ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS
|
|
- Vernon Kelly
- 5 years ago
- Views:
Transcription
1 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 147,200 Credit sales 154,200 Discounts allowed to credit customers 1,400 Cash sales 88,100 Contras against credit balances in payables ledger 4,600 Interest charged on overdue accounts 2,400 Irrecoverable debts written off 4,900 Receivable allowance 2,800 Closing balance 396, , ,500 What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected? A $395,200 B $304,300 C $307,100 D $309,500 (2 marks) 2.Which of the following correctly describes the imprest system of operating petty cash? A B C D The petty cash float is replenished by regular periodic transfers of equal amount The petty cash float is replenished by periodic transfers of the actual expenditure in the period All expenses must be supported by a properly authorised voucher Petty cash is operated outside the business double entry accounting system (2 marks)
2 3. The following receivables ledger control account for December prepared by a trainee accountant contains a number of errors: 1 Dec Balance 614, Dec Credit sales 301, Dec Cash from credit Discounts allowed 3,400 Customers 311,000 Irrecoverable debts written off 32,000 Interest charged on overdue accounts 1,600 Contras against amounts due to suppliers in payables ledger 8,650 Balance 595, , ,650 What should the closing balance on the control account be after the errors in it have been corrected? A $561,550 B $568,350 C $578,850 D $581,550 (2 marks) 4. The following receivables ledger control account for December has been prepared by a trainee accountant: 1 Dec Balance 318,650 Credit sales 161,770 Cash sales 84,260 Discounts allowed to credit customers 1, ,920 $ 31 Dec Cash from credit customers 181,140 Interest charged on overdue accounts 280 Irrecoverable debts w/off 1,390 Sales returns from credit customers 3,990 Balance 379, ,920 $ What should the closing balance at 31 December be after correcting the errors in the account? A $292,380 B $292,940 C $295,420 D $377,200 (2 marks)
3 5. Which of the following correctly describes the imprest system for operating petty cash? 6. A B C All expenditure out of petty cash must be supported by a properly authorised voucher A regular equal amount of cash is transferred into petty cash The exact amount of expenditure out of petty cash is reimbursed at intervals D A budget is fixed for a period which petty cash expenditure must not exceed (2marks) A trainee accountant has prepared the following receivables ledger total account to calculate the credit sales of a business which does not keep proper accounting records (all sales are on credit): Receivables ledger total account Opening receivables 148,200 Cash received from customers 819,300 Discounts allowed to credit Customers 16,200 Irrecoverable debts written off 1,500 Returns from customers 38,700 1,023,900 $ Credit sales 870,800 Closing receivables 153,100 1,023,900 $ The account contains several errors. What is the sales figure when all the errors have been corrected? A $835,400 B $848,200 C $877,600 D $880,600 (2 marks) 7. Johan enters into the following transactions with Marius, a supplier who is also a customer. Marius buys goods from Johan on credit terms. Johan agrees to make contra entries in Marius individual ledger accounts. Which of Johan s accounting records are affected by these transactions? A Sales day book, payables ledger and sales ledger B Purchase day book, payables ledger and sales ledger C Sales day book and sales ledger D Purchases day book and purchases ledger (2 marks) 8. Peri s bookkeeper made the following mistakes: a. Discount allowed $3,840 was credited to discounts received account. b. Discount received $2,960 was debited to discounts allowed account. Which of the following journal entries will correct the errors? A Dr Discount allowed $7,680, Cr Discount received $5,920, Cr Suspense account $1,760 B Dr Discount allowed $880, Dr Discount received $880, Cr Suspense account $1,760 C Dr Discount allowed $6,800,
4 Cr Discount received $6,800 D Dr Discount allowed $3,840, Cr Discount received $2,960, 9. At the end of December Rock s payables control account and its list of payables ledger balances fail to agree. It is discovered that the total of the purchase day book for December has been recorded as $11,750. The correct figure is $17,150. Which one of the following is the correct adjustment in the payables control account reconciliation? A The control account balance should be reduced by $5,400 B The list of balances should be increased by $5,400 C The control account balance should be increased by $5,400 D The list of balances should be reduced by $5, At 31 October 2014 Osba had a receivables control account with a balance of $381,255. This