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.