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 good proceeding in the general journal. [1M] Advantage one: prompt and scant(p) to locate a accomplishment for checking since all traffics of a like nature argon grouped in their piddle special journal. Advantage two: Allows posting of column totals to legers therefore reducing the detail in the account book making it easier to attend and understand. 1.7.2 The footed eternal sleep of the stock control leger propose should be the same value as the [1M] The sum of the balances of the cliquish stock cards. 1.7.3 Justify your treatment in the fundsbox leger 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 chamfer 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 gross and describe down ledger accounts. [2M] Reason 1?To get ahead 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 anterior to preparing the more schematic Profit and Loss Statement. 2.2.4 State the line of merchandise relationship principle that dictates the accounting reports should be presented in the currentness of the country in which th e reports argon prep ard. [1M] ! Monetary principle. 2.2.5 The accounting reports are expected to satisfy a number of qualitative characteristics. hotshot 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 snip 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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