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November 2016

Unit: Financial accounting

13 Questions

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Questions

1a
Financial Statements of a company
​​ Income statement for the year ended 30 June 2016.
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1b
Financial Statements of a company
Statement of financial position as at 30 June 2016.
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2a
Financial Statements of a manufacturing entity
Give two reasons why a manufacturing entity might need to determine manufacturing profit.
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2b
Financial Statements of a company
​ ​ ​ ​ ​​ (i) The bank statement balance as at 30 June 20 16.

(ii) The updated cash book as at 30 June 2016.

(iii) Bank reconciliation statement.
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3a
Accounting in the Public Sector
Highlight five roles of the accountant general in your country.
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3b
Financial Statements of a company
Statement of cash flow in accordance with International Accounting Standard (IAS) 7 "Statement of cash flows" for the year ended 31 October 2016.
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4a
Bar income statement for the year ended 30 September 2016
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4b
Statements of a not-for-profit entity
Income and expenditure account for the year ended 30 September 2016
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4c
Statements of a not-for-profit entity
Statement of financial position as at 30 September 2016
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5a
Financial Statements of a partnership
Distinguish between partners' capital accounts and partners' current accounts.
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5b
Many countries have adopted and implemented accrual accounting as per the International Public Sector Accounting Standards (IPSAS).
Outline four principles of accrual accounting.
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5c
Explain four elements of manufacturing costs.
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5d
The Accounting Process and Systems
 Discuss four advantages of computerised accounting systems.
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