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
Manufacturing accounts by inqilab patelInqilab Patel
In order to ascertain the cost of producing the goods a manufacturing account is prepared. This account is also normally prepared at the end of the accounting period. Both direct and indirect expenses associated with the manufacturing process debited to the manufacturing account. The balance of this account representing cost of the goods produced is then transferred to the trading account.
clubs & societies : final accounts of non - profit organisationsSanjaya Jayasundara
Final accounts of clubs and societies, Receipts and payments account , subscription , income and expenditure account , life subscription calculation, accumulated fund , accrual concept, differences between receipts & payments account and income and expenditure account. Cambridge O Level (7110 ; 7707) past papers and model papers,
Control accounts the account which represents a particular sub ledger, sales ledger and purchases ledger control accounts.
At the end of an accounting period the accounts are balanced off and a trial balance prepared to check the accuracy of the book keeping entries. If a trial balance fails to balance this usually indicates that an error or errors may have been made and needs to be identified. As the business expands the accounting requirements increase which may lead to more errors occurring which are very difficult to find.
Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
A short presentation summarizing the business documents which are used in credit sales. Taken from AAT Processing Bookkeeping Transactions (PBKT), chapter 1
Accounting 970601 paper 1 multiple choice october november 2006 Alpro
Accounting 970601 paper 1 multiple choice october november 2006
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
ACC 205 OUTLET Education for Service--acc205outlet.comkopiko55
FOR MORE CLASSES VISIT
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
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
Manufacturing accounts by inqilab patelInqilab Patel
In order to ascertain the cost of producing the goods a manufacturing account is prepared. This account is also normally prepared at the end of the accounting period. Both direct and indirect expenses associated with the manufacturing process debited to the manufacturing account. The balance of this account representing cost of the goods produced is then transferred to the trading account.
clubs & societies : final accounts of non - profit organisationsSanjaya Jayasundara
Final accounts of clubs and societies, Receipts and payments account , subscription , income and expenditure account , life subscription calculation, accumulated fund , accrual concept, differences between receipts & payments account and income and expenditure account. Cambridge O Level (7110 ; 7707) past papers and model papers,
Control accounts the account which represents a particular sub ledger, sales ledger and purchases ledger control accounts.
At the end of an accounting period the accounts are balanced off and a trial balance prepared to check the accuracy of the book keeping entries. If a trial balance fails to balance this usually indicates that an error or errors may have been made and needs to be identified. As the business expands the accounting requirements increase which may lead to more errors occurring which are very difficult to find.
Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
A short presentation summarizing the business documents which are used in credit sales. Taken from AAT Processing Bookkeeping Transactions (PBKT), chapter 1
Accounting 970601 paper 1 multiple choice october november 2006 Alpro
Accounting 970601 paper 1 multiple choice october november 2006
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
ACC 205 OUTLET Education for Service--acc205outlet.comkopiko55
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
ACC 205 OUTLET Become Exceptional--acc205outlet.comkopiko119
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center.
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial
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 .
total 2= 30NORTHERN VIRGINIA COMMUNITY COLLEGEBusiness and S.docxturveycharlyn
total 2= 30
NORTHERN VIRGINIA COMMUNITY COLLEGE
Business and Social Science Division
Woodbridge Campus
Principles of Accounting I Take home (Chapters 4 - 6)
Professor Dr. Mark DAntonio
NAME: _____________________
Answer all parts of all questions. Show calculations where appropriate.
1. You keep the accounting records for a small merchandising corporation which operates on a fiscal year that ends on December 31. Using the separate general journal form provided, journalize the selected business transactions given below. You may omit the explanations for your entries. (40 points)
2005
Dec. 2 Purchased $6,000 worth of merchandise on credit from Buy-Right Corp. Their invoice #a210 includes sales terms of 1/10, n/30, FOB shipping point.
3 Paid Express Shipping Company $150 for the delivery of the merchandise you purchased from Buy-Right Corp. on Dec. 2.
4 Sold $10,000 worth of merchandise on credit to Best Supply Co. on Invoice #2256, terms 2/10, n/30, FOB shipping point. The merchandise cost $7,000. (Remember you need to do 2 entries here!)
