has been debited to sales and credited to cash. What was the double entry? What should the double entry have been? Correcting entry Cash 20,000 Dr. Sales 20,000 Cr. Sales 20,000 Dr. Cash 20,000 Cr. Cash 40,000 Dr. Sales 40,000 Cr. ILLUSTRATION # 1: 1989 Regular & Private BIEK (Correction of Errors Trial Balance Still Balances) Give entries in the General Journal to correct each of the following errors detected before closing the books. (a) On August 18, 1988 office supplies purchased for Rs.5,000 was incorrectly debited to office supplies expense account. (b) Depreciation on office furniture for 1988 Rs.500 was not recorded. (c) Purchase of office supplies for Rs.580 cash was recorded and posted as Rs.508. (d) Sale of an old office typewriter for Rs.800 was credited to sales account. (e) An amount of Rs.400 spent on repairs of office equipment was debited to office equipment account. Page 178
5 Solution # 1: M/S. CORRECTING ENTRIES Date Particulars P/R Debit Credit 1 Office supplies 5,000 Office supplies expense 5,000 (To correct the office supplies expense account) 2 Depreciation expense 500 Allowance for depreciation 500 (To record the depreciation expense) 3 Office supplies 72 Cash 72 (To correct the purchase of office supplies) 4 Sales 800 Office equipment 800 (To correct the sale of office typewriter) 5 Repair expense 400 Office equipment 400 (To correct the repair expense on equipment) Explanation of Solution # 1: (a) Supplies expense account was wrongly debited. To rectify this error, supplies expense accounts is credited and supplies account is debited. (b) Depreciation was not recorded. To correct this error, entry for depreciation was passed. (c) Purchase of supplies for cash was recorded less than actual amount. To rectify this error, supplies was increased and cash was decreased with Rs.72 ( ). Increase in supplies is recorded as debit and decrease in cash is recorded as credit Rs.72. (d) Sale of equipment was credited to sales account. For correction, sales is debited and equipment is credited. (e) Repair of equipment was debited to equipment account. Equipment is credited and repair expense account is debited to correct this error. ERRORS WHERE TRIAL BALANCE DOES NOT BALANCE Double Posting of a Transaction: For example, cash sales of Rs.20,000 was recorded in sales account Rs.20,000 as credit and recorded in cash account twice as Rs.20,000. Due to this error, debit side is increased by Rs.20,000. Posting One Aspect of Transaction: Posting Both Aspect of Transaction on Same Side: Error in Casting Special Journal: For example, purchase of furniture Rs.5,000 for cash was posted in cash account Rs.5,000 but no posting was made on furniture account. This error affects the credit side by increasing Rs.5,000. For example, payment to supplier Rs.3,000 was recorded as accounts payable debit Rs.3,000 and cash is also debited with Rs.3,000. No credit aspect is recorded. Due to this error, credit side of trial balance is decreased by Rs.6,000. For example, total purchases made during the month was Rs.43,000 but purchase journal showed a total of Rs.34,000. Due to this error, debit side of trial balance is decreased by Rs.9,000. Page 179
6 Error in Balancing Ledger Account: Difference in Amount in Entry: Casting Error of Trial Balance: Double Recording of a Ledger Account in Trial Balance: For example, total debits of accounts receivable were Rs.14,000 and total credits were Rs.4,000. The balance should have been Rs.10,000 but at the end of month accounts receivable showed a debit balance of Rs.8,000. Due to this error, debit side of trial balance is decreased by Rs.2,000. For example, purchase of building Rs.500,000 on account was debited to building account with Rs.500,000 but credited to accounts payable account with Rs.50,000. Due to this error, credit side of trial balance is reduced by Rs.450,000. For example, the debits and credits of trial balance showed a balance of Rs.340,000 and Rs.300,000 respectively due to error in calculation. Due to this error, credit side of trial balance is reduced by Rs.40,000. For example, trial balance showed office supplies account as debit Rs.2,000 twice in error. This error increases the debit side of trial balance by Rs.2,000. SUSPENSE ACCOUNT If the debits of trial balance do not agree with the credits of trial balance, then suspense account is used to correct the