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1 markAccounting Concepts and the Accounting Cycle

CSEC Principles of Accounts · May/June 2010 · Paper 2 · Question 7(c)(i)

A series of accounting scenarios violates specific concepts or principles.

State the accounting concept or principle violated when credit sales made in March of 2010 were not recorded until the money was received in May 2010.

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  1. 7(a)(i)Identify ONE internal user of accounting information and state how this information is used by that user.[2 marks]
  2. 7(a)(ii)Identify ONE external user of accounting information and state how this information is used by that user.[2 marks]
  3. 7(b)(i)Identify the type of business organisation described: Several employees are employed in a large organisation owned by a single person.[1 mark]
  4. 7(b)(ii)Identify the type of business organisation described: Three brothers operating a business where the action of one brother is binding on the other two brothers.[1 mark]
  5. 7(b)(iii)Identify the type of business organisation described: Shareholders cannot sell their shares in the company on the stock market.[1 mark]
  6. 7(b)(iv)Identify the type of business organisation described: Groups of consumers or producers form an organisation to provide services to its members.[1 mark]
  7. 7(b)(v)Identify the type of business organisation described: An organisation, operated by members, to provide services to members and is often financed by donations,…[1 mark]
  8. 7(c)(ii)State the accounting concept or principle violated when management refuses to write off an uncollectible debt of…[1 mark]
  9. 7(c)(iii)State the accounting concept or principle violated when management changes from straight line depreciation to reducing balance method in order to report higher…[1 mark]
  10. 7(c)(iv)State the accounting concept or principle violated when the owner pays insurance for his private house and records it as a business expense.[1 mark]
  11. 7(d)Draw a labelled diagram of the six (6) stages of the accounting cycle.[7 marks]

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