Revision Notes On Correction Of Errors

Salient points: Know how to explain the different type of errors which do not affect the agreement of trial balance: Error of Omission – when a transaction is completely omitted from the books Error of Commission-when an entry has been posted to the correct side of the Ledger but to the wrong account Error of … Read more

Revision Notes On Limited Companies

Salient points: Understand the various classes of share capital in a limited company: Authorised, registered or nominal capital is the maximum amount of capital a company is allowed to raise from the public by the issue of share Issued capital is that part of the authorized capital that is offered to the public for subscription … Read more

Financial Accounting Test Question IFS No 6 On Interpretation Of Financial Statement

  Financial Accounting Question Test IFS No. 6 On Interpretation Of Financial  Statement   True Or False     1.      Financial statements that reflect financial data for two or more periods are often referred to as comparative statements   ·        True ·        False     2.      Development of data that measures changes occurring from one … Read more

Financial Accounting Test Question IFS No 5 On Interpretation Of Financial Statements

Financial Accounting Test Question IFS No.5 On Interpretation Of Financial Statements:   PLEASE INDICATE THE CORRECT ANSWER:   1.      Comparisons between financial statements are most informative and useful if   a.      Any changes in circumstances of the underlying transaction are made known b.      The presentation are in good form c.      Accounting principles are not changed d.      All … Read more