Q & A for FA2 Kit 2017
Hello All, below is Question and answer for FA2 Kit 2017: Question solution from Kit FA2 BPP 2017
Continue reading CHAPTER 9 BANK RECONCILIATION
I. PURPOSE OF BANK RECONCILIATION The purpose of a bank reconciliation is to ensure that the ledger account balance and
Continue reading CHAPTER 8 CLOSING INVENTORY
I. VALUATION OF INVENTORY Inventory may include any of: -Finished goods -Work in progress -Material The prudence concept requires that
Continue reading CHAPTER 7 PARTNERHSIP ACCOUNTS
I. PARTNERSHIPS-BASIC PRINCIPLES Definition: a partnership is two or more individuals jointly carrying on business with a view to making
Continue reading Chapter 6 Provisions and Liabilities
I. Provision A provision is a liability of uncertain timing or amount. Uncertainty is what distinguishes a provision from another
Continue reading CHAPTER 5 PREPARATION OF FINANCIAL STATEMENT
I. COST OF GOODS SOLD Cost of goods sold (Dr)= beginning inventory (Dr)+ purchase(Dr) – ending inventory(Cr) Entry for cost
Continue reading CHAPTER 4 PURCHASE LEDGER RECONCILIATION AND SALES LEDGER RECONCILIATION
I. THE NATURE OF PURCHASE AND SALES LEDGER CONTROL ACCOUNTS The balance on the control account should equal the sum
Continue reading CHAPTER 3 NON-CURRENT ASSET
I. IAS 16 PROPERTY, PLANT AND EQUIPMENT IAS 16 property, plant and equipment provide the rules relating to accounting for
Continue reading CHAPTER 2 INTRODUCTION TO FINAL ACCOUNTS
The income statement is a financial statement that shows the financial performance of a business for an accounting period. ………………………
Continue reading CHAPTER 1 RECORDING TRANSACTION
Accounting: Accounting records a business’s transactions to produce financial statements such as income statement (IS) and statement of financial position
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