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10 marksNature, Scope and Methods of Financial Accounting

CAPE Accounting Unit 1 · 2015 · Paper 2 · Question 1(g)

Transactions of BisNess Ltd for the year ended 30 June 2014 under accruals basis.

Using Table 1 provided as an insert, show the effect of EACH of the transactions (i) to (v) in the Cash Book and Statement of Comprehensive Income of BisNess Ltd for the year ended 30 June 2014.

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Other parts of this question

  1. 1(a)(i)State the meaning of the historical cost concept.[2 marks]
  2. 1(a)(ii)State the meaning of the prudence concept.[2 marks]
  3. 1(b)What amount should B. Ross record for the motor car in the books of the business?[2 marks]
  4. 1(c)Identify and explain the concept which allows B. Ross to record the motor car invested in the business as a non-current asset.[4 marks]
  5. 1(d)Show the journal entries required to record the formation of B. Ross' business on 1 June 2014.[6 marks]
  6. 1(e)Show the closing entries to record the loss and the drawings for the period.[3 marks]
  7. 1(f)Outline THREE controls that the management can implement to ensure the integrity of its accounting records.[6 marks]

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