A Vulnerable Population The Homeless in America - 919 Words

A Vulnerable Population: The Homeless in America Introduction Homelessness in America should be a growing concern. When discussing the United States current economic crisis comparisons with the Great Depression are becoming more and more common. Tent cities or makeshift shelters in specified areas or just beyond city limits are becoming familiar sites across the country. Each of these cities contains dozens if not hundreds of families struggling to just survive (Maide, 2010). Homelessness can be defined as the lack of a permanent, safe and affordable night-time residence. The exact statistics on homelessness are difficult to ascertain, as the precise number of people who experience homelessness is ever changing. Recently its been estimated that about 1.6 million are people living in emergency shelters or transitional housing. The National Law Center on Homelessness Poverty (2012) estimated the annual homeless population to be roughly 3.5 million people. Of these 1.35 million are children. The fastest growing segment of the homeless population is families with children. Discussion A recent study found that 1 out of 50 American children become homeless each year. On any given night more than 300,000 children are without a home. The study estimates that some 83% of homeless children will have been exposed to at least one serious violent event before they reach 12 years of age. Of those, nearly 25% will have witnessed acts of violence within their own families.Show MoreRelatedVulnerable Population the homeless vetrans Essay1728 Words   |  7 Pagesï » ¿ A Vulnerable Population the Homeless Veterans Patricia Dilbert NUR/440 April 7, 2014 Deanna Radford, MSN, RN, CNE A Vulnerable Population the homeless Veterans In this presentation, we will explore a vulnerable population with the focus on the homeless veterans. According to Mckinney Act†(1987) A homeless person is one who lacks a fixed, regular and adequate nighttime residence. One who has a primary nighttime residence that is a supervised publicly or privately operatedRead MoreSociological Perspective on Homelessness1248 Words   |  5 Pagesperspective. The paper will additionally reference sociological theory as a means of explanation for homelessness, such its causes, the demographics/populations, and other prominent known characteristics of homeless people. There are individuals and groups who choose to be, from a normative societal perspective, homeless, but for a great deal of the homeless population, it can be a treacherous and tragic lifestyle that is a result of a distinct set of social, societal, and individual factors. Due to theRead MoreThe Effects Of Homelessness On The Homeless Population1372 Words   |  6 PagesHomelessness The term to describe the homeless may have changed over time, however the issue of housing insecurity has remained for some Americans throughout history (Kusmer, 2001). Although the homeless population has always maintained in the United States, homelessness became a national issue in 1870 with the emergence of the â€Å"tramp†: these were men that banded together, rode trains illegally and had negative interactions with law enforcement (2001). The movement of the homeless from location to location changedRead MoreHomelessness : The New York City Shelter System1093 Words   |  5 PagesHomelessness in America Homelessness in America has been slowly decreasing since 2013. In 2014 the New York City shelter system reported an increase of seven percent, from 50,135 in 2013 to 53,615 in 2014. In 2013 more than 111,000 different New Yorkers looked to the shelter system to give them safety, this is also including 40,000 different children. Overall homelessness has dropped by at least 2.3 percent, homelessness has decreased among every subpopulation. Veterans make up 10.5 percent ofRead MoreThe Problem With Homeless Today1209 Words   |  5 PagesWeek 7 Assignment: The Problem with Homeless in America Equilla Simmons Boston University One of the basic human needs is shelter. While many people take having a roof over their head for granted, there is a plethora of people that have no place to call home. However, America has become a place where Social Darwinism is vastly accepted, leaving several people that are homeless with limited resources. â€Å"In January 2013, 610,042 people were homeless on a given night. Most (65 percent)Read MoreJournal 5 : Vulnerable Populations And Health Policy1266 Words   |  6 PagesJournal 5: Vulnerable Populations and Health Policy Based on your readings for this class, discuss how your population of interest meets the definition of a vulnerable population. My population of interest thus meet the definition of a vulnerable population. Most African Americans women living in Nursing homes suffer from Depression. It could be as a result from other chronic illnesses and not just a single diagnosis of Depression. Some of the most common reasons they are admitted into long-termRead MoreCurrent Housing Policies For Homeless Youth1281 Words   |  6 PagesAccording to the 2014 Department of Housing and Urban Development statistics, 34% of the total homeless population of America are under 24 years old (HUD 2014). Although HUD recognizes that this is an alarming number, current housing laws offer little protection for homeless youth. Young people in America face homelessness due to financial issues, lack of family support or insufficient housing. Many of these homeless youth are on their own and are enrolled in college and since the recession of 2008 theirRead MoreAnxiety And Depression : A Public Health Issue949 Words   |  4 Pagesanxiety, is a public health issue that impacts a large population in the United States with different level of severities. Anxiety is a feeling of stress or abnormal emotion that can cause several types of anxiety disorders. According to the statistics of Anxiety and Depression Association of America (ADAA), anxiety is one of the most common mental illnesses in the United States, which affect nearing 18 percent of the U.S.’s total population. This mental illness can affect one person’s general mentalRead MoreHomelessness Is A Major Social Crisis Essay1505 Words   |  7 Pagesor Haight Ashbury. In these places, homeless people are plentiful, yet they are almost always overlooked by the other San Franciscans who use those areas to work and play. Providing permanent housing (as opposed to places at shelters) to chronically homeless people has been proven to be an efficient method of combatting homelessness. I propose that San Francisco introduce a voluntary 10-cent tax on coffe e, as a way of raising money to provide services to homeless people within permanent housing, andRead MoreVulnerable Populations1503 Words   |  7 PagesVulnerable Populations BSHS/320 The United States of America is the place known to many as the land of the free, home of the brave, and the place to start a better life. With any place that has good qualities, some have not so good qualities. The homeless population in the United States is at a staggering high, and many individuals are suffering because many lack employment/financial resources, housing resources, support from family and friends, and others negligence; such as natural disasters

Essay on Happiness in Aristotle’s work The Nicomachean...

