(iii) During 2016, receipts from customers $1,404,900 were banked, after payments of part-time staff salaries $89,400 and Mark s drawings $29,500.
|
|
- Timothy Hawkins
- 5 years ago
- Views:
Transcription
1 Incomplete records HKDSE (2017, 7) (Incomplete records) Mark started his business as a sole proprietor on 1 January All purchases and sales were made on credit. On 31 December 2016, a fire broke out in the warehouse. All inventory, except some goods costing $15,000, was destroyed. Although many of the records were destroyed in the fire, the following information was available after investigation. (i) Information on assets and liabilities was confirmed as follows: Motor van, net 24,000? Inventory 143,000 15,000 Trade receivables 12,100 13,700 Trade payables 149, ,000 Accrued sundry expenses 2,440 2,180 Cash at bank 61,800? (ii) The balances as per bank statement as at 31 December 2016 was $99,180. (iii) During 2016, receipts from customers $1,404,900 were banked, after payments of part-time staff salaries $89,400 and Mark s drawings $29,500. (iv) The bank statements of 2016 showed that total payments made to trade suppliers amounted to $987,970. A cheque of $1,200 issued in December 2016 for purchase of goods in 2016 was not presented until 10 January (v) Sales were made at a gross profit margin of 30% in 2016, except for some outdated goods, costing $50,000, which were sold at cost. (vi) A 2% term deposit was made by transferring $20,000 from the cash at bank account on 1 July The term deposit will mature on 1 July (vii) The payment for rent and rates of $127,750 in 2016 included a rental deposit of $8,000 for a short-term tenancy agreement. (viii) During 2016, full-time staff salaries and sundry expenses of $129,000 and $42,800 respectively were paid. (ix) In 2016, Mark injected $10,000 cash into the business and withdrew $70,000 from the bank for his personal use. (x) The motor van was brought in by Mark at the commencement of the business. Depreciation is to be provided on the motor van at 20% per annum on cost. REQUIRED: (a) For Mark s business, prepare (i) an income statement for the year ended 31 December 2016, and (ii) a statement of financial position as at 31 December 2016, showing the change in capital during the year. Briefly explain the meanings of normal loss and abnormal loss of inventory. Identify the type of inventory loss caused to Mark s business by the fire. 92
2 (a) (i) Mark Income statement for the year ended 31 December 2016 Sales (W1) 1,525,400 Less: Cost of goods sold Opening inventory 143,000 Add: Purchases (W2) 974,470 Less: Inventory loss (balancing figure) 19,690 1,097,780 Less: Closing inventory (15,000) 1,082,780 Gross profit [(1,525,400 $50,000) x 30%] 442,620 Add Other revenues Bank Interest income ($20,000 x 2% x 6/12) ,820 Less: Expenses Staff salaries ($129,000 + $89,400) 218,400 Rent and rates ($127,750 $8,000) 119,750 Sundry expenses (42,800 2, ,180) 42,540 Inventory loss 19,690 Depreciation Motor van (24,000 / 80%) x 20% 6, ,380 Net profit 36,440 W1 Trade receivables Balances b/f 12,100 Bank 1,404,900 Sales (balancing figures) 1,525,400 Staff salaries 89,400 Drawings 29,500 Balances c/f 13,700 1,537,500 1,537,500 W2 Trade Payables Bank ($987,970 + $1,200) 989,170 Balances b/f 149,700 Balances c/f 135,000 Purchases (balancing figures) 974,470 1,124,170 1,124,170 93
3 (a) (ii) Mark Statement of financial position as at 31 December 2016 $ Non-current assets Motor van, net ($24,000 $6,000) 18,000 2% Term deposit 20,000 Current Assets Inventory 15,000 Rental deposit 8,000 Accrued bank interest income 200 Trade receivables 13,700 Cash at bank ($99,180 $1,200) 97, ,880 38,000 Less: Current Liabilities Trade payables 135,000 Accrued sundry expenses 2,180 (137,180) Net current liabilities (2,300) Financed by: 35,700 Capital as at 1 January 2016 (W1) 88,760 Add Capital contribution 10,000 Add Net profit for the year 36,440 Less Drawings ($70,000 + $29,500) Cash at bank = 61, ,404, ,970 20, , ,000 42, ,000 70,000 = 99,180 Total assets = $24,000 + $143,000 + $12,100 + $61,800 = $240,900 Total liabilities = $149,700 + $2,440 = $152,140 Capital as at 1 January 2016 = $240,900 $152,140 = $88, ,200 (99,500) 35,700 A normal inventory loss refers to the loss of inventory that is expected in the ordinary course of business due to factors such as physical deterioration and obsolescence. An abnormal inventory loss refers to an unexpected in the operation of a business. The inventory loss caused to Mark s business by the fire is an abnormal inventory loss. 94
