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DescriptionDepartment
Business Administration
Course Code
ACT 501
Course Title
Financial and Managerial Accounting
Page 1 of 6
Question 1
Allocated Mark = 3 +2 marks
a) Describe the Primary Forms of Business Organization. (200-300 Words)
b) What is Money Measurement Concept? (200-300 Words)
Answer
Page 2 of 6
Question 2
Allocated Mark = 2 marks
What Does Stockholder’s Mean and Define the two main parts of Stockholder’s Equity? (200300 Words)
Answer
Student Mark:
Page 3 of 6
Question 3
Allocated Mark = 2 marks
Complete the given below Income statement & write the formula with your correct answers.
Items
Revenue
Cost of Goods Sold (COGS)
Gross Income/Margin
Expenses:
Marketing & Promotions
General & Administrative
Depreciation
Interest Paid
Total Expenses
Earnings Before Tax
Taxes
Net Income
Income Statement
$
5000
…………………….. (A)
3000
300
400
100
200
1000
……………………….. (B)
500
………………………… (C)
Answer
Student Mark:
Page 4 of 6
Question 4
Allocated Mark = 5 marks
Complete the financial statements that follow by determining the amounts that correspond to the
letters.
Financial Statements:
Income Statement
Items
$
Revenue
14100
Expenses
………….. (A)
Net Income
5000
Statement of Retained Earnings
Beginning Balance
29000
Net Income
………… (B)
Less Dividends
6000
Ending Balance
.………… (C)
Balance Sheet
Total Assets
………….. (D)
Total Liabilities
16000
Stockholders’ Equity
150000
Common Stock
122000
Retained Earnings
…………. (E)
Total Liabilities and Stockholders’ equity
166,000
Answer
Student Mark:
Page 5 of 6
Question 5
Allocated Mark = 6 marks
Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The
accounting period commenced 1 July 2019 and continues until 30 June 2020.
• Sara commenced business with $20 000 cash contribution to the business
• Sara bought a motor vehicle for $15 000 cash on 31.12.2002 & bought $15 000 worth of
computers
• $8000 is borrowed. It is to be repaid by instalment at $2000 per annum
• Cash sales are $65 000 & Credit sales are $45 000 with $40 000 being received by the end of
the financial year from debtors
• Wages paid are $37 500
• Sara receives $600 per year from a magazine commission. To date she has received $400
• Rent is $200 per month and Sara has paid eleven months in this financial year and for
Advertising she paid $10 000 & Other expenses total $13 000 and they have been paid in cash
Prepare a cash flow statement for the year ended 30.6.2020. In preparing the report for the cash flow
statement, classify cash inflows and outflows into
• Operating
• Investing
• Financing items
Answer
Page 6 of 6

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DescriptionDepartment Business Administration Course Code ACT 501 Course Title Financial and Managerial Accounting Page 1 of 6 Question 1 Allocated Mark = 3 +2 marks a) Describe the Primary Forms of Business Organization. (200-300 Words) b) What is Money Measurement Concept? (200-300 Words) Answer Page 2 of 6 Question 2 Allocated Mark = 2 marks What Does Stockholder’s Mean and Define the two main parts of Stockholder’s Equity? (200300 Words) Answer Student Mark: Page 3 of 6 Question 3 Allocated Mark = 2 marks Complete the given below Income statement & write the formula with your correct answers. Items Revenue Cost of Goods Sold (COGS) Gross Income/Margin Expenses: Marketing & Promotions General & Administrative Depreciation Interest Paid Total Expenses Earnings Before Tax Taxes Net Income Income Statement $ 5000 …………………….. (A) 3000 300 400 100 200 1000 ……………………….. (B) 500 ………………………… (C) Answer Student Mark: Page 4 of 6 Question 4 Allocated Mark = 5 marks Complete the financial statements that follow by determining the amounts that correspond to the letters. Financial Statements: Income Statement Items $ Revenue 14100 Expenses ………….. (A) Net Income 5000 Statement of Retained Earnings Beginning Balance 29000 Net Income ………… (B) Less Dividends 6000 Ending Balance .………… (C) Balance Sheet Total Assets ………….. (D) Total Liabilities 16000 Stockholders’ Equity 150000 Common Stock 122000 Retained Earnings …………. (E) Total Liabilities and Stockholders’ equity 166,000 Answer Student Mark: Page 5 of 6 Question 5 Allocated Mark = 6 marks Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The accounting period commenced 1 July 2019 and continues until 30 June 2020. • Sara commenced business with $20 000 cash contribution to the business • Sara bought a motor vehicle for $15 000 cash on 31.12.2002 & bought $15 000 worth of computers • $8000 is borrowed. It is to be repaid by instalment at $2000 per annum • Cash sales are $65 000 & Credit sales are $45 000 with $40 000 being received by the end of the financial year from debtors • Wages paid are $37 500 • Sara receives $600 per year from a magazine commission. To date she has received $400 • Rent is $200 per month and Sara has paid eleven months in this financial year and for Advertising she paid $10 000 & Other expenses total $13 000 and they have been paid in cash Prepare a cash flow statement for the year ended 30.6.2020. In preparing the report for the cash flow statement, classify cash inflows and outflows into • Operating • Investing • Financing items Answer Page 6 of 6 Purchase answer to see full attachment

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