Description
400 Level Management Accounting In Education Practice exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.
Questions:
(A) The purpose of the Balance Sheet is to show the financial posting of a business at a particular date. Post the financial position of Chief Olowo Trading Co. as at Dec. 31, 2017, with the following information:
(i) Capital – ₦ 23,000.00 k
(ii) Net Profit – ₦ 6,400.00 k
(iii) Cash in Hand – ₦ 1,050.00 k
(iv) Land – ₦ 20,000.00 k
(v) Cash at Bank – ₦ 1,100.00 k
(vi) Equipment – ₦ 5,000.00 k
(vii) Debtors – ₦ 2,000.00 k
(viii) Creditors – ₦ 5,000.00 k
(ix) Closing Stock – ₦ 5,250.00 k
(B) With relevant examples, discuss five (5) basic characteristics of a good accounting system.
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