4 HKDSE (2016, 9) (Incomplete) On 1 January 2015, Mr Hong and Mr Kong formed a partnership, HK Company, by investing cash of $650,000 each. The company purchases and sells computers and printers on credit. On 31 December 2015, a summary of receipts and payments for 2015 was prepared based on the bank statements as follows: Receipts Contribution from partners 1,300,000 Collection from customers repayment of accounts 2,104,000 Deposits received from customer for goods to be delivered in January ,400 4% bank loan [note (vii)] 300,000 3,726,400 Payments Office equipment purchased on 1 January ,000 Office rent (for 13 months) [note (iii)] 792,300 Salaries of employees [note (iv)] 700,900 Payments to suppliers 950,250 Withdrawals of partners 334,800 2,854, ,150 Additional information: (i) As at 31 December 2015, the amount due from customers and the amount due to suppliers were $166,240 and $142,370 respectively. (ii) The bank reconciliation statement as at 31 December 2015 showed that unpresented cheques for 2015 purchases and uncredited deposits for 2015 sales were $14,800 and $21,520 respectively. (iii) The monthly office rent increased by $5,800 as from 1 January The rent for January 2016 was paid in December (iv) Salaries of employees for December 2015 amounting to $44,750 were to be paid on 3 January (v) A physical inventory count on 31 December 2015 showed that inventory included 45 computers costing $8,000 each and 25 printers costing $720 each. On the same day, right after the physical inventory count, a fire broke out in the warehouse and inventory costing $4,320 was destroyed; the insurance company agreed to compensate 80% of the loss. The compensation was to be received by the company on 30 January (vi) Office equipment is to be depreciated at a rate of 40% per annum using the reducing balance method. Its residual value was estimated to be $6,000. (vii) The bank loan was acquired on 1 September 2015 and is to be repaid on 31 October REQUIRED: (a) Prepare for HK Company, (i) an income statement for the year ended 31 December 2015; and (ii) a statement showing the calculation of the amount of working capital as at 31 December Briefly comment on the working capital situation of HK Company as at 31 December (c) Calculate the total assets turnover (to two decimal places) of HK Company for
5 (a) (i) HK Company Income statement for the year ended 31 December 2015 Sales (2,104, , ,520) 2,291,760 Less: Cost of goods sold Add: Purchases (950, , ,800) 1,107,420 Less: Inventory loss (4,320) 1,103,100 Less: Closing inventory (45 x $8, x $720 $4,320) (373,680) (729,420) Gross profit 1,562,340 Less: Expenses Office rent [(792,300 5,800)/13 x 12] 726,000 Salaries of employees (700, ,750) 745,650 Inventory loss (4,320 x 20%) 864 Depreciation Office equipment (76,000 x 40%) 30,400 Loan interest (300,000 x 4% x 4/12) 4,000 1,506,514 Net profit 55,426 (a) (ii) Statement showing the calculation of working capital as at 31 December 2015 Current Assets Inventory 373,680 Accounts receivable 166,240 Prepaid office rent ((792,300 5,800)/13 + 5,800) 66,300 Insurance receivable (4,320 x 80%) 3,456 Cash at bank (872, ,520 14,800) 878,870 1,488,546 Less: Current Liabilities Trade payables 142,370 Deposit received 22,400 Accrued expenses (44, ,000) 48,750 4% bank loan 300, ,520 Working capital 975,026 Current ratio = 1,488,546 / 513,520 : 1 = 2.90 : 1 Quick ratio = (1,488, ,680) / 513,520 : 1 = 2.17 : 1 Both ratios are higher than 1 : 1, meaning that the company is capable of repaying short-term obligations with its current assets. The liquidity, and therefore the working capital situation, is up to standard, with current ratio higher than 2 : 1 and liquid ratio higher than 1 : 1. (c) Total assets turnover = Sales / Total assets = 2,291,760 / (1,488, ,000 x (1 40%)) = 1.49 times 96
6 HKDSE (2014, 6) (Incomplete) Peter started his business on 1 January A fire on 31 December destroyed some accounting records and inventory. The following balances as at 31 December were extracted from the remaining records: Office equipment, at cost (all purchased on 1 January 2012) 180, ,000 Inventory 65,000 75,000 Trade receivables 80,000 90,000 Trade payables 32,000 18,000 The following information relating to the year ended 31 December 2013 was also available: (i) All goods were sold on credit and sales were evenly spread throughout the year. All goods were sold all the uniform margin of 60% on sales. (ii) The average trade receivables collection period was 2 months. (iii) All purchases were on credit and the average trade payable turnover was 9 times. (iv) Advertising expenses of $8,000, rental expenses of $37,200 and salaries of $144,000 were incurred in No compensation would be received for the fire loss. (v) Depreciation is to be provided at the annual rate of 20% using the reducing-balance method. REQUIRED: (a) Prepare for Peter s business the income statement for the year ended 31 December 2013, showing all the necessary items including sales, purchases and inventory loss. Although accounting ratios are useful tools in financial analysis, there are limits to their usefulness. State two of these limitations. HKDSE (2014, 6) (Incomplete) (a) Peter Income statement for the year ended 31 December 2013 Sales (W1) 510,000 Less: Cost of goods sold Opening inventory 75,000 Add: Purchases (W2) 225,000 Less: Inventory loss (balancing figure) (31,000) 269,000 Less: Closing inventory (65,000) (204,000) Gross profit ($510,000 x 60%) 306,000 Less: Expenses Advertising expenses 8,000 Rent 37,200 Salaries 144,000 Inventory loss 31,000 Depreciation Office equipment (180,000 x 80% x 20%) 28, ,000 Net profit 57,000 97
