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F/ACCOUNT OBJ
01-10: CEDEAEBBCC
11-20: EDAEDBDEAD
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31-40: BBDEBBCBAD
41-50: BACAABABBE
51-60: EEBEADDCEC
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SECTION A: ANSWER TWO(2) QUESTIONS ONLY
(1)
(i) General Warrant: A general warrant is an official document issued by the government or a government agency authorizing the release of funds. It is used to direct the payment of money from the treasury to meet expenses or financial obligations, usually following the approval of a budget or other spending authority. It acts as a formal request for the transfer of funds for specific purposes.
(ii) Capital Expenditure: Capital expenditure refers to the funds used by the government to acquire, maintain, or improve fixed assets such as infrastructure, buildings, equipment, or land. These are long-term investments intended to benefit the public over many years. Capital expenditures typically involve large sums of money and are usually not part of the regular operating budget but are planned separately within a capital budget.
(iii) Recurrent Expenditure: Recurrent expenditure refers to the ongoing or regular spending required for the day-to-day functioning of government operations. This includes expenses such as salaries, pensions, office supplies, utilities, and other operational costs that occur frequently. These expenditures are typically accounted for within an annual operating budget.
(iv) Supplementary Budget: A supplementary budget is an additional budgetary provision approved by the government during the fiscal year. It is typically introduced when there is a need for extra funds to cover unforeseen expenses or to adjust for changes in revenue. This budget may be allocated to address unexpected needs such as emergencies, new projects, or policy changes that were not anticipated in the original budget.
(v) Payment Voucher: A payment voucher is an official document used in government accounting to authorize a payment to be made. It serves as a record of the payment process and includes details such as the purpose of the payment, the amount, the payee, and any supporting documentation like invoices or contracts. The payment voucher helps ensure that funds are released for valid and approved expenses in accordance with established procedures.
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(2a)
(i) Names and details of the partners
(ii) Capital Contribution
(iii) Profit and Loss Sharing Ratio
(iv) Roles and Responsibilities
(v) Dissolution Terms
(2b)
(i) Accrual:
The recognition of revenue or expenses that have been incurred but not yet received or paid. This ensures that financial transactions are recorded in the period they occur, regardless of when cash is exchanged. For example, recognizing wages for employees before payday.
(ii) Prepayment:
Payments made in advance for goods or services that are to be received in the future. Prepayments are recorded as assets until the service is rendered or the goods are delivered. For example, paying a year’s rent upfront.
(iii) Provision for Bad Debt:
An estimate made by a business to account for debts that are unlikely to be recovered from customers. This is recorded as an expense and reduces the value of accounts receivable on the balance sheet.
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(3)
(i) Goodwill
Goodwill refers to the intangible asset that arises when a business acquires another company for a price greater than the fair market value of its identifiable assets and liabilities. It reflects factors like the acquired company’s brand, customer relationships, and reputation, which contribute to its future earnings potential.
(ii) Bad Debt
Bad debt refers to amounts owed by customers or clients that are deemed uncollectible. This typically occurs when a debtor is unable to pay or refuses to pay, and the company must write off the amount as a loss.
(iii) Preference Share
A preference share is a type of stock that gives its holders priority over common shareholders in receiving dividends and during liquidation, but typically does not carry voting rights. Preference shares offer fixed dividends and are often seen as a safer investment compared to common shares.
(iv) Depreciation
Depreciation is the process of allocating the cost of a tangible asset (such as machinery, buildings, or vehicles) over its useful life. This accounting method reflects the gradual reduction in the asset’s value due to wear and tear, obsolescence, or aging.
(v) Accumulated Fund
An accumulated fund is the total value of all surplus income or capital that has been retained by an organization, rather than distributed. This can include profits, grants, or contributions that are kept within the business for future use or growth. It’s commonly used in non-profit organizations or government accounting to represent financial stability.
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SECTION B: ANSWER THREE(3) QUESTIONS ONLY
(6)
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(7)
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(8)
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