Bookkeeping Basic & Quickbooks for ContractorsTerry Chong
Focus-Grow Bookkeeping presented Bookkeeping / Quickbooks for Contractors at SFPUC Contractor Assistance Center, SF on 3/2014. Sponsored by Merriwether & Williams Insurance Services. It talks about cash flow vs. profit, using credit to fund expansion, and Quickbooks set-up and reports: home page, items, estimate, invoices, job reports, financial reports (Balance Sheet, Profit & Loss), labor hours, payroll, labor burden for job costing.
The trial balance contains only those items which have been recorded in the books of accounts during the accounting Adjusting Entries period and does not contain those items which are not recorded although such unrecorded items belong to the current accounting period. Copy the link given below and paste it in new browser window to get more information on Adjusting Entries:- http://www.transtutors.com/homework-help/accounting/adjusting-entries.aspx
Bookkeeping Basic & Quickbooks for ContractorsTerry Chong
Focus-Grow Bookkeeping presented Bookkeeping / Quickbooks for Contractors at SFPUC Contractor Assistance Center, SF on 3/2014. Sponsored by Merriwether & Williams Insurance Services. It talks about cash flow vs. profit, using credit to fund expansion, and Quickbooks set-up and reports: home page, items, estimate, invoices, job reports, financial reports (Balance Sheet, Profit & Loss), labor hours, payroll, labor burden for job costing.
The trial balance contains only those items which have been recorded in the books of accounts during the accounting Adjusting Entries period and does not contain those items which are not recorded although such unrecorded items belong to the current accounting period. Copy the link given below and paste it in new browser window to get more information on Adjusting Entries:- http://www.transtutors.com/homework-help/accounting/adjusting-entries.aspx
ECON 2302 Project· What is a negative externality Construct a gEvonCanales257
ECON 2302 Project
· What is a negative externality? Construct a graph for the market for Steel showing the market price and quantity when the firms are dumping their industrial waste in the local waterways. What is the motivation for firms to pollute the local waterways?
· Explain how third parties are adversely affected from the pollution and how the negative externality can be internalized. Draw into the graph the appropriate shift of the supply curve which will remedy the negative externality and bring about the socially optimal level of output.
· What is a positive externality? Construct a graph for the market for vaccine shots showing the market price and quantity.
· Explain how third parties are benefiting from those who consume vaccine shots and how the positive externality can be internalized. Draw into the graph the appropriate shift of the demand curve which will remedy the positive externality.
1
Financial Statement Preparation Guidance Instructions
Financial Statement Entry Matrix (BUSN 5000)
The Financial Statement Entry Matrix below was developed in 2011 by Eddie Schwertz,
BUSN 5000 Course Lead for Webster University, to assist the online students with the
preparation of financial statements required for the Business Plan Term Project. It should be
used in conjunction with the Sample Business Plan B: Retail Business located in the Class
Resources area of the BUSN 5000 Online course and the Income Statement, Cash Flow
Statement, and Balance Sheet financial statements that follow the matrix on pages 3 to 5 of
this Word document file.
It is not possible to prepare instructions that answer all potential questions. However, an
attempt has been made to provide you with the situations you will likely most often
encounter during the preparation of the business plan for this course. It is recommended that
you print a copy of this help file for preparing the financial statements and a copy of the
Sample Business Plan B: Retail Business for reference as you use this matrix.
The Financial Statement Entry Matrix consists of four columns. The first column
identifies the financial statement item that appears on the three financial statements. In front
of each item is a bold upper-case letter. The purpose of the bold, highlighted capital letter
(e.g., A, B, C) is to assist you in locating the specific item on the financial statements and to
identify the relationships that exist between the item and the financial statements.
Note: While preparing financial statements, please remember in accounting that any
number shown in parentheses is a negative value. We recommend that you use
parentheses for negative numbers to emphasize that the number shown is a negative value.
Students should also round all figures to the nearest dollar.
