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May 2019

Unit: Financial accounting

13 Questions

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Questions

1a
Correction of errors and preparing financial statements with incomplete records
(i) 'Error of commission" and "error of principle" .
(ii) "Compensating error" and "error of complete reversal of entries" .
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1b
Statements of a not-for-profit entity
In the context of accounting for not-for-profit organisations. explain three differences between a receipts and payments account and an income and expenditure account.
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1c
Accounting in the Public Sector
With reference to public sector accounting, explain three advantages of the commitment basis of accounting.
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2a
Regulation and other principles guiding the accounting profession
(i) Duality concept .
(ii) Prudence concept.
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2b
Statement of cash flows in accordance with IAS 7 "Statement of Cash Flows", for the year ended 31 December 2018.
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3a
Financial Statements of a partnership
Income statement for the year ended 31 March 2019.
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3b
Financial Statements of a partnership
Partners' current accounts as at 31 March 2019.
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3c
Financial Statements of a partnership
Statement of financial position as at 31 March 2019.
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4a
Manufacturing account for the year ended 31 December 2018
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4b
Financial Statements of a manufacturing entity
Income statement for the year ended 31 December 2018
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4c
Financial Statements of a manufacturing entity
Statement of financial position as at 31 December 2018.
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5a
Income statement for the-year ended 31 March 2019.
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5b
Financial Statements of a sole trader
​​ Statement of financial position as at 31 March 2019.
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