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2c) It enables the organization to determine the branch that is making either profit or loss
(ii)It helps to determine the performance of the organization as a whole
(iii)It allows proper control over the branch by the head office
(iv)it also assists the organization to determine the performance of a branch manager
(v)it prevent wastage and fraud from the staff
number 4a
1. Insufficient Funds
Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque. While writing a cheque, make sure that you have sufficient funds in your bank account.
2. Irregular Signature
Bank will not honour a cheque if the signature of the drawer on the cheque don’t match the specimen signature available with the bank.
3. Alterations
Alterations on cheques are not allowed. Even if you sign the alteration to verify it, the cheque will not be considered as valid and will not be honoured by the bank.
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
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2b) Branches are separated from the main organization.
Departments are attached with the main organization under a single roof.
ii) Branches are the outcome of tough competition and expansion of business.
Departments are the result of fast human life.
iii). Branches are geographically separated.
Departments are not separated rather existed under a same roof.
iv) Branches are of different types like dependent, independent and foreign.
There is no such classification in department because all are common under the same roof.
iv) Allocation of branch common expenses does not arise.
Allocation of departmental common expenses is a tough job.
2a). Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
Answer to number 4
1. Insufficient Funds
Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque. While writing a cheque, make sure that you have sufficient funds in your bank account.
2. Irregular Signature
Bank will not honour a cheque if the signature of the drawer on the cheque don’t match the specimen signature available with the bank.
3. Alterations
Alterations on cheques are not allowed. Even if you sign the alteration to verify it, the cheque will not be considered as valid and will not be honoured by the bank.
4. Post-dated Cheque
A post-dated cheque is the one on which the date which is mentioned is yet to come. Post-dated cheques are to be presented to the banks on a future date. For instance, a cheque written on 15th Jan 2016 bearing a date of 30th Jan 2016, is a post-dated cheque. A cheque will be dishonoured if it is presented to the bank before the date mentioned on it.
5. Stale Cheque
If a cheque is presented to the bank for payment after three months from the date mentioned on the cheque it is called stale cheque. After expiry of that period, the cheque will be dishounoured and no payment will be made by banks against that cheque.
6. When Payment Is Stopped
If the drawer asks the bank to stop payment and not to pay for a cheque already issued, in that case, the cheque will not be honoured by the bank.
7. Frozen Account
If government or court has ordered that a person’s account has to be frozen, in such case, the bank will dishonour all the cheques bearing that account number.
2a). Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
2a). Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period
2b)
1. Branches are separated from the main organization. Departments are attached with the main organization under a single roof.
2. Branches are the outcome of tough competition and expansion of business. Departments are the result of fast human life.
3. Branches are geographically separated. Departments are not separated rather existed under a same roof.
*TIM-RESCUE*
(Number 2)
(2a)Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.
(2b)
(i)Branches are separated from the main organization while Department are attached with the main organization under a single roof
(ii)Branches are geographically separated while Department are not separated rather exist under the same roof
(iii)Allocation of branch common expenses does not arise while allocation of departmental common expenses is a tough job
(2c)
(Pick four)
(i)It enables the organization to determine the branch that is making either profit or loss
(ii)It helps to determine the performance of the organization as a whole
(iii)It allows proper control over the branch by the head office
(iv)it also assists the organization to determine the performance of a branch manager
(v)it prevent wastage and fraud from the staff
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
Closing entries: are entries made at the end of an
accounting period to zero out all temporary accounts and
transfer their balances to permanent accounts. In other
words, the temporary accounts are closed or reset at the
end of the year.
(2b)
(i)branch is a subdivision of a company and is a
geographical classification. While a department is a
classification based on the function, activites or goods.
(ii) the branch is an extension of the office with more or
less the same features. While a department is a technical
area of a office which is under the same premises
(2c)
(i)Depreciation of Fixed Assets: To ensure that the opening
balance of the fixed assets and closing balance of the
fixed assets (of course deducting depreciation) are shown
in the Branch Account.
(ii)Goods in Transit: To ensure that the difference between
goods sent by Head Office and received by the Branch.
Such goods will be shown either on both sides of the
Branch Account or will be ignored altogether while
preparing the Branch Account.
(iii)Expenses Incurred by Branch: To ensure that the the
amount remitted by Head Office to Branch for meeting
expenses is debited in Branch Account. If actual amount
spent by Branch is less, the cash balance is shown as a
part of closing balance, in the credit side of the Branch
Account.
(iv)Loss of Stock, Surplus of Stock: To ensure that the
Shortage or surpluses of stock at the Branch due to normal
or abnormal reasons are not shown in the Branch Account.
