Osborne Books Tutor Zone. Bookkeeping Controls. Chapter activities

Size: px
Start display at page:

Download "Osborne Books Tutor Zone. Bookkeeping Controls. Chapter activities"

Transcription

1 Osborne Books Tutor Zone Bookkeeping Controls Chapter activities Osborne Books Limited, 2016

2 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 Which one of the following is true? A standing order is set up by the person making the payments A standing order is set up by the person receiving the payments A standing order is set up for variable amounts 1.2 A CHAPS payment is: A fast payment which can be set up by a customer with an online bank account A high value same day payment set up by a bank for its customer A high value same day payment which is set up by a bank and can be cancelled if required 1.3 A business regularly receives payment for goods ordered on its website. Payment may be made using (tick the two correct options): A debit card using Chip and PIN A credit card using details including the card number, security code and expiry date A debit card using details including the card number, security code and expiry date

3 c h a p t e r a c t i v i t i e s Show whether the following types of payment are electronic or not electronic. Electronic Not electronic (d) (e) (f) (g) Debit card Contactless credit card Computer-printed cheque Cash Faster payment Bank draft Direct debit 1.5 When writing out a cheque to be used as a form of payment, which of the following must be filled in by hand? (d) (e) (f) (g) (h) (i) (j) (k) Amount in figures Payer s name Date Amount in words Authorised signature Payee s bank details Payee s name Name of person signing the cheque Account payee only crossing Counterfoil details Direct debit

4 4 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1.6 You are running a business and need to make various payments. Choose the method of payment from the following list that best suits the situations in the table below. Direct debit Business credit card CHAPS payment Bank draft Faster payment Cash Standing order Cheque Monthly rent payments for business premises Monthly settlement of a business credit card bill Payment of a credit supplier s account Purchase of computer equipment at a retailer in person Donation of 10 to local charity who collect door to door Same-day payment for a new storage facility costing 45,000 via a solicitor

5 c h a p t e r a c t i v i t i e s 5 2 Payment methods and the bank account balance 2.1 An overdraft has the following features: (d) Limit set, interest charged on that limit, arranged for a set time period Limit set, interest charged on amount borrowed, arranged for a set time period Limit set, interest charged on that limit, fee payable Limit set, interest charged on amount borrowed, security always required Select the correct option. 2.2 A bank draft is: A customer cheque guaranteed by the bank, as good as cash, deducted on the day issued A cheque written out by a bank, as good as cash, deducted on the day issued A cheque written out by a bank, as good as cash, deducted when paid into another bank Select the correct option. 2.3 A Faster Payment is deducted from the payer s bank account within: Two hours Two days Three days Select the correct option.

6 6 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 2.4 Link the payment methods on the left with how quickly they will affect the business bank account balance of the payer. You may use a timescale more than once. Credit card Cheque paid in at a different bank to the cheque issuer CHAPS BACS payment Cash withdrawn One day Monthly 3 working days Same day Next working day 2.5 Complete the following sentences by choosing from the words shown below. A bank will charge on an overdrawn account. It may also charge for setting up overdraft arrangements. An overdraft is a form of short-term for a business. An overdrawn account will show as a on the bank statement and a in the business cash book. It is normal for a bank to debit bank for running an account. current expense lending credit fees charges debit borrowing interest

7 c h a p t e r a c t i v i t i e s A business has the following liabilities at close of business on 28 March when its current account balance in the cash book is 7,942 debit. This matches the balance on the bank statement. Net wages of 2,282 due to employees by BACS on 29 March. The BACS payment was set up on 27 March. Credit card provider, 1,054, due by direct debit on 31 March Account payments of 4,507 due to credit suppliers by Faster Payments on 31 March Standing order for business rates 332 due 1 April All payments are to be made on time. 31 March is a Friday. Assuming that no other transactions but those shown above take place, What will be the bank account balance at close of business on 31 March? Is it a debit or credit balance? Debit/ Credit Is this an overdraft? Yes / No

8 8 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 3 Bank reconciliation statements 3.1 Upon receipt of a bank statement, which two of the following must be written into the firm s cash book? 1 bank charges 2 unpresented cheques 3 direct debit payments 4 outstanding lodgements 1 and 3 2 and 4 1 and 4 (d) 2 and A firm s bank statement shows a balance of 850 credit. Unpresented cheques total 2,250; outstanding lodgements total 750. What is the balance at bank shown by the cash book? 2,350 debit 2,350 credit 650 debit (d) 650 credit

9 c h a p t e r a c t i v i t i e s The bank columns of Chris Hart's cash book for May 20-4 are as follows: 20-4 Receipts 20-4 Payments 1 May Balance b/d May Curtis Ltd May Hawkins Ltd May T Daniels May B Morgan May Smith & Co May Arnold & Sons May P Singh He received his bank statement which showed the following transactions for May 20-4: BANK STATEMENT Payments Receipts Balance May Balance brought forward CR 6 May Cheque no CR 7 May Cheque no CR 8 May Credit , CR 15 May BACS credit: AJ Traders , CR 22 May Cheque no , CR 24 May Direct debit: Arley Finance CR 25 May Cheque no CR You are to: Check the items on the bank statement against the items in the cash book and update the cash book accordingly; total the cash book and show the balance carried down at 31 May Prepare a bank reconciliation statement at 31 May 20-4 which agrees the bank statement balance with the cash book balance.

