File Name: questions and answers on financial accounting .zip
Excel Business services sells its goods in containers which are returnable. For stock taking purposes all containers are valued Sh. Containers are charged out to customers at Sh. It means an expense which is incurred in one period should be charged against profit of that period whether or not it has been paid for by the accounting date.
As per IAS 11 this concept is followed under:. However the prudence does not justify the creation of secret or hidden reserves.
Note 1: The cost of work to 31 Aug. Has a foreseeable loss of Sh. Actual loss to date is Sh. No profit is to be recognized in this contract. Notes: i Rebate on bills discounted and purchased for unexpired term amounts to Sh. Total 20 Marks. Notes to accounts 1. Turnover: Based on interest and discount earned Net rebate on bills discounted for Sh.
Loans, overdraft and cash credits — Is shown net of Sh. Describe the errors and misappropriations that may occur if the following are not properly controlled:. This could mean that the internal records and the financial statements are incorrect. Banks make errors in calculating interest and charges. If the company does not check these, it may lose money and the amounts appearing in the financial statements may be incorrect.
This is particularly important for companies that hold high levels of cash. There are no receivables.
Accounting records are held at shops. Shops make returns to head office and head office holds its own accounting records. Your firm has been the external auditor to the company for many years and has offices near to the location of some but not all of the shops.
List the audit objectives for the audit of cash and state how you would gain the audit evidence in relation to those objectives at the year-end. Cash counts need not necessarily be conducted at each location unless the amounts are material , the firm might consider conducting counts on a rotational basis, year on year.
The decision as to which sites to visit might be determined on the basis of materiality and analytical procedures. Cash balances should be reconciled to records held at the shop and records held at head office. This means checking to ensure that credit card vouchers are correctly made payable to the company, and not to third parties.
This means checking to ensure that no credit card vouchers are post-dated. This means ensuring that cut-off is correct and consistent between the records held at shops, the returns to head office, and the records held at head office.
Towards the end of an audit, it is common for the external auditor to seek a letter of representation written representations from the management of the client company.
The letter is signed by those with knowledge of the matters concerned, on behalf of management. The responsibilities of external auditors are not always well understood, especially with regard to the detection and reporting of fraud.
When external auditors provide non-audit services to their audit clients, it is essential that the auditors make a clear distinction between their audit and non-audit responsibilities.
Required: a Explain the responsibilities of external auditors to directors and shareholders. The revision package is written with syllabus and unit coverage in mind. This are not just ordinary questions and answers that you will find somewhere else. You must be logged in to post a comment. Skip to content. Facebook page opens in new window Twitter page opens in new window Dribbble page opens in new window. Financial Accounting CPA revision questions and answers.
Buy full comprehensive QA. More CPA revision materials. CPA cpa past papers Management accounting. CPA cpa and assurance notes cpa past papers.
Load More. Leave a Reply Cancel reply You must be logged in to post a comment. Growing crops, wheat, seeds and fertilizers Livestock Tools and implements Feeding materials. Livestock Farm materials Debtors Cash in Hand , Notes 2.
In what respects would you agree with this description? How might you argue that this description is deficient? On what aspect of a business does the balance sheet provide information? On what aspect of a business does this statement provide information? At the first meeting you attend, mention is made of building a new church. What accounting information would the board need in deciding whether or not to go ahead?
Download PDF Here are accounting interview questions for fresher as well as experienced candidates to get their dream job. Accounting is chosen as a profession because: Become a part of an extensive network of professionals. Accept or experience a challenging role. Explore new opportunities.
Make sure you log into the ACCA Practice Platform early in your studies - completing your practice in the CBE environment is the only way to fully prepare for your exam.. Learn Accounting For Free Financial Reporting and Analysis is a part of the financial analysis to depict financial health of the company. One focus of this test is the typical transactions that an accountant posts each month and year. This download link will take you to the full document containing close to Financial Accounting past questions and answers. Right here, we have countless ebook financial reporting multiple choice questions and answers and collections to check out.
All your questions related to Financial accounting will be answered in the Financial accounting interview questions and answers mentioned below. Financial accounting includes the preparation and planning of financial statements available for public use. Here in this article, we will be listing frequently asked Financial Accounting Questions and Answers with the belief that they will be helpful for you to gain higher marks. Also, to let you know that this article has been written under the guidance of industry professionals and covered all the current competencies. Financial accounting collects and creates a summary of the economic data in order to prepare the financial reports like balance sheet, an income statement for the company's management, lenders, suppliers, investors, tax authorities and the stakeholders.
Depreciation is a non cash flow item True False 2. Loss on sale of fixed asset is a non-operating expense True False 3. Reducing balance method of providing for depreciation is where the amount of depreciation is reduced from year to year True False 4. Link to this page:.
For the sake of quality, our forum is currently "Restricted" to invitation-only.
Excel Business services sells its goods in containers which are returnable. For stock taking purposes all containers are valued Sh. Containers are charged out to customers at Sh. It means an expense which is incurred in one period should be charged against profit of that period whether or not it has been paid for by the accounting date. As per IAS 11 this concept is followed under:.
Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises. I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you're not taking too long to complete each question and will help you get used to doing exercises under exam settings. For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page. Here are a bunch of questions on specialized topics submitted by fellow accounting students from around the world, with detailed explanations:.
К тому времени все уже рухнет. Джабба открыл рот, готовый что-то сказать, но тут его буквально парализовал душераздирающий крик. Все повернули головы к Сьюзан Флетчер, которая выпрямилась и поднялась со стула.