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12 marksRecording Financial Information

CAPE Accounting Unit 1 · 2013 · Paper 2 · Question 1(f)

Prepare the journal entries, including narratives and clearly showing calculations, for the following transactions of D&G Limited: - 15 March 2012: Purchased welding plant from Welders International for 150 000, paying 100 000 on that date with the balance due within two months. - 30 April: Paid the balance owing on the welding plant. - Purchased office supplies worth 25 000 during the year; stocktaking at year end showed supplies on hand of 2 500, requiring an adjusting entry for supplies used.

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  1. 1(a)Outline the structure of the 'Conceptual Framework of Accounting' (a diagram may be used).[6 marks]
  2. 1(b)State THREE reasons why the International Accounting Standards Board (IASB) developed the Conceptual Framework of Accounting.[3 marks]
  3. 1(c)Outline the meaning of any THREE of the following qualitative characteristics of accounting information: (i) Relevance, (ii) Reliability, (iii) Comparability,…[6 marks]
  4. 1(d)State any FOUR steps leading to the establishment and issuance of an Accounting Standard.[4 marks]
  5. 1(e)State any FOUR ways to achieve internal controls in an organisation to improve the accuracy and reliability of accounting records.[4 marks]

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