10 1 0 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 3.4 On 30 November Segovia Ltd received the following bank statement as at 24 November BANK STATEMENT Date Details Paid out Paid in Balance Nov Balance brought forward 1,991 C 02 Nov Cheque ,736 C 04 Nov BACS credit: R Phillips 1,364 3,100 C 05 Nov Cheque ,700 1,400 C 07 Nov Cheque C 12 Nov Paid into bank 1,517 1,995 C 13 Nov Cheque ,643 C 18 Nov BACS credit: Walters & Co 2,392 4,035 C 19 Nov Direct debit: Wyvern Council 245 3,790 C 20 Nov Cheque ,994 C 24 Nov Bank charges 50 2,944 C 24 Nov Cheque ,062 1,882 C D = Debit C = Credit

11 c h a p t e r a c t i v i t i e s 1 1 The cash book as at 24 November 20-2 is shown below. CASH BOOK Date Details Bank Date Cheque Details Bank number 01 Nov Balance b/f 1, Nov Mercia Supplies Nov R Phillips 1, Nov Perran Ltd 1, Nov Begley & Co 1, Nov Wilson Ltd Nov Egan Ltd 2, Nov Durning Stores 1, Nov Dholiwar Ltd 1, Nov Bromfields Nov Scott Ltd Nov Wyvern Council Nov HTP Ltd 968 Check the items on the bank statement against the items in the cash book. Enter any items in the cash book as needed. Total the cash book and clearly show the balance carried down at 24 November (closing balance) and brought down at 25 November (opening balance). Select your entries for the Details column from the following list: Balance b/f, Balance c/d, Bank charges, Begley & Co, Bromfields, Closing balance, Dholiwar Ltd, Durning Stores, Egan Ltd, HTP Ltd, Mercia Supplies, Opening balance, Perran Ltd, R Phillips, Scott Ltd, Walters & Co, Wilson Ltd, Wyvern Council.

12 1 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e (d) Complete the bank reconciliation statement as at 24 November. Select your entries for the Details column from the following list: Bank charges, Begley & Co, Bromfields, Dholiwar Ltd, Durning Stores, Egan Ltd, HTP Ltd, Mercia Supplies, Perran Ltd, R Phillips, Scott Ltd, Walters & Co, Wilson Ltd, Wyvern Council. Bank reconciliation statement as at 24 November 20-2 Balance as per bank statement Add Name: Name: Total to add Less Name: Name: Total to subtract Balance as per cash book

13 c h a p t e r a c t i v i t i e s Using control accounts 4.1 You have the following information for the month: customer balances at start of month 36,247 credit sales 20,391 sales returns 1,038 money received from customers 18,416 discounts allowed 184 irrecoverable debt written off 220 What is the figure for customer balances at the end of the month? 32,830 33,270 36,780 (d) 37, You have the following information for the month: supplier balances at start of month 19,542 credit purchases 12,764 purchases returns 391 money paid to suppliers 11,048 discounts received 164 What is the figure for supplier balances at the end of the month? 20,703 18,381 21,485 (d) 21,031

14 1 4 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 4.3 You have the following information for the month: Balance of VAT account at start of month 1,876 credit VAT from sales day book 1,278 VAT from purchases day book 850 VAT from sales returns day book 112 VAT from purchases returns day book 44 VAT from discounts allowed day book 26 VAT from discounts received day book 17 VAT from cash sales 561 What is the balance of VAT account at the end of the month? 964 credit 2,924 credit 4,764 credit (d) 2,788 credit

15 c h a p t e r a c t i v i t i e s You work as an Accounts Assistant for Ikpasa Limited. Today you are working on the purchases ledger control account and purchases ledger. A summary of transactions with credit suppliers during the month of August is shown below. Show whether each entry will be a debit or a credit in the purchases ledger control account in the general ledger. Details Amount Debit Credit Balance of credit suppliers at 1 August 29,338 Purchases from credit suppliers 18,174 Payments to credit suppliers 19,351 Discounts received 176 Goods returned to credit suppliers 847 What will be the balance brought down on 1 September on the above account? Dr 27,490 Cr 27,490 Dr 31,538 (d) Cr 31,538 (e) Dr 27,138 (f) Cr 27,138 The following credit balances were in the purchases ledger on 1 September. Siddique Ltd 4,954 Patterson & Co 5,821 A Cracknell 3,954 De Waal Ltd 6,286 Luxon Stores 3,470 Denison plc 2,998

16 1 6 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Reconcile the balances shown on the previous page with the purchases ledger control account balance calculated in part. Balance on purchases ledger control account at 1 September Total of the purchases ledger balances at 1 September Difference (d) What may have caused the difference you calculated in part? (d) Discounts received was entered twice in the purchases ledger A purchases invoice was entered twice in the purchases ledger A purchases invoice was not entered in the purchases ledger A credit balance in purchases ledger has been recorded in error as a debit balance (e) Which one of the following statements is true? Reconciliation of the purchases ledger control account assures managers that the amount showing as outstanding from trade receivables is correct Reconciliation of the purchases ledger control account assures managers that the amount showing as outstanding to trade payables is correct Reconciliation of the purchases ledger control account will show if a sales return has been omitted from the purchases ledger (d) Reconciliation of the purchases ledger control account will show if a sales return has been omitted from the sales ledger

17 c h a p t e r a c t i v i t i e s You work as an Accounts Assistant for Keating Ltd. Today you are working on the VAT control account. The following figures have been taken from Keating Ltd s books of prime entry: Totals for quarter Sales day book Purchases day book Net 54,960 Net 26,280 VAT 10,992 VAT 5,256 Gross 65,952 Gross 31,536 Sales returns day book Purchases returns day book Net 1,720 Net 840 VAT 344 VAT 168 Gross 2,064 Gross 1,008 Cash book: cash sales Discounts received day book Net 5,680 Net 520 VAT 1,136 VAT 104 Gross 6,816 Gross 624 What will be the entries in the VAT control account to record the VAT transactions in the quarter? Select your entries for the Details columns from the following list: Cash sales, Discounts received, Discounts received day book, Purchases, Purchases day book, Purchases returns, Purchases returns day book, Sales, Sales day book, Sales returns, Sales returns day book, Value Added Tax. VAT control Details Amount Details Amount The VAT Return has been completed and shows an amount owing to HM Revenue & Customs of 6,800. Is the VAT Return correct? Yes No

