LESSON OBJECTIVE
Assessment Criteria M2 Analyse profit and loss accounts, balance sheet and cash flow statements appropriate for the given examples. Below are questions pertaining to lesson 4. Please ensure to answer each question correct. 1. True or False. A control Account keeps a total of a number of individual items. 2. State two reason for having a control account. 3. True or False: A suspense account is a temporary used when the Trial balance fails to balance. 4. Identify the three types of error that a suspense account is needed to correct
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LESSON OBJECTIVE
Assessment Criteria M2 Analyse profit and loss accounts, balance sheet and cash flow statements appropriate for the given examples. Below are questions pertaining to lesson 3. Please ensure to answer each question correctly. 1. True or False: The objective of a bank reconciliation is to reconcile the difference between the cash book balance and the bank statement balance. 2.What is the main reason why a cheque can be dishonured by the bank. 3. True or False : When using a standing order if the amount is ever to be changed, you have to inform the bank. 4.Explain what is deposit in transit. LESSON OBJECTIVE
Assessment Criteria P2 Produce a trial balance applying the use of the balance off rule to complete the ledger. Below are questions pertaining to lesson 2. Please ensure to answer each question correctly. Enter the following transactions of an antiques shop in the accounts, balance each account and extract a trial balance as at 31 March 2006. • •2006 •March 1 Started in business with $8,000 in the bank. • March 2 Bought goods on credit from the following persons: L Frank $550; G Byers $290; P Lee $610. •March 5 Cash sales $510. • •March 6 Paid wages in cash $110. • •March 7 Sold goods on credit to: J Snow $295; K Park $360; B Tyler $640. • •March 9 Bought goods for cash $120. • •March 10 Bought goods on credit from: G Byers $410; P Lee $1,240. • •March 12 Paid wages in cash $110. •March 13 Sold goods on credit to: K Park $610; B Tyler $205. • •March 15 Bought shop fixtures on credit from Stop Ltd $740. • •March17 Paid G Byers by cheque $700. • •March18 We returned goods to P Lee $83. • •March 21 Paid Stop Ltd a cheque for $740. • •March24 B Tyler paid us his account by cheque $845 •. •March 27 We returned goods to L Frank $18. • •March30 G Prince lent us $1,000 by cash • •March31 Bought a van paying by cheque $6,250. LESSON OBJECTIVE
Assessment Criteria P1 Apply the double entry book-keeping system of debits and credits. Record sales and purchases transactions in a general ledger Below are questions pertaining to lesson 1. Please ensure to answer each question correctly. 1. What is the double entry for the purchase of a car on credit? Question 2-3 refers to the following transactions from the books of James Ltd on September 30,2016. 1. Paid electricity bill by cash of $2500 2. Sold goods for cash $3500 3.Paid wages for cash $1500 4. Sold goods on credit for $15,000 to John 5. Received an amount of $10,000 from John You are required to: a) Write up the required ledger accounts for the transactions. b) Balance off the accounts using the balancing rule. 4. What is the double entry system? This is a scholarly, higher education and professional forum for Intelligent Conversations. Only Questions, Posts and Scholarly Information related to Unit 10 are allowed. Unit 10 Dialogue Group is a great medium for us to share individual understanding of the importance contributing effectively to the accounting function of an organisation, or to understand how to record and prepare basic financial accounts for their own business. I will be uploading videos and/or review notes for each week's lesson. You will answer ALL the Review Questions posted weekly for each lesson. There will be Six (6) Posts in total over the next 12 Weeks. To Earn The 10% Grade from this forum, you MUST answer the review questions by Sunday of each week. You will be penalized for Late Posts. You cannot cut and paste information on my board. These will be deleted promptly and you will be immediately given an 'F' Grade. It is not necessary to cite your own ideas provided, but it is advisable at this level to validate your work through referencing. Plagiarism is a crime punishable by expulsion. I will be using a register to record your excellent and anticipated participation in Unit 10 Dialogue. At the end of the semester, if you answer all weeks and on time you will earn an A Grade - Full Marks. If you miss more 4 or more posts or make 4 late posts, you earn an 'F' Grade. Your commitment and participation in your learning at Colbourne College speaks to your character and ability to meet professional requirements and developments. You will post twice per week. This will be to answer the Review Question or Pose a Question to your peers or the dialogue group moderation. Students can have good cross-discussions among themselves to stimulate critical thinking and build quality conversations. Be Engaged! Be Informed! REMEMBER! If you do not PASS Unit 10 Forum by consistent, robust and sustained dialogue, you WILL fail the entire Unit 10 Course. My only objective is to help you pass UNIT 10. This means posting relevant review questions from each lesson and getting you engaged in the course content. I review all posts that you make. I plan on making your learning and experiences in Unit 10 Dialogue Group focused, diverse, fun, engaging and interactive. By starting this unit and with expectation to Pass the course, you hereby accept this challenge. If you accept, you may begin. ABOUT BTEC L5 CURRICULUM FOR UNIT 10 FINANCIAL ACCOUNTING UNIT OVERVIEW The overall aim of this unit is to introduce students to essential financial accounting principles and techniques which will enable them to record and prepare basic final accounts. Students will learn how to prepare accounts for sole traders and partnerships as well as limited companies. LEARNING OUTCOMES On successful completion of this unit you will: 1 Record business transactions using double entry book-keeping, and be able to extract a trial balance. 2 Prepare final accounts for sole-traders, partnerships or limited companies in accordance with appropriate principles, conventions and standards. 3 Perform bank reconciliations to ensure company and bank records are correct. 4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts. |
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