Aristotle’s work, The Nicomachean Ethics, consists of numerous books pertaining to Aristotle’s Ethics—the ethics of the good life. The first book discloses Aristotle’s belief on moral philosophy and the correlation between virtue and happiness. The definition of happiness has long been disputed. According to Aristotle, happiness is the highest good and the ultimate end goal—for it is self-reliant. This idea contradicted other common beliefs and philosophical theories. Aristotle opens his work by describing the various theories, neutrally examines each idea, and discloses how he thinks the theory is wrong and why his idea of happiness is more accurate. The most accepted theory until Aristotle was that of Plato—that good was a universal†¦show more content†¦Since man is the only creature to have free will and a conscience, these must be central to a good life for a human. The definition of happiness has long been disputed, and in order to establish a general definition one must discover mankind’s function (1095a.20). The distinct function of human beings will differentiate man from all other beings, thus it cannot be related to the characteristics of animals or plants. Aristotle explains that all living beings grow, and that man and animals share instinct. Through elimination, Aristotle establishes the distinct function of man as logic. Only human beings contain three souls and have the ability to use reason. Aristotle states, â€Å"the function of man then is activity of soul [thinking well and doing well] in accordance with reason† (). Ultimately, logic allows human beings to use reason in decision-m aking and to be virtuous. Aristotle explains what a competent judge of ethics is. â€Å"Each man judges correctly those matters with which he is acquainted; it is of these that he is a competent critic† (1094b.20). Ultimately, he believes that younger people lack the experience needed to use their reason. Instead, younger people will follow their instinct and feelings. According to this believe, Aristotle is showing that true happiness (achieved through virtues) is a lifetime effort. According to Aristotle, every action performed is done to attain an end goal (or good). The goals for eachShow MoreRelatedEssay on How Do Virtue and Chance Contribute to Happiness?1283 Words   |  6 Pagescontribute to happiness? Happiness has been subject to debate for centuries. What is happiness? What does happiness consist of? What contributes to happiness? Among many others, Aristotle, Epicurus, and the school of Cyrenaics, prominent ancient Greek philosophers, have greatly contributed that virtue, which is excellence of a certain part, and chance, which consists of any event outside of human control and prediction, may play a role in happiness. After analyzing the works of these philosophersRead MoreThe Role Of Happiness . â€Å"Happiness Is The Meaning And The1326 Words   |  6 PagesThe Role of Happiness â€Å"Happiness is the meaning and the purpose of life, the whole aim and end of human existence† (Aristotle). In ethics, we study the place of morality in a social construct, where happiness is the core of ethical concern. Happiness for the individual, happiness for the majority, happiness for nature. What is the key to a happy life? Aristotle believes the key is eudaimonia, or a state of having a good soul or being in a contented state of being healthy, happy, and prosperousRead MoreNichomachean Ethics’ Book Was Written By Aristotle Between1145 Words   |  5 Pages Nichomachean ethics’ book was written by Aristotle between the periods of 384 BC to the time when he passed away in 322 BC. Aristotle is an ancient Greek philosopher. During his period of writing, not many things had been discovered and the only other known philosophers were the Plato and Socrates. My view on the book can be derived from the title itself â€Å"Nichomachean† which mea ns victory for example in battle and from the term â€Å"ethics† which means virtue or a code of conduct. From the twoRead MoreThe Doctrine Of The Me Underpin Aristotle s Account Of Citizen Virtue?899 Words   |  4 PagesTo what extent, and how, does ‘the doctrine of the mean’ underpin Aristotle’s account of citizen virtue? In order to answer the question ‘To what extent, and how, does ‘the doctrine of the mean’ underpin Aristotle’s account of citizen virtue?’ it is first important for me to define ‘the doctrine of the mean’ which was developed in Book II of Aristotle’s Nicomachean Ethics (II.2.1104a12-26) in the form of a medical analogy. ‘the doctrine of the mean’ is very often dismissed as being unhelpful andRead More Aristotles Concept of Happiness Essay1073 Words   |  5 PagesIn the work, Nicomachean Ethics, the philosopher Aristotle creates a guideline for those who are serious about pursuing happiness. Aristotles recommendations for finding happiness are not accepted today without some struggle and careful examination. In Aristotles time, slaves, women and children were not truly considered human; so in many cases the philosopher is directing his words towards free males only. It is necessary to understand that by overlooking th is discrimination and applying it toRead MoreAristotle Of Aristotle : Nicomachean Ethics1487 Words   |  6 PagesAristotle: Nicomachean Ethics Happiness: it’s something we humans search far and wide for, to attain before we are called home at death. We go through our daily lives, making choices, commitments, changes, decisions. We set goals for ourselves, push ourselves, hurt ourselves, inspire ourselves, lose ourselves, find ourselves†¦but why? Whether it is a conscious effort or not, no matter who you are or where you find yourself at this very moment, there is one ultimately satisfying hope that brings usRead MoreHappiness Is an Activity Essay1287 Words   |  6 PagesIn this paper I will discuss Aristotle’s claim that happiness is a kind of activity and not a momentary pleasure. Some people might worry that Aristotle is wrong in making this claim by presuming that happiness is a state of mind rather than a constant pursuit in which a person must actively strive for throughout the entirety of ones life. I will argue that Aristotle is correct when he declares that happiness is a kind of activity that we strive for and ultimately attain throughout the entirety ofRead Moreâ€Å"Are You Happy Now?† Essay1541 Words   |  7 Pages Happiness is a term that typically has different definitions. Some define happiness, as the things one possess; others may define it as doing a good deed and the feeling one has after doing a good deed. Merriam-Webster defines happiness as, â€Å"a state of well-being and contentment† . Even Aristotle acknowledges that everyone disagrees on the definition of happiness because we all have a different thought-process and prior knowledge. Even though there are many definitions to happiness, both AristotleRead MoreEssay on Aristotles Notion on Eudaimonia and Virtue 1550 Words   |  7 PagesIn Aristotle’s Nicomachean Ethics he accounts that humans should make sacrifices and should ultimately aim first and foremost for their own happiness . In the paper I will argue that it is really in a person’s best interest to be virtuous . I w ill do this by first describing Aristotle’s notion on both eudaimonia and virtue , as well as highlighting the intimate relationship between the two . Secondly I will talk about the human role in society. Thirdly I will describe the intrinsic tie between humanRead MoreAristotle : The Good Life1708 Words   |  7 Pageswith Plato and Socrates are three of the first and arguably the most important philosophers when it comes to modern day philosophy and ethics. Aristotle’s work extended beyond ethics and philosophy into scientific thought where he was a very important figure in that field as well. One of Aristotle’s greatest works was the Nicomachean Ethics. In Nicomachean Ethics, Aristotle explores how people should live and concentrates on the individual’s ethical responsibilities. He outlines many different ideas

Cat 1.Pdf Free Essays