2
Financial Statement Entry Matrix (BUSN 5000)
Financial Statement Item Income Statement Cash Flow Statement Balance Sheet
A. Net Sales Revenue Operating Activiti ...
University of Maryland University College Final Examination Acct.docxgidmanmary
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company's December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
54,500
Allowance for Doubtful Accounts
500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Acct220 Page 1 of 9 Additional Information:
Notes Receivable is a 3-months, 6% note accepted on December 1, 2014.
Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
Building is depreciated at 3% per year. There is no salvage value.
Equipment is depreciated at 15% year. There is no salvage value.
Flip discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
The year-end physical count for Merchandise Inventory reflected a value of $52,500. Any difference in value will not be considered theft or loss.
Salaries for the last half of December, payable in January, amount to $6,500.
Flip estimates that of the Accounts Receivable 5% will not be collectable.
Required:
Prepare in journal form, any required correcting entries
Prepare in journal form, all end-of-the period adjusting entries
Prepare a December adjusted trial balance
Prepare a classified balance sheet for the year ended December 31, 2014
Prepare in journal form, the closing entries for the year ended December 31, 2014
NOTE: Students are encouraged to prepare their own T-accounts, on a separate scratch sheet of paper, and track from the beginning balance thru all journal transactions to ending balances for all accounts used in this problem. Do not turn in your separate scratch sheet of paper - those are student personal working papers and not part of any solution required for this exam.
Question 2: 8% points: Inventory
Flip uses the period method and had t.
Question 11 ptsAdjusting entries affect cash flows in the curr.docxJUST36
Question 1
1
pts
Adjusting entries affect cash flows in the current period.
Flag this Question
Question 2
1
pts
A contra account is an account whose balance is subtracted from an associated account in the financial statements.
Flag this Question
Question 3
1
pts
Net income is misleading when revenue is overstated or expenses are understated by significant amounts.
Flag this Question
Question 4
1
pts
The only accounts that are closed are income statement accounts.
Flag this Question
Question 5
1
pts
An adjusted trial balance provides all the data needed to record the closing entries.
Flag this Question
Question 6
1
pts
Which of the following transactions is most likely
not
to result in an adjusting entry at the end of the period?
Flag this Question
Question 7
1
pts
Which of the following transactions results in the recognition of an expense?
Flag this Question
Question 8
1
pts
Which of the following situations is
not
an example of a deferral?
Flag this Question
Question 9
1
pts
Equipment might be depreciated over 15 years because
Flag this Question
Question 10
1
pts
Which of the following is
not
an application of accrual accounting?
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Question 11
1
pts
An adjusting entry made to record salaries earned but not yet paid or recorded is made with which of the following entries?
Flag this Question
Question 12
1
pts
A work sheet is useful for all
except
which of the following?
Flag this Question
Question 13
1
pts
Closing entries will
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Question 14
1
pts
In preparing closing entries, which of the following columns of the work sheet are the
most
helpful?
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Question 15
1
pts
Closing entries ultimately will affect
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Question 16
1
pts
Prepaid Rent was $800 at the end of May and $1,300 at the end of June. Rent Expense for June was $720. How much cash was paid for rent during June?
Flag this Question
Question 17
1
pts
Accounts Receivable was $1,500 at the end of November and $1,050 at the end of December. Revenue totaled $8,400 for December. How much cash was received from revenues during December?
Flag this Question
Question 18
1
pts
Skip to question text.
Use this information to answer the following question.
The trial balance for Nowwick Company appears as follows:
Nowwick Company
Trial Balance
December 31, 20x5
Cash
$ 240
Accounts Receivable
1,000
Prepaid Insurance
100
Supplies
300
Office Equipment
800
Accumulated Depreciation–Office Equipment
$ 400
Accounts Payable
600
Common Stock
1,200
Service Revenue
1,000
Salaries Expense
200
Rent Expense
400
______
$3,200
$3,200
If as of December 31, 20x5, the rent of $100 for December had not been recorded or paid, the adjusting entry would include a
Flag this Question
Question 19
1
pts
Skip to question text.
