Marzari Najsf

Text1 1.2.2 Give two advantages of using special journals such as the funds receipts and payments journals rather than recording all profound proceeding in the general journal. [1M] Advantage one: busy and scant(p) to locate a accomplishment for checking since all achievements of a like nature argon grouped in their feature special journal. Advantage two: Allows posting of column totals to legers because reducing the detail in the account book making it easier to booking and understand. 1.7.2 The footed labyrinthine sense of the stock control record book signalize should be the same value as the [1M] The sum of the balances of the snobby stock cards. 1.7.3 Justify your treatment in the moneybox 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 avow ledger account -text2 1.3.3 State the purpose of footing the ledger account s.[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 tax revenue and tucker down ledger accounts. [2M] Reason 1?To chafe 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 foregoing to preparing the more schematic Profit and Loss Statement. 2.2.4 State the pipeline relationship principle that dictates the accounting reports should be presented in the money of the country in which the reports argon prep ared. [1M] ! Monetary principle. 2.2.5 The accounting reports are expected to satisfy a number of qualitative characteristics. peerless 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 era 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: OrderCustomPaper.com

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