5 You discovered that some of the merchandise you purchased from Buy-Right Corp. on Dec. 2 was defective and had to be sent back. You returned $1,000 worth of merchandise.
14 Received a check from Best Supply Co. for the merchandise you had sold to them on Dec. 4, less their applicable discount.
Note: Print neatly and Skip a line between your entries
Date
Accounts
Debit
Credit
40 Points (Show work and circle the answer for each question)
Angel Inc. currently (on 1/1/2015) has 300,000 tons of gravel in their inventory (the balance sheet shows this is worth $300,000). On 1/10/2015 they make a gravel purchase: 200,000 at $1.50 per ton. On 1/18/2015 they make a gravel purchase: 200,000 at $2.00 per ton. On 1/23/2015 they make a gravel purchase: 200,000 at $2.50 per ton.
On January 25th of 2015 they sell 650,000 tons of mulch to George Mason University for $4.50 per ton.
1) Calculate the Revenue = __________
2) Fill out the inventory table below
Date
Tons
$ Paid/ton
$ Amount
Total tons of
$ Value
Average
Purchased
Purchased
Inventory
inventory
Per Ton
Start
1/1/2015
n/a
n/a
n/a
Buy
Buy
Buy
3) What is the COGS using FIFO =
4) What is the REMAINING INVENTORY AMOUNT using FIFO =
5) What is the COGS using LIFO =
6) What is the REMAINING INVENTORY AMOUNT Using LIFO =
7) What is the COGS using Weighted Average =
8) What is the REMAINING INVENTORY AMOUNT using Weighted average =
The following information was available to reconcile Chisholm Company's book balance of cash with its bank statement balance as ...
Name:
Acct310.Sa.14
Final Exam
Question 1: 10% points
Answer Sheet Page 1 of 5 .Sa.14
Final Exam
Question 2: 10% points
Answer Sheet Page 2 of 5 .Sa.14
Final Exam
Question 3: 10% points
a. Present Value of Note Receivable
b. Schedule of Note Discount:
Date
Cash Interest
Effective Interest
Discount Amortized
Unamortized Discount
Balance of Note
Question 4: 8% points
a. Cost of Goods Available for Sale
b. LIFO Ending Inventory
c. FIFO Cost of Goods Sold
d. Gross Profit using Moving Average
Question 5: 9% points:
Answer Sheet Page 3 of 5 .Sa.14
Final Exam
Question 6: 10% points:
a. Gain/Loss Recognized:
b. General Journal Entries:
Date
Account
Debit
Credit
Question 7: 9% points:
Date
Account
Debit
Credit
Question 8: 9% points:
Date
Account
Debit
Credit
Answer Sheet Page 4 of 5 .Sa.14
Final Exam
Multiple choice questions allocated 1% point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
Question Number
Answer
9:
19:
29:
10:
20:
30:
B
11:
21:
31:
C
12:
22:
32:
C
13:
23:
33:
D
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
Answer Sheet Page 5 of 5 .Sa.14
Final Exam
University of Maryland University College
Final Examination
Acct310: Intermediate Accounting I
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines,
when required. Ensure to use proper financial document format details
such as blank lines where required.
Question 1: 10% points: Frick Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2014 an analysis of the accounts and
discussions with company officials revealed the following information:
Sales revenue $1,200,000
Earthquake loss (net of tax) (extraordinary item) 56,000
Selling expenses 128,000
Cash 60,000
Accounts receivable 90,000
Common stock 200,000
Cost of goods sold 701,000
Accumulated depreciation-machinery 180,000
Dividend revenue 8,000
Unearned service revenue 4,400
Interest payable 1,000
Land 370,000
Patents 100,000
Retained earnings, January 1, 2014 290,000
Interest expense 17,000
Administrative expenses 170,000
Dividends declared 24,000
Allowance for doubtful accounts 5,000
Notes payable (maturity 7/1/17) 200,000
Machinery 450,000
Materials 40,000
Accounts payable 60,000
The amount of income taxes applicable to ordinary income was $57,600, excluding
the tax effect of the earthquake loss, which amounted to $24,000.
Instructions: Prepare a multiple-step in.
