ACCT FINANCIAL ACCOUNTING Time Allowed: 2 Hours Question 1 Recording Transactions (20 marks) For each of the following ten independent events (parts a to j) involving Partnare Limited in the month of June, prepare the journal entry (if necessary) to record the event. Financial statements are being prepared as at 30 June. If you believe that no entry is necessary, clearly write ‘No Entry’. A blank response will be marked as incorrect. Narrations are not necessary. Partnare Limited
Words: 1609 - Pages: 7
Supply chain management (SCM): It is the management of the flow of goods. It includes the movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption. Interconnected or interlinked networks, channels and node businesses are involved in the provision of products and services required by end customers in a supply chain. Supply chain management has been defined as the "design, planning, execution, control, and monitoring of supply
Words: 2576 - Pages: 11
the following questions. ____ 1. When a customer returns goods for credit, the seller should a. credit Accounts Payable. b. credit Accounts Payable. c. debit Accounts Receivable. d. credit Merchandise Inventory ____ 2. Credit terms of 3/10, n/30 mean that a(n) a. 10% cash discount may be taken if payment is made immediately; a 3% discount if paid within 30 days. b. 3% cash discount may be taken if payment is made within 10
Words: 1789 - Pages: 8
loans to its members primarily for consumption purpose like marriage, retiring debt: Investment Companies Nidhis Loan Companies Merchant Bankers All of the following are characteristics of hire purchase finance except: Payment is made in periodic installments Ownership gets transferred with initial down payment Possession of the good is given at the time of contract They are unsecured finances In January, 1 US $ was equal to 90¥. In March, this exchange rate changed to: 1 ¥ = 0.01053
Words: 2337 - Pages: 10
there is also a written agreement with the vendors. If so, review the same for salient terms and conditions. • Is authorisation to issue or amend Purchase Orders given in writing, or electronically with password restrictions. • Ensure whether system user profiles and access rights are used to ensure that only authorised individuals have access to purchase orders. • Review the process of negotiation for contracts. Check whether tenders are invited, evaluated and that the most competitive tender
Words: 2899 - Pages: 12
development and work that Kudler Fine Foods does and should be assessed and assigned internal controls to reduce the negative possibilities that associate with the risks. This brief will discuss and analyze the risks from the Accounting Information Systems, identify the risks and controls issued from the flowcharts, design controls to mitigate the risks, evaluate the application of internal control, and discuss other controls. Risks of AIS Team D suggested purchasing industry specific software
Words: 1100 - Pages: 5
X X X posT qol coMr8]\EN:rs,oq gry.qqpps q (a) Inventory,Beginningof Period (b) +Costof QqodsPurchased (c) Costof GoodsAvailablefar Sale (d) - Igye-nJory" of Period End (e) Costof GoodsSold FJpnsi X +X X -*J -:x Stepsi X qpMpoNENrs cp$r pT Gpppspr{nclusEp (a) Purchases (b) - (Purchase Returns& Allowances DiScpq-$ts) t Purchpses (c) Net Purchases (d) + Trpspo_rt4tjon ln (e) Costof GoodsPurchased + +x X X * Perpetual inventorysystems havea cost of goodssold accountthat
Words: 385 - Pages: 2
Office Use Only | | | | | | Monash University Semester 1 Examination 2012 Faculty of Business and Economics Department of Accounting and Finance EXAM CODE: AFG1002/AFW1002 TITLE OF PAPER: INTRODUCTION TO FINANCIAL ACCOUNTING EXAM DURATION: 180 minutes writing time READING TIME 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (office
Words: 2027 - Pages: 9
Bank Reconciling Items Deposit in Transit, Outstanding Check, Errors 2. Accounting cycle are: 1. Collecting and analyzing data from transactions and events. - develop a chart of accounts as part of setting up your accounting and bookkeeping system. The chart of accounts is an index of all the accounts where the company files its financial information. A source document in an accounting transaction is evidence that the transaction has occurred. It should be recorded as a journal entry as soon
Words: 3127 - Pages: 13
1. SPECIFIC IDENTIFICATION METHOD Painting Cost 0.50 Beg. Inventory Woods 11,000 5,500.00 0.21 Purchase Sunset 21,800 4,589.47 0.86 Purchase Earth 31,200 26,742.86 0.75 Purchase Moon 4,000 3,000.00 Woods and Moon were sold during the year for a total $35,000. Determine the firm's: a. Cost of
Words: 1617 - Pages: 7
