Beruflich Dokumente
Kultur Dokumente
INSTRUCTIONS
NB: Read duly the following instructions and act as per requirements.
o This is a group assignment. Thus, copy and paste from other groups will result in zero values.
o You must use either MS-word or PDF format for your answers. Other forms may not to be
welcomed. In particular images using cell phone be considered at your risk.
o You must send your work using telegram via cell phone: 0931298731 only using private
telegram account for telegram users are welcomed. You cannot send via your (students)
group telegram.
o Otherwise non- telegram user may submit in person using hardcopy to your respective
department. Those who are willing to submit with hardcopy should make sure that their
handwriting is legible. Please any other way of submission is not welcomed.
o Your final submission date is on June 20/06/2020. You can submit before the due date. I
highly value your punctuality as part of your assignment. Thus, late submission may result in
1% punishment per delay for each day. But the submission date by no means extends
beyond June 22/06/2020.
o Neatness and clarity have its own value!
Stay Safe!
Questions:
Part I. Multiple choices
1. The controlling account maintained for expenditure items helps:
a. To keep the General Ledger in balance and provide a control over the accuracy of the
recording in the associated Subsidiary Ledgers.
b. to provide information on total expenditures by item of expenditure
c. to provide information on total expenditures by type of budget for the accounting
unit.
d. All of the above
e. None of the above
2. Accounts in the Subsidiary Ledger provide information on:
a. total expenditures by type of budget managed by the accounting unit
b. item of expenditure for each BI managed by the accounting unit
c. A and B
d. all of the above
3. Revenue is required to be reported at the level of:
a. Public body
b. Budgetary institution
c. Reporting Entity
d. Accounting unit
e. None of the above
4. A Subsidiary Ledger is not maintained for items of revenue, because:
a. there is no need of management control on revenue
b. there is no reporting requirement at the level of each BI
c. revenue is not budgeted
d. revenue is not recognized at the BI level
e. all of the above
5. Where total net cumulative debit or credit balance for all Ledger Cards in the subsidiary
Ledger is not equal to the net cumulative debit or credit balance on the respective control
account's Ledger Card in the General ledger, an error exists. Which one is the possible error?
a. Different amounts are transcribed to the general and subsidiary ledger
b. Entry is posted to the wrong side on the subsidiary ledger or controlling account
c. Arithmetic error in computing the account balance in controlling account
d. All of the above
e. None of the above
Part II. Short answers
1. List and explain the two types of ledgers that are maintained in the FGE accounting
system?
2. At the end of each year, a transfer of the debit or credit balances to the Net Assets/Equity
account is required to close the temporary accounts in the general ledger. List the account
categories of temporary accounts in the FGE accounting system?
3. Discuss the purpose of control accounts and subsidiary ledger accounts in the FGE
accounting system?
4. List the seven broad categories of general ledger organized in FGE accounting systems?
5. List the two criteria define whether an account code is a control account with a related
subsidiary ledger?
6. Give examples of some accounts in the account categories that contain control accounts
with Subsidiary Ledgers and not control accounts and have no related Subsidiary
Ledgers?
7. Briefly explain the following:
a) control accounts
b) Ledger
c) Posting
d) Subsidiary Ledger
e) Transfer
a) In accounting, the controlling account (also known as an adjustment or control
account) is an account in the general ledger for which a corresponding subsidiary
ledger has been created. ... For example, "accounts receivable" is the controlling
account for the accounts receivable subsidiary ledger.
Definition: A control account, often called a controlling account, is a general
ledger account that summarizes and combines all of the subsidiary accounts for a
specific type. In other words, it's a summary account that equals the sum of the
subsidiary account and is used to simplify and organize the general ledger.