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*NOVDEC 2024 FINANCIAL ACCOUNTING TRY QUESTIONS

💯 Explain the term provisions.

💯Define
Ordinary shares
Preference shares

💯 Expiain the accounting trcatment of inter-departmental transfer of goods.

💯state the reasons
why people go into
partnership
business.

💯Explain
Single entry
Incomplete records.

💯differences between
financial accounting and cost accounting

💯Definition of
account and company

💯List the advantages and disadvantages of a company.

💯 Distinguish between reserve and
provision


💯 Differences between company
limited by share and a company limited
guarantee

💯 characteristics and definition of
company

💯 discuss reasons why departmental accounts
are prepared

💯 Explain depreciation and identify the various
causes of depreciation.

💯 characteristics of a
company

💯 Differentiate between capital expenditure and revenue expenditure.

💯 What is an account?

💯Explain the double entry principle of bookkeeping.

💯Outline benefits of double entry principle of bookkeeping to a business entity.
💯List 6 of the books of accounts used to convert single entry to double entry system of bookkeeping

💯In a tabular form, state one function each and one relevant source document each of the following subsidiary books:

✅purchases joural;
✅sales journal;
✅purchases returns journal:
✅cash book;
✅petty cash book;
✅sales returns journal.

💯What is single entry method of bookkeeping

💯Expiain the computation of profit or loss in situations where: incomplete books of accounts are in existence;
💯complete set of books of accounts are maintained.

SECTION B
You are required to prepare:
📝Trading, Profit and Loss Account;
📝Balance sheet as at that date.
📝Sales Ledger Control Account;
📝Purchases Ledger Control Account;
📝Sales Account;
👆Purchases Account.

💯 Define Debit and credit balance



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AUDITORIUM 900

End of contest

St. Augustine's College: 73pts
T.I. AMASS, Kumasi: 45pts
Queen of Peace SHS: 15pts

Congratulations, AUGUSCO👏.

#NSMQ2024 #NSMQOneEighth #Primetime

SGS AUDITORIUM

End of Round 2

Konongo Odumase SHS: 32pts
Bishop Herman College: 26pts
Wallahs Academy: 02pts

Next is the Problem of the Day.

#NSMQ2024 #NSMQOneEighth #Primetime

AUDITORIUM 900

End of Round 2

St. Augustine's College: 41pts
T.I. AMASS, Kumasi: 28pts
Queen of Peace SHS: 06pts

#NSMQ2024 #NSMQOneEighth #Primetime

SGS AUDITORIUM

End of Round 1

Konongo Odumase SHS: 21pts
Bishop Herman College: 18pts
Wallahs Academy: 03pts

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CNC AUDITORIUM:

End of Contest.

Apam SHS: 40pts
Adisadel College: 36pts
Osei Kyeretwie SHS: 23pts

Apam SHS , congratulations for making to the next stage of the competition

The 5th round was proudly brought to you by @GOIL_Official.

#NSMQOneEighth #NSMQ2024 #Primetime