Computerized accounting questions.

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

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

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.

Mention any three advantages of a trial balance.

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

Consider the following transactions done by Sharifa during the month of Feb 2014 (All in TZ shs)

On 1 Feb, She started a business with 110,000 in the bank.

1. On 2 Feb, she bought goods on credit from Latifah for 5,000.
2. On 3 Feb, she took 50,000 from the bank and placed it in the cash till.
3. On 5 Feb bought goods for cheque 10,000.
4. On 9 Feb, she paid electricity bills in cash 1,500.
5. On 15 Feb , she sold goods on credit to James 3,000.
6. On 20 Feb, she returned 2,000 deficit goods to Latifah.
7. On 21 Feb , she received 2,000 cash from James for goods sold to her on the 15^th Feb 2014
8. On 23 Feb , she paid 3,000 to Latifah for goods previously bought from her by cheque
9. On 25 Feb , she sold goods to Farida 2,000 paid by cash

You are required to 

• Mention the type of voucher to be used for each transaction from each date listed : 2^nd Feb, 3^rd Feb, 5^th Feb, 15^th Feb, 25^th Feb.
• Open the capital , assets and liability accounts of Sharifa then balance off the accounts.
• Create a trial balance for the transactions accounts opened above.

Mention four main parts of a Tally accounting software and their functions