The Retained Earnings, Dividends, and Income Summary accounts for Harmon Repair Company for the accounting period are presented below i ...
ANSWER ALL QUESTIONS IN FIELD READ CAREFULLY PLEASE LABEL EACH QU.docxnolanalgernon
ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION
Question 1
Classifying Accounts
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.
1. Accounts Receivable
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Land
6. Prepaid Rent
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Unearned Rent
12. Wages Payable
Question 2
Financial Statements from the End-of-Period Spreadsheet
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:
Elliptical Consulting
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
27,000
27,000
Accounts Receivable
53,500
53,500
Supplies
3,000
(a)
2,100
900
Office Equipment
30,500
30,500
Accumulated Depreciation
4,500
(b)
1,500
6,000
Accounts Payable
3,300
3,300
Salaries Payable
(c)
375
375
Jayson Neese, Capital
82,200
82,200
Jayson Neese, Drawing
2,000
2,000
Fees Earned
60,000
60,000
Salary Expense
32,000
(c)
375
32,375
Supplies Expense
(a)
2,100
2,100
Depreciation Expense
(b)
1,500
1,500
Miscellaneous Expense
2,000
2,000
150,000
150,000
3,975
3,975
151,875
151,875
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
$
Expenses:
$
Total expenses
$
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
$
$
$
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
$
Total current assets
$
Property, plant, and equipment:
$
Total property, plant, and equipment
Total assets
$
Liabilities
Current liabilities:
$
Total liabilities
$
Owner's Equity
Total liabilities and owner's equity
$
Question 3:
Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:
Depreciation Expense
$7,500
Insurance Expense
3,000
Miscellaneous Expense
8,150
Rent Expense
54,000
Service Revenue
448,400
Supplies Expense
2,750
Utilities Expense
33,900
Wages Expense
360,000
Prepare an income statement. Use a minus sign to indicate a net loss.
Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
$
Expenses:
$
Total expenses
Question 4:
Statement .
Accounting for Business Major Assignment SP1 2015 Instructions.docxannetnash8266
Accounting for Business Major Assignment SP1 2015 Instructions
Due Date Thursday 7th May 2015 1.00pm Assignments must be submitted through the Turnitin link on the subject portal
Groups up to 3 students maximum are permitted.
Assignment must be in word format only.
All calculations and workings must be shown to receive any marks for each question
Do not include the question in your answers!
Question 1
Bill Smith has started a lawn mowing business (Bill’s Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in five months. Bill has never owned or run a business before. To start the business on 1 February 2014, he deposited $3,600 into a new bank account opened in the name of the business. The $3,600 consisted of a $3000 interest free loan from his Uncle (to be repaid in full over 2 years in equal amounts at the end of each month) and $600 of his own money. Bill rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns.
At the end of each month Bill sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers.
At 30 June, Bill’s business account cheque book shows a balance of $2,245, and his customers still owe him $750. During the period, he collected $5,800 from customers. His cheque book lists payments for supplies totalling $550, and he still has fuel and supplies that cost a total of $75 on hand. He paid his employees $3,200, and he still owes them $620 for their final week of work.
Bill rented some equipment from Kennard’s Hire. On 1 February, he signed a six-month rental agreement on lawnmowers and paid $1050 for the full period. Kennard’s Hire will refund the unused portion of the prepayment if the equipment is in good order when he returns it. In order to get the refund, Bill has kept the equipment in excellent condition. In fact during May paid $310 to repair one of the mowers.
To transport employees and equipment to jobs, Bill used a trailer that he bought for $780. He believes that the period’s work used up one-quarter of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Bill during the period, in addition he has a diary entry indicating that he also used $35 worth of fuel for his own vehicle.
