Lcci Bookkeepng Nov 2001 Control Account Question
Lcci Bookkeeping Year Nov 2001 Answer To Control Question
Lcci Bookkeeping:Year 2001 Control Account Question
Lcci Bookkeeping Year 2001 Answer to Control A/c
LCCI Bookkeeping: 1997 Question on Sales & Purchases Control a/c
Lcci 1997 Answer to Question On Sales & Purchases Control A/c (Question above)
Tags: lcci;Control Account
As explained, it is also very important for those who keep books of account to understand accounting concepts. By understanding such accounting concepts, it will then reinforce the skills of the bookkeepers.
Append below are some True Or False Questions on Accounting Concepts:-
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1. |
The business entity concept does not apply to a sole proprietorship concern |
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2. |
If economic event cannot be measured in monetary terms, it is not considered part of the accounting data |
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3. |
As the question of sale of the business, the realizable or saleable values of its assets will not be relevant |
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4. |
It is the desire for objectivity that explains why historical cost rather than current market value forms the basis of valuation of assets |
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5. |
Consistency in accounting methods is observed to prevent misleading profits arising from differing accounting methods from being reported. |
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6. |
Prudence concept explains why closing stock is always valued at the lower of cost or market value so that profits are not overrated during the current period |
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7. |
The matching principle is base on the accrual concept of accounting |
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8. |
Accrual concept is when revenue is recognized when it is earned and expenses when they are incurred |
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9. |
Cash accounting recognizes revenue only when cash is received and recognizes expenses only when cash is paid |
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10. |
Source documents are examples of objective evidence of transactions that have taken place |
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11. |
The money measurement function eliminates important information like motivational level, inefficient management or poor working conditions |
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Below are two questions and answers on topics on Accounting Equation:
Question No 1: Fill In The Blank for the following:
| 1.0 |
Assets |
Liabilties |
Capital |
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a |
40,000 |
10,000 |
? |
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b |
15,000 |
? |
11,000 |
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c |
? |
5,000 |
10,000 |
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d |
11,000 |
8,000 |
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Answer:
1a $30,000 ($40,000-$10,000)
1b $4,000 ($15,000-$11,000)
1c $15,000 ($5,000+$10,000)
1d $3,000 ($11,000-$8,000)
Question No. 2:
The following is the summary data of XYZ Ltd for July presented in equation form. Describe each of the transactions that occurred during July.
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2.0 |
ASSET Cash |
ASSETS Supplies |
ASSETS Equipment |
= LIABILITIES |
+
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a |
+$10,000 |
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+$10,000 |
Capital |
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b |
-$2,000 |
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+$2,000 |
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c |
-$200 |
+$200 |
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d |
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+$700 |
$700 |
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e |
+$1,000 |
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+$1,000 |
Income |
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f |
-$600 |
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-$600 |
Salaries |
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g |
-$300 |
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-$300 |
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h |
-$100 |
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-$100 |
Drawing |
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$7,800 |
$200 |
$2,700 |
= $400 + |
$10,300 |
Answer:
2a The owner made an investment by injecting cash as capital
2b Equipment was bought and paid for
2c Supplies were bought and paid for
2d Additional equipment was bought on account creating a liability
2e The company recorded an income for work done for customers
2f The company paid salaries to the workers
2g Cash was paid to reduce amount owing to Accounts Payable(Liability)
2h Owner withdrew cash for her personal use.
Below are the answers to the various topics on Basic accounting questions on:
- basic accounting concepts,principles and double entry systems
- subsidiary books
- bank reconciliation statement
- ledger accounts
- final accounts
- depreciation accounting
Append below some questions to test the knowledge of those who have just studied topic on depreciation accounting:
Append below some questions to test the knowledge of those who have just studied topic on final accounts:
Append below some questions to test the knowledge of those who have just studied topic on ledger account:
Append below some questions to test the knowledge of those who have just studied topic on bank reconciliation statement:
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