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(1a)
A control account is a type of general ledger account that summarizes the transactions and balances of a subsidiary ledger. It serves as a control mechanism to ensure that the balances in the subsidiary ledger match the corresponding total in the control account.
(1b)
(i) Mission-driven: Non-profit organizations are driven by a specific mission or purpose, often focused on benefiting society or a particular cause.
(ii) Non-distribution constraint: Non-profits are restricted from distributing profits or surpluses to individuals or shareholders. Instead, any surplus is reinvested into the organization's mission.
(iii) Volunteer or donor-based funding: Non-profits typically rely on donations, grants, or volunteer efforts to support their operations and achieve their goals.
(iv) Accountability and transparency: Non-profits are accountable to their stakeholders, including donors, volunteers, and the public. They are often required to disclose financial information and operate with transparency.
(1c)
(i) Reconciliation: Control accounts are used to reconcile the balances between the general ledger and the subsidiary ledger, ensuring accuracy and completeness of financial records.
(ii) Error detection: By comparing the balances in the control account with the corresponding subsidiary ledger, control accounts help identify and detect errors or discrepancies in the accounting records.
(iii) Monitoring and control: Control accounts provide a summarized view of transactions and balances, allowing management to monitor and control the activities and financial health of the organization.
(iv) Reporting: Control accounts are used to generate financial reports, such as balance sheets and income statements, providing an overview of the organization's financial position and performance.
(v) Auditing: Control accounts play a crucial role in the auditing process, as they provide a basis for verifying the accuracy and integrity of financial records.
(vi) Streamlining processes: Control accounts help streamline accounting processes by consolidating and summarizing data from multiple subsidiary ledgers, making it easier to manage and analyze financial information.
(4a)
(i) Consignee:
The consignee is the individual or company to whom goods are shipped or sent. In a consignment arrangement, the consignee is the party that receives the goods for sale or further distribution. The consignee does not own the goods but is responsible for selling them on behalf of the consignor.
(ii) Consignor:
The consignor is the person or entity that sends or ships goods to another party, known as the consignee. The consignor retains ownership of the goods until they are sold by the consignee. Consignment arrangements are common in business, especially in retail, where manufacturers or wholesalers may send goods to retailers on a consignment basis.
(iii) Consignment Outward:
Consignment outward refers to the process of sending goods to another party on a consignment basis. In this transaction, the sender (consignor) dispatches goods to the receiver (consignee) for the purpose of sale. The consignor retains ownership until the goods are sold, and any unsold items may be returned to the consignor.
(iv) Del Credere Commission:
Del credere commission is a type of commission paid by a seller to an agent in addition to the regular commission. In this arrangement, the agent not only sells the goods on behalf of the principal but also guarantees payment for the goods sold. If the buyer fails to pay, the del credere agent is still obligated to pay the principal. This type of commission is often used in situations where there may be concerns about the creditworthiness of the buyer.
(v) Account Sales:
An account sales document is a record that provides details of sales transactions between a seller and a buyer. It typically includes information such as the quantity and description of the goods sold, the price, terms of sale, and any other relevant terms and conditions. Account sales are commonly used in business-to-business transactions.
(4b)
(i) Invoice
(ii) Bill of lading
(iii) Purchase Order
(iv) Receipts
(v) Credit note
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