Accounting Principles 101- Test #4Chapter 7Businsky – Spri.docxannetnash8266
Accounting Principles 101- Test #4
Chapter 7
Businsky – Spring 2013
Name: ______________________________ Date: _______________
Problem
Points Possible
Points Received
1
25 Points
2
15 Points
3
5 Points
4
5 Points
Total
50 Points
Problem #1 - (25 Points)
Sav Rocca, accountant for Shine King Cleaning is attempting to reconcile the monthly bank account. Sav Rocca has the following information:
1) The cash ledger balance at November 30 is $73,100
2) The balance according to the bank statement is $73,723
3) Deposits in transit totaled $900
4) Outstanding checks Check #104 - $500 & Check #107 - $600
5) Bank service charges were $18
6) The bank collected an EFT collection of $600 for Shine King Cleaning on account from Pierre’s Wig Stand
7) Earned interest at the bank $16
8) Shine King Cleaning made EFT payments Check Art Supplies $30 & Calpine Energy $145.
1) Prepare bank reconciliation at November 30 (15 Points)
Bank Balance
Book Balance
Adjusted Bank Balance
Adjusted Book Balance
Problem #1 continued
2) Prepare any necessary journal entries from previous page (10 Points)
GENERAL JOURNAL
DATE
DESCRIPTION
REF
DEBIT
CREDIT
Problem 2- (15 Points)
Prepare journal entries for the following petty cash transactions of Bob’s Lawn Service:
1) Established a $200 petty cash fund (5 points)
Journal Entry
DATE
ACCOUNTS AND EXPLANATIONS
POST.
REF.
DEBIT
CREDIT
2) Replenish the petty cash fund. The fund contained the following: $77 in cash, receipts for $45 in lawn supplies purchased, receipts for $11 in fuel costs purchased, and a $17 receipt for entertainment expenses (10 points)
Journal Entry
DATE
ACCOUNTS AND EXPLANATIONS
POST.
REF.
DEBIT
CREDIT
Problem 3 - (5 Points)
3) A petty cash fund was established with a $300 balance. It currently has cash of $78 and petty cash tickets totaling $222 for travel expense. Please provide the journal entry to record the replenishment of the account.
Problem 4 - (5 Points)
1) Which of the following is NOT one of the purposes of internal control?
A) To encourage employees to follow company policy
B) To safeguard the company's assets
C) To ensure accurate, reliable accounting records
D) To guarantee that a business makes a profit
2) In the following situation, which internal control procedure needs strengthening?
At Hofstra Services, the junior accountant collects checks and cash from customers and records the transactions into the Journal. The controller approves the journal entries and bank reconciliations. The treasurer signs checks and approves contracts.
A) Assignment of responsibilities
B) Competent, reliable, and ethical personnel
C) Separation of duties
D) Documents
3) Which of the following describes collusion?
A) When bogus websites acquire passwords and account numbers fraudulently
B) When two or more people.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docxikirkton
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
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Exercises 2.
Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
a. Determine Rossi's total assets as of December
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
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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
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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
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
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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
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Accounting
Cambridge A Level 9706
Financial Accounting
Paper 3
Company Accounts
Public Limited Company Accounts
Cash Flow Statements (IAS 07)
Indirect Method
Operating Activities
Investment Activities
Financing Activities
Online Classes
an effective document for accounting classes specially during this covid 19 (Corona) situation
Past papers and model questions
short notes
online support to get clarified all the doubts
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Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
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!
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
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.
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.
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.
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SECTION A
Answer ALL questions. Write your answers in the spaces provided.
For questions 1–10, choose an answer A, B, C or D, and put a cross in the 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 Identify when a credit note is issued to a customer.
A
To correct an overcharge on an invoice
B
To correct an undercharge on an invoice
C
When goods are sold for cash
D
When goods are sold for credit
(Total for Question 1 = 1 mark)
2 Identify in which book of original entry a credit note received would be recorded in a
customer’s books.
A
Purchases
B
Purchases returns
C
Sales
D
Sales returns
(Total for Question 2 = 1 mark)
3 Identify where total discounts on the credit side of a cash book would be posted.
A
Credit discounts allowed
B
Credit discounts received
C
Debit discounts allowed
D
Debit discounts received
(Total for Question 3 = 1 mark)
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4 Identify which of the following is not a principle of professional ethics.
