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(3ai)
An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.
(3aii)
Statement of Affairs - or a SOA - is a document typically prepared by an accountant, which details a company's assets and liabilities. It is designed to provide an overview of the company's financial position and is particularly useful during when a com.
(3b)
- Donations.
- Subscriptions/ Dues.
- Entrance fees.
- Fines.
- Profits from bar.
(3c)
(I) Nature
• Receipts and Payments Account
- It is a summary of cash and bank transactions
• Income and Expenditure Account
- It is a summary of current year income and expenses
(II)
Revenue and Capital
• Receipts and Payments Account
- It records transactions related to both revenue and capital nature.
• Income and Expenditure Account
- It records transactions related to revenue nature only.
(III)
Type of account
• Receipts and Payments Account
- It is a Real Account
• Income and Expenditure Account
- It is a Nominal Account
[5/24, 9:41 AM] Naijahero: (1a)
- Sales ledger account
- Purchase Ledger account
- General ledger account
(1b)
- It is used to detect missing figures
- It helps to prevent fraud
- It facilitates easy identification of errors
- It serves as a form of internal control
(Pick any 2)
(1ci)
- Cheques to creditors
- Cash to suppliers
- Discount received
- Bill payable
(Pick any 3)
(1cii)
- Dishonoured cheque
- Carriage outward
- Discount disallowed
- Debit note issue
(Pick any 3)
[5/24, 9:41 AM] Naijahero: 1a) - Sales ledger account
- Purchase ledger account
- General ledger account
1b) *(pick any two)*
- It is used to detect missing figures
- It helps to prevent fraud
- It facilitates easy identification of errors
- It servers as a form of internal control
1ci) *(pick any three)*
- Cheques to creditor
- Cash to suppliers
- Discount received
- Bill payable
1cii) *(pick any three)*
- Dishonored cheque
- Carraige outward
- Discount outward
- Debit note issued
Answers loading
*FINANCIAL ACCOUNTING*
1a) - Sales ledger account
- Purchase ledger account
- General ledger account
1b) *(pick any two)*
- It is used to detect missing figures
- It helps to prevent fraud
- It facilitates easy identification of errors
- It servers as a form of internal control
1ci) *(pick any three)*
- Cheques to creditor
- Cash to suppliers
- Discount received
- Bill payable
1cii) *(pick any three)*
- Dishonored cheque
- Carraige outward
- Discount outward
- Debit note issued
(2a)
Goodwill is an intangible asset which enables a business to earn returns in excess of what is expected under normal conditions.
(2b)
(i) Public welfare
(ii) Higher education
(iii) Health and hospitals
(iv) Highways and roads
(2c)
(i) Raw Material Inventory:
Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. It is essential to optimize raw material inventory.
(ii) Work in Progress Inventory:
Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor.
(iii) Finished Goods Inventory:
Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.
(3ai)
An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.
(3aii)
Statement of Affairs - or a SOA - is a document typically prepared by an accountant, which details a company's assets and liabilities. It is designed to provide an overview of the company's financial position and is particularly useful during when a com.
(3b)
- Donations.
- Subscriptions/ Dues.
- Entrance fees.
- Fines.
- Profits from bar.
(3c)
(I) Nature
• Receipts and Payments Account
- It is a summary of cash and bank transactions
• Income and Expenditure Account
- It is a summary of current year income and expenses
(II)
Revenue and Capital
• Receipts and Payments Account
- It records transactions related to both revenue and capital nature.
• Income and Expenditure Account
- It records transactions related to revenue nature only.
(III)
Type of account
• Receipts and Payments Account
- It is a Real Account
• Income and Expenditure Account
- It is a Nominal Account
1A
2C
3C
4B
5C
6A
7B
8D
9C
10B
11B
12B
13C
14D
15B
16C
17B
18C
19C
20B
21B
22D
23B
24A
25A
26C
27A
28A
29C
30C
31B
32B
33C
34C
35A
36D
37B
38A
39C
40A
41C
42D
44D
45B
46C
47C
48D
49D
50D
COMPLETED 💯 💯
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