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What do you mean by double entry system of accounting?
Write down the journal entries to rectify the above errors and as well illustrate the Suspense Account.
Pass adjustment entries for the given transactions:
Describe the benefits of Consolidation of Financial Statement of a Holding Company and its Subsidiary Companies?
Illustrate the characteristics of debenture redemption by the conversion method.
Describe the journal entries in the books of Max Limited.
Illustrate the underlying suppositions considered in the ASB’s ‘Framework for the preparation and presentation of the Financial Statements’.
Critically discuss merits and demerits of the under and over capitalization. Illustrate out the different techniques of measuring the capital expenditure decision.
Illustrate the significance of important techniques in inflation accounting. Illustrate in brief the categorization of costs.
Describe the above quotation, specifically as it applies to the non-current assets. Do you consider Chamber’s assertion is justified? Illustrate.
One activity of study phase is: “Establish Ground Rules for Study and Design Phases”.
As part of briefing session to your juniors, you’re required to describe the specific audit objective of each of tests below and to which assertion does it relate.
What are the reporting requirements of Auditor as set down in The Statutory Bodies (Account and Audit) Act 1972?
Write down the formula for calculating P/V ratio. Describe absorption of overheads in detail.
Make a distinction between Eurocurrency and Eurobonds. Write a brief note on the term Primary and secondary markets.
Discuss and illustrate out the functions of the financial system. Using monetary approach and the loan able funds theory, illustrate out how the rate of interest is determined.
Summarize the data in mathematical notation to facilitate calculation and denomination. Compute the risk of this portfolio. On what term does the risk of the portfolio depend?
According to you, have you made Mr.Peterpan’s Financial Statements on a Going Concern basis? Support your answer with two arguments.
For auditors to give a reasonable assurance that the financial statements are free from material misstatements, legislation establishes rights and duties.
Commissions received of $312 were entered in the cash account however omitted from Commissions Received account.
You are needed to make an Income Statement for the period ending 31.12.2010
Describe the accounting term for each of the opening balances at 1 November 2009 and illustrate the heading under which each will show on the balance sheet.
Make an income statement for the year ended 31 December 2011 and a statement of financial position as at that date, as per the IAS 1 Presentation of Financial Statements.
Make a Statement of Cash Flows for the year ended 31st December 2012 by using the Indirect Method, and complying with IAS 7.
List down four user groups of Financial Statements and Accounting Information and in brief explain the specific information each group would be interested in.