difference. A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account. An entry into a suspense account may be a debit or a credit. ILLUSTRATION # 2: (Correction of Errors Trial Balance Does Not Balances) Give entries in the General Journal to correct each of the following errors: (a) Goods sold to customer for Rs.2,000 on credit but was wrongly recorded in customer account as Rs.200. (b) Sales journal was under-cast by Rs.1,000. (c) Cash paid to supplier Rs.3,000 was not recorded in supplier account. (d) Furniture purchased for cash Rs.20,000 was wrongly recorded in furniture account as Rs.2,000. Solution # 2: M/S. CORRECTING ENTRIES Date Particulars P/R Debit Credit 1 Accounts receivable 1,800 Suspense account 1,800 (To correct the sale of goods on account) 2 Suspense account 1,000 Sales 1,000 (To correct the under-cast of sales day book) 3 Accounts payable 3,000 Suspense account 3,000 (To correct the payment to supplier) Page 180
7 Date Particulars P/R Debit Credit 4 Furniture 18,000 Suspense account 18,000 (To correct the purchase of furniture) Explanation of Solution # 2: (a) Customer s account (accounts receivable) was under cast by Rs.1,800. To correct this error, accounts receivable is increased by Rs.1,800. Increase in accounts receivable is recorded as debit Rs.1,800 and suspense account is credited. (b) Sales journal was under cast shows the decrease in sales. To correct this error, sales in credited as increase in sales Rs.1,000 and suspense account is debited. (c) Payment to supplier is not debited to accounts payable account. To rectify this error, accounts payable is debited with Rs.3,000 and suspense account is credited. (d) Furniture was debited Rs.2,000 instead of Rs.20,000. Increase in furniture accounts is recorded as debit Rs.18,000 (20,000 2,000 = 18,000) and suspense account is credited. ILLUSTRATION # 3: 1991 Regular & Private BIEK (Correction of Errors Before Closing Books of Accounts) The following errors were discovered before the closing of books: (i) Purchase return of Rs.1,000 was credited to purchases account. (ii) Sale of office equipment for Rs.5,000 was credited to Sales account. (iii) Purchase of typewriter costing Rs.10,000 was debited to Purchase account. (iv) Rs.10,000 spent on the repairs of old furniture was debited to Furniture account. (v) Drawing of Rs.500 for personal use of the proprietor was debited to Office Expense account. Record entries in the General Journal to correct each of the above errors. Solution # 3: M/S. CORRECTING ENTRIES Date Particulars P/R Debit Credit 1 Purchase returns 1,000 Purchases 1,000 (To correct the purchase account) 2 Sales 5,000 Office equipment 5,000 (To correct the sales account) 3 Equipment 10,000 Purchase 10,000 (To correct the purchase account) 4 Repairs expense 1,000 Furniture 1,000 (To correct the furniture account) 5 Drawings 500 Office expense 500 (To correct the office expense account) Page 181
8 ERRORS DISCOVERED AFTER CLOSING BOOKS OF ACCOUNTS Expense and income accounts are closed every year. Expense and income incurred in previous year was closed in the that particular year.. If any error is made in expense or income account in the previous year but discovered in current year, no rectification can be made in expense or income accounts in current year. Expense and income accounts effects the capital account. Increase in expense shows the reduction in capital and vice versa. Increase in income shows the increase in capital and vice versa. Under cast of expense account in previous year shows the increase in capital. To rectify this error in current year, capital account is to be decreased and recorded as debit. Over cast of expense account in previous year shows the decrease in capital. To rectify this error in current year, capital account is to be increased and recorded as credit. Under cast of income account in previous year shows the decrease in capital. To rectify this error in current year, capital account is to be increased and recorded as credit. Over cast of income account in previous year shows the increase in capital. To rectify this error in current year, capital account is to be decreased and recorded as debit. ILLUSTRATION # 4: 2008 Regular UOK (Correction of Errors After Closing Books of Accounts) The following errors were made during the year 2007 & were discovered in 2008: (a) Purchase of equipment for Rs.250,000 was debited to repairs