Questions from General Accounting

Q: Summarise the procedures you would undertake if an accounting worksheet does not

Summarise the procedures you would undertake if an accounting worksheet does not balance.

Q: Illustrate three scenarios of incorrect recordings that may cause a trial balance

Illustrate three scenarios of incorrect recordings that may cause a trial balance to not balance.

Q: Can errors still exist in the trial balance if the sum of

Can errors still exist in the trial balance if the sum of the debit and credit columns equals the same amount? If so, provide an example.

Q: You are the bookkeeper for Chic Styles and, on review of

You are the bookkeeper for Chic Styles and, on review of the business’s records and reports, you realise the trial balance does not balance. Your supervisor asks you to investigate why this occurred....

Q: Classify each of the following according to whether it is an asset

Classify each of the following according to whether it is an asset, liability or equity account. Apply your learning from the definitions in the introduction to accounting and business decision making...

Q: Using your knowledge of the accounting equation, solve the missing values

Using your knowledge of the accounting equation, solve the missing values in the following table.

Q: (a) Using the business transactions in part B, record

(a) Using the business transactions in part B, record the transactions in the ledger of Colin Clark. (b) Prepare a trial balance for Colin Clark as at 31 August 2020. (c) Prepare a statement of profit...

Q: Determine the missing entries. /

Determine the missing entries.

Q: From the following descriptions of business transactions, choose two appropriate column

From the following descriptions of business transactions, choose two appropriate column headings for the worksheet. Justify for each description your choice of heading. (a) The owner contributes capit...

Q: State the effect of each of the following business transactions for Trevor’s

State the effect of each of the following business transactions for Trevor’s Trampolines. For example, in (a) we increase cash and increase capital. (a) P Trevor commenced business by injecting cash i...