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business
financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

Use the following trial balance of K. Punch in order to prepare the income statement and statement of financial position for the year ending 30th April 2019: P-63 Trial Balance as at 30th April 2019
B. Silverman started a business selling tiles. The following is the trial balance for the financial year ending 30th November 2019: P-63Required:a) Income Statement for year ended 30th November
Identify when transactions are recorded in the books of original entry;
Understand what each book of original entry is used for;
Understand the relationship between the books of original entry and the subsidiary ledgers;
Identify what the sales ledger, purchases ledger and general ledger are used for;
Understand the difference between personal accounts and impersonal accounts;
Post transactions in the books of original entry;
Understand the whole process of recording transactions.
Post the relevant transactions in the Sales Journal: April 1 Sold goods on credit to E. Micallef of 152. April 14 Credit sales: E. Mendoza 220; R. Aquilina 300. April 16 Returns from E. Mendoza 20.
Reflect the relevant transactions in the Purchases Journal: May 1 Bought goods on credit from Supplies Ltd. of 170. May 9 Returned goods to Supplies Ltd. of 25. May 12 Purchases paid by cash of 210.
Post the relevant transactions in the Returns Inwards Journal and Returns Outwards Journal: June 1 Credit purchases: L. Smith 135; H. Mendez 330. June 3 Credit sales: B. Lumby 250; R. Debono 500.
Reflect the following transactions in the Sales Journal, Purchases Journal, Returns Inwards Journal and Returns Outwards Journal: Credit purchases: K. Camilleri 420; Supplies Ltd. 350. Credit sales:
Understand the term accounting; LOP8
See the process used in order to record business transactions; LOP8
Know the meaning of assets, liabilities and capital; LOP8
Understand the accounting equation; LOP8
Identify the main users of accounting information and their information needs; LOP8
Record transactions by using the double entry system for assets, liabilities and capital. LOP8
Complete the following table by using the accounting equation:Assets€Liabilities€Capital€1 20,000 5,000 2 13,500 6,000 3 2,500 12,000 4 18,000 3,000 5 16,900 10,000 6 11,000 6,000 LOP8
Cash at Bank Question 3 Distinguish the following items into assets and liabilities: LOP8
business enterprise. Initially before starting any trading he acquired office equipment costing €3,500 and
motor van costing €6,000. He bought inventory costing €4,000 and paid suppliers€1,000. The remaining was provided on
30-day credit. Antoine also bought premises costing €100,000. These were financed by capital and a loan of €60,000. Calculate the capital that Antoine invested in the organisation.Question 6
business enterprise and performed the following transactions in the first month:
The owner deposited €15,000 into the business bank account.
Transferred €500 from the bank account into the cast till.
Bought office equipment costing €3,500 by cheque.
Bought goods for re-sale costing €500 by cheque.
Bought goods for re-sale on credit from A. Micallef costing€1,000.
Sold goods to
customer of €600 who paid immediately by cash.
The owner took €1,000 from the business bank account.
Sold €2,000 worth of goods to
customer on credit.
Returned goods to A. Micallef of €20.Record these transactions in the following table:
Record the following transactions by using the double entry system:Sep. 1 The owner started
business by depositing €4,000 in the bank account.Sep. 2 Bought office equipment costing €300 by cheque.Sep. 5 Deposited €250 bank into the cash till.Sep. 9 Bought motor vehicle €3,000 on
Reflect the following transactions in the respective accounts:Oct. 1 Started business with €5,000 in the business bank account.Oct. 3 Bought motor vehicle costing €2,200, which was immediately
Record the transactions below in the respective accounts:Nov. 1 Started business with €3,500 in the cash account.Nov. 2 Deposited €3,000 into the bank account from the cash till.Nov. 4 Purchased
loan from Brandon Smith of €4,000, which was deposited in the bank account.Nov. 28 The owner took €120 money from the business bank account.
Distinguish between sales and purchases;
Understand the difference between cash sales and credit sales;
Differentiate between cash purchases and credit purchases;
Distinguish between return outwards and returns inwards; and
Account for stock by using the double entry system.Question 1. Prepare the following table:Account to be Debited Account to be Credited Bought €300 goods on credit from B. Supplies.Cash sales
Record the following transactions by using the double entry system:Oct. 1: Bought goods on credit from Tiles Supplies costing €800 Oct. 4: Bought goods of €650 paying by cheque.Oct. 6: Cash sales
Post the following transactions to the respective accounts:Nov. 1: Bought goods on credit from Hepsub costing €560.Nov. 3: Sold €870 goods on credit to Jennifer Mujis.Nov. 6: Jennifer Mujis
Distinguish between revenue and expenses;
Understand the impact of revenue and expenses on the firm’s profitability;
Account for revenue and expenses by using the double entry system; and
Understand and distinguish between capital expenditure and revenue expenditure.Question 1. Record the following transactions by using the double entry system:Feb. 1: Paid rent by cash of €65.Feb.
