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Questions and Answers of Accounting

Describe the constraints on the qualitative characteristics of financial information.
According to the Framework there is a potential 'conflict between the characteristics of relevance and reliability. There can also be tension between two aspects of reliability - neutrality and
What is the objective of an audit?
Explain the term 'audit risk'.
Describe the five main stages of an audit briefly.
Explain the audit expectations gap to a new trainee auditor.
Explain the term 'corporate governance'.
Why does corporate governance influence company value?
Outline six characteristics of good corporate governance, detailing how each can influence company value.
Explain the role of a non-executive director to a company and outline possible benefits of such an appointment to the company.
State whether the following expenditures for a local school are revenue or capital in nature. In addition, state the name of the classification (current asset, non-current asset, etc.) and the
Define and distinguish between the following:a. Assets and liabilities;b. Capital and revenue expenditure.
a. State the accounting equation and explain its components. b. The financial position of a business at any time is represented in the statement of financial position. Why is it that every business
Explain briefly what is meant by the following terms: profit; capital; and capital maintenance.
Explain the relevance of the accounting period concept in accounting.
Discuss the relevance and limitations of the historical cost concept in accounting.
Prepare J. Magee's statement of financial position (vertical format as utilized in the chapter) as at 31 December 20X3 from the following:You have to determine J. Magee's equity capital balance.
Using the information from question 8.8, re-prepare J. Magee's statement of financial position, using the horizontal format, as at 31 December 20X3.
Explain the difference between a cash transaction and a credit transaction.
Outline the purpose and content of(a) An invoice;(b) A debit note;(c) A credit note.
Explain the difference between an invoice and (a) a statement; (b) a receipt.
List the books of prime entry with which you are familiar and briefly describe what each is intended to record, including the documents used to write them up.
Briefly describe the nature of a bill of exchange.
Explain the purpose of books of prime entry.
You have received goods from trader X who invoiced you and delivered the invoice with the goods. You have just received a debit note for £100. a. What is a debit note? b. How should the £100 be
Complete the following table showing which ledger account is to be debited and which is to be credited:
Complete the following table showing which ledger accounts are to be debited and which are to be credited:
N. Moss commenced business on 1 May 20X3 with a capital of £5,000 of which £1,000 was in cash and £4,000 was in a bank current/cheque account. Her transactions during May were as follows: 1. May
Enter the following transactions in the books of 'Seamus McKee' for November (use T accounts).1. Nov Started business with £10,000 in the bank2. Nov Paid for advertising by cheque: £1303. Nov Paid
Enter the following transactions in the books of 'Mary Ward' for December (use T accounts).1 Dec Introduced a motor vehicle to the new business worth £8,0001 Dec Transferred a computer from home to
The following is a list of balances in the general ledger of R. Keith at 30 June 20X2:Required Prepare a trial balance.
The following is a list of balances in the general ledger of J. McKee at 30 June 20X3:Required a. Prepare a trial balance. b. The trial balance does not balance (on purpose). Which account is
The following is a list of balances in the ledger of C. Rick at 31 May 20X3:Required Prepare a trial balance.
a. Outline the purposes of those books of prime entry referred to as day books. b. Describe the contents, and state which documents are used to write up each of the following: i the sales day
a. State two fundamentally different types of transactions/items that are recorded in the journal.b. Describe how these two transactions are recorded in the journal.
B. Jones is in business as a builders' merchant. The following credit transactions took place during April 20X3:1 Apr Bought goods on credit from Brick Ltd for £7252 Apr Sold goods on credit to Oak
Veronica Reichester owns a shop. The following transactions happened in November.1 Nov Credit sales, C. Flanagan £456, S. Morgan £300, F. Hutchinson £645, A. Adair £9872 Nov Credit purchases, N.
You are provided with the following details about a company's credit customers for the month of November.Balances in sales
You are supplied with the following information in respect of B. Score's transactions in September with its suppliers.The list of opening balances per the purchases ledger is as follows:J. smith &
Describe the different forms of two-and three-column cash books with which you are familiar.
Enter the following transactions in ledger accounts of ABC (including a two-column cash book), balance off and extract the trial balance. 1 Jan ABC started business and put £1,000 in the business
Describe the entries in the cash book and general ledger in respect of discount allowed and discount received.
