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2018 FREE ONDO STATE JOINT FINANCIAL ACCOUNT EXAMINATION QUESTIONS AND ANSWERS (EXPO/RUNZ)


1ai) A trading account is used to place buy or sell orders in the stock market.

1aii)profit and loss account is one of the financial statements of a company that shows the company’s revenues and expenses during a particular period.

1aiii)balance Sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.


Account 1 b

1b Assets: Cash, marketable securities, prepaid expenses, accounts receivable, inventory, and fixed assets.

Liabilities: Accounts payable, accrued liabilities, taxes payable, short-term debt, and long-term debt.
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2ai)An appropriation account refers to an account that shows how a firm's profits are divided up, or in governmental accounting, the account of any governmental agency that receives a credit. In general accounting, the appropriation account is an extension of the profit and loss statement.

2aii) A partnership deed, also known as a partnership agreement, is a document that outlines in detail the rights and responsibilities of all parties to a business operation. It has the force of law and is designed to guide the partners in the conduct of the business.

3a) A suspense account is an account in the general ledger that temporarily stores any transactions for which there is uncertainty about the account in which they should be recorded.

3b)
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3c)
– Errors of principle
– Errors of comp

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