7 W1 (Average trade receivables / Net credit sales) x 12 = The collection period of trade receivables [(90, ,000) 2 / Net credit sales] x 12 = 2 (85,000 / Net credit sales) x 12 = 2 Net credit sales = $510,000 W2 (Net credit purchases / Average trade payables) = 9 [Net credit purchases / (18, ,000) 2] = 9 (Net credit purchases / 25,000) = 9 Net credit purchases = $225,000 Accounting ratios are calculated based on historical cost and hence may not fairly reflect current performance. Accounting ratios are calculated based on post financial information. Past performance of a company does not necessarily indicate its future performance. Accounting ratios are affected by accounting estimates. Differences in accounting policies will hinder inter-company comparisons. Accounting ratios can only identity the symptoms, but not the cause. They are not able to provide any suggestions or advice to solve the existing or future problems. Non-monetary but significant items. such as the quality of the products, leadership of the management and the business environment, are ignored. 98
8 HKDSE (2013, 5) (Incomplete record) Mr Luk is a retailer who does not keep proper accounting records for his business. On 31 December 2012, his accountant disappeared suddenly and all cash in hand was stolen. Some of the accounting records were also missing. After investigation, the following information is available: (i) All sales were made on cash basis at a uniform mark-up of 40% for the year (ii) A summary of receipts and payments based on the cash at bank account for the year ended 31 December 2012 showed the following: Receipts $ Cash deposit 1,203,000 Payments $ Administrative expenses 226,000 Payments to suppliers 987,900 Drawings (by Mr Luk) 120,850 Selling expenses 64,300 Bank charge 20,050 1,419,100 (iii) During 2012, selling expenses of $44,000 were paid in cash. (iv) The insurance company had agreed to compensate the business for 50% of the cash stolen. (v) Balances of the business as at 31 December were as follows: Office equipment, net (with a cost of $187,500) 150,000? Inventory 123, ,900 Cash at bank 392,100? Trade payables 149, ,800 Accrued administrative expenses 1,150 Prepaid selling expenses 20,000 Capital 547,000? Cash in hand 10,900? (before stolen) (vi) Depreciation is to be provided on office equipment at a rate of 20% per annum using the straight-line method. REQUIRED: (a) Prepare an income statement for the year ended 31 December 2012, showing the cash loss separately. Prepare a statement of financial position as at 31 December
9 HKDSE (2013, 5) (Incomplete record) (a) Mr Luk Income Statement for the year ended 31 December 2012 Sales (balancing figures) 1,335,320 Less Cost of goods sold: Opening inventory 123,000 Add Purchases (W1) 941,700 1,064,700 Less Closing inventory (110,900) (953,800) Gross profit (953,800 x 40%) 381,520 Less Expenses: Administrative expenses (226, ,150) 227,150 Selling expenses (64, , ,000) 128,300 Bank charge 20,050 Cash loss (99,220/2) 49,610 Depreciation: Office equipment ($187,500 x 20%) 37,500 (462,610) Net Loss (81,090) W1 Trade Payables Bank 987,900 Balances b/f 149,000 Balances c/f 102,800 Purchases (balancing figures) 941,700 1,090,700 1,090,700 W2 Cash Balances b/f 10,900 Bank 1,203,000 Sales 1,335,320 Selling expenses 44,000 Cash stolen (balancing figure) 99,220 1,346,220 1,346,220 Mr Luk Statement of financial position as at 31 December 2012 $ Non-current assets Office equipment, net 187,500 Less: Accumulated depreciation 75, ,500 Current Assets Inventory 110,900 Insurance claim receivable (99,220 x 50%) 49,610 Cash at bank (392, ,203,000 1,419,100) 176, ,510 Less: Current Liabilities Trade payables 102,800 Accrued administrative expenses 1,150 (103,950) Net current assets 232, ,060 Financed by: Capital as at 1 January ,000 Less Net loss for the year (81,090) 465,910 Less Drawings (120,850) 345,
