NATIONAL SENIOR CERTIFICATE GRADE 10 ACCOUNTING EXEMPLAR PAPER - 2006 MARKS: 300 TIME: 2 hours This question paper consists of 15 pages. Copyright reserved Please turn over Accounting 2 NSC DoE/Exemplar INSTRUCTIONS AND INFORMATION 1. 2. You are provided with a question paper and an answer book. The paper comprises FOUR compulsory questions. The compulsory questions are QUESTIONS 1, 2, 3 and 4. Answer ALL these questions. You must also answer ONE other question; either QUESTION 5 OR Question 6. Use the answer book provided in order answer the questions. Workings must be shown in order to achieve part-marks. You must attempt to comply with the suggested time allocations. Non-programmable calculators may be used. You may use …show more content…
Choose the correct entries by making an X in the appropriate block in the answer book. REQUIRED: Answer the following questions by choosing the correct option. TRANSACTIONS OF JULIES BOOKSHOP: 1.2.1 Julies Bookshop purchases goods on credit from Yebo Publishers for R12 000. The entries in the ledger will be: (a) Debit Trading Stock R12 000 Credit Creditors Control R12 000 Debit Purchases R12 000 Credit Creditors Control R12 000 Debit Creditors control R12 000 Credit Trading Stock R12 000 Debit Trading Stock R12 000 Credit Bank R12 000. (15) (b) (c) (d) 1.2.2 Julies Bookshop sells books for cash to a customer, I Reid, for R1 750. The entries in the ledger will be: (a) (b) (c) (d) Debit Debtors Control R1 750; Credit Sales R1 750 Debit Cost of Sales R1 000; Credit Trading Stock R1 750 Debit Debtors Control R1 750; Credit Trading Stock R1 750 Debit Cost of Sales R1 000; Credit Sales R1 000 Debit Bank R1 750; Credit Sales R1 750 Debit Cost of Sales R1 000; Credit Trading Stock R1 000 Debit Bank R1 750; Credit Sales R1 750 Copyright reserved Please turn over Accounting 5 NSC DoE/Exemplar 1.2.3 A credit customer, B Booker, returns books that she did not order. The cost price of the books was R200. Julies Bookshop issues a credit note for the appropriate sales amount. The entries in the ledger will be: (a) (b) Debit Debtors Allowances R350; Credit Bank R350 Debit Cost of Sales R200; Credit Trading Stock R200 Debit Debtors Control R350; Credit Debtors
a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)
a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)
Directions: Use your graded tests and Unit 4 & 5 notes to answer the following questions. You can find the answers for #’s 1 – 62 on Exam 1 (3rd Nine Weeks Exam) and #’s 63 – 100 on your unit notes. Write your answers in the space provided, below each question.
- Complete all of the details required on the front page of the examination booklet. - Make sure that you note the SIX(6) questions attempted on the front of your examination booklet - If Seven questions are attempted, the first SIX(6) will be marked. - You may use a non-programmable calculator - Graph paper will be provided. - Answers are to be written in ink. Pencils are permitted for graphing purposes. - The
| (TCO 2) Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $750,000 of cash. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)
a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Shakespeare’s management uses $10 m from the modified line of credit to acquire Hamlet, a competitor publishing company. Management’s best estimate of the allocation of the $10 million purchase is as follows: $2 million of current assets and $8 million noncurrent assets (comprising $5 million of identifiable noncurrent assets, $2 million of intangible assets, and $1 million of goodwill). Hamlet’s prior-year
The company accounts for these transactions as sales in accordance with Statement of Financial Accounting Standards No. 77, ‘’Reporting
Name: ________________________________ Date: _________________ [1]BASIC BANK01 - BAT 003 Which of the following statements is true? A. An asset account is increased by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues, expenses, assets, and liabilities
4. May Department Stores is a merchandising company and I would link it with balance sheet number four. First clue are the inventories, 23, 2 % of total assets, usual for this type of company. As stated above, the offer their own credit cards, which can be explained the level of account receivables, 25, 7 % of total assets. Compared to the other five companies, May Departments Stores have an amount of PPE (20 % of total assets) that suits best for this type of company. The current liabilities are relatively high, 38, 3 % of total liabilities and shareholders’ equity, usual for merchandising company and a low level of long term debt, 9, 3 %.
The Lawsons’ efficiency ratios are another section the bank will find troubling. The company’s age of payables has nearly tripled over the last four years. This can be detrimental to the company’s image and reliability including their reliability toward the bank if granted the loan. Along with increasing age of payables is increasing age of receivables and age of inventory. Indicating that Mr. Mackay is taking longer to collect his receivables and that he has purchased too much inventory. Too much inventory results can result in further issues
The process of recording and posting the effects of business transaction is done in a double entry t-form. The total dollar amount of debits must equal the total dollar amount of credits, with debits to the left and account credit to the right. Broken down, Assets = Liabilities + Stakeholder Equity. “Since debits increase assets, expense, and dividend accounts, they normally have debit balances. Conversely, because credits increase liability, capital stock, retained earnings, and revenue accounts, they normally have credit balances.”( Edwards, J. D., Hermanson, R.H., & Maher, M. W. (2011). p.84)
Gender: 0 = Female and 1 = Male. Amount purchased: Total money spent on BBBC books. Frequency: Total number of purchases in the chosen period (used as a proxy for frequency.) Last purchase (recency of purchase): Months since last purchase. First purchase: Months since first purchase. P_Child: Number of children’s books purchased.
Time allowed: Three hours INSTRUCTIONS TO THE CANDIDATE 1. Enter all the candidate and examination details as requested on the front of your answer booklet. You have 15 minutes at the start of the examination in which to read the questions. You are strongly encouraged to use this time for reading only, but notes may be made. You then have three hours to complete the paper. You must not start writing your answers in the booklet until instructed to do so by the supervisor. Mark allocations are shown in brackets. Attempt all 6 questions, beginning your answer to each question on a separate sheet.