- Business Law And Accounting Control Question Thank You As It Is All I Got Please Try To Work With It Thanks For The He 1 (66.57 KiB) Viewed 34 times
- Business Law And Accounting Control Question Thank You As It Is All I Got Please Try To Work With It Thanks For The He 2 (68.22 KiB) Viewed 34 times
As it is all I got, please try to work with it. Thanks for the help
QUESTION 3 ACCOUNTING CONTROL: ANALYTICAL REVIEW PART A The monthly income statement of Wynns, a small manufacturing company, for the 3 months to January 2020 is set out below. Income statement - November to January 2020 November 2019 R'000 December 2019 R'000 January 2020 R'000 Sales 389 397 Cost of sales 243 257 Gross profit 146 140 Operating expenses (47) (47) - Salaries & wages 20 20 Postage 1 1 - Telephone 3 3 - Accounting services 7 7 7 Stationery 1 1 -Sundry expenses 15 3 15 Net profit 99 93 14 Required: Analyse the financial information above. Highlight and discuss identified anomalies, how they impact on profit performance and what further investigation you would undertake. 13 250 189 61 (47) 20 1 3
PART B Using the table headings below, classify the balance sheets accounts noted below into those supported by a subsidiary ledger, support schedule and control accounts. Subsidiary ledger Support schedule Control account XXX XXX Balance sheet accounts: Accumulated depreciation: Vehicles Cash Creditors suspense account Accrued income Garnishees deducted Inventory Petty cash Prepaid expenses Provident fund Accruals Staff loans Trade payables VAT owing Consumable inventory Income tax owing PART C 1. List the factors that must be considered in deciding whether the use of analytical procedure to be appropriate. 2. List three control accounts which are correct when they balance to nil. 3. From an internal control perspective, list four reconciliations that should be procedurally mandated,