Distance Learning Centre Ahmadu Bello Universi Master's in Business Adi istration 2023 September Semester Examination (WEEKEND GROUP) Course- BUAD 803 — Principles of Accounting Answer any four (4) questions rime allowed: 2 Hours 30 minutes QUESTION I: Hxplain three (3) internal users of accounting information and two (2) external users of accounting information, (12.5 marks) QUESTION 2: Post the following transaction into their appropriate ledger accounts; (12.5 marks) 2018 October Ist Introduced 85,000 cash into the business as capital October 15th Purchase good and paid 62000 by cheque October 19th Pay Insuranee 8500 by cheque October 24th Cash sales N500 October 28th Cash paid into bank N2,000 Getober 31st paid wages by cash M500 ourst PION 3 (a) What is Accounting? (2.5 marks) (b) List and explain four (4) characteristics of accounting, (10 marks) QUESTION 4, State with reasons whether the following events are transactions or not to Mr. Peter (12.5 marks) (i) Mr, Peter started business with capital (brought in cash) N20,000. (ii) Paid salaries to staff N 6,000. Gii) Purchased Land for N 15,000 in cash. Sen & Co. for goods for N 5,000, (iv) Placed an order (y) Opened a Bank a count by depositing N 4,000. (vi) Received pass book from bank. (vil) Appointed Sohan as Manager on a salary of N 4,000 per month (vili)Received interest from bank N 500.(ix) Received a price list from Musa, (x) Purchase goods worth N65,000 QUESTION 5 List and explain five (5) source document. (12.5 marks) QUESTION 6: explain the following terms: (a) Depreciation @ marks) (b) Depletion G marks) (©) Obsolescence (3 marks) (@) Amortisation marks)