balance was $782 more than the total on the list of receivables balances at the same date. Correction of which ONE of the following errors alone would reconcile the two balances? A A receipt from Ellie for $391 had been recorded on the debit side of Ellie s account. Correct entries were made in the general ledger B The total column in the sales day book had been overcast by $782 C A customer returned some goods to Osba on 30 November These had originally been invoiced at $782. Osba recorded a credit note in the sales day book which was debited to the customer s account D An invoice to Plion plc for $391 had been recorded in the sales day book as a credit (2 mark note s) 11. A company operates an imprest system for petty cash. At 1 July there was a float of $150, but it was decided to increase this to $200 from 1 August onwards. During July, the petty cashier received $25 from staff for personal use of the photocopier and a personal cheque for $90 was cashed for an employee. During July the company took $500 from its bank account to make up the imprest balance for petty cash. What was the total expense paid from petty cash in July? A $385 B $435 C $515 D $615 (2 marks) 12. Patrick starts a new business. During the first year the entries in the sales ledger control account are: $ Sales 250,000 Bank receipts 225,000 Sales returns 2,500 Bad debts written off 3,000 Dishonoured cheques 3,500 Contra with purchase ledger control account 4,000 is the balance on the sales ledger control account at the end of the year? A $12,000 B $19,000
5 C $25,000 D $27,000 (2 marks) 13. Norris operates an imprest system for petty cash. On 1 February, the float was $300. He decided that this should be increased to $375 at the end of February. During February, the cashier paid $20 for window cleaning, $100 for stationery and $145 for coffee and biscuits. The cashier received $20 from staff for private use of the photocopier and $60 for a sundry cash sale. What amount was drawn from the bank account for petty cash at the end of February? A $185 B $260 C $315 D $375 (2 marks) 14. A sales tax registered company commenced trading on 1 December. In December, the company sold goods that attracted sales tax at 15% with a net value of $200,000, goods exempt from sales tax with a value of $50,000 and goods at 0% sales tax with a net value of $25,000. All purchases in December, which were all subject to 15% sales tax, were $161,000, including sales tax. What is the balance on the sales tax account at the end of December? A Dr $9,000 B Dr $5,850 C Cr $5,850 D Cr $9,000 (2 marks) 15. Which of the following journal entries may be accepted as being correct according to their narratives? Dr Cr A Wages account 38,000 Purchases account 49,000 Buildings account 87,000 Labour and materials used in construction of extension to factory B Directors personal accounts: K 30,000 L 40,000 Directors remuneration 70,000 Directors bonuses transferred to their accounts C Suspense account 10,000 Sales account 10,000 Correction of error in addition total of credit side of sales account $10,000 understated D Discount received 7,000 Trade payables 61,000 Bank 68,000 Payment to creditors after allowing for prompt payment discount (2 marks) 16. Which of the following journal entries is correct according to their narratives?
6 A Dr Cr Receivables ledger account 450 Irrecoverable debts account 450 Irrecoverable balance written off B Share premium 40,000 Share capital 40,000 Bonus issue of 80,000 shares of 50c each C Suspense account 1,000 Motor vehicles account 1,000 Correction of error debit side of Motor vehicles account undercast by $1,000 D Wages 2,500 Buildings 2,500 Capitalisation of labour costs on self-constructed building (2 marks) 17. Which of the following journal entries are correct, according to their narratives? Dr Cr A Suspense account 18,000 Rent received account 18,000 Correction of error: $24,000 cash received for rent was posted to the rent received account as $42,000 B X receivables account 22,000 Y receivables account 22,000 Correction of error: cash received from Y wrongly entered to X s account C Share premium account 400,000 Share capital account 400,000 1 for 3 bonus issue on share capital of 1,200,000 50c shares D ZX customer account 4,000 ZX supplier account 4,000 Set off (contra) of amount due to supplier ZX against amount due from customer ZX (2 mark s) 18. What journal entry is required to record goods taken from inventory by the owner of a business? A Debit Drawings/Credit Purchases B Debit Sales/Credit Drawings C Debit Drawings/Credit Inventory D Debit Purchases/Credit Drawings (2 marks) 19. Ewan, a sole trader, has taken goods during the year for his own use. This has not been recorded. Which one of the following is the correct adjustment for the above?
