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1. (a) Provisions

In accounting, provisions refer to amounts set aside from profits to cover anticipated liabilities or expenses that are uncertain in timing or amount. These are not actual payments but are recorded as liabilities in financial statements to account for future obligations or losses.

1. (o) Subsidiary Books: Functions and Source Documents

Subsidiary Book Function Relevant Source Document
Purchases Journal Records all credit purchases of goods or services Purchase Invoice
Sales Journal Records all credit sales of goods or services Sales Invoice
Purchases Returns Journal Records returns of purchased goods Goods Returned Note (or Credit Note)
Cash Book Records all cash transactions Cash Receipts and Payments Vouchers
Petty Cash Book Records minor cash transactions Petty Cash Vouchers
Sales Returns Journal Records returns of sold goods Sales Returns Note (or Debit Note)
2. (a) Single Entry Method of Bookkeeping

The single entry method of bookkeeping is a simplified accounting system where only one side of each transaction is recorded, typically only the cash or bank aspect. This method does not provide a complete record of all financial transactions and is less formal than double-entry bookkeeping.

2. (b) Computation of Profit or Loss

Incomplete Books of Accounts: Profit or loss is computed by reconstructing missing accounts using available records (e.g., bank statements, invoices) and applying methods like the reconciliation of cash and bank balances, and stock-taking to estimate the value of closing stock and unrecorded expenses.
Complete Set of Books of Accounts: Profit or loss is determined through the preparation of a trial balance, which is then used to draft financial statements (income statement and balance sheet). The difference between total revenues and total expenses in the income statement reflects the profit or loss.
2. (c) Books of Accounts to Convert Single Entry to Double Entry

Cash Book
Purchase Journal
Sales Journal
Purchases Returns Journal
Sales Returns Journal
General Ledger
3. (a) Purpose of Setting Up a Not-for-Profit Making Organization

The purpose of setting up a not-for-profit organization is to pursue specific goals and missions that benefit the community or society, rather than generating profit for owners or shareholders. These organizations typically focus on charitable, educational, religious, or social objectives.

3. (b) Items of Expenditure for a Not-for-Profit Organization

Salaries and Wages
Rent and Utilities
Office Supplies
Program Expenses
Maintenance and Repairs
3. (c) Characteristics of a Not-for-Profit Organization

Focus on specific social or community objectives.
Revenue is used to further the organization’s mission, not for personal gain.
Fundraising and donations are primary sources of income.
Surplus is reinvested into the organization's programs and services.
4. (a) Bases for Sending Goods to Branches

Cost Price Basis
Selling Price Basis
Standard Price Basis
4. (b) Accounting Treatment of Inter-Departmental Transfer of Goods

When goods are transferred between departments or branches, they are usually recorded at a transfer price or cost price. The sending department records the transfer as a credit to its inventory, and the receiving department records it as a debit to its inventory. The difference is adjusted in inter-departmental accounts if applicable.

4. (c) Features of a Branch Controlled by Head Office

Adheres to head office’s accounting policies and procedures.
Reports financial information regularly to the head office.
Operates under a unified financial system and control structure.
May have its own accounting records, but consolidated accounts are maintained by the head office.

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