Computerized accounting UE Past Papers Questions.

Several users of accounting information exist. Mention any 5 of them and briefly explain why they would need such accounting information.

Answer / Solution

UNSOLVED

Define the terms below as applied to accounting

• Drawings
• Balance brought down
• Balance carried down
• Balance off
• Closed off
• Liability
• Credit balance
• Debit balance
• Creditor
• Debtor

Answer / Solution

UNSOLVED

Hill has the following assets and liabilities as on 30 November 2009. Accounts payable £2,800; Equipment £7,300; Inventory £8,100; Accounts receivable £4,050; Cash at bank £9,100; Cash in hand £195.

You are not given the capital amount at that date.

During the first week of December 2009

-Hill bought extra equipment on credit for £110.

-Hill bought extra inventory by cheque £380

-Hill paid creditors by £1,150

-Debtors paid Hill £640 by cheque and £90 by cash

Hill put an extra £1,500 into business, £1,300 by cheque and £200 in cash

You are to draw up the balance sheet as on 7 December 2009 after the above transactions have been completed.

Answer / Solution

UNSOLVED

Mention any three advantages of a trial balance.

Answer / Solution

UNSOLVED

Several types of errors will not affect a trial balance sheet . Mention any five of them and briefly describe how these errors occur.

Answer / Solution

UNSOLVED