7 A Dr Drawings and Cr Purchases B Dr Drawings and Cr Closing inventory C Cr Drawings and Dr Purchases D Cr Drawings and Dr Closing inventory (2 marks) 20. Leonard, a sole trader, extracts a trial balance as at 30 April He subsequently discovers that drawings amounting to $38,100 have been debited to other expenses account in error. What correcting entries must be made? A Dr Capital account and Cr Other expenses account B Dr Other expenses account and Cr Capital account C Dr Drawings account and Cr Suspense account D Dr Suspense account and Cr Other expenses account (2 marks) ANS Answer 5 MCQs BOOKS OF PRIME ENTRY AND CONTROL ACCOUNTS Item Answer Justification 1. C Opening 308,600 Cash received 147,200 Credit sales 154,200 Discounts allowed 1,400 Interest charged 2,400 Irrecoverable debts 4,900 Contras 4,600 Closing 307, , ,200 Tutorial note: A receivables allowance is not recorded in the control account. 2. B C is also true of a non-imprest system. 3. A Balance 614,000 Cash 311,000 Sales 301,000 Discounts 3,400 Interest 1,600 Contras 8,650 Irrecoverable debts 32,000 Balance 561,550
8 916, , B Balance 318,650 Cash 181,140 Credit sales 161,770 Irrecoverable debts 1,390 Interest 280 Sales returns 3,990 Discounts allowed 1,240 Balance 292, , , C 6. D Opening receivables 148,200 Cash received from customers 819,300 Sales (balancing figure) 880,600 Discounts allowed 16,200 Irrecoverable debts written off 1,500 Returns from customers 38,700 Closing receivables 153,100 1,028,800 1,028, A When Marius buys goods on credit, Johan enters this in the sales day book. Contra entries are then made between the sales ledger and purchase ledger accounts. 8. B In full, the correcting entries will be: Dr Cr Discount allowed 3,840 2,960 Discount received 3,840 2,960 Suspense account 1, C The transposition error is $17,150 $11,750 = $5,400. As the understatement is in the purchase day book total it affects only the control account, which is understated by $5,400 and so should be increased by that amount. 10. B An overcast of the total of invoices in the sales day book means that $782 will be debited to the control account but not to the receivables ledger. 11. A $ 1 July float 150 Cash received from staff 25 Cheque cashed for employee (90) Cash received from company bank account 500 Expenses paid from petty cash (385) 1 st August float B
9 Sales ledger control account Sales 250,000 Bank 225,000 Dishonoured cheque 3,500 Returns inwards 2,500 Bad debts 3,000 Contra 4,000 Closing balance 19, , , B $ Opening float 300 Window cleaning (20) Stationery (100) Coffee and biscuits (145) Photocopying receipts 20 Miscellaneous sales receipt 60 From bank 260 Closing float D Sales tax received from customers is $30,000 (15% $200,000). Purchases made $161,000 inclusive of sales tax (i.e. gross) $161, / 115 = $21,000 sales tax charged by suppliers. $9,000 balance is a liability (i.e. credit). 15. C Debits and credits are the wrong way around in A and B, and discount received is a credit entry. 16. B Debits and credits are the wrong way around in A, C and D. 17. B Debit and credit are the wrong way round in A and D. Shares are 50c so amount should be $200, A Goods take for own use are a reduction in purchases. 19. A As some items have been taken by the owner the purchases figure should be reduced (credited) and a debit shown in drawings. 20. A In the absence mentioning a drawings account capital should be debited, since drawings reduce the amount of the owner s interest in the business. The amount of the correcting entry would be $76,200 (i.e. 2 $38,100). Tutorial note: The error is an error of principle; the amount that should have been debited against capital (a balance in the statement of financial position) was debited as an expense (in the statement of profit or loss). Therefore there is no possibility of balance arising on a suspense account.