Bill estimates that he spent approximately 45 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from.
Required
1. Prepare the business Income Statement for the period.
(9 marks)
2. Prepare the classified Balance Sheet at the end of the period.
(11.
Page 1 of 6 HA3042 Taxation Law Individual Assignment T1..docxAASTHA76
Page 1 of 6
HA3042 Taxation Law Individual Assignment T1.2019
Assessment Details and Submission Guidelines
Trimester T1 2019
Unit Code HA3042
Unit Title TAXATION LAW
Assessment Type Assignment
Assessment Title Individual Assignment
Purpose of the
assessment (with
ULO Mapping)
Students are required to follow the instructions by your lecturer to confirm any
relevant information. You also need to follow any relevant announcement on
Blackboard to confirm the due date and time of the assignment.
The individual assignment will assess students on the following learning
outcomes:
1. Knowledge of tax law concepts
2. Ability to analyse tax law issues
3. Ability to apply legal tax principles.
Weight 20 % of the total assessments
Total Marks 20
Word limit Max 2000 words (acceptable to be 10% above or below this word limit)
Due Date Sunday of week 10 at 11:59PM.
Submission
Guidelines
• Answer all questions.
• This assignment is to be submitted in accordance with assessment policy
stated in the Subject Outline and Student Handbook.
• It is the responsibility of the student who is submitting the work, to ensure
that the work is in fact her/his own work. Incorporating another’s work or
ideas into one’s own work without appropriate acknowledgement is an
academic offence. Students should submit all assignments for plagiarism
checking on Blackboard before final submission in the subject. For further
details, please refer to the Subject Outline and Student Handbook.
• All works must be submitted on Blackboard by the due date along with a
completed Assignment’s Cover Page.
• The assignment must be in MS Word format, no spacing, 12-pt Arial font
and 2 cm margins on all four sides of your page with appropriate section
headings and page numbers.
• Reference sources must be cited in the text of the report, and listed
appropriately at the end in a reference list using Harvard referencing style.
Individual Assignment Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome from 1 to 3 as
mentioned above.
Assignment Structure should be as the following:
Questions 1: Weighting
Depreciation 0.5
Interest 0.5
Total operating cost 0.5
Taxable value 1
FBT 1
Statutory method formula 1.5
FBT liability 0.5
Page 2 of 6
HA3042 Taxation Law Individual Assignment T1.2019
Conclusion 0.5
Questions 2: Weighting
a. Based on the given information, students are required to
determine Daniel Ray’s net capital gain or net capital loss for the year
ended 30 June 2019.
10
b. What Daniel will do with a likely net capital gain in this financial year.
2
c. What Daniel will do with a likely net capital loss in this financial year. 2
Assignments’ Instructions and Requirements
Question 1 (6 marks)
On 1 April 2018,.
Accounting 970601 paper 1 multiple choice october november 2007 Alpro
Accounting 970601 paper 1 multiple choice october november 2007
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
1/12
Quiz Submissios - Posttest #1
Question 1 1 / 6 points
(Learning Outcome 5) Jimpson Corp. issued 2,000 shares of $15 par value common stock at
$18.00 per share for cash.
A) What account/s and amounts would you Debit in this transaction?
B) What account/s and amounts would you Credit in this transaction?
You must answer both A) and B) correctly to receive full credit for this question.
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 2 3 / 3 points
(Learning Outcome 1) Benford Co. has Supplies totaling 17,500, Accounts Receivables of 20,250,
they have 97,525 in Cash on hand and the business has a 90,000 Notes Payable and owes
21,000 on account to the Brown Co. How much is Benford's Owner's Equity? (Hint: Use the
accounting equation to help solve this problem)
Amount that would be debited in the transaction = 2000 x 18 = $36000
Amount that would be credited in the transaction =36000 -(2000 x 15) =$6000
$66,275
$170,775
$24,275
$204,275
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2/12
Question 3 3 / 6 points
(Learning Outcome 1) In 2017 Robot Inc. reported total assets as $15,750 and total liabilities as
$8,560. You must show your calculations and answer both A) and B) correctly to receive full
credit for this question.