18 1 8 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 5 The journal 5.1 Which one of the following transactions will be recorded in the journal? Bank payment to a supplier Sale of goods on credit Petty cash payment for stationery (d) Writing off an irrecoverable debt 5.2 Heather Shaw started in business on 1 June 20-8 with the following assets and liabilities: Office equipment 10,500 Inventory 3,300 Cash 200 Bank 1,400 Trade payable 1,700 Bank loan 2,500 Use the form below to prepare Helen Shaw s opening journal entry, showing clearly her capital at 1 June Date Details Reference Dr Cr 20-8

19 c h a p t e r a c t i v i t i e s You are employed by Teasdale Supplies as an Accounts Assistant. Today the Accounts Supervisor tells you that a credit customer, Hinson Haulage, has ceased trading, owing Teasdale Supplies 440 plus VAT. Record the journal entries needed in the general ledger to write off the net amount and the VAT. Select your account names from the following list: Irrecoverable debts, Hinson Haulage, Purchases, Purchases ledger control, Teasdale Supplies, Sales, Sales ledger control, Value Added Tax. Account name Amount Debit Credit Teasdale Supplies has started a new business, Teasdale Developments, and a new set of accounts is to be opened. A partially completed journal to record the opening entries is shown below. Record the journal entries needed in the accounts in the general ledger of Teasdale Developments to deal with the opening entries. Account name Amount Debit Credit Inventory 3,412 Office equipment 15,200 Cash at bank 1,874 Sales ledger control 11,391 Purchases ledger control 6,987 Rent 5,310 Heating and lighting 846 Wages 4,105 Bank loan 10,600 Capital 24,551 Journal to record the opening entries of the new business

20 2 0 b o o k k e e p i n g c o n t r o l s t u t o r z o n e The following information is used in multiple-choice questions 5.4, 5.5 and 5.6. The payroll system of Cilenti Limited has recorded the following totals for the month of May: gross wages 120,360 income tax 33,120 employer s National Insurance contributions 13,390 employees National Insurance contributions 10,840 employer s pension contributions 4,100 employees pension contributions 4,100 trade union fees The total payment to HM Revenue & Customs for the month is: 57,350 33,120 46,510 (d) 65, The total wages expense to the employer is: 136, , ,850 (d) 186, The total net pay to employees is: 68,900 71, ,360 (d) 87,240

21 c h a p t e r a c t i v i t i e s You are employed by Lockton Limited as an Accounts Assistant. Lockton Limited pays its employees through the bank every month and maintains a wages control account. A summary of last month s payroll transactions is shown below. Item Gross wages 45,833 Income tax 6,987 Employer's National Insurance contributions 2,045 Employees National Insurance contributions 1,822 Employer s pension contributions 953 Employees pension contributions 953 Record the journal entries needed in the general ledger to: (d) Record the wages expense. Record HM Revenue & Customs liability. Record the net wages paid to the employees. Record the pension fund liability. Select your account names from the following list: Bank, Employees National Insurance, Employer s National Insurance, HM Revenue & Customs, Income tax, Net wages, Pension fund, Wages control, Wages expense. Account name Amount Debit Credit Account name Amount Debit Credit

22 2 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Account name Amount Debit Credit (d) Account name Amount Debit Credit

23 c h a p t e r a c t i v i t i e s The trial balance and correction of errors 6.1 State what type of error has occurred in the following situations. Choose from the options below. Error of commission Error of original entry Compensating error Error of principle Reversal of entries Error of omission Type of error A sales credit note has not been entered into the accounts Bank interest received has been debited to Interest received and credited to Bank The cost of computer repairs has been debited to Computer equipment (original cost) Purchases has been undercast by 80. The balance of the discounts allowed account is 80 less than it should be A purchase invoice from K Burns Ltd has been credited to the account of K Burning Ltd A cash sale of 204 including VAT has been entered in the cash book as 240 including VAT 6.2 Advertising expenses of 340 paid from the bank have been recorded in the double-entry accounts as 430. Which one of the following entries will correct the error? Debit Credit Bank 430 Advertising expenses 430 Advertising expenses 430 Bank 430 Bank 430 Advertising expenses 430 Advertising expenses 340 Bank 340 (d) Advertising expenses 430 Bank 430 Bank 340 Advertising expenses 340

24 2 4 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 6.3 The trial balance of Sampson Storage does not balance. The debit column totals 148,374 and the credit column totals 149,521. What entry will be made in the suspense account to balance the trial balance? Account name Amount Debit Credit Suspense It is important to understand the type of errors that are disclosed by a trial balance and those that are not. Show whether the errors below cause an imbalance in the trial balance or not. Error in the general ledger Error causes Error does NOT an imbalance cause an imbalance The cost of stationery has been debited to office equipment account and debited to bank account A cash sale has been recorded in the cash book only A bank payment for heating and lighting has been debited to bank account and credited to heating and lighting account Rent paid of 540 has been recorded as 450 in the cash book and rent paid account A bank payment for office equipment has not been entered in the accounts The balance of sales ledger control account has been calculated incorrectly

25 c h a p t e r a c t i v i t i e s The initial trial balance of Taiwo Trading at 31 October 20-2 did not balance. The difference of 54 was placed into a suspense account. The error has been traced to the sales day book as shown below. Sales day book Date Details Invoice Total VAT Net 20-2 number 31 Oct Stretton Stores Oct Cottle and Co , Oct Dunlevy plc , Totals 2, ,440 Identify the error and record the journal entries needed in the general ledger to: (1) Remove the incorrect entry. (2) Record the correct entry. (3) Remove the suspense account balance. Select your account names from the following list: Cottle and Co, Dunlevy plc, Purchases, Purchases day book, Purchases ledger control, Purchases returns, Purchases returns day book, Sales, Sales day book, Sales ledger control, Sales returns, Sales returns day book, Stretton Stores, Suspense, Value Added Tax. (1) Account name Amount Debit Credit (2) Account name Amount Debit Credit (3) Account name Amount Debit Credit

