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| Section | Weight | Objectives |
|---|---|---|
| Preparation of Accounts for Single Entities | 30% | - Preparation of statement of financial position - Preparation of simple cash flow statement - Manufacturing and inventory accounting - Preparation of income statement - Adjusting entries and trial balance |
| Recording Accounting Transactions | 50% | - Sources of records and books of prime entry - Correction of errors and control accounts - Accounting for assets, liabilities, equity and expenses - Reconciliations (bank, receivables, payables) - Double-entry bookkeeping and ledger accounts |
| Accounting Principles, Concepts and Regulations | 10% | - Accounting standards and principles - Nature and objective of financial accounting - Conceptual and regulatory framework - Elements of financial statements |
| Analysis of Financial Statements | 10% | - Liquidity, profitability and solvency analysis - Interpretation using accounting ratios - Limitations of financial statements |
Refer to the exhibit.
The following information is available in respect of two companies that operate in the same market sector:
Which one of the following statements most accurately describes the companies' relative position?
Correct Answer: D 🗳️
A club receives subscriptions during 2006 of £4600. Of these £500 related to subscriptions in respect of 2005 and £400 related to subscriptions in advance for 2007.
The accounts for 2005 included an accrual of £600 for subscriptions in arrears; the balance of £100 which has still not been received, should be written off.
The figure for subscriptions in the income and expenditure account for 2006 will be
Correct Answer:
£3596
ABC has the following summary of transactions for the quarter ended 30 June 20X9 ABC is registered for sales tax at 20%.
At the beginning of the quarter ABC owed $2,300 to the local tax authority.
What is the balance owing to the local tax authority at 30 June 20X97 Give your answer to the nearest dollar.
Correct Answer:
$68400
Which one of the following would not be considered a purpose of segregation of duty?
Correct Answer: A 🗳️
Refer to the Exhibit.
A business banks its takings for the week. The bank account at the start of the week shows an overdraft Which of the following is the dual effect?
Correct Answer: A 🗳️
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Fundamentals of Financial Accounting
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