A) Use the accounting equation to solve for the amount of equity in 2017.
B) If in 2018, Robot's assets increase by $3,000 and the equity decreases by $1,950, what will
be the amount reported for liabilities in 2018?
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 4 3 / 6 points
(Learning Outcome 8) Pawla's Pet Resort provides the following data:
2017 2016
Revenues $15,500 $13,900
Cost of
Goods Sold
$5,000 $6,250
Prepare a horizontal analysis of Revenues and Cost of Goods Sold--both in dollar amounts and in
percentages. You must show your calculations to receive full credit for this question. Round
your answer to the nearest percentage.
Total Equity = Total Assets - Total Liability
Total Assets= $ 15,750
Total Liability= $ 8560
Total Equity= $ 7190
Total Assets in 2018= 15750 + 3000
Total Assets= $20750
Total Equity in 2018= 7190- 1950
Total Equity= 5240
Amount Recorded for Liability= 20750-5240= $15510
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3/12
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 5 3 / 3 points
(Learning Outcome 2) Bowen Services performed electrical services for Peterson's Dept. Store
on account for $657. How would this transaction affect Peterson's Dept. Store's accounting
equation?
Question 6 0 / 6 points
(Learning Outcome 6) On January 1, 2016, Jiffy Inc. issued $15,000 in bonds for $14,700. They
were six-year bonds with a stated rate of 9% and they pay semiannual interest. Jiffy Inc. uses
the straight-line method to amortize the bond discount. Immediately after the issue of the
bonds, the ledger balances appeared as follows:
Changes in revenues from 2016 to 201 ...
Accounting 970643 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970643 paper 4 problem solving (supplementary topics) october november 2013
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
make entries in the relevant ledger accounts to record
the:
–– merger of two or more sole traders’ businesses to
form a partnership
–– merger of a sole trader’s business with an existing
partnership to form an enlarged partnership
–– acquisition of a sole trader’s business or partnership
by a limited company
• prepare income statements and statements of financial
position for the newly formed business following the
merger, for example the limited company acquiring the
partnership
• evaluate and discuss the advantages and disadvantages
of the proposed merger.
Advantages or reasons behind the business purchase(acquisition) and merger : Synergy, Vertical integration etc
Purchase consideration
Goodwill
Net Assets
Standard Costing
Candidates should understand the application of a system of standard costing to an organisation.
Candidates should be able to:
• calculate the following variances:
– direct material price and usage
– direct labour rate and efficiency
– fixed overhead expenditure, capacity, efficiency and volume
– sales price and volume
• reconcile standard cost to actual cost
• reconcile standard profit to actual profit
• explain the causes of the variances and their relationship to each other
• discuss how standard costing can be used as aid to improve the performance of a business
• discuss the advantages and disadvantages of a standard costing system.
Investment Appraisal: Management Accounting Cambridge A Level Paper 3 last 2 questions: Payback period: Discounted Payback period: Accounting Rate of Return (ARR): Net Present Value (NPV): Internal Rate of Return (IRR) : Sensitivity Analysis: Cambridge A2 Standard Costing Past Papers
Budget : The financial plan for a short period of time: Individual Budgets : Purchases Budget: Production Budget: Sales Budget: Labour Budget: Trade Receivables Budget: Trade Payables Budget: Inventory Budget: Master Budgets: Cash Budget: Budgeted Income Statement : Budgeted Statement of Financial Position: Evaluation of Budgets ( Advantages and Disadvantages of Budget): recognize the effect of limiting factors on the preparation of budgets: prepare a flexed budget statement: entify and explain the causes of differences between actual and flexed budgeted data
• make business decisions and recommendations using supporting data
• discuss the behavioural aspects of budgeting
Standard Costing: Management Accounting Cambridge A Level Paper 3 last 2 questions: Payback period: Discounted Payback period: Accounting Rate of Return (ARR): Net Present Value (NPV): Internal Rate of Return (IRR) : Sensitivity Analysis: Cambridge A2 Standard Costing Past Papers
Activity Based Costing:
The latest costing method in this centaury;
Cost Drivers; Cost Pool; Cost Driver Rates ; All the ABC Cambridge A Level Past paper questions ; ABC Model questions
Introduction.
