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Bec 200 Accounting For Assets Question Paper

Bec 200 Accounting For Assets 

Course:Bachelor Of Commerce

Institution: Kenyatta University question papers

Exam Year:2010



Answer question ONE and any other TWO
QUESTION ONE
a)
The main objective of financial reporting is to provide useful information.
Describe the
qualitative characteristic of useful accounting information.( 8 marks]
b)
Distinguish between Depletion and amortization as applied in tear and wear of
assets and non- assets.[2 marks]
c)
Outline the aspects included in the acquisition of land.[3 marks]
d)
Butewa company manufacturers sell various types of juice to grocery chains. The
company''s fiscal year ended 31st December, 2008 is given below.
TRAIL BALANCING
Account Title
Dr.
Cr.
Cash
30,000,000
Account receivable
40,000,000
Allowance for collectible Accounts
3,000,000
Prepaid Rent
2,000,000
Prepaid Insurance
o
Supplies
1,500,000
Inventory
60,000,000
Interest Receivable
20,000,000




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