File Name: financial accounting exam questions and answers .zip
- Ace Your Accounting & Bookkeeping Exam With Free Questions and Answers 
- Financial Accounting in Practice: Practical Questions and Answers for Students
- Full Accounting Questions and Answers
During that year, Tower Ltd sold 60 per cent of the widgets. It is one of the most feared subjects after Mathematics. The Financial Accounting past questions and answers in PDF file in this post should not be made as your means of study rather a tool to test your preparedness for writing any Financial Accounting examination in any university or polytechnic.
Ace Your Accounting & Bookkeeping Exam With Free Questions and Answers 
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.
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Livestock Farm materials Debtors Cash in Hand , Notes 2.
Financial Accounting in Practice: Practical Questions and Answers for Students
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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.
Sample Test for Financial Accounting. Multiple Choice. Identify the letter of the choice that best completes the statement or answers the question. ____ 1.
Full Accounting Questions and Answers
Businesses are looking for bookkeepers and accountants who possess fine attention to detail in their work. Don't go into your exam unprepared; practice today and improve your chances of getting the job. Each position utilizes its own assessment test based on the responsibilities that position will entail.
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.
These Financial Accounting questions and answers were pulled from our book Financial Accounting questions for ss2 ; Compiled to serve as a reference material to help teachers draw up test and exam questions faster.
Introduction to Financial and Managerial Accounting
- Это Мидж. - Королева информации! - приветствовал ее толстяк. Он всегда питал слабость к Мидж Милкен. Умница, да к тому же единственная женщина, не упускавшая случая с ним пококетничать. - Как твои дела. - Не жалуюсь.
Его взгляд скользнул по стройной фигурке, задержался на белой блузке с едва различимым под ней бюстгальтером, на юбке до колен цвета хаки и, наконец, на ее ногах… ногах Сьюзан Флетчер. Трудно поверить, что такие ножки носят 170 баллов IQ. Охранник покачал головой. Он долго смотрел ей вслед. И снова покачал головой, когда она скрылась из виду.
А мне без разницы.
Что же тогда случилось? - спросил Фонтейн. - Я думал, это вирус. Джабба глубоко вздохнул и понизил голос. - Вирусы, - сказал он, вытирая рукой пот со лба, - имеют привычку размножаться. Клонировать самих .
Мысли Сьюзан прервал громкий звук открываемой стеклянной двери. Она оглянулась и застонала. У входа стоял криптограф Грег Хейл. Это был высокий мужчина крепкого сложения с густыми светлыми волосами и глубокой ямкой на подбородке.
Фил Чатрукьян не оставил ему выбора. Когда запыхавшийся сотрудник лаборатории безопасности завопил о вирусе, Стратмор, столкнувшийся с ним на лестнице служебного помещения, попытался наставить его на путь истинный. Но Чатрукьян отказывался прислушаться к голосу разума. У нас вирус. Я звоню Джаббе.
Дэвид Беккер поднялся на последнюю крутую ступеньку и, едва держась на ногах, шагнул в крошечную каменную клетку. Со всех сторон его окружали высокие стены с узкими прорезями по всему периметру. Выхода. Судьба в это утро не была благосклонна к Беккеру. Выбегая из собора в маленький дворик, он зацепился пиджаком за дверь, и плотная ткань резко заставила его остановиться, не сразу разорвавшись.