10 HKDSE (Practice, 9) (Limited company and Incomplete records) BC Ltd was incorporated and commenced its business selling imported tiles on 1 January On the date of incorporation, the company issued ordinary shares of $2 at par. A four-year $ bank loan with an interest rate of 6% per annum was obtained on the same date. The following information was available: (i) The ratio of total non-current liability to total equity (based on the year-end balances) as at 31 December 2010 was 1:4. No dividends had been proposed or paid in 2010 and (ii) Total sales for 2011 were $ All goods were sold at a gross profit margin of 50%. (iii) (iv) (v) All sales and purchases were made on credit and were evenly spread throughout the year. In 2010 and 2011, the collection period of trade receivables was maintained at 1 month, while the settlement period of trade payables was maintained at 3 months. Closing inventory as at 31 December 2010 and 2011 was valued at $ and $ respectively. Selling and distribution expenses of $ incurred in 2011 were fully paid. (vi) Administrative expenses of $ were incurred in 2011, of which one-third remained unpaid as at 31 December (vii) In order to finance the expansion of the business, the company further issued ordinary shares at $5 per share on 1 January 2011 and obtained a five-year bank loan with an interest rate of 4% per annum on the same date. The ratio of total non-current liability to total equity decreased to 1:5 immediately after the issuance of shares and the acquisition of the bank loan. The interests on all the bank loans incurred in 2011 were duly paid and properly recorded. (viii) On 1 January 2011, the company purchased a piece of equipment for $ It is the company s policy to provide depreciation at an annual rate of 20% using the reducing balance method. The net book value of equipment as at 31 December 2010 was $ (ix) All transactions were made through the bank account of the business. On 31 December 2011, there was no cash in hand while the bank account showed a debit balance. REQUIRED: (a) Prepare for BC Ltd (1) the income statement for the year ended 31 December 2011; and (2) the statement of financial position as at 31 December As compared with 2010, many of the financial ratios of BC Ltd in 2011 had improved. Therefore, the Chief Executive Officer (CEO) of the company concluded that the performance of BC Ltd in 2011 was better. Give two reasons why the CEO s conclusion might be incorrect. Explain your answers. 101
11 HKDSE (Practice, 9) (Limited company and Incomplete records) (a) (1) BC Ltd Income statement for the year ended 31 December 2011 Sales Less: Cost of goods sold Opening inventory Add Purchases (Balancing figure) Less Closing inventory Gross profit ($ x 50%) Less: Expenses Administrative expenses Selling and distribution expenses Loan interest [$ x 6% + $ (W1) x 4%] 92,000 Depreciation equipment ($ x 20% + $ x 20%) 180, Profit for the year W1 The ratio of total non-current liability to total equity on 31 December 2010: $ /($ Profit for 2010) = 1/4 Profit for the year 2010 = $ The ratio of total non-current liability to total equity on 1 January 2011: ($ New loan)/($ $ $ ) = 1/5 New loan = $ (a) (2) BC Ltd Statement of financial position as at 31 December 2011 $ Non-current Assets Equipment, net ($ $ $ ) Current Assets Inventory Trade receivables (W2) Cash at bank (Balancing figure) Less: Current Liabilities Trade payables (W3) Accrued administrative expenses ($ x 1/3) 90, Net current assets Less: Non-current Liabilities Four-year bank loan (6%) Five-year bank loan (4%) Equity attributable to the owners of the company Ordinary shares of $2 each, fully paid Share premium Retained profits ($ (W1) + $ )
12 W2 The collection period of trade receivables = (Average trade receivables / Net credit sales) x 12 (Average trade receivables / Net credit sales) x 12 = 1 (Average trade receivables / ) x 12 = 1 Average trade receivables = $ W3 The settlement period of trade payables = (Average trade payables / Net credit purchases) x 12 (Average trade payables / Net credit purchases) x 12 = 3 (Average trade payables / $ ) x 12 = 3 Average trade payables = $ Reasons: Ratios may not reflect the reality of a business as accounting figures are not adjusted for price-level changes. Analysis may not be comprehensive as only transactions expressed in monetary terms are included in the financial statements, while qualitative information is ignored. Short run fluctuations of the company may be hidden through window dressing. (2 marks for each relevant reason, max. 4 marks) 103
13 Longman (2014, 3) (Incomplete) 3 Penny Lam is a sole trader. As at 31 December 2013, her business had inventory costing $176,500. On 15 January 2014, her warehouse was broken into and the entire inventory was stolen with the exception of goods costing $5,200. The following information was available from Penny s records: (i) (ii) (iii) (iv) (v) (vi) Selling prices were set with a 25% mark-up on cost. Purchases between 1 January and 15 January 2014 totalled $23,400, of which goods costing $400 were in transit at the time of the burglary. Sales over the same period totalled $37,200, with all the goods delivered to customers before the burglary took place. Returns inwards for that period amounted to $1,500 at the invoice price. An inventory sheet as at 31 December 2013 recorded 100 inventory items of $3 each as $15 each. All of these items were