Marzari Najsf

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1.2.2 Give two advantages of using special journals such as the funds receipts and payments journals rather than recording all legal proceeding in the general journal. [1M]
Advantage one: Quick and scant(p) to locate a accomplishment for checking since all transactions of a like nature argon grouped in their have special journal.
Advantage two: Allows posting of column totals to legers thence reducing the detail in the ledger making it easier to date and understand.
1.7.2 The footed balance of the stock control ledger name should be the same value as the … [1M]
The sum of the balances of the private stock cards.
1.7.3 Justify your treatment in the cashbox ledger of the transaction recorded in the general journal above. [1M]
The transaction recorded in the general journal is a non cash transaction and is therefore not recorded in the bank ledger account
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1.3.3 State the purpose of footing the ledger accounts.[1M]
To wager the debit or credit balance of the ledger accounts forward to doing the Trial Balance.
1.4.3 Provide two reasons for closing revenue and get down ledger accounts. [2M]
Reason 1?To make the revenue and outlay ledger accounts a nil balance in cooking for the recording of the next periods transactions.




Reason 2?To calculate the current periods profit or loss in the ledger prior to preparing the more schematic Profit and Loss Statement.
2.2.4 State the business relationship principle that dictates the accounting reports should be presented in the currency of the country in which the reports argon prepared. [1M] Monetary principle.
2.2.5 The accounting reports are expected to satisfy a number of qualitative characteristics. One such characteristic is the superior of comparability. Explain the relevance of this characteristic with reference to sort in the reports. [2M] To ensure that a businesss reports are comparable over time and that reports are comparable mingled with different businesses they should be prepared...If you want to get a near essay, order it on our website: Orderessay



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