NABTEB GCE 2021 FINANCIAL ACCOUNTING ESSAY AND OBJECTIVE ANSWERS-NOV/DEC EXPO

Wednesday, 1st December, 2021

Financial Accounting (Objective & Essay)
9.00am – 12:30pm
www.examking.net

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Fin.Accounting- OBJ!

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Financial Accounting Essay

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(1a)
A ledger is a book or collection of accounts in which account transactions are recorded.

(1b)
(i) Personal Accounts:
These are accounts in which transactions with persons or other business organization are recorded. Example are debtors and creditors. The capital account is a special kind of account.

(ii) Real Account:
They are impersonal accounts which record transactions relating to property or material objects. Examples include accounts of land and buildings, motor vehicles, stock of goods bought for resale.

(1c)
(i) Rent Account
(ii) Commission received Account
(iii) Salary Account
(iv) Wages Account
(v) Conveyance Account
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(2a)
(i) AUTHORIZED CAPITAL
Authorized Capital implies the maximum ceiling of share capital which can be raised by a company from the public by issuing shares.

(ii) ISSUED CAPITAL
issued capital is a part of the authorized capital, which is offered to the general public for subscription

(2b)
(i) Name of the company
(ii) Registered office of the company
(iii) The objectives of the company
(iv) The amount of authorized Capital
(v) A statement of the effect that the liability of the company is limited

(2c)
Articles of association form a document that specifies the regulations for a company’s operations and defines the company’s purpose.
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(3)

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(4)

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(7)

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Completed!!!

1 Comment

  1. I love this, firstly I want to appreciate the authority and secondly I want them to please be delivering the questions and solutions quickly because we are not permitted to hold phone with us in the exam Hall,so please sir I will be glad and so excited if we can be seeing the questions and solutions 3hours before the exam start.thanks

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