26 2 6 b o o k k e e p i n g c o n t r o l s t u t o r z o n e An entry to record a bank receipt of 350 for rent received has been reversed. Record the journal entries needed in the general ledger to: (1) Remove the incorrect entry. (2) Record the correct entry. Select your account names from the following list: Bank, Cash, Purchases, Purchases ledger control, Rent received, Sales, Sales ledger control, Suspense, Value Added Tax. (1) Account name Amount Debit Credit (2) Account name Amount Debit Credit

27 c h a p t e r a c t i v i t i e s The trial balance of Lorenz and Co included a suspense account. All the bookkeeping errors have now been traced and the journal entries shown below have been prepared. Journal entries Account name Debit Credit Wages 195 Suspense 195 Suspense 425 Sales 425 Vehicle expenses 80 Vehicles 80 As the Accounts Assistant at Lorenz and Co, you are to post the journal entries to the general ledger accounts. Dates are not required. Select your entries for the Details columns from the following list: Balance b/f, Sales, Suspense, Vehicle expenses, Vehicles, Wages. Sales Details Amount Details Amount Suspense Details Amount Details Amount Balance b/f 230

28 2 8 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Vehicle expenses Details Amount Details Amount Vehicles Details Amount Details Amount Wages Details Amount Details Amount

29 c h a p t e r a c t i v i t i e s On 31 December 20-2 Linen Supplies Ltd extracted an initial trial balance which did not balance, and a suspense account was opened. On 1 January 20-3 journal entries were prepared to correct the errors that had been found, and to clear the suspense account. The list of balances in the initial trial balance, and the journal entries to correct the errors, are shown below and on the next page. As the Accounts Assistant at Linen Supplies Ltd, you are to redraft the trial balance by placing the figures in the debit or credit column. You should take into account the journal entries (on the next page) which will clear the suspense account. Account name Balances Balances at extracted on 1 January December 20-2 Debit Credit Inventory 5,640 Sales ledger control 11,453 Purchases ledger control 6,726 Petty cash control 122 Capital 22,611 VAT owing to HM Revenue & Customs 1,594 Bank (overdraft) 3,827 Cash 496 Sales 74,012 Sales returns 1,475 Purchases 36,823 Purchases returns 308 Discounts allowed 1,480 Discounts received 736 Wages 19,414 Advertising 3,727 Insurance 1,496 Heating and lighting 2,023 Rent and rates 5,671 Miscellaneous expenses 854 Office equipment 18,800 Suspense account (debit balance) 340 Totals

30 3 0 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Journal entries Account name Debit Credit Suspense 350 Sales 350 Account name Debit Credit Suspense 450 Rent and rates 450 Rent and rates 540 Suspense 540 Account name Debit Credit Office equipment 600 Suspense 600

Osborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities

Osborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities Osborne Books Tutor Zone Bookkeeping Controls Answers to chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 (a) A standing order

More information

Osborne Books Tutor Zone. Bookkeeping 2. Chapter activities

Osborne Books Tutor Zone. Bookkeeping 2. Chapter activities Osborne Books Tutor Zone Bookkeeping 2 Chapter activities Osborne Books Limited, 2013 2 b o o k k e e p i n g 2 t u t o r z o n e 1 Banks, building societies and payment systems 1.1 Building societies

More information

Osborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 1

Osborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 1 Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 1 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Payment Payment of expenses by

More information

Osborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 2

Osborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 2 Osborne Books Tutor Zone Bookkeeping Controls Practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Complete all 10 tasks. Each task is independent.

More information

Osborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 1

Osborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 1 Osborne Books Tutor Zone Bookkeeping Controls Practice assessment 1 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Complete all 10 tasks. Each task is independent.

More information

Osborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2

Osborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2 Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Variable monthly bill for broadband

More information

THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers

THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers 1. (a) Wages expense 114,866 Wages control 114,866 (b) PAYE/ NI 23,349 Bank 23,349 (c) Wages

More information

Foundation Certificate Synoptic

Foundation Certificate Synoptic Osborne Books Tutor Zone Foundation Certificate Synoptic Practice assessment 1 Osborne Books Limited, 2016 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e I n f o r m a t

More information

Osborne Books Tutor Zone. Advanced Bookkeeping. Chapter activities

Osborne Books Tutor Zone. Advanced Bookkeeping. Chapter activities Osborne Books Tutor Zone Advanced Bookkeeping Chapter activities Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 Link the elements of the

More information

Bank reconciliation statements

Bank reconciliation statements 5 Bank reconciliation statements this chapter covers... this chapter covers... The preparation of bank reconciliation statements requires a knowledge of: bank statements - see page 69 simple cash book

More information

Foundation Certificate Synoptic

Foundation Certificate Synoptic Osborne Books Tutor Zone Foundation Certificate Synoptic Answers to practice assessment 2 Osborne Books Limited, 2016 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e Task

More information

Tuesday 6 December 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time

Tuesday 6 December 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 6 December 2005 (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading

More information

Osborne Books Tutor Zone. Advanced Bookkeeping. Answers to chapter activities

Osborne Books Tutor Zone. Advanced Bookkeeping. Answers to chapter activities Osborne Books Tutor Zone Advanced Bookkeeping Answers to chapter activities Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 FINANCIAL DOCUMENTS

More information

Osborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1

Osborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1 Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Task 1 This task is about non-current assets. You

More information

This exam paper is in two sections. You should try to complete every task in both sections.

This exam paper is in two sections. You should try to complete every task in both sections. Exam NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) 2003 Standards Tuesday 4 December 2007 (afternoon) Time allowed 3 hours plus 15 minutes reading time Please

More information

This exam paper is in two sections. You should try to complete every task in both sections.