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(ii)It helps to determine the performance of the organization as a whole
(iii)It allows proper control over the branch by the head office
(iv)it also assists the organization to determine the performance of a branch manager
(v)it prevent wastage and fraud from the staff
number 4a
1. Insufficient Funds
Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque. While writing a cheque, make sure that you have sufficient funds in your bank account.
2. Irregular Signature
Bank will not honour a cheque if the signature of the drawer on the cheque don’t match the specimen signature available with the bank.
3. Alterations
Alterations on cheques are not allowed. Even if you sign the alteration to verify it, the cheque will not be considered as valid and will not be honoured by the bank.
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
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2b) Branches are separated from the main organization.
Departments are attached with the main organization under a single roof.
ii) Branches are the outcome of tough competition and expansion of business.
Departments are the result of fast human life.
iii). Branches are geographically separated.
Departments are not separated rather existed under a same roof.
iv) Branches are of different types like dependent, independent and foreign.
There is no such classification in department because all are common under the same roof.
iv) Allocation of branch common expenses does not arise.
Allocation of departmental common expenses is a tough job.
2a). Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
Answer to number 4
1. Insufficient Funds
Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque. While writing a cheque, make sure that you have sufficient funds in your bank account.
2. Irregular Signature
Bank will not honour a cheque if the signature of the drawer on the cheque don’t match the specimen signature available with the bank.
3. Alterations
Alterations on cheques are not allowed. Even if you sign the alteration to verify it, the cheque will not be considered as valid and will not be honoured by the bank.
4. Post-dated Cheque
A post-dated cheque is the one on which the date which is mentioned is yet to come. Post-dated cheques are to be presented to the banks on a future date. For instance, a cheque written on 15th Jan 2016 bearing a date of 30th Jan 2016, is a post-dated cheque. A cheque will be dishonoured if it is presented to the bank before the date mentioned on it.
5. Stale Cheque
If a cheque is presented to the bank for payment after three months from the date mentioned on the cheque it is called stale cheque. After expiry of that period, the cheque will be dishounoured and no payment will be made by banks against that cheque.
6. When Payment Is Stopped
If the drawer asks the bank to stop payment and not to pay for a cheque already issued, in that case, the cheque will not be honoured by the bank.
7. Frozen Account
If government or court has ordered that a person’s account has to be frozen, in such case, the bank will dishonour all the cheques bearing that account number.
2a). Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
2a). Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts. An "income summary" account may be used to show the balance between revenue and expenses, or they could be directly closed against retained earnings where dividend payments will be deducted from. This process is used to reset the balance of these temporary accounts to zero for the next accounting period
2b)
1. Branches are separated from the main organization. Departments are attached with the main organization under a single roof.
2. Branches are the outcome of tough competition and expansion of business. Departments are the result of fast human life.
3. Branches are geographically separated. Departments are not separated rather existed under a same roof.
*TIM-RESCUE*
(Number 2)
(2a)Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.
(2b)
(i)Branches are separated from the main organization while Department are attached with the main organization under a single roof
(ii)Branches are geographically separated while Department are not separated rather exist under the same roof
(iii)Allocation of branch common expenses does not arise while allocation of departmental common expenses is a tough job
(2c)
(Pick four)
(i)It enables the organization to determine the branch that is making either profit or loss
(ii)It helps to determine the performance of the organization as a whole
(iii)It allows proper control over the branch by the head office
(iv)it also assists the organization to determine the performance of a branch manager
(v)it prevent wastage and fraud from the staff
*3b*
*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
Closing entries: are entries made at the end of an
accounting period to zero out all temporary accounts and
transfer their balances to permanent accounts. In other
words, the temporary accounts are closed or reset at the
end of the year.
(2b)
(i)branch is a subdivision of a company and is a
geographical classification. While a department is a
classification based on the function, activites or goods.
(ii) the branch is an extension of the office with more or
less the same features. While a department is a technical
area of a office which is under the same premises
(2c)
(i)Depreciation of Fixed Assets: To ensure that the opening
balance of the fixed assets and closing balance of the
fixed assets (of course deducting depreciation) are shown
in the Branch Account.
(ii)Goods in Transit: To ensure that the difference between
goods sent by Head Office and received by the Branch.
Such goods will be shown either on both sides of the
Branch Account or will be ignored altogether while
preparing the Branch Account.
(iii)Expenses Incurred by Branch: To ensure that the the
amount remitted by Head Office to Branch for meeting
expenses is debited in Branch Account. If actual amount
spent by Branch is less, the cash balance is shown as a
part of closing balance, in the credit side of the Branch
Account.
(iv)Loss of Stock, Surplus of Stock: To ensure that the
Shortage or surpluses of stock at the Branch due to normal
or abnormal reasons are not shown in the Branch Account.
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