10
11
12 STARRY GOLD ACADEMY , , Page 12
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 informationCBA 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 informationFINANCIAL ACCOUNTING II
Question 1 You have been asked to sort out the accounts of a client - Mr Soh, a trader. You collect the following information in respect of the year ended 31st December 2006: Assets and Liabilities at
More informationSCHOOL 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 informationTHE 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 informationICAN 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 informationPaper F3 (INT) Financial Accounting (International) Fundamentals Pilot Paper Knowledge module. The Association of Chartered Certified Accountants
Fundamentals Pilot Paper Knowledge module Financial ccounting (International) Time allowed: 2 hours LL FIFTY questions are compulsory and MUST be attempted. Paper F3 (INT) o NOT open this paper until instructed
More informationWhat will be the effect of this adjustment on the financial statements?
CIS FIACIAL ACCOUTIG 2.1 COTACT UMBER 08038400843 COTACT HOURS TUESDAYS AD FRIDAY 6PM 7PM. QUESTIO WEEK 3- Bad debts &Provision for doubtful debt VIDEO LECTURE CHAPTER: 5 MULTIPLE CHOICE QUESTIOS 1 A business
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved Index No No. of Pages - 12 No of Questions - 08 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP A)
More informationChapter 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 informationPearson Edexcel International GCSE Accounting Paper 1 Time: 2 hours 30 minutes 4AC0/01 You do not need any other materials.
Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Tuesday 23 January 2018 - Morning Time: 2 hours 30 minutes You do not need
More informationPaper Reference. Paper Reference(s) 4305/01 London Examinations IGCSE. Friday 3 November 2006 Afternoon Time: 2 hours 30 minutes
Centre No. Candidate No. Paper Reference(s) 4305/01 London Examinations IGCSE Accounting Paper 1 Friday 3 November 2006 Afternoon Time: 2 hours 30 minutes Materials required for examination Nil Paper Reference
More informationFoundation Level Pilot Paper. Financial Accounting Fundamentals (FAF / FL 2-102)
Copyright Reserved Serial No Institute of Certified Management Accountants of Sri Lanka Foundation Level Pilot Paper Instructions to Candidates 1. Time allowed is two (2) hours. 2. Total: 100 Marks. 3.
More informationC02-Fundamentals of Financial Accounting
1. Answer B Principle difference between Income Statement and Income & Expenditure Account. 2. Answer D Principle knowledge about the usage and preparation of Financial Accounts and Management Accounts.
More informationFor 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(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 informationCONTROL 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 informationACCOUNTING. From the following information provided by the proprietor of the business, Jeremy, you are required to prepare:
Question 1 From the following information provided by the proprietor of the business, Jeremy, you are required to prepare: a. Trading and Profit and Loss Account for the year ended 31 December 20x1 (13
More informationCERTIFICATE IN BOOK-KEEPING
Series 3 Examination 2012 CERTIFICATE IN BOOK-KEEPING Level 1 Tuesday 5 June Subject code: 1017 Time allowed: 2 hours 30 minutes INSTRUCTIONS FOR CANDIDATES Answer all 4 questions. All questions carry
More informationThis paper consists of TWENTY FIVE questions ONE long question (40 marks) and TWENTY FOUR objective test questions (60 marks).
ERTIFITE LEVEL EXMINTION SMPLE PPER 2 (90 MINUTES) OUNTING This paper consists of TWENTY FIVE questions ONE long question (40 marks) and TWENTY FOUR objective test questions (60 marks). This paper will
More informationErrors Not Affecting the Trial Balance
Errors Not Affecting the Trial Balance With these types of errors, the debit and credit columns of the Trial Balance will still be the same total. These errors are corrected by means of JOURNAL ENTRIES.