Introductory Paper 1 RECORDING FINANCIAL TRANSACTIONS (INTERNATIONAL STREAM) In this January 2008 new edition †¢ Updated for IAS 1 (revised) †¢ Do you know? Checklists to test your knowledge and understanding of topics †¢ A question and answer bank †¢ The ACCA’s pilot paper as a mock exam P R A C T I C E R E V I S I O N BPP’s i-Pass product also supports this paper. K I T FOR EXAMS IN 2008 First edition 2004 Fifth edition January 2008 ISBN 9780 7517 4816 1 (previous ISBN 9780 7517 3564 2) British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www. bpp. We will write a custom essay sample on Cat 1.Pdf or any similar topic only for you Order Now com/learningmedia Printed in Great Britain by W M Print Fredrick Street Walsall WS2 9NE Your learning materials, published by BPP Learning Media Ltd, are printed on paper sourced from sustainable, managed forests. ii All our rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, hotocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions. The answers to past examination questions have been prepared by BPP Learning Media Ltd, unless where otherwise stated  © BPP Learning Media Ltd 2008 Contents Page Question index†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. v Using your BPP Practice and Revision Kit †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ vi Important information for students sitting this exam in 2008 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ ix Passing CAT exams How to revise †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. xiii How NOT to revise †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ iv How to PASS your exam †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. xv How NOT to PASS your exam †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. xvi Syllabus †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ xvii Approach to examining the Syllabus †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. xxiv The Computer Based Examination†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. xxv Tackling Multiple Choice Questions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ xxvi Using your BPP products†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ xvii Questions and answers Questions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 Answers †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 37 Exam practice Practice questions and answers †¢ Questions †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 61 †¢ Answers†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 73 Mock exam †¢ Questions †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 81 †¢ Answers†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 95 Review form free prize draw iii QUESTION INDEX Question index Time Page number Marks llocation Mins Question Answer 16 19 5 37 9–15 14 17 7 38 16–23 16 19 8 39 24–38 30 36 9 41 39 2 2 11 43 40–44 10 12 15 44 45–49 10 12 15 44 50–54 10 12 16 45 55–62 16 19 17 46 63–68 12 14 18 47 69–74 12 14 19 48 75–79 10 12 20 49 Part A: Introduction to transaction accounting Business transactions and documentation Objective test questions 1–8 Assets, liabilities and the accounting equation Objective test questions Balance sheet and profit and loss account Objective test questions Recording, summarising and posting transactions Objective test questions Completing ledger accounts Objective test question Part B: Recording and accounting for cash transactions Receiving and checking money Objective test questions Banking monies received Objective test questions Recording monies received Objective test questions Authorising and making payments Objective test questions Recording payments Objective test questions Maintaining petty cash records Objective test questions Bank reconciliations Objective test questions iv QUESTION INDEX Part C: Recording and accounting for credit transactions The receivables ledger Objective test questions 80–86 14 17 23 51 87–89 6 7 24 52 90–106 34 41 24 52 107–115 18 22 33 57 The payables ledger Objective test questions Control accounts and the trial balance Objective test questions Part D: Payroll Recording payroll transactions Objective test questions Practice questions and answers Mixed bank 116–165 Mock exam Pilot paper 166–215 v QUESTION INDEX Using your BPP Practice and Revision Kit Aim of this Practice Revision Kit To provide the practice to help you succeed in both the paper based and computer based examinations for Paper 1 Recording Financial Transactions (International). To pass the examination you need a thorough understanding in all areas covered by the syllabus and teaching guide. Recommended approach †¢ Make sure you are able to answer questions on everything specified by the syllabus and teaching guide. You cannot make any assumptions about what questions may come up on your paper. The examiners aim to discourage ‘question spotting’. In a paper that has objective test questions or a number of shorter questions, the examiner has the opportunity to test a wide area of the syllabus. Where there are long questions, a number of different issues can be brought in. And an area that has been tested in one sitting can still be tested again in the next sitting. Learning is an active process. Use the DO YOU KNOW? Checklists to test your knowledge and understanding of the topics covered in Paper 1 Recording Financial Transactions (International) by filling in the blank spaces. Then check your answers against the DID YOU KNOW? Checklists. Do not attempt any questions if you are unable to fill in any of the blanks – go back to your BPP Interactive Text and revise first. †¢ When you are revising a topic, think about the mistakes that you know that you should avoid by writing down POSSIBLE PITFALLS at the end of each DO YOU KNOW? Checklist. †¢ Once you have completed the checklists successfully, you should attempt the questions on that topic. Each section has a selection of OBJECTIVE TEST QUESTIONS and COMPULSORY WRITTEN QUESTIONS. Make good use of the HELPING HANDS provided to help you answer the questions. On questions that have been in past exam papers, we report ‘what the examiner said’. This shows you how students who sat the exam coped with the question and tells you what the pitfalls were and what the examiner was looking for. †¢ There is a mark allocation for each compulsory written question. Each mark carries with it a time allocation of 1. 2 minutes (including time for selecting and reading questions). A 15 mark question therefore should be completed in 18 minutes. For papers 6–10 each mark carries a time allocation of 1. 8 minutes. †¢ Once you have completed all of the questions in the body of this Practice Revision Kit, you should attempt the MOCK EXAMS under examination conditions. These are the latest actual exams. Check your answers against our answers and apply the ACCA’s Official marking scheme to find out how well you did. Please see the next section for important information concerning the 2008 exams. vi Important information vii viii IMPORTANT INFORMATION Important information for students sitting this exam in 2008 IAS 1 was revised in September 2007. This mainly affects terminology used in financial statements. This does not really affect CAT Paper 1 International apart from the ‘balance sheet’ may be called the ‘statement of financial position’. In this kit, we have shown both terms. Your examiner may use either. ix IMPORTANT INFORMATION x Passing CAT exams xi xii PASSING CAT EXAMS How to revise Plan your revision At the start of your revision period, you should draw up a timetable to plan how long you will spend on each subject and how you will revise each area. You need to consider the total time you have available and also the time that will be required to revise for other exams you’re taking. Practise Practise Practise The more questions you do, the more likely you are to pass the exam. Practising questions will mean that you’ll get used to the time pressure of the exam. When the time is up, you should note where you’ve got to and see how many questions you have completed. Revise enough Make sure that your revision covers the breadth of the syllabus, as any topic an come up. However it is true that some topics are key – they are an important part of the syllabus or are a particular interest of the examiner – and you need to spend sufficient time revising these. Deal with your difficulties Difficult areas are topics you find dull and pointless, or subjects that you found problematic when you were studying them. You mustn’t become negative about these topics; instead you should build up your knowledge by reading the Passcards and using the Quick quiz questions in the Study Text to test yourself. When practising questions in the Kit, go back to the Text if you’re struggling. Learn from your mistakes Having completed a question you must try to look at your answer critically. As you go through the Kit, it’s worth noting any traps you’ve fallen into and referring to these notes in the days before the exam. Aim to learn at least one new point from each question you attempt. Complete the mock exam You should attempt the Mock exam at the end of the Kit under strict exam conditions, to gain experience of managing your time and producing answers. xiii PASSING CAT EXAMS How NOT to revise Revise selectively