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Question:Extracting Trading and Profit and Loss Account and statement of financial position from trial bal

Extracting Trading and Profit and Loss Account and statement of financial position from trial balance

Question:Financial position before the correction of errors and final financial position after correction

Step one involves identification of the origin of the error. In other words, one has to trace at what point the error occurred. For instance, is it at the point of recording the transaction in the respective source document or at the point of posting the

Question:Correction of errors and showing the corrected profit and loss account balance brought down

Step one involves identification of the origin of the error. In other words, one has to trace at what point the error occurred. For instance, is it at the point of recording the transaction in the respective source document or at the point of posting the

Question:Determining the closing inventory value using FIFO Method,LIFO Method and Weighted Average Method

Determining the closing inventory value using FIFO Method,LIFO Method and Weighted Average Method

Question:Entering Accounts Receivables into in the respective ledger account and balance the accounts

Entering Accounts Receivables into in the respective ledger account and balance the accounts where applicable, prepare profit and loss account (i.e. comprehensive income statement) and extract the respective balance sheet (statement of financial position)

Question:Preparing the respective sales ledger control account and purchases ledger control account

Prepare the respective sales ledger control account and purchases ledger control account for the month of April 2020

Question:Determining the balance brought down (main) using receivable control account

Determining the balance brought down (main) using receivable control account

Question:Recording transactions in a two column cashbook and extracting the balances brought down

The following transactions took place in Kelly Ltd in the month of December 2019. 1st December Balance b/d; cash in hand $1,054,500 and bank overdraft $23,750

Question:The following trial balance was extracted from the books of Light weight ltd for the period ended

The following trial balance was extracted from the books of Light weight ltd for the period ended 31/12/2019. The totals on both sides of debit and credit sides did not balance as shown below hence a suspense account was used to balance the two sides.

Question:From the following accounting data, post the transactions in the right ledger accounts

From the following accounting data, post the transactions in the right ledger accounts and balance the accounts

Question:State the correctness of the following statements pertaining control accounts

State the correctness of the following statements pertaining control accounts by indicating the answer in the space provided, using “YES” or “NO” options

Question:Match the following transactions with the correct control account {use a tick (?)}

Match the following transactions with the correct control account {use a tick (?)}

Question:Explain five key functions of control accounts prepared by entrepreneur.

Explain five key functions of control accounts prepared by entrepreneur.

Question:Reposting items in a balance sheet

The assets and liabilities did not balance as indicated in the original balance sheet. As an entrepreneur/learner with end of year adjustment accounting knowledge, rectify the balance sheet by re-posting the items correctly

Question:Balance Sheet Example Question- direct accounting approach

Hyperlink Co. ltd carried out the following transactions in the year 2018. (a.) Paid insurance in cash for its properties for eight months amounting to $160,000. The monthly rate was $20,000

Question:Balance Sheet example question -indirect accounting approach

Hyperlink Co. ltd carried out the following transactions in the year 2018. (a.) Paid insurance in cash for its properties for eight months amounting to $160,000. The monthly rate was $20,000

Question:Prepare manufacturing account to determine the cost of production for the period ended 31/12/2019

The following information was extracted from the manufacturing books of Paramount Manufacturing co. Ltd for the period ended on 31st/12/2019

Question:Prepare a trading and profit and loss account for the year ended 31st/12/2018 and a balance sheet

 The following accounting information was extracted from the books of ABC Co. ltd for the year ended 31/12/2018.Prepare a trading and profit and loss account for the year ended 31st/12/2018 and a balance sheet as at that date.

Question:Explain the reason why the suspense account may have either a debit or credit balance

Explain the reason why the suspense account may have either a debit or credit balance

Question:Explain any four roles of a trial balance to the entrepreneur

Explain any four roles of a trial balance to the entrepreneur

Question:Which of the following is a good quality of accounting information

Which of the following is a good quality of accounting information

Question:Role of Accountancy information in ensuring that a business thrives

Most entrepreneurships cannot witness their fifth anniversary due to poor management skills. The following statements justifies the role of Accountancy information in ensuring that a business thrives. Which one is NOT?

Question:Which of the following statement appropriately describe the term prime books

Which of the following statement appropriately describe the term prime books

Question:The following explanations justify the reason why we transfer data from the source document to

The following explanations justify the reason why we transfer data from the source document to the respective books of original entry. Which one is appropriate

Question:Choose the category with documents belonging to the same classification

Choose the category with documents belonging to the same classification

Question:Which of the following represents the MOST appropriate accounting cycle of any nature of a business?

Which of the following represents the MOST appropriate accounting cycle of any nature of a business?

Question:Preparing a trial balance, comprehensive income statement and a statement of financial position

Preparing A Trial Balance, comprehensive income statement and a statement of financial position