stolen. On 9 January 2014, Penny took goods costing $2,000 for her personal use. (a) Following negotiations, the insurance company agreed to compensate the business for half of the loss. On 28 March 2014, Penny received a cheque from the insurer to settle the claim. Required: (a) Compute the value of inventory stolen. Prepare the journal entries required for the inventory loss and insurance claim settlement. (Narrations are not required.) Penny Lam Computation of Value of Inventory Stolen on 15 January Inventory as at 1 January ,500 Add Purchases, 1 15 January 2014 ($23,400 $400) (ii) 23,000 Returns inwards, 1 15 January 2014 at cost price ($1, %) (iv) 1,200 24,200 Less Sales, 1 15 January 2014 at cost price ($37, %) (iii) 29,760 Inventory overstated [($15 $3) 100] (v) 1, ,700 Drawings (vi) 2,000 32,960 Inventory as at 15 January ,740 Less Inventory not stolen 5,200 Inventory stolen on 15 January ,540 The Journal Date Details Dr Cr 2014 Jan 15 Profit and loss Inventory loss 162,540 Purchases 162,540 Mar 28 Bank ($162,540 1/2) 81,270 Profit and loss Inventory loss 81,270
Prepare 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 information(a) 2015 Depreciation expenses = $432,000 x 2,400/8,000 = $129, Depreciation expenses = $432,000 x (8,000 1,800 2,300 2,400)/8,000 = $81,000
Depreciation HKDSE (2017, 3) (Depreciation and Cost Classification) Star Manufacturing Company acquired a production machine for $432,000 on 1 January 2013. The expected total production hours of the machine
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 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 informationSole Trader Final Accounts
All questions copyright of Cambridge International Examinations 1 Sole Trader Final Accounts All questions copyright of Cambridge International Examinations 2 2 1 Amah Retto's ledger accounts for the year
More informationRequired: Draw up a three-column cash book to record the above transactions and balance off the cash book at the end of the month.
Chapter 1 Books of original entry and ledgers (I) Mary Company had the following transactions during the month November 2014: Nov 3 Credit purchases from: Hilary Lam $13,580, Tammy Yiu $55,500. 5 Credit
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 information(Accrual and Prepayment)
Accrual and Prepayment Longman Question 13 The following balances were extracted from the ledgers of Mr Ko at 31 March 2014: $ Telephone 12,355 Dr Rent and rates 55,000 Dr Loan to Bob 450,000 Dr Rental
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 informationThe following were transactions relating to the non-current assets of the company during 2011:
SECTION A HKDSE (2012, 1) ( ) The following information for the year ended 31 December 2011 was extracted from the books of Kong s Company: $ Sales ledger control account 1 January 2011 33 500 Allowance
More informationAccredited Accounting Technician Examination. Paper 1 Fundamentals of Accounting and Computerized Accounts
Accredited Accounting Technician Examination Pilot Examination Paper Paper 1 Fundamentals of Accounting and Computerized Accounts Questions & Answers Booklet The Suggested Answers given in this booklet
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 informationAccounting Technician Examinations. Pilot Examination Paper. Level I. Paper 1 Financial Accounting. Questions Suggested Answers and Marking Scheme
香港專業會計員 會 THE HONG KONG ASSOCIATION OF ACCOUNTING TECHNICIANS (Incorporated with Limited Liability) Unit A, 17/F, Fortis Bank Tower, 77-79 Gloucester Road, Wanchai, Hong Kong. Accounting Technician Examinations
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 informationBUSINESS, ACCOUNTING AND FINANCIAL STUDIES PAPER 1 (Sample Paper)
HONG KONG EXAMINATIONS AND ASSESSMENT AUTHORITY HONG KONG DIPLOMA OF SECONDARY EDUCATION EXAMINATION BUSINESS, ACCOUNTING AND FINANCIAL STUDIES PAPER 1 (Sample Paper) Time allowed: 1 hour 30 minutes This
More informationACCOUNTING: PAPER I INFORMATION BOOKLET
NATIONAL SENIOR CERTIFICATE EXAMINATION NOVEMBER ACCOUNTING: PAPER I Time: 2 hours 200 marks INFORMATION BOOKLET PLEASE TURN OVER Page ii of x QUESTION 1 ASSET MANAGEMENT (15 marks, 12 minutes) Information
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 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 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 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 informationBusiness, Accounting and Financial Studies. Mock Exam Paper (2011) Paper 1
HKDSE BAFS (2011) Paper 1 Business, Accounting and Financial Studies Mock Exam Paper (2011) Paper 1 Time allowed: 1 2 1 hours This paper must be answered in English. Instructions: 1 There are two sections
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG FINANCIAL ACCOUNTING JUNE 2011 Suggested
