KASNEB Financial accounting - Question 1b

Discuss three functions of the International Accounting Standards Board (IASB). ... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 2a

Statement of profit or loss for the year ended 31 March 2021.... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 2b

Statement of financial position as at 31 March 2021. ... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 3a

Manufacturing account for the year ended 30 June 2021.... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 3b

Statement of profit or loss for the year ended 30 June 2021.... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 4a

Bar statement of profit or loss for the year ended 30 June 2021. ... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 4b

Statement of income and expenditure for the year ended 30 June 2021. ... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 4c

Statement of financial position as at 30 June 2021.... [Click to view full question and step-by-step solution]

KASNEB Financial accounting - Question 5a

Explain three roles played by accounting officers in public sector accounting. ... [Click to view full question and step-by-step solution]

CPA Financial accounting – August 2021 Past Paper & Answers

Q: KASNEB Financial accounting - Question 1a

Explain the following types of accounting errors:(i) Compensating errors.(ii) Complete reversal of entry.(iii) Error of commission. ... [Click to view full question and step-by-step solution]

Unit: Financial accounting

12 Questions

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Questions

Download CPA Financial accounting August 2021 past paper with detailed answers and marking scheme. This paper is based on KASNEB examination standards and is ideal for revision and exam preparation.

Access the full paper online, download the PDF, or study offline. Each question includes step-by-step solutions to help you understand key concepts in Financial accounting.

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.

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Regulation and other principles guiding the accounting profession

Discuss three functions of the International Accounting Standards Board (IASB).

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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.

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Statement of profit or loss for the year ended 31 March 2021.

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Statement of financial position as at 31 March 2021.

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Financial Statements of a manufacturing entity

Manufacturing account for the year ended 30 June 2021.

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Financial Statements of a manufacturing entity

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

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Statements of a not-for-profit entity

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

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Statements of a not-for-profit entity

Statement of income and expenditure for the year ended 30 June 2021.

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Statements of a not-for-profit entity

Statement of financial position as at 30 June 2021.

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Accounting in the Public Sector

Explain three roles played by accounting officers in public sector accounting.

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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.

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CPA Financial accounting – August 2021 Past Paper & Answers

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Statement of financial position as at 31 March 2021.

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

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Statement of financial position as at 30 June 2021.

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CPA Financial accounting – August 2021 Past Paper & Answers

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Other Financial accounting Past Papers

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Statement of financial position as at 31 March 2021.

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

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Statement of financial position as at 30 June 2021.

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