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DIP1ACC03 Basic Accounting Final Assessment
DIP1ACC03 - Basic Accounting
8 Pages • Essays / Projects • Year Uploaded: 2021
This assignment answers the questions: a) State two reasons why it was necessary for you to open a suspense account. b) Prepare the entries in YOU ENTERPRISE’s general journal to correct the errors above. c) Complete the table below to show what effect each of the four errors had on your company’s profit for the year ended 31 December 2019. i. Apply the basic accounting equation (create a spreadsheet) to complete a transaction analysis for each transaction (hint: enter the balances provided first). ii. Prepare income statement for the year ended 31 December. iii. Prepare statement of owner’s equity for the year ended 31 December. iv. Prepare balance sheet as at 31 December. i. Accounting has often been called the language of business. In what respects would you agree with this description? How might you argue that this description is deficient? ii. What is a balance sheet? On what aspect of a business does the balance sheet provide information? iii. What is an income statement? On what aspect of a business does this statement provide information? iv. Give an example from your personal life that illustrates your use of accounting information in reaching a decision. v. You have been elected to the governing board of your church. At the first meeting you attend, mention is made of building a new church. What accounting information would the board need in deciding whether to go ahead
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