The following information is an extension to Question 12.9 in Chapter 12.a. Enter the following transactions relating to the suppliers' accounts in September using a three-column cash book:b. Make
a. Describe the purpose and format of a columnar petty cash book. b. Explain how you would determine the appropriate number of analysis columns.
a. Describe how a petty cash imprest system operates. b. Explain how such a system facilitates control.
The Oakhill Printing Co. Ltd operates its petty cash account on the imprest system. It is maintained at a figure of £80 on the first day of each month. At 30 April 20X3 the petty cash box held
Belfast cleaning company operates its petty cash account using an imprest system. It is maintained at a figure of £100 on the first day of each month. At 31 December 20X2 £21.48 was held
London Printing Co. has an opening balance on its cash account on 1 January of £20.00. A cheque for £100 is cashed on the first of each month to cover that month's potential petty cash
a. Explain the purposes of a statement of profit and loss and a statement of financial position. b. Describe the structure of each.
The following is the trial balance of J. Peters as at 30 September 20X3:Additional information 1. The inventory at 30 September 20X3 was valued at £4,580. 2. The loan from A. Drew is repayable
B. Good drew up the following trial balance as at 31 March 20X3. Extract the statement of profit and loss for the year ended 31 March 20X3 and statement of financial position as at that
The balances extracted from the books of G. Ryan at 31 December 20X2 are given below:Additional information At 31 December 20X2 inventory was valued at £33,990. Required a. Prepare the
Explain the relevance of inventory in the determination of gross profit.
Explain each of the entries in the following inventory account:
A company has 100 units in inventory at the start of the year valued at £1,000. During the year it purchases a further 500 units for £5,000 and sells 400 units for £8,000. Required a. What is the
Balances on the main inventory accounts are as follows: - Sales revenue ....................................£ 18,000 - Purchases..........................................£12,000 - Opening
Extract the statement of profit and loss for the year ended 31 December 20X2 for M. McKee and the statement of financial position as at 31 December 20X2 from the following.Additional
On 31 December 20X3, the trial balance of Joytoys showed the following chart of accounts and balances:Additional information 1 The inventory at 31 December 20X3 was valued at £19,500. 2 The
Explain the nature of non-current assets.
'Although the straight-line method of depreciation is the simplest to apply, it may not always be the most appropriate'. Explain and discuss.
In the year to 31 December 20X3, Amy bought a new non-current asset and made the following payments in relation to it________________________________________________ £.......................£Cost
On 31 December 20X2, plant and machinery acquired at a cost of £200,000 in 20W9 was sold for £30,000. The accumulated depreciation to date was £130,000.RequiredCalculate the profit or loss on
Plant was purchased in the year for £10,000. It has been decided to provide for depreciation on a reducing balance basis (25 per cent). A full year's depreciation is charged in the year of
An item of plant and machinery was sold within the year for £5,000.The asset cost the company £10,000 over two years ago.The balances on the cost account and accumulated depreciation account were
Pusher commenced business on 1 January 20X0 with two lorries - A and B. A cost £1,000 and B cost £1,600. On 3 March 20X1, A was written off in an accident and Pusher received £750 from the
Makers and Co. is a partnership with a small factory on the outskirts of London. They decide to erect an extension to their factory.The following items appear in the trial balance of the firm, as at
a. Explain the difference between capital expenditure and revenue expenditure. b. What criteria would you use to decide whether expenditure should be classified as relating to a non-current asset?
The statement of financial position of Beta Ltd as at 30 June 20X2 shows motor vehicles as follows:Motor vehicles at cost....................................61,850Less:
Briefly explain the circumstances in which each of the following would be regarded as a non-current asset:(a) Tools;(b) Investments;(c) Advertising expenditure.
a. Explain the difference between tangible and intangible non-current assets. b. What is goodwill and how does it usually arise in a statement of financial position?
a. Describe how non-current assets are valued under historical cost accounting. b. How would you account for expenditure on double-glazing? Explain your reasons.
Explain fully the nature of depreciation.
Describe two common methods of depreciation including the resulting pattern of charges to the statement of profit and loss for depreciation expense over an asset's useful economic life. In what
a. Explain the nature of accrued and prepaid expenses. b. Describe how the amount of each may be ascertained.