Enter the following transactions in the respective accounts and balance off the accounts as at 30th November 2019:Nov. 1 Cash sales €300.Nov. 2 Bought additional goods on credit from: Joseph Smith
AR Enterprise have been operating for numerous years. The opening balances at 1st January 2019 are:Capital €10,000 Bank €8,800 (Debit Balance)Cash €350 Agnes Seguna €412 (Debit Balance)RJ
Charmaine Summers started business on 1st April 2019. The following transactions took place during that month:April 1 Charmaine deposited €3,900 in the business bank account.April 2 Bought computer
Understand the wider issues that the provision of high quality financial information encompasses. LO4
Understand what corporate governance is, its significance, and the issues the subject covers. LO4
Explain the five key areas of corporate governance included in the Financial Reporting Council’s (FRC) UK Corporate Governance Code 2014. LO4
Explain the reporting requirements with regard to corporate governance.understand the increasing significance of corporate sustainability issues for companies and their stakeholders. LO4
Explain what, how and why corporate sustainability issues may be reported understand how ethical behaviour is integral to the financial reporting chain. LO4
Comment on why corporate governance information is discussed in companies’ annual reports. LO4
Discuss the view that sustainability reporting recognises all corporate stakeholders. LO4
Discuss how current developments in the project to update the IASB’s Conceptual Framework relate to issues of accountability. LO4
What role do ethics play in corporate governance? LO4
Sustainability reporting is one issue in corporate governance. Some companies establish a subcommittee of the board to deal with sustainability issues. The audit function can also play a role in
Accounting should contribute to the protection of the environment.Discuss whether this is a proper role for accounting and outline ways in which it could. LO4
Identify some common barriers to the successful adoption of ethical standards in business practice. LO4
Obtain the GRI’s 2013 Sustainability Reporting Guidelines from the GRI website at www.globalreporting.org. Discuss to what extent Sainsbury in its 2015 annual corporate responsibility report
In the 2015 annual report and financial statements of JD Wetherspoon plc the chairman makes the following statement in relation to corporate governance.Comment on this statement in the light of the
Understand why accounting profits and taxable profits are not the same. LO5
Explain the components of companies’ income tax—current and deferred tax. LO5
Understand why deferred tax balances are accounted for and the issues with this. LO5
Account for current tax and deferred tax in accordance with IAS 12 Income Taxes. LO5
The following assets and liabilities appear in a company’s statement of financial position at 31 March 20X6: LO5 A motor lorry which cost £200,000 is shown at its carrying amount of £40,000. For
Markham plc acquires a machine for £200,000 on 1 January 20X2. The company estimates the useful life to be eight years with zero residual value, and adopts the straight-line basis of depreciation.
The draft statement of profit or loss of Hedley plc for the year ended 31 March 20X3 shows an income tax expense of £55,000. The draft statement of financial position shows a noncurrent liability of
A company purchases an item of equipment on 1 January 20X1 for £48,000 which it estimates will have a seven-year useful life, at the end of which it is estimated it will be sold for £6,000. The
The accounting policies of Kingfisher plc, in its 2015 financial statements, include the following: LO5 Deferred tax is the tax expected to be recoverable or recoverable on differences between the
Deferred tax may be seen as an income-smoothing device which distorts the true and fair view. Explain the impact of deferred tax on reported income and justify its continued use. LO5
Interpret a set of simple financial statements using horizontal, vertical and ratio analytical techniques for a variety of users. LO3
Understand key limitations of the analysis performed. LO3
Understand that an interpretation of a set of financial statements requires more than the use of the analytical techniques included in this chapter. LO3
Explain the significance of basic and diluted EPS as a measure of financial performance. LO5
Calculate basic and diluted EPS for a variety of situations, including changes in share capital, and where share options and convertible financial instruments exist. LO5
Understand the presentation and disclosure requirements for EPS. LO5
On 1 January 20X8 a company with no subsidiaries had 3 million equity shares of £1 each in issue. On 1 May 20X8 the company made an issue of 1 million shares at full market price of £2 per share.
You are given the following information relating to Santos plc: LO5£000 £000 Profit before tax 4,131 Tax (1,629)Profit after tax 2,502 Non-controlling interests (90)2,412 Retained profits at 1
Discuss why earnings per share, as a measure of financial performance, is required to be disclosed on the face of the statement of profit or loss and whether it is possible to distil the performance
At 1 January 20X7 and 20X8 the issued share capital of Coombe plc comprised: LO5 Equity share capital (20p shares) £1,500,000 4% irredeemable preference share capital (£1 shares) £600,000 On 1
Extracts from the statements of profit or loss of Longstone plc for the years ended 31 December 20X4 and 20X5 are set out as follows: LO5 20X4 20X5£000 £000 Profit from operations 4,030 4,890
On 1 January 20X1 a company had in issue 6 million £1 equity shares and £7.5 million of 7% convertible redeemable loan stock, on which the conversion terms were: LO5 On 31 December 20X4 40 equity
EPS is generally regarded as a key accounting ratio for use by investors and others. Like all accounting ratios, however, it has its limitations. LO5 Critically examine why EPS is regarded as so
Berkeley plc, a company with no subsidiaries, has issued share capital at 31 December 20X6 of £2.4 million made up of £1.8 million in equity share capital and £0.6 million in 6%£1 irredeemable
The following financial statement extracts relate to Silver plc for the year ended 31 December 20X6. LO5 Share capital at 31 December 20X6:Issued and fully paid equity shares of £1 each 12,500,000
On 1 January 20X3, Juno plc had the following capital and debt structure:800,000 equity shares of £10 each 1,200,000 6% cumulative convertible preference shares of £1 each (1 year of dividends in
Draw up the four main financial statements in accordance with the requirements of IASs 1 and 7, including alternative presentations where permitted. LO4
Explain the underpinning principles relating to presentation contained in IAS 1. LO4
Understand the purpose and nature of notes to the financial statements. LO4
Understand the significance of accounting policies, when changes to these and accounting estimates can be made, and how this is presented. LO4
A company’s credit sales are £45,678 during 20X8. Accounts receivable at 1 January 20X8 are £4,602 and at 31 December 20X8 are £5,709. What cash has the company received from its credit

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