More informationUNIT 3 : TRIAL BALANCE
ACCOUNTING PROCESS 2.41 UNIT 3 : TRIAL BALANCE LEARNING OUTCOMES After studying this unit, you will be able to : Learn the technique of taking balances from ledger accounts to prepare trial balance. Understand
More informationPART 3 Financial Planning, Control and Decision Making
PART 3 Financial Planning, Control and Decision Making Cash management and control 10 Cost volume profit analysis for decision making Budgeting for planning and control Performance evaluation for managers
More informationChapter 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 informationExecutive 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 informationPaper 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 informationPRINCIPLES OF ACCOUNTS
PRINCIPLES OF ACCOUNTS GCE ORDINARY LEVEL (SYLLABUS 7092) INTRODUCTION The syllabus aims to develop an understanding of the principles and concepts of accounting and their applications in a variety of
More information1. The following cash book relates to Baraka enterprises. Date Details Cash Bank Date Details Cash Bank 2004 Jan 1 Jan 10 Jan 15 12,000 3,000.
25. CASH BOOK The topic entails: - Explaining meaning of cash book and the types of transactions recorded in the cash book. - Discussing the purpose of a cash book - Types of cash book when used and format
More informationCambridge International General Certificate of Secondary Education 0452 Accounting June 2012 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key Messages This question paper contained a mixture of multiple-choice, short-answer and structured
More informationREVIEW QUESTIONS. Rent expense Accrual $ $ A. 100,000 20,000
FINANCIAL ACCOUNTING WEEK 4 SOLUTION TOPIC: RECORDING TRANSACTIONS AND EVENTS; Accruals and Prepayment, Irrecoverable debts and Allowances and Provisions and Contingencies REVIEW QUESTIONS 1. A company
More informationBOOKS OF ORIGINAL ENTRIES
BOOKS OF ORIGINAL ENTRIES These are the books of first entry. The transactions are first recorded in these books before being entered in the ledger books. These books are also called as books of Prime
More informationMARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 11, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING
More informationPRINCE LIMITED You are provided with information for the financial year ended 28 February 2015.
REVISING ADJUSTMENTS FOR THE BALANCE SHEET (LIVE) Section B: Exam Questions Question 1 CONCEPTS GAAP PRINCIPLES 27 AUGUST 2015 REQUIRED: Choose an explanation from COLUMN B that matches a concept in COLUMN
More informationCambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level
*5783442697* Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level ACCOUNTING 9706/11 Paper 1 Multiple Choice May/June 2017 Additional Materials: Multiple
More information8 Self-Balancing Ledgers
8 Self-Balancing Ledgers BASIC CONCEPTS System Ledger keeping of Self Balancing Ledger System implies a system of ledger keeping which classifies ledgers as per nature of transactions. In this system,
More informationPOLYTECHNIC OF NAMIBIA
POLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT: ACCOUNTING, ECONOMICS & FINANCE BACHELOR OF ACCOUNTING FINANCIAL ACCOUNTING 102 (FAC 512S) SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
More informationAccounting Technicians Ireland First Year Examination: Autumn 2016 Paper: FINANCIAL ACCOUNTING Tuesday 9 August a.m. to p.m.
