Loading...

August 2021

Unit: Financial accounting

12 Questions

Download Complete Period

Get all questions and answers for "August 2021" in a single PDF file

Join the community! 550+ students upgraded in the last 24 hours. Limited Discount Seats Available

Questions

1a
Correction of errors and preparing financial statements with incomplete records
​​ Explain the following types of accounting errors:

(i) Compensating errors.

(ii) Complete reversal of entry.

(iii) Error of commission.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
1b
Regulation and other principles guiding the accounting profession
​​ Discuss three functions of the International Accounting Standards Board (IASB).
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
1c
The following information was extracted from the books of Dada Traders for the month of May 2021:

Balance on purchases ledger as at 1 May 2021:
Sh
   Debit balance
980,000
   Credit balance
2,990,000

Transactions during the month of May 2021
Sh "000"
Purchases on credit
39,245
Purchases returns
895
Cheques paid to trade payables
23,370
Cash paid to trade payables
6,515
Discounts received from trade creditors
1,155
Credit sales offset against credit purchases
1,789
Credit purchase of a motor vehicle posted in the purchases ledger
2,990
Balance as at 31 May 2021 (Debit)
885

Required:
Purchases ledger control account for the month ended 31 May 2021.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
2a
Statement of profit or loss for the year ended 31 March 2021.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
2b
​​

Statement of financial position as at 31 March 2021.

Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
3a
Financial Statements of a manufacturing entity
Manufacturing account for the year ended 30 June 2021.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
3b
Financial Statements of a manufacturing entity

Statement of profit or loss for the year ended 30 June 2021.

Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
4a
Statements of a not-for-profit entity
​​ Bar statement of profit or loss for the year ended 30 June 2021.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
4b
Statements of a not-for-profit entity
​​ Statement of income and expenditure for the year ended 30 June 2021.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
4c
Statements of a not-for-profit entity

Statement of financial position as at 30 June 2021.

Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
5a
Accounting in the Public Sector
​​ Explain three roles played by accounting officers in public sector accounting.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
5b
Analyzing Financial Statements
​​ For the year ended 31 December 2019 and 31 December 2020, compute the following ratios:
(i) Gross profit mark-up.
(ii) Gross profit margin.
(iii) Net profit margin.
(iv) Return on capital employed (ROCE)
(v) Current ratio.
(vi) Acid test ratio
(vii) Accounts receivable collection period.
Want to join the discussion?

Log in to post comments and interact with tutors.

Login to Comment
Success!

Comment posted! We'll give you feedback soon.