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 informationNOVEMBER 2016 PROFESSIONAL EXAMINATION FINANCIAL ACCOUNTING (PAPER 1.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME
NOVEMBER 2016 PROFESSIONAL EXAMINATION FINANCIAL ACCOUNTING (PAPER 1.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME GENERAL COMMENTS The standard of the question paper was good and candidates
More informationACCOUNTING. Written examination 1. Tuesday 11 June 2002
ACCNT EXAM 1A Victorian Certificate of Education ACCOUNTING Written examination 1 Tuesday 11 June Reading time: 2.45 pm to 3.00 pm (15 minutes) Writing time: 3.00 pm to 4.30 pm (1 hour 30 minutes) QUESTION
More informationInstitute of Chartered Accountants Ghana (ICAG) Paper 1.1 Financial Accounting
Institute of Chartered Accountants Ghana (ICAG) Paper 1.1 Financial Accounting Final Mock Exam 1 Question paper Time allowed 3 hours Instructions: Answer any FIVE of the seven questions provided. DO NOT
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 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 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 informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 17 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER II (INTAKE V GROUP B) END SEMESTER
More informationFORENSIC 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 informationINTERMEDIATE EXAMINATION GROUP - I (SYLLABUS 2016)
INTERMEDIATE EXAMINATION GROUP - I (SYLLABUS 2016) SUGGESTED ANSWERS TO QUESTIONS JUNE - 2017 Paper - 5 : FINANCIAL ACCOUNTING Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right
More informationQUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Rs. in 000
QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Credit Plant 2,500 Acc. depreciation at 1 July 2014 Equipment 700 Plant 1,000 Stock
More informationBSc (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(iv) The amount due to Bill by the partnership was to be left in a loan account, bearing an interest of 2% per annum.
Accounting for partnership HKDSE (2017, 8) (Partnership) Bill and Ben have been in partnership sharing profits and losses in the ratio of 1 : 3. On 1 January 2016, Bill retired from the partnership and
More informationUNIT 1-- ACCOUNTS FROM INCOMPLETE RECORDS- LEVEL-1-CLASS EXERCISE 1. From the following information determine sales made by a firm during the calendar year 2008 (Module-Unsolved) Opening Stock -80,000,Closing
More informationITL 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 informationACCOUNTING - HIGHER LEVEL (400 marks)
L.55 PRE-LEAVING CERTIFICATE EXAMINATION 2013 ACCOUNTING - HIGHER LEVEL (400 marks) TIME : 3 HOURS This paper is divided into 3 Sections: Section 1: Financial Accounting (120 marks). This section has four
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 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 informationFACULTY OF MANAGEMENT SCIENCES
FACULTY OF MANAGEMENT SCIENCES DEPARTMENT: ACCOUNTING ECONOMICS AND FINANCE QUALIFICATION: DIPLOMA IN ACCOUNTING AND FINANCE QUALIFICATION CODE: 06BDAF LEVEL: 5 COURSE: FINANCIAL ACCOUNTING 101 DATE: NOVEMBER
More informationEND-TERM EXAMINATION
(Please Write your Exam Roll No. immediately) Exam. Roll No... END-TERM EXAMINATION DECEMBER 2006 Exam Series code: 100415DEC06200459 Paper Code : MCA-109 Subject: Financial Accounting Time: 3 Hours Maximum
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 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 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 informationPART 4. Owners Equity in Business. Partnerships: Formation, operation and reporting Companies: Formation and operations
PART 4 Owners Equity in Business Partnerships: Formation, operation and reporting Companies: Formation and operations 15 16 CHAPTER 15 Partnerships: Formation, operation and reporting CONTENTS 15.1 Formation
More informationDawood Public School Course Outline Principles of Accounts Class IX
Dawood Public School Course Outline 2017-18 Principles of Accounts Class IX Cambridge O level Principles of Accounts Syllabus Code 7110 Course Books: 1. Wood, Frank, Business Accounting, FT Pitman Publishers
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 informationLOYOLA COLLEGE (AUTONOMOUS), CHENNAI
LOYOLA COLLEGE (AUTONOMOUS), CHENNAI 600 034 B.Com. DEGREE EXAMINATION COMMERCE FIRST SEMESTER APRIL 2016 CO 1500 FINANCIAL ACCOUNTING Date: 02-05-2016 Dept. No. Max. : 100 Marks Time: 01:00-04:00 Answer
More informationFinal Accounts. PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner ) c) A current liability d) Capital
Final Accounts 100 Questions 100 Marks 120 Minutes Select the best choice to answer the following questions: 1. Current assets include: a) Stock, debtors, prepayments b) Stock, debtors, accruals c) Stock,
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*8375935637* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2015 Candidates answer on the Question Paper.