Discuss the role of the auditor
Discuss the auditor’s basis of opinion
Identify the records that require to be audited
Explain the connection between shareholders, directors and auditors
Understand what is meant by the term ‘true and fair view’
Discuss the role of directors.
Stewardship
Extra readings
Past paper questions.
Model questions.
Summary
Correction of accounting errors for a Level or level under National , Edexcel and Cambridge Syllabuses
Situations where errors take place:
Two types of errors , Errors which are not revealed by the trial balance and errors which are revealed by the trial balance, errors of omission , commission , principle, original entry , compensating and complete reversal , suspense account , past papers
Activity-based Costing
Cambridge A2
MA
Paper 03
Activity based costing: defined by CIMA
Cost drivers
Cost driver rate
Cost pools
Stages in using an Activity-Based Costing System
Advantages of Activity-Based Costing System
Dis-advantages/Limitations of Activity-Based Costing System
Working capital cycle
Net working assets to sales/revenue
Income gearing
Gearing ratio
Earnings Per Share (EPS)
Price earnings ratio/(P/E)
Dividend Yield
Dividend cover
Dividend per share
Edexcel Unit 2 - Investment ratios
If you need tute : https://www.slideshare.net/secret/HWzeaKRZChVF33
If you need password please request in comments.
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Edexcel Pearson Accounting International Advanced Level
Unit 01: The Accounting System and Costing
Unit 02: Corporate and Management Accounting
Summarized syllabus
Contact for further support
Edexcel IGCSE & O Level
Accounting
Correction of errors
Situations where errors occur
Two types of errors
Trial Balance
Errors which do not affect Trial Balance agreement
Omission, Commission, Original Entry, Principal, Compensation, Complete Reversal, Duplication
Errors which affect the agreement of trial balance
suspense account
All igcse past papers
model questions
Joint venture
Introduction to joint venture
Joint venture account with the other partner
Memorandum joint venture accounts
Extra readings
Past paper questions.
Model questions.
Summary
prepare ledger accounts for joint ventures
calculate the profit for joint ventures.
Cambridge International Advanced Level
Accounting (9706)
A Level - Paper 3
Financial Accounting
Consignment Accounts
Consignor , Consignee/Agent, Commission
Del Credere Commission
All the theories with steps
if you want a support to complete this tute, text me on Wtsapp : +94779035940
All the past papers and model papers
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Partnership Accounts
Cambridge IGCSE 7707
Cambridge O Level
Edexcel IGCSE
All the theories, past papers, model questions
you can contact me for further support:
wtsapp : +94 77 903 59 40
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2. *P63011A0220*
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SECTION A
Answer ALL questions in this section. Write your answers in the spaces provided.
For questions 1–10, choose an answer A, B, C or D, and put a cross in a box .
If you change your mind about an answer, put a line through the box
and then mark your new answer with a cross .
1 Which document issued by the seller summarises the transactions for the month?
A Credit note
B Purchase invoice
C Sales invoice
D Statement of account
(Total for Question 1 = 1 mark)
2 Which is not an accounting concept?
A Business entity
B Confidentiality
C Consistency
D Materiality
(Total for Question 2 = 1 mark)
3 Which of these accounts always has a credit balance?
A Carriage inwards
B Carriage outwards
C Discount allowed
D Discount received
(Total for Question 3 = 1 mark)
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4 Which accounts are maintained in the payables ledger?
