The cost of plant in use with Hand Sanitizer Ltd (Hand Sanitizer), a manufacturing firm on

1

st April 2018 was GH₵375,000 against which the accumulated depreciation stood at

GH₵157,500 on that date. The firm provided depreciation at 30% of the diminishing value.

On 31st December 2018 two plants costing GH₵22,500 and GH₵18,000 respectively, both

purchased on 1st October 2015, had to be discarded because of damages and had to be replaced

by two new plants costing GH₵30,000 and GH₵22,500 respectively.

One of the discarded plants was sold for GH₵12,000, against the other it was expected that

GH₵4,500 would be realisable.

Required:

Show the relevant accounts in the ledger of Hand Sanitizer for the year ended 31st March 2019.

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

10.     lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal. student d   incorrect

Which of the following would not generally be a motive for a firm to hold inventories? a. to decouple or separate parts of the production process b. to provide a stock of goods that will provide a selection for customers c. to take advantage of quantity discounts d. to minimize holding costs e. all of the above are functions of inventory.