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 informationFFA. Financial Accounting. OpenTuition.com ACCA FIA exams. Free resources for accountancy students
September/December 2015 exams OpenTuition.com Free resources for accountancy students ACCA FIA F3 FFA Financial Accounting Please spread the word about OpenTuition, so that all ACCA students can benefit.
More informationThis document consists of 9 printed pages.
Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/21 Paper 2 MARK SCHEME Maximum Mark: 120 Published This mark scheme is published as an aid to teachers and candidates,
More informationPlease spread the word about OpenTuition, so that all ACCA students can benefit.
ACCA COURSE NOTES June 2014 Examinations ACCA F3 FIA FFA Financial Accounting Please spread the word about OpenTuition, so that all ACCA students can benefit. ONLY with your support can the site exist
More informationPaper F3 (INT) Financial Accounting (International) Fundamentals Pilot Paper Knowledge module. The Association of Chartered Certified Accountants
Fundamentals Pilot Paper Knowledge module Financial ccounting (International) Time allowed: 2 hours LL FIFTY questions are compulsory and MUST be attempted. Paper F3 (INT) o NOT open this paper until instructed
More informationCambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level
*5783442697* Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level ACCOUNTING 9706/11 Paper 1 Multiple Choice May/June 2017 Additional Materials: Multiple
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 informationTeacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
More information: 1 : Time allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 8
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 is compulsory. All
More informationnam I 8 la UnIVERSITY
nam I 8 la UnIVERSITY OF SCIEnCE AnD TECHnOLOGY FACULTY OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: BACHELOR OF MARKETING and BACHELOR OF ACCOUNTING QUALIFICATION
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
Cambridge International Examinations Cambridge International General Certificate of Secondary Education *3733931195* ACCOUNTING 0452/11 Paper 1 October/November 2018 1 hour 45 minutes Candidates answer
More informationAccounting principle/ concept. 1 Change the depreciation methods for non-current assets Consistency
1 (a) Insurance account 1 April 2014 Balance b/d 500 31 March 2015 I/S 4350 31 March 2015 Bank 4000 Balance c/d 150 4500 4500 1 April 2015 Balance b/d 150 Commission receivable account 31 March 2015 Income
More informationCAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
www.xtremepapers.com Centre Number Candidate Number Name CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/03 Paper 3 Candidates answer on the
More information2016 EXAMINATIONS KNOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWORK
EXAMINATION NO 2016 EXAMINATIONS NOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWOR TUESDAY 7 JUNE 2016 TIME ALLOWED : 3 HOURS 9.00AM - 12.00 NOON INSTRUCTIONS: 1. You are allowed 15 minutes reading time before
More informationCertificate in Book-keeping and Accounts
Certificate in Book-keeping and Accounts ASE2007 Level 2 Monday 8 April 2013 Time allowed: 3 hours Information There are 5 questions in this question paper. All questions carry equal marks. Instructions
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 information(AA21) ADVANCED FINANCIAL ACCOUNTING
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA2 EXAMINATION - JANUARY 2018 (AA21) ADVANCED FINANCIAL ACCOUNTING Instructions to candidates (Please Read Carefully): (1) Time Allowed:
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 informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level. Paper 2 October/November hours
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level *2447945096* PRINCIPLES OF ACCOUNTS 7110/02 Paper 2 October/November 2010 2 hours
More informationMARK SCHEME for the May/June 2007 question paper 0452 ACCOUNTING
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark
More 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 informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Advanced Subsidiary Level and Advanced Level
*1011372598* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Advanced Subsidiary Level and Advanced Level ACCOUNTING 9706/12 Paper 1 Multiple Choice October/November
More informationTHE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd
More informationChapter 6 Accounting Adjustments and Working papers
Chapter 6 Accounting Adjustments and Working papers Topics 1. Cash basis vs. Accrual Basis 2. Accrued Income 3. Accrued Expenses 4. Prepaid Expenses 5. Unearned Income 6. Depreciation 7. Supply Expenses
More informationAccounting. Mark scheme. June ICSA, 2018 Page 1 of 9
Accounting scheme June 208 ICSA, 208 Page of 9 Section A Accrual basis () Going concern () Other responses may include: Stable monetary unit () Units of constant purchasing power () Total 2 2 False ()
More informationCambridge International Examinations Cambridge Ordinary Level
Cambridge International Examinations Cambridge Ordinary Level *2999138183* PRINCIPLES OF ACCOUNTS 7110/21 Paper 2 October/November 2017 2 hours Candidates answer on the Question Paper. No Additional Materials
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission
2018. M55 Coimisiún na Scrúduithe Stáit State Examinations Commission LEAVING CERTIFICATE EXAMINATION 2018 ACCOUNTING - HIGHER LEVEL (400 marks) MONDAY 18 JUNE AFTERNOON 2.00 5.00 This paper is divided
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 informationwww.onlineexamhelp.com Cambridge International Examinations Cambridge Ordinary Level *2157793206* PRINCIPLES OF ACCOUNTS 7110/22 Paper 2 October/November 2014 2 hours Candidates answer on the Question
More informationTHE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2011 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING
EXAMINATION No. THE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2011 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING WEDNESDAY 1 JUNE 2011 TIME ALLOWED:
More informationKULLEĠĠ 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 informationUnit 3 Accounting. Practice Exam Question Booklet. A non-profit organisation supporting students to achieve their best.