The trial balance of Snodgrass, a sole trader, at 1 January 20X3 is as follows:The following information is given for the year: At 31 December 20X3 the following balances are given:
Bush, a sole trader, commenced trading on 1 January 20X2.a. Telephone expense detailsThe quarterly rental payable in advance on 1 January, 1 April, 1 July and 1 October is Â£30. Telephone calls are
Oriel Ltd, whose financial year runs from 1 June to the following 31 May, maintains a combined rent and rates account in its ledger.Rent is fixed on a calendar year basis and is payable quarterly in
Munch Catering Ltd, whose financial year runs from 1 December to the following 30 November, maintains a 'Building occupancy costs' account in its general ledger. This account is used to record all
a. Commission: received in advance at the start of the year £50; received in the year £5,600; receivable at the yearend £250.b. Rates: paid in the year £950; prepaid at the start of the year
a. Stationery: During the year to 31 December 20X2 £1,300 was paid in respect of stationery. The amount owing at 31 December 20X1 was £140 and the amount owing at 31 December 20X2 was £200.b.
The company's yearend is 31 December 20X3. Prepare ledger accounts for the following accounts showing the adjustments that are necessary for the year-end accruals and prepayments and the balances
The balances on certain accounts of Foster Hardware Co. as at 1 April 20X3 were:RequiredPost and balance the appropriate accounts for the year ended 31 March 20X4, deriving the transfer entries to
The trial balance for Jock at 31 December 20X3 is as follows:Additional information1 Closing inventory value is Â£500.2 The rates in the trial balance cover the 15 months to 31 March 20X4.3 The
The trial balance extracted from the books of Mary, a sole trader, as at 31December 20X3 was as follows:Additional information1. Inventory on hand on 31 December 20X3 is Â£94,280.2. Rates paid in
B. Good drew up the following trial balance as at 31 March 20X3.Closing information included the following: 1. Inventories at the yearend were valued at £35,650. 2. An accrual for wages of
The balances extracted from the books of Cara Van at 31 December 20X2 are given below:___________________________________________________________£Drowings
The following trial balance has been prepared from the books and records of Sulphur Products as at 30 September 20X3. We are also told that the figures have to be amended to take into account further
The following trial balance has been extracted from the ledger of Andrea Howell, a sole trader, as at 31 May 20X3, the end of her most recent financial year.The following additional information as at
Trader carries on a merchandising business. The following balances have been extracted from his books on 30 September 20X3:Capital -S. Trader, at 1 Oct
F. Harrison is in business as a trader. A trial balance taken out as at 31 January 20X3 was as follows:The following information is to be taken into account: 1. Included in sales are goods on sale or
Catherine Big has a cash balance of Â£52,900 on 1 June 20X3. She opens a current account on that date, with Belfast Bank, depositing Â£50,000. Her transactions during the next three days included
The following is an extract of the cashbook for J. Robin:The bank statement of J. Robin in the account with the Bank of ABC is as follows:RequiredComplete the cash book and prepare the bank
David Greene, the bookkeeper for Botanic, a wholesale distributor of garden equipment, prepares accounts without the aid of a computerized accounting system. He carries out a bank reconciliation on a
The following is the cash book of T. Trading for the month of September 20X2:The following is the bank statement received for T. Trading for the month of September 20X2:RequiredPrepare the bank
The following is a summary from the cash book of Hozy Co. Ltd for October 20X2:On investigation you discover that:1. Bank charges of Â£35 shown on the bank statement have not been entered in the
A young and inexperienced bookkeeper is having great difficulty in producing a bank reconciliation statement at 31 December. He gives you his attempt to produce a summarized cash book, and also the
The statement of financial position and statement of profit and loss of Faults Ltd show the following two items: Bank balance- over drown......................................£3,620 Statement of
The bank statement for G. Graduate for the period ended 30 June 20X3 was received. On investigation it emerged that the balance per the statement was different to the balance per the cash book. The
Explain the main purposes of control accounts?
The following figures relating to the year ended 31 March 20X3 have been extracted from the books of a manufacturer: ............................................................... £ Total of sales

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