This exam paper is in two sections. You should try to complete every task in both sections. Exam NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) 2003 Standards Tuesday 17 June 2008 (afternoon) Time allowed - 3 hours plus 15 minutes reading time Please

More information

Final accounts for sole traders and partnerships

Final accounts for sole traders and partnerships Osborne Books Tutor Zone Final accounts for sole traders and partnerships Practice assessment 2 Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s

More information

ICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation

ICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation ICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation Compiling financial statement Compiling financial statement

More information

Foundation Certificate Synoptic

Foundation Certificate Synoptic Osborne Books Tutor Zone Foundation Certificate Synoptic Practice assessment 2 Osborne Books Limited, 2016 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e I n f o r m a t

More information

Bookkeeping Transactions

Bookkeeping Transactions Osborne Books Tutor Zone Bookkeeping Transactions Answers to chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g t r a n s a c t i o n s t u t o r z o n e 1 The accounting system 1.1

More information

Chapter 5. Control Accounts. Notes to teachers

Chapter 5. Control Accounts. Notes to teachers Chapter 5 Control Accounts Notes to teachers 1 Start with Chapters 3 and 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the books and

More information

THE TRIAL BALANCE AND THE CORRECTION OF ERRORS

THE TRIAL BALANCE AND THE CORRECTION OF ERRORS CHAPTER 22 THE TRIAL BALANCE AND THE CORRECTION OF ERRORS Question 1 Error Type of error 1 An invoice received from a supplier for $657 was recorded in the purchases day book as being for $567 Error of

More information

BSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II

BSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II BSc (Hons) Tourism and Hospitality Management Cohort: BTHM/12B/FT Year 1 Examinations for 2012/2013 Semester I & 2012 Semester II MODULE: FINANCIAL ACCOUNTING MODULE CODE: ACCF 1102A Duration: 2 Hours

More information

THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Group Activity Questions

THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Group Activity Questions THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Group Activity Questions 1. has issued the following sales invoice and credit notes and you are required to enter these into the relevant

More information

Chapter 5 Extra review questions

Chapter 5 Extra review questions Accounting for Non-Accountants 10th Online Material 1 Chapter 5 Extra review questions 1 Enter up the entries needed in the journal to correct the following errors. Narratives are not required: (a) Advertising

More information

Final accounts for sole traders and partnerships

Final accounts for sole traders and partnerships Osborne Books Tutor Zone Final accounts for sole traders and partnerships Chapter activities Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s h

More information

Tuesday 14 June 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time

Tuesday 14 June 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 14 June (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading time Please

More information

AAT AQ2016 SAMPLE ASSESSMENT BOOKKEEPING TRANSACTIONS. Time allowed: 2 hours

AAT AQ2016 SAMPLE ASSESSMENT BOOKKEEPING TRANSACTIONS. Time allowed: 2 hours AAT AQ2016 SAMPLE ASSESSMENT BOOKKEEPING TRANSACTIONS Time allowed: 2 hours BTRN: BOOKKEEPING TRANSACTIONS The tasks in this assessment are set in different business situations where the following apply:

More information

SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME

SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME All Rights Reserved No. of Pages - 12 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP B) END SEMESTER

More information

ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS

ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS 1.The following control account has been prepared by a trainee accountant: Opening balance 308,600 Cash received from credit customers

More information

Qualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210

Qualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210 Exam ID 208 QUESTION PAPER Qualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210 Level 2 Certificate in Bookkeeping QCF (Accreditation number: 500/9053/7)

More information

PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )

PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner ) 50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should

More information

GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks

GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks INSTRUCTIONS: 1. You are provided with complete cash journals of Mars & Sons who are a stationery shop that sell to the public at a mark-up

More information

THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Practice Assessment: Answers

THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Practice Assessment: Answers THE TRAINING PLACE OF EXCELLENCE Processing Bookkeeping Transactions Practice Assessment: Answers 1. Sales Day Book Date Details Customer account code Invoice number Total VAT Net APA ABB 20/1/XX Tomsi

More information

CBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that

CBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that CBA Model Question Paper CO2 Question 1 The difference between an income statement and an income and expenditure account is that A an income and expenditure account is an international term for a Income

More information

SIR MICHELANGELO REFALO

SIR MICHELANGELO REFALO SIR MICHELANGELO REFALO SIXTH FORM Half-Yearly Exam 2015 Subject: ACCOUNTING ADV 1 st Time: 3 hrs Section A Answer all the questions in this section 1. Some clubs operate life membership schemes. (a) How

More information

Final Accounts Preparation

Final Accounts Preparation Osborne Books Tutor Zone Final Accounts Preparation Chapter activities Osborne Books Limited, 2016 2 f i n a l a c c o u n t s p r e p a r a t i o n t u t o r z o n e 1 Business organisations 1.1 Link

More information

Executive Level. Financial Accounting & Reporting Fundamentals. (3) Section 1(a): 10 multiple choice questions (MCQs) all questions are compulsory.

Executive Level. Financial Accounting & Reporting Fundamentals. (3) Section 1(a): 10 multiple choice questions (MCQs) all questions are compulsory. Copyright Reserved No. of pages: 14 Executive Level Financial Accounting & Reporting Fundamentals Instructions to candidates (1) Time allowed: Reading and planning 15 minutes Writing 3 hours (2) Total:

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS Institute of Information Technology Abbottabad COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A Class: Date: Subject: Accounting Instructor: Zaheer A. Swati Time Allowed: 30 Minutes Max Marks:

More information

Answers to activities, practice exercises and exam practice questions

Answers to activities, practice exercises and exam practice questions Answers to activities, practice exercises and exam practice questions This text has not been through the Cambridge endorsement process. 2 [1] The cheque which Noel cashed was for his personal expenses.

More information

Tuesday 15 June 2004 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time

Tuesday 15 June 2004 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 15 June 2004 (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading time

More information

ACCN1 (JAN12ACCN101) General Certificate of Education Advanced Subsidiary Examination January Introduction to Financial Accounting TOTAL

ACCN1 (JAN12ACCN101) General Certificate of Education Advanced Subsidiary Examination January Introduction to Financial Accounting TOTAL Centre Number Surname Candidate Number For Examiner s Use Other Names Candidate Signature Examiner s Initials Accounting General Certificate of Education Advanced Subsidiary Examination January 2012 ACCN1

More information

Prepare the necessary journal entries to correct the above. Narrations are not required.