A
Confidentiality
B
Duality
C
Integrity
D
Objectivity
(Total for Question 4 = 1 mark)
5 A trader includes the cost of small items of office equipment as expenses in the
income statement.
Identify which accounting concept is being applied.
A
Accruals
B
Business entity
C
Materiality
D
Prudence
(Total for Question 5 = 1 mark)
6 Identify which account always has a credit balance.
A
Carriage inwards
B
Carriage outwards
C
Returns inwards
D
Returns outwards
(Total for Question 6 = 1 mark)
7 Identify which of the following would be recorded on the credit side of a trade
payables ledger control account.
A
Amounts paid to credit suppliers
B
Contra with the trade receivables ledger control account
C
Discount received from credit suppliers
D
Interest charged by a supplier on late payment
(Total for Question 7 = 1 mark)
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8 Identify where the balance of the irrecoverable debts account is transferred to at the
year end.
A
Income statement
B
Statement of financial position
C
Trade payables ledger
D
Trade receivables ledger
(Total for Question 8 = 1 mark)
9 Gina sells goods on credit to Kimi for $600. Gina’s terms of trade are 20% trade
discount plus 5% cash discount for prompt settlement.
Identify which entry in Gina's books is correct.
A
$480 in the purchases day book
B
$480 in the sales day book
C
$456 in the purchases day book
D
$456 in the sales day book
(Total for Question 9 = 1 mark)
10 Identify the double entry to record monies withdrawn from the bank for personal use.
Account to be Debited Account to be Credited
A Bank Cash
B Bank Drawings
C Drawings Bank
D Drawings Cash
(Total for Question 10 = 1 mark)
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11 Leon produced the following invoice.
Complete the document where indicated.
Invoice
Leon
Spring Street
Newport
NP19 3HS
Phoenix
22 Kerry Drive
Bradford BD8 6GK
No. 3240
Date 29 March 2021
Quantity Description
Unit cost
$
Total cost
$
6 Mobile phones 85.50
..............................................................
36 USB cables 2.20
..............................................................
Subtotal
..............................................................
Trade discount 25%
..............................................................
Total
..............................................................
(Total for Question 11 = 5 marks)
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12 Yasir provided the following information relating to the rent account for the year
ended 31 March 2021.
At 1 April 2020 Yasir owed two months’rent totalling $500
During the year ended 31 March 2021 he paid total rent of $3750 by bank transfer.
Prepare the rent account for the year ended 31 March 2021. Balance the account on
this date and bring the balance down on 1 April 2021.
Rent Account
Date Details $ Date Details $
(Total for Question 12 = 5 marks)
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13 Daya provided the following information at 30 April 2021.
$
Cash book (bank) balance 863 Dr
Unpresented cheques 640
Outstanding lodgements 1 485
A standing order, $320, processed by the bank had not been entered in the
cash book.
Prepare a bank reconciliation statement at 30 April 2021.
Daya
Bank Reconciliation Statement at 30 April 2021
$
Updated balance in bank per cash book
(Total for Question 13 = 5 marks)
TOTAL FOR SECTION A = 25 MARKS
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SECTION B
Answer ALL questions. Write your answers in the spaces provided.
14 Raheem maintains a three-column cash book.
On 1 April 2021 the balances were: bank $110 overdrawn, cash $25
The following transactions took place during April 2021.
April Transaction
3
Received a credit transfer from Joseph in full settlement of an invoice for $1620.
The receipt was after taking 10% cash discount.
12 Paid BL Council by standing order, $220
21 Sold goods for cash, $80
23 Transferred cash to bank, $65
27 Paid window cleaner by cash, $28
30
Paid AWB $2185 by cheque in full settlement of an invoice after taking 5% cash
discount.
(a) Enter the transactions in the three-column cash book on page 9.
Balance the cash book on 30 April 2021 and bring the balances down on
1 May 2021.
(10)
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15 Chen provided the following information for the month ended 31 March 2021.
