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| Section | Objectives |
|---|---|
| Topic 1: Accounting Adjustments and Controls | - Non-current assets and depreciation - Errors and suspense accounts - Inventory valuation and adjustments |
| Topic 2: Financial Statements Preparation | - Income statement and statement of financial position - Accruals and prepayments adjustments |
| Topic 3: Accounting Fundamentals and Principles | - Double-entry bookkeeping system - Basic accounting concepts and principles |
| Topic 4: Recording Financial Transactions | - Control accounts and reconciliations - Ledger accounts and trial balance preparation |
As well as independence other essential elements of internal audit can be identified.
Which THREE of the following would be classed as essential elements of internal audit?
Correct Answer: A,B,F 🗳️
The valuation of inventory in a manufacturing company will consist of:
Correct Answer: A 🗳️
AB sold a machine for $15,000 The machine had originally cost $160,000 and al the dale of disposal had a carrying value of $26,000.
The journal entry lo record this disposal is:
A)
B)
C)
D)
Correct Answer: C 🗳️
Refer to the Exhibit.
Double entry forms the basis of financial accounting records.
Which of the following combinations is correct?
Correct Answer: C 🗳️
An accounting system should provide an audit trail for all its transactions Which of the following describes an audit trail?
Correct Answer: A 🗳️
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