expense account in error. Because of this error, depreciation on equipment Rs.20,000 could not be recorded. (b) Credit purchase of merchandise of Rs.170,000 was not recorded in 2007 although the goods were received and included in the ending inventory of (c) Merchandise of Rs.180,000 purchased in the month of December 2007 & included in the ending inventory of 2007, but the purchase was recorded on January 5, (d) Ending inventory of 2007 was understated by Rs.5,000. Pass correcting entries in General Journal entries in the year Solution # 4: M/S. CORRECTING ENTRIES Date Particulars P/R Debit Credit 1 Equipment 250,000 Capital 250,000 (To correct the purchase of equipment) 2 Capital 20,000 Allowance for depreciation Equipment 20,000 (To correct the depreciation on equipment) 3 Capital 170,000 Accounts payable 170,000 (To correct the purchase of merchandise on account) 4 Capital 180,000 Purchases 180,000 (To correct the purchases recorded in 2008) 5 Merchandise inventory 5,000 Capital 5,000 (To correct the overstatement of ending inventory) Page 182
9 Explanation of Solution # 4: (a) Equipment was wrongly debited to repair expense account in the year 2007 but discovered in the year Increase in expense reduces the capital. To correct this error, capital accounts is increased and recorded as credit and equipment is also increased and recorded as debit Rs.250,000. (b) Depreciation expense was not recorded which results increase in capital. To correct this error, capital is reduced and debited and allowance for depreciation is credited with Rs.20,000. (c) Purchases was not recorded. It increases the capital. To correct this error, capital is debited by Rs.170,000 and accounts payable was credited Rs.170,000. (d) Purchases made in the year 2007 but recorded in the purchase of This error increase the current year expense (purchases) and reduces the capital of To correct this year, capital is debited as with Rs.180,000 and purchases of 2007 is also decreased by Rs.180,000 recorded as credit. (e) Under cast in ending inventory decreased the profit of 2007 and decrease in profit results in decrease in capital. To rectify this error, capital is increased and inventory is also increased. Increase in inventory is recorded as debit and increase in capital is recorded as credit by Rs.5,000. EFFECTS OF ERROR on net profit Effect on Net Profit Error Before Correction Correction Effect on Net Income After Correction Increase in expense Decrease in net profit Decrease in expense (Expense Credit) Increase in net profit Decrease in expense Increase in net profit Increase in expense (Expense Debit) Decrease in net profit Increase in revenue Increase in net profit Decrease in revenue (Revenue Debit) Decrease in net profit Decrease in revenue Decrease in net profit Decrease in expense (Revenue Credit) Increase in net profit Omission of expense Increase in net profit Increase in expense (Expense Debit) Decrease in net profit Omission of revenue Decrease in net profit Decrease in expense (Revenue Credit) Increase in net profit EFFECTS OF ERROR on BALANCE SHEET If an error is committed in a real or personal account, it will effect assets, liabilities, debtors or creditors of the firm and as a result it will have its impact on balance sheet alone. Because these items are shown in balance sheet only and balance sheet is prepared after the income statement has been prepared. Page 183
10 Error Effects on Balance Sheet Before Correction Correction Effects on Balance Sheet After Correction Increase in asset Increase in asset Decrease in decrease (Assets Credit) Decrease in asset Decrease in asset Decrease in asset Increase in decrease (Assets Debit) Increase in asset Increase in liability Increase in liability Decrease in liability (Liability Debit) Decrease in liability Decrease in liability Decrease in liability Increase in liability (Liability Credit) Increase in liability (Capital Debit) (Capital Credit) Omission of asset Decrease in asset Increase in decrease (Assets Debit) Increase in asset Omission of liability Decrease in liability Increase in liability (Liability Credit) Increase in liability Omission of capital (Capital Credit) Increase in expense (Capital Credit) Decrease in expense (Capital Debit) Increase in revenue (Capital Debit) Decrease in revenue (Capital Credit) Page 184
