Question 1

(a) financial statements are normally prepared upon the basis of a number of accounting concepts"

Explain what you understand by each of the following concepts:

i. Business entity.

ii. Going concern,

iii. Consistency.

iv. Money measurement '

( b) Identify the four (4) accounting concepts in accounting. I mark each

QUESTION 2

(a) Distinguish between Bank statement and bank reconciliation statement.

(b) Briefly explain the following terms as used in banking:

i. unpresented cheques .

ii. Uncredited cheques .

iii. Dishonoured cheques .

iv. Bank charges ,

Question 3

(a) Identify and explain three (3) main types of companies that can be formed.

(b) List any four (4) items each, normally found in Articles of Association and Memorandum of

Association.

(c) What is meant by certificate of incorporation?