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F/ACCOUNT OBJ
01-10: DCBCCEEDAB
11-20: CBDCBACCAD
21-30: CCBAECABCA
31-40: DBCCBBEECB
41-50: DAABEADEAA
51-60: DBAEEAEABA
COMPLETED
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SECTION A: ANSWER TWO(2) QUESTIONS ONLY
(1a)
Financial accounting is the process of recording, summarizing, and reporting all money transactions of a business. It helps people know how much money the business made or lost and what it owns or owes.
(1b)
(i) It is prepared by clubs, schools, and other non-profit groups.
(ii) It shows the income earned and expenses spent during a year.
(iii) It helps to find out if there is a surplus (extra money) or deficit (loss).
(iv) Only regular incomes and expenses are recorded, not money spent on buying things like buildings.
(v) It is made at the end of the year to see how well the group did financially.
(1c)
(i) Error of Omission: A transaction is completely left out.
(ii) Error of Commission: A correct amount is entered but in the wrong person’s account.
(iii) Error of Principle: A transaction is put in the wrong type of account (e.g. treating buying a car as an expense).
(iv) Compensating Error: Two or more mistakes cancel each other out.
(v) Error of Original Entry: The wrong amount is written in the books, but it is written the same way on both sides.
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(2a)
(i) To record opening entries when starting the books at the beginning of the year.
(ii) To record closing entries to close accounts at the end of the year.
(iii) To correct errors found in the accounts.
(iv) To transfer amounts from one account to another.
(v) To record rare or special transactions that do not fit into other books, like writing off bad debts or buying fixed assets on credit.
(2b)
(i) To check the accuracy of the ledger accounts like debtors and creditors.
(ii) To summarize all transactions related to debtors or creditors in one account.
(iii) To help detect errors or fraud in the subsidiary ledger.
(iv) To make it easier to prepare financial statements by showing total amounts.
(v) To speed up the accounting process by avoiding the need to check every individual transaction.
(2c)
(i) Invoice
(ii) Receipt
(iii) Debit note
(iv) Credit note
(v) Payment voucher
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(3a)
(i) Bad Debts
Bad debts are amounts of money owed to a business by customers that cannot be collected because the customers are unable or unwilling to pay. Businesses record bad debts as an expense because it reduces the money they expect to receive from sales on credit.
(ii) Reserves
Reserves are profits set aside by a business for future use or to cover unexpected losses. They help the business stay strong financially and prepare for any problems that might come later.
(iii) Consignment
Consignment is when goods are sent by the owner (consignor) to another person (consignee) to sell on their behalf. The owner still owns the goods until they are sold, so the consignee only acts as a seller[general accounting knowledge].
(iv) Intangible Asset
An intangible asset is something valuable that a business owns but cannot touch, like patents, trademarks, or goodwill. These assets help the business earn money even though they have no physical form.
(v) Fictitious Asset
A fictitious asset is not a real asset but something recorded in the books, like prepaid expenses or deferred revenue expenditure. It is shown in the accounts but does not have any physical or monetary value that can be sold
(3b)
(i) Sales Book
(ii) Purchase Book
(iii) Cash Book
(iv) Sales Returns Book
(v) Purchase Returns Book
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(4a)
(4b)
(i) Owners or shareholders
(ii) Managers
(iii) Creditors or suppliers
(iv) Government
(v) Employees
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SECTION B: ANSWER THREE(3) QUESTIONS
(5)
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(6)
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(7)
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(9i)
(9ii)
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