11 Practice questions Question # 1: 2007 Regular & Private BIEK (i) Purchase return of Rs.500 was credited to purchase account. (ii) Drawings of Rs.1,000 for personal use of the proprietor was debited to office expense account. (iii) Sales of office equipment for Rs.2,000 was credited to sales account. (iv) Rs.500 spent on the repair of computer was debited to computer accounts. (v) Purchase of furniture for Rs.5,000 was wrongly debited to purchase account. Record entries in the General Journal to correct each of the above errors. Question # 2: 2014 Regular BIEK Give entries in General Journal to correct each of the following errors deducted before closing the books of Erma Stores: i) Purchase return of Rs.185 was credited to purchase account. ii) Sales of office furniture of Rs.160 was credited to sales account. iii) Depreciation on furniture Rs.55 was overcharged. iv) Drawings of Rs.1,200 for personal use of the proprietor was debited to capital account. v) Cash Rs.40 received from Hamna was recorded as received from Yamna. Question # 3: 2009 Regular & Private BIEK The following errors were discovered before closing the books of accounts of Ehsan Company: (i) Purchase of furniture for Rs.9,000 was debited to purchase account. (ii) Return of defective goods worth Rs.2,000 to the supplier was credited to purchase account. (iii) Ordinary repair costing Rs.1,000 to office equipment was debited to office equipment account. (iv) Depreciation was overcharged by Rs.3,000 through the allowance for depreciation account. (v) Purchase of office supplies on credit for Rs.9,000 was recorded as Rs.6,000. (vi) Payment of rent expense Rs.5,000 was recorded as receipt of rent income. Prepare correcting entries in general journal. Question # 4: 2010 Regular & Private BIEK The following errors were discovered before closing the books of Zakir & Company. (a) Sale of old equipment for Rs.3,000 was credited to sales account. (b) Payment of sales salaries expense was charged to sales supplies account amounted to Rs.6,000. (c) Return of defective part of machinery worth Rs.2,000 was recorded in purchase return account. (d) An amount of Rs.12,000 paid to Raheem & Co. was incorrectly debited to the account of Raheem Bros. (e) Purchases of office supplies worth Rs.2,500 recorded in purchase account. (f) Cash received Rs.5,000 from Mr. Ansar was recorded as received from Mr. Abrar. Prepare correcting entries in General Journal of Zakir & Company. Question # 5: 2011 Regular BIEK (i) Purchased office table amounting to Rs.1,600 has been recorded as office equipment. (ii) Sales return of Rs.550 from a customer has been debited to sales discount. Page 185
12 (iii) Drawings made by owner Rs.500 has been charged to general expense account. (iv) Receipt of Rs.600 from Rana & Co., a customer, has been charged to the account of Rani & Co. (v) Payment for machinery repairs Rs.200 has been charged to machinery account. (vi) Construction as addition to office building for Rs.50,000 was wrongly debited to building repair account. Prepare correcting entries in General Journal. Question # 6: 2012 Regular BIEK The following errors were discovered before closing the books of Mr. Farhan: (a) Office supplies amounting to Rs.1,500 were debited to purchase account. (b) Construction as addition to office building for Rs.50,000 was wrongly debited to building repairs account. (c) Withdrawal by proprietor of Rs.8,000 had been debited to salaries expense account. (d) Purchase of office furniture on account for Rs.6,500 was recorded and posted as Rs.5,600. (e) Sale of office equipment Rs.2,000 was credited to sales account. Prepare correcting entries in General Journal. Question # 7: 2012 Private BIEK Following errors were found before closing the books: (i) Purchase of office furniture for Rs.12,000 cash was recorded in office equipment account. (ii) Wages amounting to Rs.1,500 were debited to repairs expense account. (iii) Purchase of merchandise for Rs.40,000 on account were recorded and posted as Rs.4,000. (iv) Sale of old furniture for Rs.3,500 cash was charged to sales account. (v) Merchandise worth Rs.5,000 taken by the proprietor for his personal use, were debited to drawings account and credited to sales account. Prepare entries in General Journal to rectify the above errors. Question # 8: 2013 Private BIEK Following errors were found before closing the books of Karim Brothers: a) Purchases of stationary for Rs.1,200 has been recorded