EXAM SAMPLE EXAM 1. The accounting process does not include: a. b. c. 2. d. e. labor unions all of the above statement of owner’s equity income statement balance sheet d. e. both b and c all of the above This account does not appear on the income statement: a. b. c. 6. lenders prospective owners customers Expenses can be found in the: a. b. c. 5. balance sheet balance sheet and journals balance sheet and income statement income statement
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(Also known as "T" Account and Account) Having passed the double or journal entries‚ the next step is to post these double or journal entries into Ledger accounts. Ledger account or an account is simply the classification of double entries which we have made in General Journal or any other journal. In an account we bring together all similar entries in one place. For example a company has purchased goods on 4th and 7th January‚ we would put both entries in purchases account because of their similar
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EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
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charges of £600 were charged to the bank account. • Wages of £12 000 were paid by cheque. Required: (a) Prepare the trial balance at 31 March 2011. (10) Additional information at 31 March 2011: • Operating expenses of £1 600 were accrued. • Depreciation is charged using the straight line method at the rate of: i) Premises 2% per annum ii) Fixtures and fittings 15% per annum. (b) Prepare the profit and loss account for the month of March 2011. (8) (c) Prepare
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nershipCHAPTER 2 RECONSTITUTION OF A PARTNERSHIP FIRM Partnership is an agreement between the members of a firm for sharing the profits of the business carried on by all or any of them acting for all. Any change in this relationship amounts to reconstitution of the partnership firm. A change in the partnership agreement brings to an end the existing agreement and a new agreement comes into being. This new agreement changes the relationship among the members of the partnership firm. Hence‚ whenever
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National Accounts • Gross Domestic Product (GDP) measures the final value of all goods and services that are produced within a country in a given time period. • There are 4 types of expenditure: 1. 2. 3. 4. Consumption: expenditure by domestic residents Investment: expenditure by firms on plants & equipment Government purchases: expenditure by governments on goods and services Net exports (exports minus imports): net expenditure by foreigners on domestic goods and services 1 GDP
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in the individual accounts in ledgers. 4. Create preliminary trial balance 5. Adjusting entries 6. Create adjusted trial balance of the accounts 7. Combine sums in various accounts 8. Close books for current month Permanent accounts are also known as real accounts. These are accounts that do not close at the end of the accounting year. The permanent accounts are all of the balance sheet accounts (asset accounts‚ liability accounts‚ owner’s equity accounts) except for the owner’s
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go about saving your money. This way you will get an idea of how to save your money in a bank. First I will talk about a checking account. This is a type of account that is widely used by many to easily access their funds. Many different banks offer a wide variety of options. You should always carefully choose your account based on what your needs for the account will be. Another good option to look for is see what the required minimum balance is for each month. From personal experience‚ you need
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Principles of Accounts School-Based Assessment On Blanna’s Fashion Boutique Submitted by : Anna Kay Blake Registration number: 1000290074 Submitted To: The Donald Quarrie High School School code: 100029 Territory: Jamaica This project is submitted in partial fulfillment of the requirements for certification in Principles of Accounts by the Caribbean Examinations Council
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CXC CSEC Principles of Accounts Exam Guide Section 1: Introduction to Principles of Accounts SPECIFIC OBJECTIVES The students should be able to: CONTENT 1. Explain the concept of accounting; concept of “Accounting” and “Principles of Accounting” 2. State the purpose of accounting; Accounting as a business practice – the purpose of Accounting. 3. Identify the users of accounting information; Internal and external users Accounting information and their needs 4. Outline
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