FINANCIAL ACCOUNTING TRIAL QUESTIONS

FINANCIAL ACCOUNTING TRIAL QUESTIONS
1.Explain the following accounting concept
a)Materiality
b)Consistency
c)Business Entity
e)Revenue Recognition

2)What is trial balance
b)state two reasons for a trial balance
c)Mention three each errors
I)affect the agreement of the trial balance
ii)do not affect the agreement of the trial balance
3.a)What is single entry?
b)Mention three causes on single entry
c)state two advantages n two disadvantages of single entry

  *CONTROL ACCOUNTS*
1.Meaning of control accounts
2.Advantages and disadvantages
3.Types of control accounts
4.Reconcilation of control accs
5.Reasons why sales ledger control ACC may not agree with the debtors ledger acc n vice versa
6.What is set- off

4.Distinguish between the following
a)Capital expenditure n Revenue expenditure
b)Bank statement and Bank reconciliation statement
c)Receipt n payment acc n income n expenditure acc
d) Bad debt n provision for bad debt acc
e)Fixed capital n fluctuating capital

5.What is source documents?
b)List six types of source documents.
c)state three uses of subsidiary books

6.a)what is bank reconciliation statement
b)state three reasons for preparing BRS
c)Explain the following
I)unprecedented cheques
ii)standing order
iii)credit transfer