Accounting Technicians Ireland First Year Examination: Autumn 2016 Paper: FINANCIAL ACCOUNTING Tuesday 9 August 2016 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates
More informationCambridge 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 informationMARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0452 ACCOUNTING
More informationQualifications: 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 informationList of Contents. ACC 111: Introduction to Financial Accounting
COV E NA N T U N I V E RS I T Y T U T O R I A L K I T P RO G R A M M E : AC CO U N T I N G A L P H A S E M E S T E R 1 0 0 L E V E L DISCLAIMER The contents of this document are intended for practice and
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*0535568012* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/12 Paper 1 October/November 2010 Candidates answer on the Question
More information*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 informationPaper 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 informationTuesday 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 informationCambridge International General Certificate of Secondary Education 0452 Accounting June 2016 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key messages Candidates should read the question carefully before attempting to answer. A label for
More informationabc GCE 2004 June Series Mark Scheme Accounting Unit ACC1
GCE 2004 June Series abc Mark Scheme Accounting Unit ACC1 Mark schemes are prepared by the Principal Examiner and considered, together with the relevant questions, by a panel of subject teachers. This
More informationTuesday 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 informationCambridge 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 informationWednesday 22 May 2013 Afternoon
Wednesday 22 May 2013 Afternoon AS GCE ACCOUNTING F012/01/RB Accounting Applications RESOURCE BOOKLET *F027120613* To be given to candidates at the start of the examination Duration: 2 hours INSTRUCTIONS
More informationPaper No:34 Solved by Chanda Rehman & ABr
Paper No:34 Solved by Chanda Rehman & ABr FINALTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 2) Time: 120 min Marks: 87 Question No: 1 ( Marks: 1 ) - Please choose one We can say that
More informationFinancial procedures manual
Contents Introduction... 2 Finance authorisation procedure... 2 Bank account procedure... 3 Petty cash procedure... 4 Use of business credit card procedure... 5 New supplier procedure... 6 New customer
More information1 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[Time: Hours] 2. The cash book is used for recording the credit transaction of the business
Q.1) A) N.B: [Time: 2 1 2 Hours] Please check whether you have got the right question paper. 1. All Questions are compulsory carrying 15 marks each. 2. Working notes should form part of your answers wherever
More information(AA11) FINANCIAL ACCOUNTING BASICS
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2017 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:
More informationCERTIFICATE IN BOOK-KEEPING
Practice Paper CERTIFICATE IN BOOK-KEEPING Level 2 Subject Code: ASE20050 Time allowed: 2 hours 30 minutes INSTRUCTIONS FOR CANDIDATES Answer all 4 questions. All questions carry equal marks. Study the
More informationNATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING COMMON TEST JUNE 2014
NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING COMMON TEST JUNE 2014 MARKS: 300 TIME : 3 hours This question paper consists of 16 pages and an answer booklet of 20 pages. *ACCNE* Accounting 2 June 2014
More informationCOMSATS 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(50) BASIC ACCOUNTING
All Rights Reserved Time: 03 hours THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA Instructions to candidates FOUNDATION EXAMINATION - JANUARY 2015 (50) BASIC ACCOUNTING (1) This paper consists
More informationMGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30
MGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30 Wages paid to laborers working in the manufacturing department is treated as an expense of: Cost of goods sold Administrative expense Selling expense
More informationAccounting And Finance For Bankers - JAIIB
Timing: 3 Hours Question : 100 1. When simple rate of interest is calculated, the interest rate % age is expresses as: a. Rate/100 b. Rate*100 c. 100/Rate d. 1+rate/100 2. Identify a personal account out
More informationHIGHER SECONDARY I ST YEAR ACCOUNTANCY. TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I
HIGHER SECONDARY I ST YEAR ACCOUNTANCY TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I Answer all the questions. Choose the correct answer. 20 X 1 = 20 1. The Debts owing to others by business
More informationQuestion No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an):
Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset Liability Revenue Deferred expense Question No: 2 ( Marks: 1 ) - Please choose
More informationOsborne 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 informationMTP_Intermediate_Syllabus 2016_June2019_Set1 Paper 5- Financial Accounting
Paper 5- Financial Accounting Dos, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks : 100 Time allowed: 3 hours Section
More informationPaper 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 informationPaper No:25 Solved by Chanda Rehman & ABr
Paper No:25 Solved by Chanda Rehman & ABr FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1) Marks: 85 Question No: 1 ( Marks: 1 ) - Please choose one The area of accounting concerned
More informationOsborne 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 informationGAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2016 GRADE
GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2016 GRADE 11 ACCOUNTING TIME: 180 minutes MARKS: 300 14 pages ACCOUNTING GRADE 11 2 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING
More informationBSc (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 informationDEBITORS & 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 informationPRINCIPLES OF ACCOUNTS 7110/2
Centre Number Candidate Number Candidate Name CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level PRINCIPLES OF ACCOUNTS 7110/2 PAPER 2 MAY/JUNE SESSION 2002 1 hour 45
More informationJune 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 informationCambridge International General Certificate of Secondary Education 0452 Accounting June 2014 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key Messages Question 1 consisted of ten multiple choice items covering topics across the whole syllabus.