as purchases. b) Construction as addition of office building for Rs.30,000 was wrongly debit to repairs expense account. c) Defective goods returned by a customer for Rs.2,000 were charged to sales account. d) Depreciation expense on machinery was overcharged by Rs.1,000 through allowance for depreciation account. e) Cash Rs.900 received from a customer Naseem was recorded as received from Nasreen. f) Rs.600 was paid for repair of proprietor s home T.V set and debit to general expense account. Question # 9: 1997 Regular & Private BIEK Pass Journal Entries with full narration to rectify any Eight of the following errors before closing the accounts:- (a) Purchase of an office table amounting to Rs.1,600 has been entered as office equipment. (b) Sales return of Rs.550 from a customer has been debited to sales discount account. (c) Withdrawal by the proprietor of Rs.500 has been debited to General expense account. Page 186
13 (d) Payment to technicians for installation of computer Rs.1,500 has been debited to repairs Expense account. (e) Receipt of Rs.600 from Rana and Company, a customer, has been recorded in the account of Rani and Company. (f) Old office furniture sold for Rs.750 has been recorded as Rs.720 in furniture account wrongly. (g) Machinery repairs payment Rs.200 has been debited to Machinery account. (h) Construction as addition of office building for Rs.50,000 was wrongly debited to building repairs account. (i) Purchase of stationary for Rs.1,200 has been recorded as purchases. (j) Wages paid to carpenter for making office furniture Rs.500 has been recorded as wages expense account. Question # 10: 2011 Private BIEK Following errors were found before closing of books of Daniyal Brothers. You are required to make improper form of General Journal to rectify the errors. (a) A cheque of Rs.5,000 was received from Irfan Sons and deposited in the bank but in the cash book receipt was recorded as Rs.500. (b) The invoice of Rs.8,000 was paid to Akram after discount period but payment was recorded with discount of 2%. (c) Bad debts expense was overstated by Rs.2,000. (d) Accrued interest on overdraft of Rs.4,000 was overlooked. (e) Accrued commission revenue was understated by Rs.5,000. Question # 11: 2013 Regular BIEK The following General Journal contains some incorrect entries. However, the correct narrations below each entry show the actual transaction: GENERAL JOURNAL Date Particulars P/R Debit Credit 2013 February Sales 25,000/- 02 Accounts receivable 25,000/- (Return inferior goods from customer) March Purchase returns and allowance 2,000/- 05 Accounts payable 2,000/- (Return defective goods to supplier) March Accounts payable 5,000/- 29 Cash 5,000/- (Payment to supplier within discount period, terms 2/10, n/30) June Cash 6,000/- 11 Sales 6,000/- (Sold old furniture) August Rent expenses 7,000/- 08 Bank 7,000/- (Payment of cheque for the rent of residential building of owner) Maintain revised General Journal after correcting entries. Writing narrations is not necessary here. Page 187
14 MULTIPLE CHOICE QUESTIONS (MCQS) 1) Which of the following errors will cause an imbalance in the trial balance? a) Omission of a transaction in the journal b) Posting an entire journal entry twice to the ledger c) Posting a credit of Rs.720 to Accounts Payable as a credit of Rs.720 to Accounts Receivable d) Listing the balance of an account with a debit balance in the credit column of the trial balance 2) Which of the following will affect the agreement of a trial balance? a) Complete omission of a transaction b) Partial omission of a transaction c) Error of principle d) Compensating error 3) Salaries paid Rs.10,000 were posted to salaries account as Rs.1,000. To rectify the error, the salaries account will be: a) Debited by Rs.10,000 b) Credited by Rs.10,000 c) Debited by Rs.9,000 d) Credited by Rs.9,000 4) The errors which cancel themselves out are called: a) Error of omission b) Error of commission c) Compensating error d) None of these 5) Errors discovered after a transaction has been journalized and posted must be corrected by: a) A correcting entry b) A reversing entry c) Crediting the accounts d) Debiting the accounts Page 188
Correction 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 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 informationAccounts Dated 31 st May 2017 Trial Balance & Rectification of Errors.
