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ADVANCED FINANCIAL ACCOUNTING ANSWERS (TYPE A)
INSTRUCTION: ANSWER ALL QUESTIONS
(1)
(i) To determine the cost of production
(ii) To calculate the value of work-in-progress
(iii) To ascertain the cost of goods manufactured
(iv) To provide information for management decision-making
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(2)
Gross profit is the difference between sales revenue and the cost of goods sold, while net profit is the difference between gross profit and total expenses (operating and non-operating).
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(3i)
An accumulated fund is a reserve created from surpluses or profits that are retained in a business or organization.
(3ii)
(i)It does not account for accruals and prepayments.
(ii) It does not provide a true picture of the financial performance of the organization.
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(4)
An income and expenditure account is used by non-profit organizations to determine the surplus or deficit for the period, while a profit and loss account is used by profit-making organizations to determine the net profit or loss for the period.
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(5a)
Marginal costing is a method of costing that considers only variable costs in determining the cost of production.
(5b)
Fixed cost is a type of cost that remains constant even if the level of production or sales changes.
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(6)
(i) At par:
Issued at par means that the shares are sold at their face value.
(ii) At discount:
Issued at a discount means that the shares are sold below their face value.
(iii) At premium:
Issued at a premium means that the shares are sold above their face value.
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(7a)
Hire-purchase is a type of agreement where the buyer pays for goods in installments and owns the goods after the final payment.
(7b)
(i) Enables customers to acquire assets without paying the full amount upfront.
(ii) Provides flexibility in payment terms.
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(8.)
(i) Financial accounting
(ii) Cost accounting
(ii) Management accounting
(iv) Auditing
(v) Taxation
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(9)
A joint venture is a temporary collaboration between two or more parties to achieve a specific objective, while a partnership is a long-term business relationship between two or more individuals who share profits and losses.
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(10a)
Job costing is a method of costing that determines the cost of a specific job or project.
(10b)
Profit margin is the ratio of profit to sales, while mark-up is the ratio of profit to cost. Profit margin is calculated as (profit/sales) x 100, while mark-up is calculated as (profit/cost) x 100.
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SECTION B
(11)
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(12)
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(17)
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