A Creditors
B Debtors
C Purchases
D Sales
(Total for Question 4 = 1 mark)
5 Which statement is incorrect?
A Assets = liabilities + capital
B Capital = assets – liabilities
C Capital – liabilities = assets
D Liabilities = assets – capital
(Total for Question 5 = 1 mark)
6 Which should be entered on the credit side of the trade receivables control account?
A Credit sales
B Discount allowed
C Interest charged
D Returns outwards
(Total for Question 6 = 1 mark)
7 What is the effect if capital expenditure is treated as revenue expenditure?
A Gross profit overstated
B Gross profit understated
C Profit for the year overstated
D Profit for the year understated
(Total for Question 7 = 1 mark)
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8 Identify when a customer would receive a cash discount.
A Bulk purchases
B Payment made by cash
C Payment made within agreed time
D Regular purchases
(Total for Question 8 = 1 mark)
9 Where is the total of the discount column on the debit side of a three-column cash
book posted?
A Credit discount allowed
B Credit discount received
C Debit discount allowed
D Debit discount received
(Total for Question 9 = 1 mark)
10 What is the effect when a trader does not account for rent paid in advance?
A Gross profit overstated
B Gross profit understated
C Other receivables overstated
D Other receivables understated
(Total for Question 10 = 1 mark)
5. *P63011A0520* Turn over
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11 Complete the document.
Invoice
GLK Ltd
Moreton Road
Norwich NR1 2BP
Frank Waites
22 Redland Drive
Lewes BN7 2DH
Number: S2703
Date: 14 April 2020
Description Quantity Unit cost
$
Total cost
$
Filing cabinets 8 64.55
………………………………………………
Office chairs 22 19.80
………………………………………………
Subtotal
………………………………………………
Trade discount 15%
………………………………………………
Total
………………………………………………
Terms: 2% discount for 30 days settlement.
(Total for Question 11 = 5 marks)
12 State the book of original entry for each transaction.
Transaction Book of original entry
Sales to a credit customer
Returns from a credit customer
Purchases from a credit supplier
Purchase of a non-current asset on credit
Payment to a credit supplier
(Total for Question 12 = 5 marks)
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13 On 31 December 2019, Lewin sold a motor vehicle, cost $20 000, with a carrying
value of $16 000. The proceeds of the sale, $16 400, were received by cheque.
(a) Prepare the disposal account for the year ended 31 December 2019.
(4)
Disposal Account
Date Details $ Date Details $
(b) State one cause of depreciation of a non-current asset.
(1)
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(Total for Question 13 = 5 marks)
TOTAL FOR SECTION A = 25 MARKS
7. *P63011A0720* Turn over
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SECTION B
Answer ALL questions in this section. Write your answers in the spaces provided.
14 (a) State two reasons for maintaining a trade payables ledger control account.
(2)
1 ................................................................................................................................................................................................................................................................................
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2 ................................................................................................................................................................................................................................................................................
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On 31 March 2020 Gali provided the following information related to credit suppliers.
$
Balance at 1 March 2020 16 250
Totals for the month
Credit purchases 18 230
Returns outwards 615
Interest charged 30
Trade receivables ledger balance set off 465
Payments made 14 540
Discount received 235
Refund received 55
(b) Prepare the trade payables ledger control account for the month of March 2020.
Balance the account on 31 March 2020 and bring the balance down on
1 April 2020.
(10)
Trade Payables Ledger Control Account
Date Details $ Date Details $
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(c) State three reasons why a business may receive a refund from a credit supplier.
(3)
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(Total for Question 14 = 15 marks)
10. *P63011A01020*
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15 Raheem has prepared the following incorrect trial balance.
(a) Prepare the corrected trial balance.
