*FINANCIAL ACCOUNTING*
(1a)
(i).Some debtors may be unable to pay their debts due to bankruptcy, death, or financial difficulties.
(ii).To apply the principle of prudence, which requires that possible losses should be anticipated.
(iii).To show a true and fair view of profit, since doubtful debts are expenses that must be charged to profit and loss account.
(1b)
(i).Error of addition in the ledger or trial balance.
(ii).Error of casting in any account.
(iii).Error of single entry, where only one account is posted instead of two.
(iv).Posting to the wrong side of an account, e.g. debit instead of credit.
(v).Error in recording figures, such as overstating or understating an amount.
(vi).Omission of posting an amount to one of the ledger accounts.
(1c)
(i).Error of complete omission – transaction not recorded at all.
(ii).Error of commission – posting to the wrong personal account but correct amount and side.
(iii).Error of principle – treating a capital item as revenue or vice versa.
(1a)
(i).Some debtors may be unable to pay their debts due to bankruptcy, death, or financial difficulties.
(ii).To apply the principle of prudence, which requires that possible losses should be anticipated.
(iii).To show a true and fair view of profit, since doubtful debts are expenses that must be charged to profit and loss account.
(1b)
(i).Error of addition in the ledger or trial balance.
(ii).Error of casting in any account.
(iii).Error of single entry, where only one account is posted instead of two.
(iv).Posting to the wrong side of an account, e.g. debit instead of credit.
(v).Error in recording figures, such as overstating or understating an amount.
(vi).Omission of posting an amount to one of the ledger accounts.
(1c)
(i).Error of complete omission – transaction not recorded at all.
(ii).Error of commission – posting to the wrong personal account but correct amount and side.
(iii).Error of principle – treating a capital item as revenue or vice versa.
(3ai)
Partnership Deed
(3aii)
(i) Capital contribution of partners: States the amount of capital each partner contributes to the business.
(ii) Profit and loss sharing ratio: Specifies how profits and losses are to be shared among the partners.
(iii) Duties, powers and rights of partners: Defines the responsibilities and authority of each partner.
(iv) Interest on capital and drawings: Indicates whether interest is allowed on capital invested or charged on drawings.
(3b)
(i) Fixed Capital Account: Under this system, the capital of each partner remains unchanged unless additional capital is introduced or capital is permanently withdrawn. Separate current accounts are used to record drawings, interest, salaries, and share of profit.
(ii) Fluctuating Capital Account: Under this system, one capital account is maintained for each partner. All transactions such as drawings, additional capital, interest, salaries, and share of profit or loss are recorded in this account, causing the balance to fluctuate.
Partnership Deed
(3aii)
(i) Capital contribution of partners: States the amount of capital each partner contributes to the business.
(ii) Profit and loss sharing ratio: Specifies how profits and losses are to be shared among the partners.
(iii) Duties, powers and rights of partners: Defines the responsibilities and authority of each partner.
(iv) Interest on capital and drawings: Indicates whether interest is allowed on capital invested or charged on drawings.
(3b)
(i) Fixed Capital Account: Under this system, the capital of each partner remains unchanged unless additional capital is introduced or capital is permanently withdrawn. Separate current accounts are used to record drawings, interest, salaries, and share of profit.
(ii) Fluctuating Capital Account: Under this system, one capital account is maintained for each partner. All transactions such as drawings, additional capital, interest, salaries, and share of profit or loss are recorded in this account, causing the balance to fluctuate.
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This information was made known through an internal circular signed by NECO’s Acting Director of Information and Public Relations.
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The SSCE External Examination is mainly written by private candidates,those who sat for the exam outside the regular school system, either to obtain certification or improve previous results.
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