Institute of Corporate Studies 21/2, E.C. Road, Dehradun-248001 0135 6507111, 9917407752 www.corporatestudies.in CS Foundation/ CA CPT Accounts Dated 31 st May 2017 Trial Balance & Rectification of Errors.
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 informationXI 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 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 informationXI 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 informationChapter # 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 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 informationFINALTERM 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 informationModel 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 informationAccountancy. 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 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 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 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 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 informationXI 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 informationMGT101 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 informationCS101 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 informationERRORS AND THEIR RECTIFICATION
11 You did not take your studies seriously that is why you could not get good marks. You committed an error. You fell in some bad company. You may commit many such errors in your day to day life. Similarly,
More informationQuestion No: 17 ( Marks: 1 ) - Please choose one Which financial statement show what a business owes at a particular point in time?
Paper No:1 Solved by Chanda Rehman& Kamran Haider 2010 Final Paper Question No: 7 ( Marks: 1 ) - Please choose one Which of the following business publishes the Financial Statements? Sole-Proprietorship
More informationXI 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 informationMock Test 4 For DECEMBER 2016 The Institute of Chartered Accountants of India ABHIMANYYU AGARRWAL
Mock Test 4 For DECEMBER 2016 The Institute of Chartered Accountants of India ABHIMANYYU AGARRWAL CA - CPT Marks 60 Time 1 hrs. Every correct answer carries +1 mark each and 0.25 mark will be deducted
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 information61156 Seat No. First Year B. B. A. Examination. March / April Principle & Practice of Accountancy
61156 Seat No. First Year B. B. A. Examination March / April 2003 Principle & Practice of Accountancy Time : 3 Hours] [Total Marks : 100 Instructions : (1) Figures to the right side of the question indicate
More informationPaper 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 informationXI - 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 informationPaper No:25 Solved by Chanda Rehman & ABr
Paper No:25 Solved by Chanda Rehman & ABr FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1) Marks: 85 Question No: 1 ( Marks: 1 ) - Please choose one The area of accounting concerned
More informationACCOUNTING. From the following information provided by the proprietor of the business, Jeremy, you are required to prepare:
Question 1 From the following information provided by the proprietor of the business, Jeremy, you are required to prepare: a. Trading and Profit and Loss Account for the year ended 31 December 20x1 (13
More informationComposed & 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 informationFirst 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 informationCOMSATS 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 informationMTP_Intermediate_Syllabus 2016_June2019_Set1 Paper 5- Financial Accounting
Paper 5- Financial Accounting Dos, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks : 100 Time allowed: 3 hours Section
More informationClass-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 informationMarks of Short Notes, Distinguish Between, Descriptive & Practical Questions
1 Accounting Process This Chapter Includes : Accounting - Cycle, Objectives, Terms, Concepts, Conventions, Process, Equation, Standards, Estimates; GAAP, Events, Transactions, Voucher, Debit, Credit, Types
More informationHIGHER SECONDARY I ST YEAR ACCOUNTANCY. TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I
HIGHER SECONDARY I ST YEAR ACCOUNTANCY TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I Answer all the questions. Choose the correct answer. 20 X 1 = 20 1. The Debts owing to others by business
More informationAnswer to MTP_Foundation_Syllabus 2012_Jun2017_Set 1 Paper 2- Fundamentals of Accounting
Paper 2- Fundamentals of Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 2- Fundamentals of Accounting Full Marks :
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 informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 13 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I INTAKE VIII (GROUP A) END SEMESTER
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 informationCA CPT Account Test Combine Topic
CA CPT Account Test Combine Topic Test ID :063 Date : 14/09/2017 Time :01:55:00 Qn.1) Contingent Liabilities are shown : A. As current liability B. As Capital fund C. As footnotes to balance sheet D. As
More informationQuestion 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 informationCOMPOSED 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 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 informationSECOND TERMINAL EXAMINATION, 2014
SECOND TERMINAL EXAMINATION, 2014 ACCOUNTANCY Time - 3 hrs. Class XI M.M. - 90 Date 03.03.2014 General Instructions i) This question paper contains two parts A and B. All parts of questions should be attempted
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 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 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 informationPaper - 1 Fundamentals of Accounting
Paper - 1 Fundamentals of Accounting Chapter 1 : Accounting : An Introduction Unit 2 : Accounting Concepts, Principles and Conventions [1] What is the objective of conservatism? (a) Take all incomes and
More informationChapter # 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 informationCOMSATS 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 informationUNIT 3 : TRIAL BALANCE
ACCOUNTING PROCESS 2.41 UNIT 3 : TRIAL BALANCE LEARNING OUTCOMES After studying this unit, you will be able to : Learn the technique of taking balances from ledger accounts to prepare trial balance. Understand
More informationXI 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 2014 XI ACCOUNTING
More informationPrepared and solved by Cyberian www,vuaskari.com
Franchise rights, goodwill and patents are the examples of: Liquid assets Tangible assets Intangible assets Current assets Any expense that gives benefit for a period of less than twelve months is called.