A non-profit organisation supporting students to achieve their best. Practice Exam Question Booklet Duration: 15 minutes reading time, 90 minutes writing time Structure of book: Number of questions Number
More informationAccounting and Finance
ENTRANCE SCHOLARSHIP EXAMINATION JANUARY 2017 Accounting and Finance Time Allowed ninety minutes YOU SHOULD ANSWER ONLY TWO QUESTIONS from the four questions, all of which carry equal marks Show all workings
More informationPrinciples of Accounts. Comprehensive Worksheet. Class 9. 2 nd Term
Principles of Accounts Comprehensive Worksheet Class 9 2 nd Term The City School / PAF Chapter/ Comprehensive Worksheet/May 2018/ Accounts Class 9 Page 1 of 8 Topics for 2 nd Term 1. Statement of profit
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 informationA C C O U N T I N G - H I G H E R L E V E L (400 marks)
AN ROINN OIDEACHAIS AGUS EOLAÍOCHTA M.55 LEAVING CERTIFICATE EXAMINATION, 2002 A C C O U N T I N G - H I G H E R L E V E L (400 marks) THURSDAY, 13 TH JUNE 2002 - MORNING 9.30 a.m. to 12.30 p.m. This paper
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 informationMGT101- 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 informationDate of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1
2013-2014 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships
More informationProfit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
More 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 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 informationVCE ACCOUNTING CLARIFICATION OF METHODS What terminology is going to be used in the June and November examinations in 2004?
VCE ACCOUNTING CLARIFICATION OF METHODS 2003 2006 What terminology is going to be used in the June and November eaminations in 2004? Terms to be used in eaminations Terms that will not be used in eaminations
More informationTHE UNITED REPUBLIC OF TANZANIA NATIONAL EXAMINATIONS COUNCIL CERTIFICATE OF SECONDARY EDUCATION EXAMINATION. Instructions
THE UNITED REPUBLIC OF TANZANIA NATIONAL EXAMINATIONS COUNCIL CERTIFICATE OF SECONDARY EDUCATION EXAMINATION 062 BOOK KEEPING (For Both School and Private Candidates) Time: 3 Hours Friday, 12 th October
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission
2014. M55 Coimisiún na Scrúduithe Stáit State Examinations Commission LEAVING CERTIFICATE EXAMINATION 2014 A C C O U N T I N G - H I G H E R L E V E L (400 marks) This paper is divided into 3 Sections:
More informationTHE UNITED REPUBLIC OF TANZANIA NATIONAL EXAMINATIONS COUNCIL CERTIFICATE OF SECONDARY EDUCATION EXAMINATION. Instructions
THE UNITED REPUBLIC OF TANZANIA NATIONAL EXAMINATIONS COUNCIL CERTIFICATE OF SECONDARY EDUCATION EXAMINATION 062 BOOK KEEPING (For Both School and Private Candidates) Time: 3 Hours Friday, 7 th October
More informationPaper Reference(s) 7011/01 London Examinations GCE. Friday 15 May 2009 Afternoon. Source booklet for use with Questions 1 to 6.
Paper Reference(s) 7011/01 London Examinations GCE Accounting Ordinary Level Friday 15 May 2009 Afternoon Source booklet for use with Questions 1 to 6. Do not return the insert with the question paper.
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/01 Paper 1 Examination from 2010 SPECIMEN PAPER 1 hour 45 minutes Candidates
More informationINDIAN SCHOOL MUSCAT DEPARTMENT OF COMMERCE & HUMANITIES CLASS :11 ACCOUNTANCY Financial Statements of Sole proprietorship
Worksheet No:12 INDIAN SCHOOL MUSCAT DEPARTMENT OF COMMERCE & HUMANITIES CLASS :11 ACCOUNTANCY Financial Statements of Sole proprietorship Issued on : ------------------------- Date of submission:------------------------
More information