Examiners are well aware that some students try to forecast the contents of exams, and only revise those areas that they think will be examined. In CBA questions come up in a random fashion and you cannot predict what will come up. Spend all the revision period reading You cannot pass the exam just by learning the contents of Passcards, Course Notes or Study Texts. You have to develop your application skills by practising questions. Audit the answers This means reading the answers and guidance without having attempted the questions. Auditing the answers gives you false reassurance that you would have tackled the questions in the best way and made the points that our answers do. The feedback we give in our answers will mean more to you if you’ve attempted the questions and thought through the issues. Get bogged down Don’t spend a lot of time worrying about all the minute detail of certain topic areas, and leave yourself insufficient time to cover the rest of the syllabus. Remember that a key skill in the exam is the ability to concentrate on what’s important and this applies to your revision as well. Overdo studying Studying for too long without interruption will mean your studying becomes less effective. A five minute break each hour will help. You should also make sure that you are leading a healthy lifestyle (proper meals, good sleep and some times when you’re not studying). xiv PASSING CAT EXAMS How to PASS your exam Prepare for the day Make sure you set at least one alarm (or get an alarm call), and allow plenty of time to get to the exam hall. You should have your route planned in advance and should listen on the radio for potential travel problems. You should check the night before to see that you have pens, pencils, erasers, watch, calculator with spare batteries, also exam documentation and evidence of identity. Plan your time You need to make sure that you will be answering the correct number of questions, and that you spend the right length of time on each question – this will be determined by the number of marks available. Papers 1–5 are 2 hour papers, so each mark carries a time allocation of 1. 2 minutes. This means that a 2-mark question should be completed in 2. 4 minutes. Read the questions carefully To score well, you must follow the requirements of the question, understanding what aspects of the subject area are being covered, and the tasks you will have to carry out. Stay until the end of the exam Use any spare time to check and recheck your script. This includes checking you have filled out the candidate details correctly, you have labelled question parts and workings clearly, you have used headers and underlining effectively and spelling, grammar and arithmetic are correct. xv PASSING CAT EXAMS How NOT to Pass your exam Don’t do enough questions If you don’t attempt sufficient questions on the paper, you are making it arder for yourself to pass the exam on the questions that you do attempt. Failing to attempt all of the paper is symptomatic of poor time management. Rush through the questions without thinking about them properly If you don’t understand a question, read it again before you start guessing. Get bogged down Each question is only worth 2 marks . If you really can’t do it, move on. xvi PASSING CAT EXAMS Syllabus xvii PASSING CAT EXAMS xviii PASSING CAT EXAMS xix PASSING CAT EXAMS xx PASSING CAT EXAMS xxi PASSING CAT EXAMS xxii PASSING CAT EXAMS xxiii PASSING CAT EXAMS Approach to examining the Syllabus Paper 1 is a two-hour paper. It can be taken as a written paper or a computer based examination. The questions are objective test questions – multiple choice, number entry and multiple response. (See page xxv for frequently asked questions about computer based examinations. ) The exam is structured as follows: 50 multiple choice questions = 100 marks xxiv PASSING CAT EXAMS The Computer Based Examination The ACCA has introduced a computer based examination (CBE) for CAT Papers 1–4 (in addition to the conventional paper based examination). Computer based examinations must be taken at an ACCA CBE Licensed Centre. How does CBE work? †¢ Questions are displayed on a monitor †¢ Candidates enter their answer directly onto the computer †¢ Candidates have two hours to complete the examination †¢ When the candidate has completed their examination, the computer automatically marks the file containing the candidate’s answers †¢ Candidates are provided with a certificate showing their results before leaving the examination room †¢ The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate’s performance) within 48 hours Benefits †¢ Flexibility as a CBE can be sat at any time †¢ Resits can also be taken at any time and there is no restriction on the number of times a candidate can sit a CBE †¢ Instant feedback as the computer displays the results at the end of the CBE †¢ Results are notified to ACCA within 48 hours †¢ Extended closing date periods (see ACCA website for further information) CBE question types †¢ Multiple choice – choose one answer from four options †¢ Multiple response 1 – select more than one response by clicking the appropriate tick boxes †¢ Multiple response 2 – select a response to a number of related part questions by choosing one option from a number of drop down menus Number entry – key in a numerical response to a question CAT CBE You will have two hours in which to answer a number of questions, which are worth a total of 100 marks. See the ACCA website for a demonstration and up to date information (www. acca. org. uk/colleges/cbe_demo). xxv PASSING CAT EXAMS Tackling Multiple Choice Questions MCQs feature in both the paper and computer-based papers. The MCQs in your exam contain four possible answers. You have to choose the option that best answers the question. The three incorrect options are called distracters. There is a skill in answering MCQs quickly and correctly. By practising MCQs you can develop this skill, giving you a better chance of passing the exam. You may wish to follow the approach outlined below, or you may prefer to adapt it. Step 1 Skim read all the MCQs and identify what appear to be the easier questions. Step 2 Attempt each question – starting with the easier questions identified in Step 1. Read the question thoroughly. You may prefer to work out the answer before looking at the options, or you may prefer to look at the options at the beginning. Adopt the method that works best for you. Step 3 Read the four options and see if one matches your own answer. Be careful with numerical questions as the distracters are designed to match answers that incorporate common errors. Check that your calculation is correct. Have you followed the requirement exactly? Have you included every stage of the calculation? Step 4 You may find that none of the options matches your answer. †¢ †¢ †¢ Re-read the question to ensure that you understand it and are answering the requirement Eliminate any obviously wrong answers Consider which of the remaining answers is the most likely to be correct and select the option Step 5 If you are still unsure make a note and continue to the next question Step 6 Revisit unanswered questions. When you come back to a question after a break you often find you are able to answer it correctly straight away. If you are still unsure have a guess. You are not penalised for incorrect answers, so never leave a question unanswered! After extensive practice and revision of MCQs, you may find that you recognise a question when you sit the exam. Be aware that the detail and/or requirement may be different. If the question seems familiar read the requirement and options carefully – do not assume that it is identical. xxvi PASSING CAT EXAMS Using your BPP products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass: †¢ Learning to Learn Accountancy gives further valuable advice on revision †¢ Passcards provide you with clear topic summaries and exam tips †¢ Success CDs help you revise on the move †¢ i-Pass CDs offer tests of knowledge against the clock †¢ Learn Online is an e-learning resource delivered via the Internet, offering comprehensive tutor support and featuring areas such as study, practice, email service, revision and useful resources You can purchase these products by visiting www. bpp. om/mybpp. Visit our website www. bpp. com/acca/learnonline to sample aspects of Learn Online free of charge. xxvii PASSING CAT EXAMS xxviii Question bank 1 2 QUESTION BANK DO YOU KNOW? – INTRODUCTION TO TRANSACTION ACCOUNTING Check that you can fill in the blanks in the statements below before you attempt any questions. If in doubt, you should go back t o your BPP Interactive Text and revise