Summary

Summary - Fundamentals of Bookkeeping and financial accounti

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Institution
Boston City Campus And Business College (boston)

This document is a summary of the formal assessment 1.It has all the answers that you need and don't have to look further.

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Uploaded on August 25, 2024
Number of pages 5
Written in 2024/2025
Type Summary

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Question 1
1.1.
Financial Management
Accounting Accounting
A X
B X
C X
D X
E X
F X
G X

1.2. The bookkeeping cycle concludes in a trial balance every month of the year.
Throughout the month, financial transactions take place. The transactions are
summed up in the source documents. 1The source documents are summed up in
journals. The general ledger sums up the journals. A trial balance sums the general
ledger up.
The yearly financial reports that indicates the conclusion of the accounting cycle,
which also includes the bookkeeping cycle. In other words, the accounting cycle is
an annual cycle. The next two actions are taken at the closing of the financial period,
which is typically on the final day of the tax year. 2Financial performance is summed
up in the report of earnings or losses and other comprehensive income. Financial
position is measured by the statement of financial position.

1
Fundamentals of Bookkeeping & Financial Accounting( Unit 1 P19-20)
2
Fundamentals of Bookkeeping & Financial Accounting( Unit 1 P19-20)

, Question 2
2.1.
Date Assets(R) = Owners’ Equity + Liabilities
(August 2023)
1. +R30 000 + R10 000 +R10 000 +R30 000
(Bank + Cash) (Personal (Loan)
Funds)
2. -R2 000 -R2 000
(Petty cash) (Withdrawal)
7. -R11 000 -R11 000
(Trade inventory) (Capital)
21 +R12 000 +R12 000
(Equipment) (Credit)
31 -R3 000 -R3 000
(Capital) (Bank loan)

Wilsons Equity: R10 000-R2 000-R11 000-R3 000
=-R6 000

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