Latest Questions
Extracting Trading and Profit and Loss Account and statement of financial position from trial balance
Step one involves identification of the origin of the error. In other words, one has to trace at what point the error occurred. For instance, is it at the point of recording the transaction in the respective source document or at the point of posting the
Step one involves identification of the origin of the error. In other words, one has to trace at what point the error occurred. For instance, is it at the point of recording the transaction in the respective source document or at the point of posting the
Determining the closing inventory value using FIFO Method,LIFO Method and Weighted Average Method
Entering Accounts Receivables into in the respective ledger account and balance the accounts where applicable, prepare profit and loss account (i.e. comprehensive income statement) and extract the respective balance sheet (statement of financial position)
Prepare the respective sales ledger control account and purchases ledger control account for the month of April 2020
Determining the balance brought down (main) using receivable control account
The following transactions took place in Kelly Ltd in the month of December 2019. 1st December Balance b/d; cash in hand $1,054,500 and bank overdraft $23,750
The following trial balance was extracted from the books of Light weight ltd for the period ended 31/12/2019. The totals on both sides of debit and credit sides did not balance as shown below hence a suspense account was used to balance the two sides.
From the following accounting data, post the transactions in the right ledger accounts and balance the accounts
State the correctness of the following statements pertaining control accounts by indicating the answer in the space provided, using “YES” or “NO” options
Match the following transactions with the correct control account {use a tick (?)}
Explain five key functions of control accounts prepared by entrepreneur.
The assets and liabilities did not balance as indicated in the original balance sheet. As an entrepreneur/learner with end of year adjustment accounting knowledge, rectify the balance sheet by re-posting the items correctly
Hyperlink Co. ltd carried out the following transactions in the year 2018.
(a.) Paid insurance in cash for its properties for eight months amounting to $160,000. The monthly rate was $20,000
Hyperlink Co. ltd carried out the following transactions in the year 2018.
(a.) Paid insurance in cash for its properties for eight months amounting to $160,000. The monthly rate was $20,000
The following information was extracted from the manufacturing books of Paramount Manufacturing co. Ltd for the period ended on 31st/12/2019
The following accounting information was extracted from the books of ABC Co. ltd for the year ended 31/12/2018.Prepare a trading and profit and loss account for the year ended 31st/12/2018 and a balance sheet as at that date.
Explain the reason why the suspense account may have either a debit or credit balance
Explain any four roles of a trial balance to the entrepreneur
Which of the following is a good quality of accounting information
Most entrepreneurships cannot witness their fifth anniversary due to poor management skills. The following statements justifies the role of Accountancy information in ensuring that a business thrives. Which one is NOT?
Which of the following statement appropriately describe the term prime books
The following explanations justify the reason why we transfer data from the source document to the respective books of original entry. Which one is appropriate
Choose the category with documents belonging to the same classification
Which of the following represents the MOST appropriate accounting cycle of any nature of a business?
Preparing A Trial Balance, comprehensive income statement and a statement of financial position