More informationIAB LEVEL 2 CERTIFICATE IN MANUAL AND COMPUTERISED BOOKKEEPING (QCF)
CONTENTS IAB LEVEL 2 CERTIFICATE IN MANUAL AND COMPUTERISED BOOKKEEPING (QCF) Qualification Accreditation Number 601/3789/7 (Accreditation review date 31 st December 2016) QUALIFICATION SPECIFICATION Introduction
More informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*9157846789* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/23 Paper 2 October/November 2014 Candidates answer on the Question Paper.
More informationNABTEB 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 informationIAB LEVEL 2 CERTIFICATE IN APPLIED BOOKKEEPING (QCF)
IAB LEVEL 2 CERTIFICATE IN APPLIED BOOKKEEPING (QCF) Qualification Accreditation Number 500/9262/5 (Accreditation end date 31 st December 2012) CONTENTS QUALIFICATION SPECIFICATION 1. Introduction 2. Aims
More informationPrepare 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 informationXI 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 informationOsborne 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 informationSoft 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 informationSIR 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 informationAccounting (Modular Syllabus)
Pearson Edexcel International Advanced Level Accounting (Modular Syllabus) Unit 1: The Accounting System and Costing Wednesday 12 October 2016 Morning Source booklet for use with Questions 1 to 7. Paper
More information0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2013 series 0452 ACCOUNTING 0452/11 Paper 1, maximum raw mark 120 This mark scheme
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *6351257674* ACCOUNTING 0452/13 Paper 1 October/November 2010 Candidates answer on the Question
More informationPrinciples 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 informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
Cambridge International Examinations Cambridge International General Certificate of Secondary Education *1008785551* ACCOUNTING 0452/22 Paper 2 May/June 2016 1 hour 45 minutes Candidates answer on the
More informationNet 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 informationGRADE 11 NOVEMBER 2013 ACCOUNTING
NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2013 ACCOUNTING MARKS: 300 TIME: 3 hours This question paper consists of 18 pages. 2 ACCOUNTING (NOVEMBER 2013) INSTRUCTIONS AND INFORMATION 1. This question
More informationUNIVERSITY 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 informationThis 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 informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*2937408438* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 May/June 2012 Candidates answer on the Question Paper.
More informationModule 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 informationLCCI International Qualifications. Book-keeping Level 1. Model Answers Series (1017)
LCCI International Qualifications Book-keeping Level 1 Model Answers Series 4 2011 (1017) For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk Book-
More informationSEC Syllabus (2020) Accounting
SEC SYLLABUS (2020) ACCOUNTING SEC 01 SYLLABUS 1 Accounting SEC 01 Syllabus (not available in September) Paper 1 (2hrs) + Paper II (2 hrs) The aims of the syllabus are to enable students: 1. To understand
More informationOsborne 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 informationRate = 1 n RV / C Where: RV = Residual Value C = Cost n = Life of Asset Calculate the rate if: Cost = 100,000
Solved by ABr & Chanda Rehman Final MCQs It is supposed that on 31st December, 2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 10% of the sundry
More information1 (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 informationCambridge International Examinations Cambridge International General Certificate of Secondary Education
*6489769094* Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/12 Paper 1 October/November 2014 Candidates answer on the Question Paper.
More information