$
Cash purchases 2 740
Cash sales 5 650
Contra/set-off 120
Credit purchases 32 550
Credit sales 38 910
Customer’s cheque dishonoured 410
Discount allowed 720
Discount received 390
Interest charged on a customer’s overdue account 80
Irrecoverable debt 450
Payments to credit suppliers 36 070
Receipts from credit customers 44 600
Returns inwards 1 420
Returns outwards 1 050
At 31 March 2021
Trade payables ledger balances To be calculated
Trade receivables ledger balances To be calculated
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(a) Prepare the trade receivables ledger control account for the month ended
31 March 2021. Balance the account on this date and bring the balance down
on 1 April 2021.
(9)
Trade Receivables Ledger Control Account
Date
2021
Details $
Date
2021
Details $
1 Mar Balance b/d 56 240
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(b) Prepare the trade payables ledger control account for the month ended
31 March 2021. Balance the account on this date and bring the balance down
on 1 April 2021.
(6)
Trade Payables Ledger Control Account
Date
2021
Details $
Date
2021
Details $
1 Mar Balance b/d 42 580
(Total for Question 15 = 15 marks)
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16 At the end of his financial year, 31 March 2021, Jacques prepared a trial balance and
opened a suspense account with a debit balance of $210
Jacques has found the following errors.
1. Motor insurance, $400, had been posted to the debit side of the motor vehicles
account.
2. A cheque received from a credit customer, $650, had been entered correctly in
the cash book but had been entered as $560 on the credit side of the customer’s
account.
3. A direct debit, $120, for general expenses had not been entered.
4. Returns inwards, $150, had been posted to the credit side of the returns outwards
account.
(a) State the type of error made in error 1.
(1)
....................................................................................................................................................................................................................................................................................
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(b) Prepare journal entries to correct each of the errors.
Narratives are not required.
(9)
Date
2021
Error Details Debit
$
Credit
$
31 March 1
2
3
4
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(c) Evaluate the advantages and disadvantages of preparing a trial balance.
(5)
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
(Total for Question 16 = 15 marks)
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17 (a) Explain one reason why a business may find it necessary to make a provision for
irrecoverable debts.
(2)
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
(b) Identify, indicating with a tick (✓), the classification of each of the following in the
statement of financial position.
(i) Rent expense prepaid
(1)
Other payables
Other receivables
Provision
(ii)
Wages accrued
(1)
Other payables
Other receivables
Provision
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(c) Complete the table below, indicating with a tick (✓) where each would appear in
the statement of financial position.
(3)
Current
assets
Non-current
assets
Current
liabilities
Non-current
liabilities
Other payables
Other receivables
Provision for
irrecoverable debts
(d) Complete the table below to show the source document and the book of original
entry for each transaction.
(8)
Transaction Source document Book of original
entry
Paid bank charges
Returned damaged goods to
a credit supplier
Purchased a new motor vehicle on credit
Payment to a supplier by credit transfer
(Total for Question 17 = 15 marks)
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22
18 (a) State two differences between capital expenditure and revenue expenditure.
(4)
Difference 1
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
Difference 2
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
(b) State two causes of depreciation.
(2)
1 ................................................................................................................................................................................................................................................................................
2 ................................................................................................................................................................................................................................................................................
(c) State one accounting concept that applies when providing for depreciation.
(1)
....................................................................................................................................................................................................................................................................................
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On 1 April 2018 Rafiq purchased a motor vehicle at a cost of $48 000
On 1 December 2020 Rafiq sold the motor vehicle to Bilal for $28 000. One half of the
sale proceeds were received by bank transfer on that date and the balance was to be
paid on 30 June 2021.
Depreciation is charged at 20% per annum using the reducing balance method. A full
year’s depreciation is charged in the year of purchase and none in the year of disposal.
Rafiq prepares financial statements to 31 January.
(d) (i) Calculate the carrying value of the motor vehicle at 1 December 2020.
(2)
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
(ii) Prepare the motor vehicle disposal account.
(6)
Motor Vehicle Disposal Account
Date Details $ Date Details $
(Total for Question 18 = 15 marks)
TOTAL FOR SECTION B = 75 MARKS
TOTAL FOR PAPER = 100 MARKS