KUMASI TECHNICAL UNIVERSITY

BUSINESS SCHOOL
DEPARTMANT OF ACCOUNTING AND ACCOUNTING
INFORMATION SYSTEM

BSC101 PRINCIPLES OF ACCOUNTING

Group Work

07-03-2023
1. Explain the term “account” used in accounting .

An account is the summary of business transactions in the ledger. It contains all transactions
of a specific class which have taken place during a given period.

2. Arrange the following under headings: Expenses, Income, Capital, Assets and liabilities.
a. Wages paid
b. Credit sales to AA
c. Sale of a fixed asset
d. Closing stock
e. Kofi, the owner investment of a typewriter

Expense
• Wages paid
Income
• Sale of a fixed asset
Capital

• Kofi, the owner investment of a typewriter

Asset

• Closing stock
• Credit sales to AA

3. List in order the process involved in the standard setting procedure (IFRS).
• Setting the Agenda
• Project Planning
• Development and Publication of a Discussion Paper
• Development and Publication of an Exposure Draft
• Development and Publication of an IFRS
• Procedure after IFRS issued
 4.

Mathew Enterprise
Petty Cash Book for January 2021
Postage Travel Office Ledger
Receipt Folio Date Details Total Stationery Expense Expense Account
GHC 2021 GHC GHC GHC GHC GHC
200 1-Jan Bal. b/d
3800 2-Jan Cash
4-Jan Postage Stamps 850 850
5-Jan Newspaper 20 20
9-Jan Juliana Amankwah 235 235
11-Jan Bus Fare 172 172
15-Jan Office door 10
17-Jan Envelope 70 70
23-Jan Telephone calls 68 68
1425 940 172 68 235
31-Jan Bal c/d 2575
4000 4000
2575 1-Feb Bal b/d
1425 1-Feb Cash
26-Feb Petrol 1000 1000
1000 1000
28-Feb Bal c/d 3000
4000 4000
3000 1-Mar Bal b/d

Q5.
Merits of the International Monetary Fund (IMF) to Ghana
• Financial assistance: The IMF provides financial assistance to Ghana in the form of
loans to help address balance of payments problems and stabilize the economy.
• Expertise and technical assistance: The IMF provide expert advice and technical
assistance to Ghana to help improve the economic policies and institutions.
• Improved economic stability: The IMF helps Ghana address economic instability,
such as currency devaluation and inflation, which can create a more stable economic
environment for investment and growth.
 • Access to international financial markets: The IMF helps Ghana access
international financial markets, which can provide us with additional sources of
financing.

Demerits of the IMF of Ghana:

• Conditionality: The IMF often requires Ghana to implement certain economic
policies as a condition of receiving financial assistance. These policies may not be in
the best interests of the country or may be difficult to implement, leading to social and
political backlash.
• Loss of sovereignty: Some critics argue that the IMF imposes its own economic
policies on Ghana, leading to a loss of sovereignty and decision-making power.
• Debt burden: The IMF loans often come with high interest rates, which can increase
the debt burden of Ghana and lead to long-term financial challenges.
• Austerity measures: The IMF may require Ghana to implement austerity measures,
such as reducing government spending or increasing taxes, which can be unpopular
and have negative impacts on the population.

Possible ways to sustain the economy

• To create jobs, Ghana will need to drive sectoral transformation through the
movement of workers into higher productivity firms and sectors and spatial
transformation through trade, urbanization, and connectivity. ‘Global innovator’
services, in particular ICT and business services, could play a critical role.
• To deliver productivity growth and boost innovation and entrepreneurship, it
will need to drive technological transformation through the adoption of digital and
complementary technologies in domestic firms. To enable this change it will be key to
improve internet connectivity, invest in foundational skills and advanced digital skills,
and facilitate technology adoption for firms.
• To support more inclusive private sector development, Ghana will need to
leverage the financial sector to facilitate firm expansion, technology adoption and
innovation.
• To enable long-term inclusive growth, Ghana will need to double down on macro-
fiscal stability, natural resources management and revenue mobilization (to generate
the revenues to fund reforms for economic transformation). Environmental taxation
can boost revenues while helping to minimize the impact of climate change on
households and incentivize sustainable land-use.

Name Student Number Class

YUSSIF ABDALLAH 05224159002 1D
ASIAMAH SAMUEL 05224159002 1D
OSEI SYLVESTER 05224159002 1D
OWUSU ANDREWS 05224159002 1D
APPIAH KUSI KWAME 05224010009 1C
APPIAH WIAFE SPENCER 05224010012 1C

BOAKYE THERESAH 05224010009 1C