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1 markNature and Purpose of Accounting

CSEC Principles of Accounts · January 2009 · Paper 2 · Question 2(a)(iv)

Various accounting statements are evaluated.

State whether the statement is True (T) or False (F): Accounting can ensure that profits are made.

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Other parts of this question

  1. 2(a)(i)State whether the statement is True (T) or False (F): Accounting records business activities that cause changes in money value.[1 mark]
  2. 2(a)(ii)State whether the statement is True (T) or False (F): Accounting reports are useful for good decision-making.[1 mark]
  3. 2(a)(iii)State whether the statement is True (T) or False (F): Government tax agencies use accounting information to compute taxes.[1 mark]
  4. 2(a)(v)State whether the statement is True (T) or False (F): Business qualities such as reliability and good service can be accounted for.[1 mark]
  5. 2(b)(i)Indicate which of the five transactions would normally be entered in another book of original entry.[1 mark]
  6. 2(b)(ii)Prepare the General Journal of Rennie Joseph as at November 30, 2007.[10 marks]
  7. 2(c)Prepare the Rates Account in the books of Rennie Joseph for the six-month period ending May 31, 2008, showing the amount to be transferred to the Profit and…[4 marks]

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