Prepare the necessary journal entries to correct the above. Narrations are not required. Correction of errors HKDSE (2017, 5) (Correction of errors) ABC Limited drafted a trial balance as at 31 December 2016, before the preparation of the closing entries. As the trial balance did not agree,

More information

COMSATS INSTITUTE OF INFORMATION TECHNOLOGY, ABBOTTABAD

COMSATS INSTITUTE OF INFORMATION TECHNOLOGY, ABBOTTABAD COMSATS INSTITUTE OF INFORMATION TECHNOLOGY, ABBOTTABAD Registration # Signature Quiz # 2 and 3 Financial MBA 1(3.5) Instructions: 1. Borrowing of Calculator, Ruler etc. is not allowed 2. Switch off Mobile

More information

INTERNATIONAL GCSE Accounting (9-1)

INTERNATIONAL GCSE Accounting (9-1) INTERNATIONAL GCSE Accounting (9-1) SAMPLE ASSESSMENT MATERIALS Pearson Edexcel International GCSE in Accounting (4AC1) For first teaching September 2017 First examination June 2019 INTERNATIONAL GCSE

More information

Paper F3 (INT) Financial Accounting. June 2010 ACCA FINAL ASSESSMENT. Kaplan Publishing/Kaplan Financial

Paper F3 (INT) Financial Accounting. June 2010 ACCA FINAL ASSESSMENT. Kaplan Publishing/Kaplan Financial ACCA FINAL ASSESSMENT Financial Accounting June 2010 Time allowed: 2 hours All FIFTY questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. This question

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *8635910665* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/21 Paper 2 October/November 2011 Candidates answer on the Question

More information

Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m.

Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m. Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate

More information

June 2014 Examination Question Paper

June 2014 Examination Question Paper June 2014 Examination Question Paper 208 Exam ID 2050 Exam ID Question Paper for the following Qualifications: 200: Level 2 Certificate in Bookkeeping QCF: 50090537 210: Level 2 Award in Manual Bookkeeping

More information

Principles of Accounts. Comprehensive Worksheet. Class 9. 2 nd Term

Principles of Accounts. Comprehensive Worksheet. Class 9. 2 nd Term Principles of Accounts Comprehensive Worksheet Class 9 2 nd Term The City School / PAF Chapter/ Comprehensive Worksheet/May 2018/ Accounts Class 9 Page 1 of 8 Topics for 2 nd Term 1. Statement of profit

More information

0452 ACCOUNTING. 0452/12 Paper 1, maximum raw mark 120

0452 ACCOUNTING. 0452/12 Paper 1, maximum raw mark 120 CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2014 series 0452 ACCOUNTING 0452/12 Paper 1, maximum raw mark 120 This mark scheme

More information

XI ACCOUNTING REGULAR / PRIVATE. S.Hussain

XI ACCOUNTING REGULAR / PRIVATE. S.Hussain The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

Module Title: Financial Accounting 2

Module Title: Financial Accounting 2 CORK INSTITUTE OF TECHNOLOGY INSTITIÚID TEICNEOLÍOCHT CHORCÍ Semester 2 Examinations 2007/08 Module Title: Financial ccounting 2 Module Code: CCT 6009 School: School of usiness Programme Title: achelor

More information

THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions

THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd

More information

The Role of the Bookkeeper Types of Businesses The concepts of Business Entity and Historic Cost Setting up the Bank Account The Analysed Cash Book

The Role of the Bookkeeper Types of Businesses The concepts of Business Entity and Historic Cost Setting up the Bank Account The Analysed Cash Book Paper B1 - Level 2 Unit 1 The Role of the Bookkeeper Types of Businesses The concepts of Business Entity and Historic Cost Setting up the Bank Account The Analysed Cash Book 1. Introduction You have probably

More information

Cambridge International Examinations Cambridge International General Certificate of Secondary Education

Cambridge International Examinations Cambridge International General Certificate of Secondary Education *7159834754* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 May/June 2014 Candidates answer on the Question Paper. No

More information

Profit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital

Profit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit

More information

Supplemental Instruction Handouts Financial Accounting Review of Chapters 5, 6, 7 and Appendix II

Supplemental Instruction Handouts Financial Accounting Review of Chapters 5, 6, 7 and Appendix II Supplemental Instruction Handouts Financial Accounting Review of Chapters 5, 6, 7 and Appendix II 1. The following transactions were recorded by Carmen s Antique Shop for the month of June. June 1 st purchased

More information

Osborne Books sample material

Osborne Books sample material 2 AS Accounting for AQA AS ACCOUNTING UNIT 1: Introduction to Financial Accounting ADDITIONAL QUESTIONS CHAPTERS 1-6: DOUBLE-ENTRY PROCEDURES; BUSINESS DOCUMENTS The questions in this section deal with

More information

Institute of Certified Bookkeepers

Institute of Certified Bookkeepers Making you count Institute of Certified Bookkeepers Level II Certificate in Bookkeeping Syllabus from April 2014 1 Level II Certificate in Bookkeeping from April 2014 Course Code L2C Introduction Level

More information

This document consists of 9 printed pages.

This document consists of 9 printed pages. Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/21 Paper 2 MARK SCHEME Maximum Mark: 120 Published This mark scheme is published as an aid to teachers and candidates,

More information

1 (a) Give one example of a current asset.

