1.1 Choose a description from COLUMN B that matches the term in COLUMN A - NSC Accounting - Question 1 - 2023 - Paper 1
Question 1
1.1 Choose a description from COLUMN B that matches the term in COLUMN A.
Write only the letter (A–E) next to the question numbers (1.1.1 to 1.1.4) in the ANSWER BOO... show full transcript
Worked Solution & Example Answer:1.1 Choose a description from COLUMN B that matches the term in COLUMN A - NSC Accounting - Question 1 - 2023 - Paper 1
Step 1
1.1.1 Independent auditor
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Answer
The term 'Independent auditor' corresponds with option E, which states that an independent auditor expresses an unbiased opinion on the reliability of financial statements.
Step 2
1.1.2 Capital employed
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Answer
The term 'Capital employed' corresponds with option D, which refers to the total of Ordinary Shareholders' Equity and Non-current Liabilities.
Step 3
1.1.3 Current liability
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The term 'Current liability' corresponds with option B, which describes it as debt to be settled within 12 months.
Step 4
1.1.4 Financial asset
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Answer
The term 'Financial asset' corresponds with option A, which defines it as an investment such as a fixed deposit over a three-year period.
Step 5
1.2.1 Refer to Information B (i)
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To calculate the value of the closing stock of light bulbs on 28 February 2023 using the weighted-average method, total the costs of the goods available for sale and divide by the total number of units available for sale. Multiply this weighted average cost by the number of units remaining to get the final value.
Step 6
1.2.2 Refer to Information B (ii)
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Profit or loss on disposal of vehicle: Assess the book value of the vehicle at the time of sale, subtracting any selling price to determine profit or loss.
Total depreciation for the year: Calculate depreciation using the method specified (straight-line or declining balance) based on the cost and useful life of the asset.
Step 7
1.2.3 Complete the following
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Statement of Comprehensive Income for the year ended 28 February 2023:
Sales: 17,850,000
Cost of sales: (10,200,000)
Gross profit: 7,650,000
Further income details to follow.
Current Assets section of the Statement of Financial Position:
Inventories: value of stock items
Cash and equivalents: summation of cash holdings
Full calculations to be based on given financial data.
