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2 marksAccounting Concepts and the Accounting Cycle

CSEC Principles of Accounts · January 2014 · Paper 2 · Question 7(a)(ii)

The accounting cycle flow chart requires ordering the given steps: Extract a trial balance; Adjusting and closing entries; Source documents; Journalize; Preparation of financial statements; Post to ledgers.

State ONE purpose for EACH of the following steps in the accounting cycle: • Trial balance • Source documents

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Other parts of this question

  1. 7(a)(i)Fill in the steps of the accounting cycle in the correct sequence on the flow chart provided.[3 marks]
  2. 7(b)Prepare the journal entries to record the issue of shares.[8 marks]
  3. 7(c)(i)Calculate the Profit Percentage for Designers Inc., rounding off to the nearest whole number. Show formula working.[3 marks]
  4. 7(c)(ii)Calculate the Return on Investment for Designers Inc., rounding off to the nearest whole number. Show formula working.[3 marks]
  5. 7(c)(iii)Briefly comment on the profitability of Designers Inc.[1 mark]

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