1 (a) Give one example of a current asset. 1 (a) Give one example of a current asset. (b) Name the accounting concept which states that only the financial transactions of the business should be recorded in the business s books. (c) Green bought

More information

Current liability Creditors mark each

Current liability Creditors mark each .. Jacintha Trading and Profit and Loss Account for the year ended 3 December 200 $ $ $ Opening stock 60000 Sales 63000 Purchases 26500 Less sales returns 550 Less purchases returns 475 62450 26025 Add:

More information

Financial Accounting. Sample Paper 3 Questions & Suggested Solutions. Page 1 of 31

Financial Accounting. Sample Paper 3 Questions & Suggested Solutions. Page 1 of 31 Financial Accounting Sample Paper 3 Questions & Suggested Solutions Page 1 of 31 NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide

More information

Cambridge International Examinations Cambridge International General Certificate of Secondary Education

Cambridge International Examinations Cambridge International General Certificate of Secondary Education Cambridge International Examinations Cambridge International General Certificate of Secondary Education *0736616253* ACCOUNTING 0452/12 Paper 1 February/March 2016 1 hour 45 minutes Candidates answer on

More information

Processing bookkeeping transactions. Webinar notes

Processing bookkeeping transactions. Webinar notes Processing bookkeeping transactions Webinar notes Principles of double-entry For every debit entry there must be an equal credit entry or entries Information is summarised in books of prime entry Totals

More information

QUESTION 1: (94 Marks, 56 Minutes)

QUESTION 1: (94 Marks, 56 Minutes) QUESTION 1: (94 Marks, 56 Minutes) This question consists of three parts. PART A The following information was found in the books of Lynnwood Auto on 29 February 2008, the last day of the financial year.

More information

Foundation Access Course for Undergraduate Programmes. Examinations for / Semester 1

Foundation Access Course for Undergraduate Programmes. Examinations for / Semester 1 Foundation Access Course for Undergraduate Programmes Cohort: FACUP/09/FT Examinations for 2009 2010 / Semester 1 MODULE: FOUNDATION IN ACCOUNTING I MODULE CODE: ACCF Duration: 2 1 2 Hours Reading time:

More information

Institute of Certified Bookkeepers

Institute of Certified Bookkeepers Making you count Institute of Certified Bookkeepers Level II Certificate in Bookkeeping Syllabus from April 2014 1 Level II Certificate in Bookkeeping Level II Certificate in Bookkeeping (Skills and Underpinning

More information

Chapter # 9. Correction of Errors. Principles of Accounting XI. Sameer Hussain.

Chapter # 9. Correction of Errors. Principles of Accounting XI. Sameer Hussain. Correction of Errors Principles of Accounting XI Chapter contents Correction of errors. Errors where trial balance still balances: o Error of omission. o Error of commission. o Error of principle. o Compensating

More information

1 st Year Examination : Summer FINANCIAL ACCOUNTING l NEW SYLLABUS. PAPER, SOLUTIONS and EXAMINERS REPORT

1 st Year Examination : Summer FINANCIAL ACCOUNTING l NEW SYLLABUS. PAPER, SOLUTIONS and EXAMINERS REPORT 1 st Year Examination : Summer 2009 FINANCIAL ACCOUNTING l NEW SYLLABUS PAPER, SOLUTIONS and EXAMINERS REPORT NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting

More information

CONTROL ACCOUNTS. The debtors control and creditors control accounts facilitates accounting control over the debtors and creditors accounts.

CONTROL ACCOUNTS. The debtors control and creditors control accounts facilitates accounting control over the debtors and creditors accounts. CONTROL ACCOUNTS SPECIFIC OUTCOMES Post to the general ledger, debtors ledger and creditors ledger from the subsidiary books and balance ledger accounts where necessary. Reconcile the control accounts

More information

Soft clean eraser Soft pencil (type B or HB is recommended)

Soft clean eraser Soft pencil (type B or HB is recommended) *5614158211* Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/11 Paper 1 Multiple Choice May/June 2015 Additional Materials: Multiple Choice Answer Sheet Soft clean

More information

Coimisiún na Scrúduithe Stáit State Examinations Commission

Coimisiún na Scrúduithe Stáit State Examinations Commission Coimisiún na Scrúduithe Stáit State Examinations Commission M. 54 LEAVING CERTIFICATE EXAMINATION, 2003 A C C O U N T I N G - O R D I N A R Y L E V E L (400 marks) THURSDAY, 12th JUNE 2003 MORNING 9.30

More information

*P45581A0124* 4AC0/01. P45581A 2016 Pearson Education Ltd. Pearson Edexcel International GCSE Accounting Paper 1

*P45581A0124* 4AC0/01. P45581A 2016 Pearson Education Ltd. Pearson Edexcel International GCSE Accounting Paper 1 Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Friday 13 May 2016 Morning Time: 2 hours 30 minutes You do not need any other

More information

NABTEB Past Questions and Answers - Uploaded online

NABTEB Past Questions and Answers - Uploaded online QUESTION 1 NATIONAL BUSINESS AND TECHNICAL EXAMINATION BOARD NBC MAY/JUNE 2005 FINANCIAL ACCOUNTING (a) Differentiate between preference shares and ordinary shares of a company. (b) Explain the following

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *4543922881* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/23 Paper 2 October/November 2013 Candidates answer on the Question

More information

Bank Reconciliation Statements

Bank Reconciliation Statements Chapter 4 Bank Reconciliation Statements Notes to teachers 1 Start with Chapter 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the cash

More information

Net Profit Add: interest on drawings: Jane x Allen x 5

Net Profit Add: interest on drawings: Jane x Allen x 5 ACCOUNTING ORDINARY LEVEL GRADE 12 1 1. Jane and Allen are in partnership. Their partnership agreement provides that 1. Interest on capital is allowed at 10% per annum. 2. Interest on drawings is charged

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *9069352699* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2013 Candidates answer on the Question

More information

ACCOUNTING - HIGHER LEVEL (400 marks)

ACCOUNTING - HIGHER LEVEL (400 marks) L.55 PRE-LEAVING CERTIFICATE EXAMINATION 2013 ACCOUNTING - HIGHER LEVEL (400 marks) TIME : 3 HOURS This paper is divided into 3 Sections: Section 1: Financial Accounting (120 marks). This section has four