first. †¢ †¢ †¢ Whenever property changes hands there has been a †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. . Business transactions are subject to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦law. A cash transaction is one where the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. . †¢ A credit transaction is †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦ . †¢ †¢ Transactions with consumers are subject to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. legislation. †¢ The purpose of the accounting system is to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. , †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. and †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ the information contained in the documentation generated by transactions. A discount is a reduction in the price of goods below the amount at which those goods would normally be sold to other customers of the supplier. – – †¢ A †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. is a reduction in the amount of money demanded from a customer. A †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦ is an optional reduction in the amount of money payable by a customer. Many business transactions involve sales tax. – †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ is sales tax charged on goods and services sold by a business. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. is sales tax paid on goods and services bought in by a business. TRY QUESTIONS 1 TO 8 †¢ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ is the excess of income over expenditure. When expenditure exceeds income, the business is running at a †¦Ã¢â‚¬ ¦. . †¢ †¢ A business must always be treated as a separate entity from its owners when preparing accounts. The accounting equation is that the assets and liabilities of a business must always be †¦Ã¢â‚¬ ¦. . – †¢ Assets = (Capital introduced + retained profits – drawings) + liabilities Double entry bookkeeping reflects the fact that for every debit, there is an equal †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Therefore the total value of debit entries will always be equal to the to tal value of credit entries. TRY QUESTIONS 9 TO 15 †¢ A †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. is a statement of the assets, liabilities and capital of a business at a given point in time. – – – †¢ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦are for use within a business. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ are used to generate cash. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ are payables of the business, payable within a year. An income statement is a statement which matches †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ with the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ . TRY QUESTIONS 16 TO 23 †¢ Books of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ are used to keep records of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ . Examples include the sales day book, the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. day book and the cash book. †¢ †¢ †¢ Entries are †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. rom the day boo ks to the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ ledger. Accounting packages can update ledgers simultaneously if the ledgers are†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ . Customer and supplier information which is stored may be subject to †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. legislation. TRY QUESTIONS 24 TO 39 †¢ Possible pitfalls Write down the mistakes you know you should avoid. 3 QUESTION BANK DID YOU KNOW? – INTRODUCTION TO TRANSACTION ACCOUNTING Could you fill in the blanks? The answers are in bold. Use this page for revision purposes as you approach the exam. †¢ †¢ †¢ Whenever property changes hands there has been a business transaction. Business transactions are subject to contract law. A cash transaction is one where the buyer pays cash to the seller at the time the goods or services are transferred. †¢ †¢ †¢ A credit transaction is a sale or purchase which occurs some time earlier than cash is received or paid. †¢ A discount is a reduction in the price of goods below the amount at which those goods would normally be sold to other customers of the supplier. Transactions with consumers are subject to sale of goods legislation. The purpose of the accounting system is to record, summarise and present the information contained in the documentation generated by transactions. – – †¢ A trade discount is a reduction in the amount of money demanded from a customer. A cash discount is an optional reduction in the amount of money payable by a customer. Many business transactions involve sales tax. – – Output tax is sales tax charged on goods and services sold by a business. Input tax is sales tax paid on goods and services bought in by a business. TRY QUESTIONS 1 TO 8 †¢ Profit is the excess of income over expenditure. When expenditure exceeds income, the business is running at a loss. †¢ †¢ A business must always be treated as a separate entity from its owners when preparing accounts. The accounting equation is that the assets and liabilities of a business must always be equal. – †¢ Assets = (Capital introduced + retained profits – drawings) + liabilities Double entry bookkeeping reflects the fact that for every debit, there is an equal credit. Therefore the total value of debit entries will always be equal to the total value of credit entries. TRY QUESTIONS 9 TO 15 †¢ A statement of financial position (balance sheet) is a statement of the assets, liabilities and capital of a business at a given point in time. – – – †¢ Non-current assets are for use within a business. Current assets are used to generate cash. Current liabilities are payables of the business, payable within a year. An income statement is a statement which matches revenue with the costs of earning it. TRY QUESTIONS 16 TO 23 †¢ Books of prime entry are used to keep records of source documents. Examples include the sales day book, the purchase day book and the cash book. †¢ †¢ †¢ Entries are posted from the day books to the nominal ledger. Accounting packages can update ledgers simultaneously if the ledgers are integrated. Customer and supplier information which is stored may be subject to data protection legislation. TRY QUESTIONS 24 TO 39 †¢ Possible pitfalls – – – – 4 Confusing cash and credit transactions Confusing trade and cash (or settlement) discounts Ignoring sales tax in double entry bookkeeping Not being able to distinguish between non-current and current assets QUESTION BANK 1 Which of the following correctly describes the function of a credit sales invoice which a customer has received from a supplier? A B C D It is a receipt for money paid. It is a demand for immediate payment by the supplier. It is a record of goods purchased by the customer. It is a demand for payment within an agreed time from the supplier. Approaching the answer Use this answer plan to construct your answer if you are stuck. Step 1 If you have never done a Multiple Choice Question (MCQ) before, do not panic! The chances are that you will have done something similar in a magazine quiz or seen a television quiz programme in the same format (eg Who wants to be a millionaire). The principal is the same for these MCQs. You are given four possible answers, one is correct and the other three are wrong (distracters). Step 2 Step 3 Step 4 Step 5 Read the question and work out what is required. Try not to read the possible answers at this stage. Re-read the question and decide on your own answer. Read the four options and see if one matches your own answer. If yes, then select that option. If none of the options matches (or is close to) your answer, adopt the following method. – – Exclude the obvious wrong answers – Step 6 Re-read the question to ensure that you understand it and are answering the correct requirement Consider which of the remaining answers is the most likely to be correct If you are still in doubt, remember that you will not be penalised for a wrong answer in the exam. You just will not get any marks for a wrong answer. Therefore, if you really do not know, a guess is better than leaving out a question. However, if you are guessing, do not think that as the last few answers have been (a), (b) and (c) that the answer must be (d)! The examiner may well have decided that the correct answer to every question is (a). Notes (a) In this kit, if you find that you are guessing the answers to most of the questions, then you need to go back to your Interactive Text and revise. (b) In the exam, you could leave any questions that you are having trouble with and do all the questions that you can answer fairly easily. You should then have time at the end to go back and deal with the problem questions. Remember that you have 2. 