Questions from Financial Accounting

Q: Explain the main purposes of a trial balance.

Explain the main purposes of a trial balance.

Q: What are the advantages of a trial balance?

What are the advantages of a trial balance?

Q: a. Outline the purposes of those books of prime entry referred

a. Outline the purposes of those books of prime entry referred to as day books. b. Describe the contents, and state which documents are used to write up each of the following: i. The sales day book; i...

Q: a. Tate two fundamentally different types of transactions/items that

a. Tate two fundamentally different types of transactions/items that are recorded in the journal. b. Describe how these two transactions are recorded in the journal.

Q: Describe the different forms of two- and three-column cash

Describe the different forms of two- and three-column cash books with which you are familiar.

Q: Describe the entries in the cash book and general ledger in respect

Describe the entries in the cash book and general ledger in respect of discount allowed and discount received.

Q: a. Describe the purpose and format of a columnar petty cash

a. Describe the purpose and format of a columnar petty cash book. b. Explain how you would determine the appropriate number of analysis columns.

Q: a. Describe how a petty cash imprest system operates.

a. Describe how a petty cash imprest system operates. b. Explain how such a system facilitates control.

Q: a. Explain the purposes of a statement of profit or loss

a. Explain the purposes of a statement of profit or loss and a statement of financial position. b. Describe the structure of each.

Q: Explain the difference between a direct debit transaction and a standing order

Explain the difference between a direct debit transaction and a standing order transaction.