More informationTHE 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 informationMODEL 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 informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved Index No No. of Pages - 12 No of Questions - 08 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP A)
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 informationS.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 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 informationMIDTERM 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 informationCBSE SAMPLE PAPER- 01 (Solved) for March 2016 ACCOUNTANCY Class XI
CBSE SAMPLE PAPER- 01 (Solved) for March 2016 ACCOUNTANCY Class XI Time allowed: 3 hours Maximum Marks: 90 General Instructions: 1. This question paper contains Two parts A& B. 2. Both the parts are compulsory
More informationPRINCIPLES 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 informationTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) NOVEMBER 2011 EXAMINATIONS (PROFESSIONAL) PART 1 FINANCIAL ACCOUNTING FUNDAMENTALS (Paper 1.1) Attempt ALL Questions TIME ALLOWED: Reading & Planning - 15
More information(AA11) FINANCIAL ACCOUNTING BASICS
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2019 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:
More informationChapter 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 informationMGT101 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 informationGrade XI Accountancy. (Mock Test) #GrowWithGreen
Grade XI Accountancy (Mock Test) #GrowWithGreen Q.1 What is GST? [1 mark] Q.2 Write any one limitation of Single Entry System. [1 mark] Q.3 Which of the following alternatives is an example of profit for
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 2013 (50) BASIC ACCOUNTING (1) This paper consists
More informationEXAMINATIONS COUNCIL OF SWAZILAND Swaziland General Certificate of Secondary Education
EXAMINATIONS COUNCIL OF SWAZILAND Swaziland General Certificate of Secondary Education ACCOUNTING 6896/02 Paper 2 October/November 2013 Candidates answer on the Question Paper. No Additional Materials
More informationAccounting And Finance For Bankers - JAIIB
Timing: 3 Hours Question : 100 1. When simple rate of interest is calculated, the interest rate % age is expresses as: a. Rate/100 b. Rate*100 c. 100/Rate d. 1+rate/100 2. Identify a personal account out
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 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 informationAccounting & Finance for Bankers MODULE C. PRESENTATION BY S.D.BARGIR Joint Director, IIBF
Accounting & Finance for Bankers MODULE C PRESENTATION BY S.D.BARGIR Joint Director, IIBF TOPICS BANK RECONCILIATION TRIAL BALANCE CAPITAL & REVENUE EXPENDITURE INVENTORY VALUATION BILLS OF EXCHANGE CONSIGNMENT
More informationFINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING Roll No : 1 : 153 Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 8 NOTE : Answer SIX questions including Question No.1 which
More information8 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 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 informationMANAGEMENT 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 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 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 informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *7471332988* ACCOUNTING 0452/12 Paper 1 May/June 2010 Candidates answer on the Question Paper.