4 minutes per question. If you spend 2 minutes on each question, this will leave you 20 minutes at the end to go back over troublesome questions. 2 Which of the following correctly describes the function of a credit note issued by a supplier to one of its customers? A B C D A demand for payment. An agreed allowance which can be deducted from the next invoice payment. A loan available to the customer. A document used by the supplier to cancel part or all of a previously issued invoice. 5 QUESTION BANK 3 Which of the following correctly describes the term ‘debit note’? A B C D 4 It is issued by a supplier to a customer to demand payment in full for goods supplied. It is issued by a customer to a supplier to request a credit note. It is issued by a customer when goods are delivered. It is issued by a customer to a supplier to cancel an invoice received. Which of the following correctly explains the term ‘trade discount’? A B A price reduction which a supplier agrees with all customers in a particular trade. C A price reduction which a supplier agrees with an individual customer after an invoice has been sent at full price. D 5 A reduction in the amount of an invoice which a customer will pay. A reduction in the invoice price by a supplier because of the nature of the business with an individual customer. Which of the following best explains sales tax? A B A tax levied on the sale of goods and services which is administered and collected by the government. C A tax levied on the sale of goods and services which is administered by the government. D 6 A tax on business profits. A tax levied on the sale of goods and services which all businesses must pay. The term ‘tax point’ in connection with sales tax signifies? A B C D 7 The date on which a transaction took place for sales tax purposes. The location of a sales tax registered business. Entering into a sale transaction which is subject to sales tax with a customer. The suppliers address quoted on a tax invoice. What is the main purpose of an accounting system in a business? A B To calculate the tax payable by a business. C To record, summarise and present information from documentation generated by business transactions. D 8 To generate the business accounts. To enable the owner to know if the business is trading profitably. X Co purchases goods with a list price of $100,000 subject to a 5% trade discount. X Co is allowed 2? % cash discount for payment within 30 days from invoice date. Assuming the discount is taken, how much will X pay? (Ignore sales tax). A B C D 6 $92,625 $102,375 $97,500 $95,000 QUESTION BANK 9 Which of the following best explains the term ‘current asset’? A B C D 10 X starts a business with $50,000 cash, buying inventory $10,000 from cash and paying business expenses of $1,000. Inventory is purchased on credit for $5,000. Following these transactions, what is the capital of X’s business? A B C D 11 Credit entries record increases in capital or liabilities. Credit entries record decreases in assets. Credit entries record increases in profits. Credit entries record increase in expenses. Which of the following correctly records the repayment of a loan of $10,000 plus outstanding interest $500? A B C D 15 It records an increase in assets. It records a business expense. It records an increase in the liabilities of a business. It records a decrease in the liabilities of a business. Which of the following statements concerning a credit entry is incorrect? A B C D 14 Assets decrease, liabilities increase. Capital decreases, liabilities increase. Capital increases, liabilities decrease. Assets decrease, capital decreases. Which of the following statements concerning a debit entry is incorrect? A B C D 13 $39,000 $49,000 $50,000 $54,000 A business receives an accountant’s bill for $500. Which of the following statements correctly shows the effect upon the accounting equation of the business, assuming the bill is unpaid? A B C D 12 An asset currently in use by a business. Something a business has or uses, which is likely to be held only for a short time. An amount owed to somebody else which is due for repayment soon. Money which the business currently has in its bank account. Assets – $10,500, capital – $10,500 Assets + $10,500, Liabilities + $10,500 Assets – $10,500, Liabilities – $10,000, Expenses + $500 Assets – $10,500, Liabilities – $10,500 A trade receivable is? A A person owing money to the business in return for goods supplied. B A person to whom the business owes money in return for goods supplied. C A person to whom the business owes money which was lent to finance the trading operations of the business. D A person who has purchased goods from the business. 7 QUESTION BANK 16 Which of the following is an example of an item of revenue expenditure? A B C D 17 A business makes cash sales of $5,000 and credit sales of $3,000 in a month. All the inventory purchased at a cost of $4,000 was sold, business expenses amounting to $500 were paid and the proprietor took out $300 for living expenses. $600 was owing in respect of the inventory purchased and sold. What was the net profit in the month? A B C D 18 Sales less expenses. Net profit less expenses. Sales less purchase cost (or production cost) of goods sold. Sales less overheads. Which of the following is not an example of an administration overhead? A B C D 22 A bank overdraft. Capital. Goodwill. A loan from a director of the company repayable in two years’ time. The gross profit of a retail/manufacturing business is? A B C D 21 Debit machinery $550, credit cash $550. Debit cash $550, credit machinery $550. Debit machinery $500, credit cash $550, debit insurance $50. Debit cash $550, credit machinery $500, credit insurance $50. Which of the following is a current liability? A B C D 20 $4,100 $3,500 $3,200 $500 A business buys a machine for $500 (cash) and pays machinery insurance $50 (cash). Which of the following shows the correct double entry for this transaction? A B C D 19 Insurance of goods in transit to customers. Import duties charged on a new non-current asset for the business. Wages of employees installing a new non-current asset into the business premises. A new delivery van. Carriage inwards on purchases. Postage. Depreciation of the office computers. The accountant’s salary. Where do drawings appear in the income statement and statement of financial position (balance sheet)? A B They do not appear in the income statement, they are deducted from owner’s capital on the statement of financial position (balance sheet). C They do not appear in the statement of financial position (balance sheet) or income statement as they do not represent a business related item. D 8 They do not appear in the statement of financial position (balance sheet), they are an expense in the income statement. They do not appear in the income statement and are added to owner’s capital on the statement of financial position (balance sheet). QUESTION BANK 23 Why is it important that a business distinguishes between current and non-current liabilities in its statement of financial position (balance sheet)? A B So that users of the financial statements can assess the ability of the business to continue as a going concern. C So that users of the financial statements can assess the level of business debt due for repayment within a fairly short time. D 24 So the owners know how much is owed by the business at all times. So that users of the financial statements can assess the solvency of the business. Which of the following statements is correct? A B Purchase invoices are recorded in the purchase daybook and are summarised and posted to the payables ledger. C Cash received is recorded in the cash book and posted to the journal. D 25 Sales invoices are recorded in the sales returns daybook and are summarised and posted to the receivables ledger. Adjustments to the financial accounts are recorded in the cash book and summarised and posted to the nominal ledger. Which of the following is an example of a prime record not prepared by the business? A B C D 26 The cash book. The bank statement. The sales day book. The purchase returns day book. Y Co keeps a receivables ledger control account as part of its accounting system. Invoices totalling $5,000 are raised in March and customers pay cash $3,000 for invoices having face values of $3,100 (discount $100). Which of the following entries correctly record these transactions? A B Debit