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1. At the end of the period it is essential to close all the temporary accounts.

Describe why this process is needed and give an illustration of the closing of an expense account, Supplies Expense in the form of a journal entry.

2. Describe how to construct an Unadjusted Trial Balance and give an illustration of the application of the debit or credit rules in the development of the trial balance.

3. Internal Control Procedures are needed to safeguard company assets and to make sure ethical operation of the business. Describe how limited access can satisfy the purpose of internal control and give an illustration of how this control could be implemented.

4. Inventory valuation process find out the cost of goods sold and the inventory balance. Describe how the Last in First out (LIFO) manner is applied and give an illustration of the impact that this method of inventory valuation will have on Gross Profit.

5. To assess the financial operation and health of a business ratio analysis is employed.

a) Give the formula for the Acid-test (or Quick) Ratio and describe how it is computed and give an illustration of how this ratio can be employed in decision-making in business.

Risk Management, Finance

  • Category:- Risk Management
  • Reference No.:- M917599

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