a) Define accounting and explain two ways accounting will be useful to your degree course (3...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a) Define accounting and explain two ways accounting will be useful to your degree course (3 marks) b) Identify four users of accounting information and their information needs in development contexts. (8 marks) c) Prepare a two column cash book for Pine Traders and balance it off on 30th May 2012. (10 marks) May 2: started business with cash sh 5,000 and Bank sh 20,000 May 2: Paid rent by cash 500 May 5: Cash sales of sh 2000 was made May 12: Received a cheque from Boon L. sh 5000 May 15: Paid Willy by cheque sh 4000 May 26: Paid wages by cash sh 3000 May 30: Withdrew sh 1500 from bank for office use d) JB enterprises had the following balances as at 31 December 2015. Sh Buildings Furniture and fittings Motor vehicles Stock Debtor Cash at bank Cash at hand 1,100,000 550,000 Creditors Capital 5 year loan 580,000 850,000 560,000 150,000 40,000 250,000 3,080,000 500,000 Required: Prepare JB enterprises balance sheet as at 31" December 2015 e) Explain the effect of the following items on the capital. i) Profits ii) Additional investments iii) Loss iv) Drawings (5 marks) (4 marks) a) Define accounting and explain two ways accounting will be useful to your degree course (3 marks) b) Identify four users of accounting information and their information needs in development contexts. (8 marks) c) Prepare a two column cash book for Pine Traders and balance it off on 30th May 2012. (10 marks) May 2: started business with cash sh 5,000 and Bank sh 20,000 May 2: Paid rent by cash 500 May 5: Cash sales of sh 2000 was made May 12: Received a cheque from Boon L. sh 5000 May 15: Paid Willy by cheque sh 4000 May 26: Paid wages by cash sh 3000 May 30: Withdrew sh 1500 from bank for office use d) JB enterprises had the following balances as at 31 December 2015. Sh Buildings Furniture and fittings Motor vehicles Stock Debtor Cash at bank Cash at hand 1,100,000 550,000 Creditors Capital 5 year loan 580,000 850,000 560,000 150,000 40,000 250,000 3,080,000 500,000 Required: Prepare JB enterprises balance sheet as at 31" December 2015 e) Explain the effect of the following items on the capital. i) Profits ii) Additional investments iii) Loss iv) Drawings (5 marks) (4 marks)
Expert Answer:
Answer rating: 100% (QA)
a Accounting is the systematic recording reporting and analysis of financial transactions of a business It involves summarizing interpreting and communicating financial information to various stakehol... View the full answer
Related Book For
Auditing A Risk Based Approach to Conducting a Quality Audit
ISBN: 978-1305080577
10th edition
Authors: Karla Johnstone, Audrey Gramling, Larry E. Rittenberg
Posted Date:
Students also viewed these accounting questions
-
LMTC plc sells face shields to hospitals in Cranfieldshire County. You have been provided with the following information of the company for the year ended 31 December 2020. Furniture and fittings at...
-
Question 2: What kind of path/steps should the researcher follow, who wants to demonstrate/support the view that "There is a relationship between the COVID-19 spread indicators (cases, number of...
-
In view of the information provided below provide suggestions for the efficient management of trade debtors. INFORMATION MANAGEMENT OF TRADE DEBTORS Debtor management is central to the effective cash...
-
A firm has four service centers, S1, S2, S3, and S4, which provide services to each other, as well as to three operating divisions, A, B, and C. The distribution of each service centers output as...
-
If the speed of a particle is doubled, by what factor is its momentum changed? By what factor is its kinetic energy changed?
-
At what initial speed must the basketball player in Figure throw the ball, at angle 0 = 55o above the horizontal, to make the foul shot? The horizontal distances are 0 = 1.0 ft and d2 = 14 ft, and...
-
Bull \& Bear, Inc., retired \(\$ 100,000\) of its bonds payable, paying cash of \(\$ 103,000\). On the retirement date, the bonds payable had a premium of \(\$ 2,000\). The bond retirement created a...
-
Masa, Ltd., had the following data (in millions of yen) for a given period: Sales 990 Direct materials 250 Direct labor .. 140 Variable factory overhead .. 65 Variable selling and administrative...
-
What are the psychological mechanisms underlying employee resistance to organizational change, and how can change agents effectively manage resistance to facilitate successful change implementation...
-
What is activity-based costing, and what are its potential benefits?
-
Yesterday a chef used 16 eggs to make 9 chocolate souffles and 7 lemon meringue pies. The day before, he made 4 chocolate souffles and 7 lemon meringue pies, which used 11 eggs. How many eggs does...
-
Draw the binary search tree whose elements are inserted in the following order: 50 72 96 94 107 26 12 11 9 2 10 25 51 16 17 95
-
A souvenir shop makes the following forecast for one years sales and costs. Required Prepare tables showing the sensitivity of the profit forecast to each of the following: (a) a 1% change in sales...
-
List six trends in the information age workplace that can pose a challenge for business communicators.
-
A well-known financial blogger, Dora Wieland, is doing research for her industry blog In the Know. Specifically, she seeks information about salary and commission information of the star salespeople...
-
Regretfully, we cannot supply you with the cabinet hinge you requested. The manufacturer no longer offers it. A new hinge should work for you, and we are sending it to you. Revise the above sentence...
-
Sue owns a shop called Cut Price Goods. One of the goods for sale is a watch. It is in its original box. Sue tells you that she acquired it from Bill. Sue says that Bill informed her that he had...
-
MgO prevents premature evaporation of Al in a furnace by maintaining the aluminum as Al2O3. Another type of matrix modifier prevents loss of signal from the atom X that readily forms the molecular...
-
In what situations would an auditor issue an adverse opinion?
-
Refer to the Standards Appendix to the text. Identify the PCAOB, AICPA, and IAASB guidance that relates to audit sampling. Review the definitions of sampling risk and compare across the three...
-
The Focus on Fraud feature "Fraud in the Acquisition and Payment Cycle at WorldCom and Phar-Mor" introduced you to the basic facts underlying the WorldCom fraud. Use appropriate sources to answer the...
-
Assume that an account has the following characteristics: Number of items in the account-300 Recorded amount- \(\$ 600,000\) Sample size-100 Required: a. If the sample mean is \(\$ 1,800\) and mean...
-
You desire to estimate the amount of the inventory of your client. Draper. Inc. You satisfied yourself earlier as to the inventory quantities. During the audit of the pricing and extension of the...
-
The following data for a substantive test using sampling are available: Population recorded amount- \(\$ 200,000\) Tolerable misstatement \(\$ 10,000\) Number of items in the population-200 Risk of...
Study smarter with the SolutionInn App