More information

ACCOUNTING JUNE EXAMINATION GRADE 11

ACCOUNTING JUNE EXAMINATION GRADE 11 1 ACCOUNTING JUNE EXAMINATION 2015 GRADE 11 MARKS: 300 TIME: 3 HOURS This Question paper consists of 13 pages and 11 pages Answer book INSTRUCTIONS AND INFORMATION 2 1. You are provided with a question

More information

PREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE

PREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE CHAPTER-4 PREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE BANK RECONCILIATION STATEMENT Bank Reconciliation Statement is prepared to reconcile the difference between the bank Balance

More information

XI ACCOUNTING REGULAR / PRIVATE

XI ACCOUNTING REGULAR / PRIVATE The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net

More information

Final Accounts Preparation

Final Accounts Preparation Osborne Books Tutor Zone Final Accounts Preparation Answers to chapter activities Osborne Books Limited, 2016 2 f i n a l a c c o u n t s p r e p a r a t i o n t u t o r z o n e 1 Business organisations

More information

Paper FA1. Recording Financial Transactions FOUNDATIONS IN ACCOUNTANCY. Pilot Paper. The Association of Chartered Certified Accountants

Paper FA1. Recording Financial Transactions FOUNDATIONS IN ACCOUNTANCY. Pilot Paper. The Association of Chartered Certified Accountants FOUNTIONS IN OUNTNY Recording Financial Transactions Pilot Paper Time allowed: 2 hours LL 50 questions are compulsory and MUST be attempted. Paper F1 o NOT open this paper until instructed by the supervisor.

More information

Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m.

Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m. Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates

More information

(b) Suspense a/c. trial balance 14 Stationery 50. Discount allowed Discount received. 14 Joe jones 190

(b) Suspense a/c. trial balance 14 Stationery 50. Discount allowed Discount received. 14 Joe jones 190 1 Maria Matsa s financial year ends on 30 September. The trial balance prepared on 30 September 2002 showed a shortage on the credit side of $788. Maria entered this in a suspense account and then prepared

More information

Examination for the Bachelor s Degree

Examination for the Bachelor s Degree Examination for the Bachelor s Degree name: exam in module: Accounting I nationality: 1st examiner: grade: 1st examiner: Berkau / Rosenberg sign.: matriculation number: 2nd examiner: grade: date: January

More information

COMSATS Institute of Information Technology Abbottabad

COMSATS Institute of Information Technology Abbottabad COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time

More information

Paper Reference(s) 7011/01 London Examinations GCE. Friday 15 May 2009 Afternoon. Source booklet for use with Questions 1 to 6.

Paper Reference(s) 7011/01 London Examinations GCE. Friday 15 May 2009 Afternoon. Source booklet for use with Questions 1 to 6. Paper Reference(s) 7011/01 London Examinations GCE Accounting Ordinary Level Friday 15 May 2009 Afternoon Source booklet for use with Questions 1 to 6. Do not return the insert with the question paper.

More information

Mark Scheme (Results) January Pearson Edexcel International GCSE In Accounting (4AC0) Paper 01

Mark Scheme (Results) January Pearson Edexcel International GCSE In Accounting (4AC0) Paper 01 Scheme (Results) January 2018 Pearson Edexcel International GCSE In Accounting (4AC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK s largest awarding

More information

DEBITORS & CREDITORS RECONCILIATIONS (LIVE) 14 MAY 2015 Section A: Summary Content Notes

DEBITORS & CREDITORS RECONCILIATIONS (LIVE) 14 MAY 2015 Section A: Summary Content Notes DEBITORS & CREDITORS RECONCILIATIONS (LIVE) 14 MAY 2015 Section A: Summary Content Notes An important part of managerial accounting is for a business to keep track of its debtors. The Debtors Control account

More information

Cambridge International Examinations Cambridge International General Certificate of Secondary Education

Cambridge International Examinations Cambridge International General Certificate of Secondary Education *8375935637* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2015 Candidates answer on the Question Paper.

More information

Cambridge International Examinations Cambridge International General Certificate of Secondary Education

Cambridge International Examinations Cambridge International General Certificate of Secondary Education Cambridge International Examinations Cambridge International General Certificate of Secondary Education *4898199415* ACCOUNTING 0452/11 Paper 1 October/November 2017 1 hour 45 minutes Candidates answer

More information

For other subjects, go to

For other subjects, go to MAY/JUNE 2006 FINANCIAL ACCOUNTING 1. Explain briefly the following terms i. Bank statement ii. Bank reconciliation statement iii. Uncredited cheques iv. Unpresented cheques v. Dishonoured cheques. Answers:

More information

Accounting Technicians Ireland First Year Examination: Summer 2015 FINANCIAL ACCOUNTING Tuesday 12 May a.m. to p.m.

Accounting Technicians Ireland First Year Examination: Summer 2015 FINANCIAL ACCOUNTING Tuesday 12 May a.m. to p.m. Accounting Technicians Ireland First Year Examination: Summer 2015 Paper: FINANCIAL ACCOUNTING Tuesday 12 May 2015 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must

More information

Cambridge International General Certificate of Secondary Education 0452 Accounting November 2014 Principal Examiner Report for Teachers

Cambridge International General Certificate of Secondary Education 0452 Accounting November 2014 Principal Examiner Report for Teachers ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key Messages Questions can be set on any section of the syllabus and a good knowledge of all sections

More information

Accredited Accounting Technician Examination. Paper 1 Fundamentals of Accounting and Computerized Accounts

Accredited Accounting Technician Examination. Paper 1 Fundamentals of Accounting and Computerized Accounts Accredited Accounting Technician Examination Pilot Examination Paper Paper 1 Fundamentals of Accounting and Computerized Accounts Questions & Answers Booklet The Suggested Answers given in this booklet

More information

7110 PRINCIPLES OF ACCOUNTS

7110 PRINCIPLES OF ACCOUNTS CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level MARK SCHEME for the May/June 2014 series 7110 PRINCIPLES OF ACCOUNTS 7110/22 Paper 2 (Structured), maximum raw mark 120 This mark scheme is published

More information