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NECO GCE ACCOUNTING
(1a)
A control account in financial accounting is a general ledger account that summarizes the total balances or transactions of a subsidiary ledger. It serves as an overview or summary of individual accounts within a specific category, allowing for a more organized and streamlined recording and monitoring of financial transactions.
(1b)
(PICK ANY FOUR)
(i) Non-profit organizations are driven by a specific mission or purpose, often focused on benefiting society or a particular cause.
(ii) Non-profits are restricted from distributing profits or surpluses to individuals or shareholders.
(iii) Non-profits typically rely on donations, grants, or volunteer efforts to support their operations and achieve their goals.
(iv) Non-profits are accountable to their stakeholders, including donors, volunteers, and the public.
(v) Non-profits are often focused on achieving social impact and positive outcomes rather than financial returns.
(vi) Non-profits deliver programs and services that align with their mission.
(vii) Non-profits often qualify for tax-exempt status, meaning they are not required to pay income taxes on their earnings.
(1c)
(PICK ANY SIX)
(i) The control account summarizes the details from the subsidiary ledger.
(ii) Recording financial transactions is simplified through the use of a control account.
(iii) During the reconciliation process, the control account aids in ensuring accuracy.
(iv) The control account streamlines the process of reporting financial information.
(v) The control account provides a comprehensive overview of a specific category’s financial status.
(vi) It is used to reduce clutter in the general ledger by summarizing information from the subsidiary ledger.
(vii) Discrepancies in financial records can be highlighted and addressed through the control account.
(viii) The control account assists in the auditing process by providing a clear summary of transactions.
(ix) The control account tracks the financial position of a specific category or account.
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(3a)
(i) Private Limited Companies: They are owned and operated privately. The number of shareholders is limited, and shares are often held by a smaller group of individuals or entities, such as founders, family members, or private investors. WHILE Public Limited Companies: These companies can have a large number of shareholders and their shares are traded on a stock exchange, allowing the public to buy and sell them. Ownership is more dispersed among the public investors.
Minimum Capital Requirement:
(ii) Private Limited Companies: Typically, there’s no minimum capital requirement to start a private limited company. It can be formed with minimal capital. WHILE Public Limited Companies: In some jurisdictions, public limited companies are required to have a minimum amount of capital before they can be incorporated. This capital may also need to be stated in their public offering.
(iii) Private Limited Companies: They have fewer disclosure requirements and operate with less regulatory scrutiny compared to public limited companies. They aren’t usually obligated to disclose financial information to the public. WHILE Public Limited Companies: These companies are subject to more extensive regulatory requirements, including regular financial reporting, disclosure of financial statements, and compliance with market regulations enforced by the securities exchange where their shares are listed.
(3b)
(i) Financial Capital
(ii) Human Capital
(iii) Physical Capital
(3c)
(i) Facilitating Liquidity: Stock exchanges provide a platform where investors can buy and sell securities (like stocks and bonds). They offer liquidity by providing a marketplace where these securities can be easily traded, allowing investors to convert their investments into cash relatively quickly.
(ii) Price Determination: Stock exchanges help in determining the prices of securities through the forces of supply and demand. Prices fluctuate based on market conditions, investor sentiment, company performance, and economic factors. The continuous trading on the exchange establishes the market price of securities.
(iii) Facilitating Capital Formation: Stock exchanges play a crucial role in facilitating the flow of capital from investors to businesses. Companies raise funds by issuing stocks or bonds to investors through the primary market, thereby allowing them to invest in new projects, expand operations, or innovate.
(iv) Providing Market Information: Stock exchanges disseminate information related to the listed securities, such as current prices, trading volumes, company financials, and announcements. This information is crucial for investors to make informed decisions about buying or selling securities.
(v) Establishing Corporate Governance Standards: Stock exchanges often set and enforce regulations and listing requirements that companies must meet to be listed on the exchange. These standards aim to ensure transparency, accountability, and adherence to specific governance practices, ultimately fostering investor confidence in the market.
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(4a)
(i) Consignee: A consignee refers to the person or entity to whom goods are sent or delivered. In business transactions, the consignee is typically the receiver or buyer of goods shipped by a consignor. The consignee takes possession of the goods upon delivery and is responsible for paying any applicable fees or costs associated with receiving the consignment.
(ii) Consignor: A consignor is the person or company that sends or ships goods to a consignee. The consignor retains ownership of the goods until they are sold or otherwise disposed of by the consignee. The consignor may also be responsible for transportation, insurance, and other costs associated with sending the consignment.
(iii) Consignment Outwards: Consignment outwards refers to the outward movement of goods from a business entity’s premises to another party or location. It is recorded in the accounting books of the sender (consignor) as a reduction in inventory and typically involves goods being sent on consignment to another party for sale.
(iv) Del Credere Commission: Del credere commission is a type of commission paid by a seller to an agent (such as a consignee) in return for guaranteeing the payment for goods sold on credit to customers. This commission is paid in addition to the regular sales commission and serves as an insurance against the risk of non-payment by the buyers.
(v) Account Sales: Account sales refer to a document prepared by the consignee detailing the sales made from consigned goods. It includes information such as the quantity, description of goods sold, selling price, expenses incurred, and the net amount due to the consignor. This document helps in accounting for sales and settlements between the consignor and consignee, outlining the financial aspects of the consignment transaction.
(4b)
(i) Sales Invoice
(ii) Purchase Order
(iii) Receipt
(iv) Bank Statement
(v) Payroll Records
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