Book Keeping WASSCE (SC), 2016

Question 4

  •   (a) Explain how the closing stock is treated in the final accounts.
  • (b) State one purpose each of the following:
  • (i) trial balance;
  • (ii) trading account;
  • (iii) profit and loss account;
  • (iv) balance sheet

Observation

Majority of the candidates attempted this question and the performance was quite impressive as most of them provided appropriate answers to the questions.