receivables ledger control $5,000, credit sales $5,000, debit cash $3,000, credit receivables ledger control $3,100, debit discount allowed $100. C Debit sales $5,000, credit receivables ledger control $5,000, debit cash $3,000, debit discount allowed $100, credit receivables ledger control $3,100. D 7 Debit receivables ledger control $5,000, credit sales $5,000, debit cash $3,000, credit discount allowed $100, credit receivables ledger control $3,000. Debit receivables ledger control $5,000, credit sales $5,000, debit cash $3,000, credit receivables ledger control $3,000. In the receivables ledger of X Co, the account of Y Co has a credit balance of $5,000. Which of the following is a plausibl e explanation for this? A B C D Y Co has been sent an invoice for $5,000. Y Co has supplied goods to X Co and these have been correctly recorded by X Co. Y Co has paid X Co $5,000 twice in error. Y Co has an overdue balance of $5,000 owing to X Co. 9 QUESTION BANK 28 Which of the following statements concerning the receivables ledger control account is incorrect? A B It makes the detection of errors easier. C It helps to reduce the chance of a fraud in relation to transactions between the business and its customers. D 29 It helps to ensure that all transactions with customers have been correctly recorded. It ensures that errors cannot occur in relation to transactions between the business and its customers. A sales tax registered business sells goods $1,200 plus $210 sales tax and purchases goods costing $200 plus sales tax $35. Assuming these are the only transactions in the sales tax period and that input tax is fully recoverable, how much sales tax is due/payable to/from the government? A B C D 30 Payable $175. Recoverable $175. Payable $210. Payable $245. Which of the following statements is correct? A B A machine is purchased for $200 plus sales tax $35. The machinery account is debited with $200 and the sales tax account debited with $35. The sales tax is irrecoverable. C If the sales tax account has a debit balance at the end of the sales tax quarter, the balance is recoverable from the government. D 31 Output tax charged to a customer is debited to the sales tax account. The sales figure in the income statement of a sales tax registered business includes sales tax. Accounts are classified according to the nature of the transactions which are recorded in them. Which of the following classifications is incorrect? A B C D 32 Which of the following statements best explains the term ‘memorandum account’? A B C D 33 One used for the correction of errors. One use to record transactions between the business and its proprietor(s). An account used to record information, which does not form part of the double entry system. An account used to summarise transactions before they are posted to the ledgers. A machine (cost $5,000) is bought on credit from X. Subsequently, $1,000 of the debt to X is paid by cheque. Which of the following correctly records the transactions? A B C D 10 Insurance is recorded in a nominal ledger account. Rents received are recorded in a nominal ledger account. Sales transactions with individual customers are recorded in a personal ledger. Control accounts are kept in the personal ledgers. Debit X $5,000, credit machine $5,000. Debit bank $1,000, credit X $1,000. Debit X $5,000, credit machine $5,000. Debit X $1,000, credit bank $1,000. Debit machine $5,000, credit X $5,000. Debit bank $1,000, credit X $1,000. Debit machine $5,000, credit X $5,000. Debit X $1,000, credit bank $1,000. QUESTION BANK 34 The total of a discounts allowed column in a cash book is? (assume a control account is kept) A B C D 35 A firm keeps an analysed cash book containing discount received and allowed columns. At the end of an accounting period discounts received totalled $525 and discounts allowed $326. Which of the following correctly shows the treatment of these totals? A B C D 36 Sales returns day book. Nominal ledger. Sales day book. Purchase returns day book. Which of the following should appear on the credit side of a suppliers account in the payables ledger? A B C D 39 Sales returns day book. The journal. The cash book. The purchase returns day book. Credit notes sent out are recorded in which prime entry record? A B C D 38 Debit discount received $525, credit discount allowed $326. Debit discount allowed $525, credit discount received $326. Credit discount received $199. Debit discount allowed $326, credit discount received $525. Returns outwards are recorded in which prime entry record? A B C D 37 Credited to discounts allowed and debited to sales. Debited to sales and credited to cash. Debited to discount allowed and credited to receivables ledger control account. Debited to cash and credited to sales. Payments made. Discounts allowed. Discounts received. Purchase invoices received. The following entries appear in a cash account in March; payments by customers $15,000, rents received $250, insurance paid $150, drawings $700, capital paid in $2,000. The balance at 1st March was $2,000 (in hand) what was the closing balance at 31st March? A B C D $14,400 $18,400 $15,800 $10,400 How to cite Cat 1.Pdf, Essay examples

Balance Between Security and Privacy

Question: Discuss about the Balance Between Security and Privacy. Answer: Introduction: In the contemporary era, the biggest technological and social change is due to the increasing and uninterrupted growth of the internet and its uses. However, the increasing dependence on internet and cyberspace has lead to the emergence of new risks and threats to cyber security for the users. Growing dependence on internet and cyberspace lead to new risks and risk of compromising or damaging the key data on which a person relies. The data is being harmed, compromised or damaged in a way which is hard to detect and cant be defended. Cyber security is an issue which surrounds the positive side and essence of internet nowadays. The internet was designed to be secure but after all, it was never a secure framework though by design it is borderless, horizontal, interoperable and secure but internet is not secure and always poses threat to key data and information. Cyber security is a combination of technology, practices and processes which are grouped together to protect computers, data, information, networks and programs from attacks, crimes, damage or unauthorized access that takes place online with the help of internet access (TechTarget, 2016). Cyber security and physical security both are included in security when talking in a computing context. Cyber security is needed when the key data and information are attacked by hackers, intruders or terrorist without any permission and results in making an unauthorized access to the material information. In case of a cyber-crime, cyber security is needed (Conventus Law, 2016; Prakash, 2017). Cyber crimes emerge out as a new breed of crime which is committed using computers or something related to them. Cyber crimes are originating because of the growing dependence and over dependence on computers and internet. In the modern life, as everything is being computed and run with the help of computer and internet, cyber crimes and cyber attacks are growing day by day. Internet and computers are becoming a necessary requirement for everyone today and they are undoubtedly contributing towards the ease of doing things. However, despite being so helpful and advantageous internet have claimed with the issues of cyber crime and attacks which results in compromising and damaging the material information and key data. On one hand, the advanced internet and computer technologies enhanced the experience of its users, while on the other hand cyber crime and cyber attacks are making it even harder to protect personal, material or key information or data. So, this essay will examine the en hancement and growth of internet but majorly focuses on the cyber security, its effectiveness and need in the present environment of uncountable cyber attacks and crimes. Recommendations are also provided in order to find the best solution for solving the issues of cyber security breaches. Cyber security has the most problematic element of constantly and quickly changing or evolving nature of security risks. Over the last half century, the industry of information technology has evolved increasingly which results in faster, smaller, easier, cheaper and lighter use of IT hardware. (The Economic Times, 2017). Information and communication technology devices are interdependent and breakdown of one can lead to a drastic impact on many others. With the passage of time, experts and professionals have come to the point and expressed the serious concerning issues of protecting information and communication technology systems from being affected and breached by cyber attacks. Cyber attacks are unauthorized access and deliberate attempts to make use, compromise and damage material information by unauthorized persons, intruders, hackers and terrorist. Their objective can be of theft, unlawful actions, damage or disruption. There are increasing number of cyber attacks in Australia and are expected to rise in number in the near time. This is because in future more and more information will be stored electronically and the ability of the cyber attackers to collect, store and analyze the information will grow. The act of protecting IT systems gives birth to the concept of cyber security (Fischer, 2016; Klimburg, 2017). A recent survey of Australian Cyber Security Centre which was conducted among the partner organizations of ACSC concluded that majority of the organizations has suffered security breaches in last year. It is accounted that Australia is the only country which has a maximum number of recorded cyber security incidents than rest of the world. Australian businesses are experiencing losses up to the average budget allocated to security. 