More informationPaper N0:15. Solved by Chanda Rehman, Nomi chakwal ABr FINALTERM EXAMINATION. Fall MGT101- Financial Accounting (Session - 4)
Paper N0:15 Solved by Chanda Rehman, Nomi chakwal ABr FINALTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 4) Time: 120 min Marks: 87 Question No: 1 ( Marks: 1 ) - Please choose one
More informationG.C.E. (A.L.) Support Seminar- 2014
G.C.E. (A.L.) Support Seminar- 2014 Accounting I Two hours Instructions ( Answer all the questions. Select the correct answers for questions No. 1-30 and write its number on the dotted line given. Write
More informationCPT June 2017 Crash Course FUNDAMENTALS OF ACCOUNTING
CPT June 2017 Crash Course FUNDAMENTALS OF ACCOUNTING (SECTION A - 60 Marks) The dictionary is the only place where success comes before work. Hard work is the key to success, and hard work can help you
More informationGAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2016 GRADE
GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2016 GRADE 11 ACCOUNTING TIME: 180 minutes MARKS: 300 14 pages ACCOUNTING GRADE 11 2 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING
More informationTrial 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 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 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 informationPaper 2: Accounting _Syllabus 2008
Basic Concepts 1. Which of the following is not a Fixed Asset? a. Building. b. Bank balance. c. Plant. d. Patents. e. Goodwill. Fixed asset is an asset held with the intention of being used for the purpose
More informationAnswer to PTP_Intermediate_Syllabus 2012_June2016_Set 1 Paper 5- Financial Accounting
Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 LEVEL B Answer to PTP_Intermediate_Syllabus 2012_June2016_Set
More informationLimited Companies Question: Explain the meaning of the following terms so as to make clear the differences between them: Ordinary Shares are
Limited Companies Explain the meaning of the following terms so as to make clear the differences between them: Ordinary Shares are certificates of ownership to a company. They are issued to shareholders
More informationRate = 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(AA11) FINANCIAL ACCOUNTING BASICS
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2017 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:
More informationAGA KHAN UNIVERSITY EXAMINATION BOARD SECONDARY SCHOOL CERTIFICATE CLASS X EXAMINATION MAY Principles of Accounting Paper I
Page 1 of 8 AGA KHAN UNIVERSITY EXAMINATION BOARD SECONDARY SCHOOL CERTIFICATE CLASS X EXAMINATION MAY 2015 Principles of Accounting Paper I Time: 35 minutes Marks: 25 INSTRUCTIONS 1. Read each question
More informationCONTACT HOURS FOR CALLS WEDNESDAYS AND THURSDAYS, 6PM TO 7PM
FINANCIAL ACCOUNT FOUNDATION LEVEL WEEK 7 QUESTIONS CONTACT NUMBER 08038400843 CONTACT HOURS FOR CALLS WEDNESDAYS AND THURSDAYS, 6PM TO 7PM MID DIET MOCK MULTIPLE CHOICE QUESTIONS 1 A business purchases
More informationMIDTERM 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 informationList of Contents. ACC 111: Introduction to Financial Accounting
COV E NA N T U N I V E RS I T Y T U T O R I A L K I T P RO G R A M M E : AC CO U N T I N G A L P H A S E M E S T E R 1 0 0 L E V E L DISCLAIMER The contents of this document are intended for practice and
More informationHALF YEARLY EXAMINATION, ACCOUNTANCY Time : 3 hrs. Class - XI M.M. : 90 Date (Monday) Name of the student Section
HALF YEARLY EXAMINATION, 201819 19 ACCOUNTANCY Time : 3 hrs. Class XI M.M. : 90 Date24.09.2018 (Monday) Name of the student Section General instructions : All questions are compulsory. Marks are indicated
More informationCHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM. MULTIPLE CHOICE Conceptual. Test Bank Chapter 3
CHAPTER 3 THE ACCOUNTING INFORMATION SYSTEM MULTIPLE CHOICE Conceptual Answer No. Description d 1. Purpose of an accounting system. d 2. Criteria for recording events. c 3. Purpose of trial balance. b
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 2 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 Task 1 Variable monthly bill for broadband
More information