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 court-ordered proceeding in the general journal. [1M] Advantage one: tender and scant(p) to locate a accomplishment for checking since all achievements of a like nature argon grouped in their turn in special journal. Advantage two: Allows posting of column totals to legers accordingly reducing the detail in the daybook making it easier to rent out and understand. 1.7.2 The footed ratio of the stock control daybook lift should be the same value as the [1M] The sum of the balances of the occult stock cards. 1.7.3 Justify your treatment in the fundsbox book of account 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 believe ledger account -text2 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 tax revenue and get down ledger accounts. [2M] Reason 1?To own 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 commercial enterprise relationship principle that dictates the accounting reports should be presented in the cash of the country in w hich the reports argon prep ard. [1M] ! Monetary principle. 2.2.5 The accounting reports are expected to satisfy a number of qualitative characteristics. champion such characteristic is the superior of comparability. Explain the relevancy of this characteristic with reference to sort in the reports. [2M] To ensure that a businesss reports are comparable over beat 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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