(10)
Trial balance at 30 April 2020
Account Debit
$
Credit
$
Debit
$
Credit
$
Bank overdraft 3 850
Carriage inwards 260
Carriage outwards 830
Discount allowed 1 010
Drawings 8 400
Equity 27 460
General expenses 18 470
Inventory at 1 May 2019 6 960
Irrecoverable debts 380
Property at cost 36 000
Motor vehicles
– cost
– provision for depreciation
18 300
10 980
Purchases 44 310
Rent received 1 650
Returns outwards 570
Revenue 96 740
Trade payables ledger control account 9 150
Trade receivables ledger control
account
15 480
Suspense 17 740
Totals 159 270 159 270
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(b) Evaluate the benefits of preparing a trial balance.
(5)
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(Total for Question 15 = 15 marks)
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16 (a) State two reasons why a business maintains a petty cash book.
(2)
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2.................................................................................................................................................................................................................................................................................
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Juliet maintains a petty cash book with a float of $150
The following transactions took place during April 2020.
April
Voucher
number
Transaction $
5 401 Paid taxi fare 15.20
9 402 Purchased postage stamps 14.60
13 403 Paid employee travel expenses 25.00
22 404 Purchased envelopes 18.30
29 405 Paid cleaner’s wages 30.00
30 Restored float to petty cash
To be
calculated
(b) Prepare the petty cash book for the month ended 30 April 2020.
Balance the petty cash book on that date and bring the balance down on
1 May 2020.
(11)
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(c) State one reason why the balance of the petty cash book at 1 May 2020 may be
different to the cash held.
(1)
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(d) State where in the statement of financial position at 1 May 2020 the balance of
the petty cash book would be shown.
(1)
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(Total for Question 16 = 15 marks)
16. *P63011A01620*
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17 (a) Complete the table below, indicating with a tick () which account will be debited
and which account will be credited when writing off an irrecoverable debt.
(2)
Account Debit Credit
Trade receivables control
Irrecoverable debts
(b) State two accounting concepts that apply when writing off an irrecoverable debt.
(2)
1...................................................................................................................................................................................................................................................................................
2.................................................................................................................................................................................................................................................................................
Nyan maintains a provision for irrecoverable debts of 5% of trade receivables.
On 1 March 2019 the balance of the provision for irrecoverable debts account
was $1 845
On 29 February 2020 trade receivables were $42 520. This included $380 that Nyan
considered to be irrecoverable.
(c) Calculate the balance of the provision for irrecoverable debts at 29 February 2020.
(2)
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(d) Prepare the provision for irrecoverable debts account for the year ended
29 February 2020. Balance the account at this date and bring down the balance
on 1 March 2020.
(4)
Provision for Irrecoverable Debts Account
Date Details $ Date Details $
(e) Evaluate the reasons why it is necessary for a business to create a provision for
irrecoverable debts.
(5)
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(Total for Question 17 = 15 marks)
18. *P63011A01820*
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18 (a) State two benefits of using technology in accounting.
(2)
1...................................................................................................................................................................................................................................................................................
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(b) Complete the table, indicating with a tick () how each item would be classified
when purchasing hardware.
(3)
Item Capital
expenditure
Revenue
expenditure
Installation cost
Delivery cost
Consumables
A trader received a bank statement on 31 March 2020 showing a credit balance of
$791. On the same date the cash book showed a debit balance of $1210.
The following had not been entered in the cash book:
• a standing order for insurance, $345
• bank interest received, $15
• a dishonoured cheque from Jones, $265
(c) Update the cash book showing the adjusted balance at 31 March 2020.
(4)
Cash book – bank column
Date Details $ Date Details $
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The following had not yet been processed by the bank:
• unpresented cheques, $656
• outstanding lodgements, $480
(d) Prepare a bank reconciliation statement at 31 March 2020.
(6)
Bank reconciliation statement at 31 March 2020
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(Total for Question 18 = 15 marks)
TOTAL FOR SECTION B = 75 MARKS
TOTAL FOR PAPER = 100 MARKS