58% of the organizations are facing this serious issue of cyber security threats and issues. It is accounted that in 99% of the organizations phishing and social engineering were the most common methods of cyber attacks followed by malware and denial of services (Pearce, 2017). Another cyber crime issue was held in the US health insurer anthem. An administrator noticed that there is an unusual complex query which was running on their computer networks. This resulted in the exposure of sensitive and valuable information of patients and has revealed the unpre pared nature of health industry towards these kinds of cyber attacks. Moreover, recently at a leading childbirth charity, a computer hack resulted in breaching and loss of information of more than 15000 expectant parents including their usernames, email address, and passwords. It happened because of a breach of national childbirth trust (Pearce, 2017). Some of the issues mentioned above are against the law as well against the ethical aspect, thus proved unethical. There is a need to have a significant balance between the privacy and security. In this developing world of e-commerce and internet, privacy is one of the important aspects. Privacy is defined as the right of a person specifying the boundaries and limitations which limit the extent to which the rest of the people can intrude upon or interact with. A person is having full right to control the information related to him or her. The meaning of privacy differs from person to person and everyone see privacy with a different perspective (Business Dictionary, 2017). Similarly, security is the act of the organization to secure and protect digitally transmitted and stored information. Hence, it is very important to identify, understand and analyze ethical issues on privacy and security and associated implications of it. According to the theory of utilitarianism, it states that the decision to be made in any situation will come from the one which is the most advantageous to most and majority of people. The theory states that in the situation where the majority of people are happy with any action, the action will be considered right. Cyber crimes are a result of the lack of knowledge among people about these types of crimes and their happenings. Thus, it can be said that cyber crimes are unethical as well as illegal from the utilitarian theory as it is not benefitting any one and proves to be disadvantageous for all the people. Deontology theory states that when ethics are in play people should stick to their duties and responsibilities during decision making. From the point of view of the people and layman whose information are getting compromised, in this context companies are deontologically wrong in ethical context as they are not adhering their moral responsibilities and duties. The ethical theor y of virtue judges a person by his or her character rather than by any action or work which may deviate from the normal behavior of a person. Thus, the actions of cyber security crime are considered virtually wrong in ethical context as the when the theory judged moral, reputation and motivation of the hackers which seems to be unusual and irregular behavior, so it is considered unethical (Moreland, 2017; Larry Chonko, 2017). In line with the above- stated issues there are some recommendations which can help in resolving the problems. It is recommended that companies and organizations should use the technologically advanced system so that it becomes difficult for the hackers to gain access to the information. The government should make compulsory for every organization to be prepared for any cyber security attack and should have a security system so that the attacks are prevented well before they get worse. Moreover, the government should impose fines on the organizations of not taking proper care of the material personal and confidential information. The companies having personal information of their customers should make a promise to its customers and make them trust on them that their information is safe and secure with the company and there are no chances of compromise and damage to their information. In addition to this, people should be made aware about the illegal and unethical practices of cyber s ecurity crimes so that the number of crimes can be reduced up to an extent. Moreover, the government should also focus on enforcing the strong privacy and security laws and also upgrading the privacy procedures and policies with the objective of maintaining privacy breach. This will make more authorized users of information eliminating many fraud and illegal access. It will also let the user have full control on their information and any access to their information will be done with their consent. The essay starts with the current state of the internet, computer, and technology in the modern world. It also highlights the uses and need of internet and its importance in daily life which leads to the overdependence on the internet. Further, the essay is followed by examples, statistics and recorded cases of cyber security crime which can act as the supporters of our argument. Afterwards ethical analysis of these cyber crime issues is done with the help of ethical theories and it reflects why these actions are wrong when placed opposite ethics. In the end, various recommendations are provided to settle the problems of cyber security crime and with the objective of reducing the number of recorded cyber crime cases. Therefore, a conclusion can be made that no matter how important internet and other information and communication technologies are in our lives, there are many loop holes which affect material and key information of a person, organization or government. So there is a nee d to work hard on this matter to provide better service specifically in the areas of privacy and security and leads to a balance between the two of them. References Business Dictionary, 2017. Privacy. [Online] Available at: https://www.businessdictionary.com/definition/privacy.html [Accessed 13 may 2017]. Conventus Law, 2016. Cyber Security: The Balance Between Security And Privacy. [Online] Available at: https://www.conventuslaw.com/report/cyber-security-the-balance-between-security-and/ [Accessed 13 may 2017]. Fischer, E. A., 2016. Cybersecurity Issues and Challenges: In Brief, s.l.: s.n. Klimburg, A., 2017. National Cyber Security, s.l.: s.n. Larry Chonko, 2017. Ethical Theories, s.l.: s.n. Moreland, J. P., 2017. Ethics Theories: Utilitarianism Vs. Deontological Ethics. [Online] Available at: https://www.equip.org/article/ethics-theories-utilitarianism-vs-deontological-ethics/ [Accessed 12 may 2017]. Pearce, R., 2017. Cyber Security Centre survey reveals alarming rate of data breaches. [Online] Available at: https://www.computerworld.com.au/article/617897/cyber-security-centre-survey-reveals-alarming-rate-data-breaches/ [Accessed 12 may 2017]. Prakash, V., 2017. 1306 words free sample essay on Cyber Crime. [Online] Available at: https://www.preservearticles.com/201106117816/1306-words-free-sample-essay-on-cyber-crime.html [Accessed 13 may 2017]. TechTarget, 2016. Cyber Security. [Online] Available at: https://whatis.techtarget.com/definition/cybersecurity [Accessed 13 may 2017]. The Economic Times, 2017. Definition of 'Cyber Security'. [Online] Available at: https://economictimes.indiatimes.com/definition/cyber-security [Accessed 13 may 2017].