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BAC1100S-BUSINESS ACCOUNTING 1A-1ST OPP- JUNE 2024 |
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nAmlBIA UnlVERSITY
OF SCIEnCE Ano TECHn OLOGY
FACULTYOF COMMERCE, HUMAN SCIENCESAND EDUCATION
DEPARTMENT OF ECONOMICS, ACCOUNTING AND FINANCE
COURSE CODE: BACll00S
COURSE NAME: BUSINESSACCOUNTING lA
SESSION: JUNE 2024
PAPER:THEORYAND CALCULATIONS
DURATION: 2 HOURS
80 MARKS
EXAMINER
FIRST OPPORTUNITY EXAMINATION
MRS Z. VAN DERWALT
MODERATOR: MRS Y.ANDREW
INSTRUCTIONS
1. Answer ALL the questions on the answer sheet
2. Read all the questions carefully before answering.
3. All questions count for one mark unless otherwise indicated
4. The examination paper consists of 52 questions
5. The use of a non-programmable calculator is allowed
6. There is only one correct option, the shading of more than one
option will be marked as incorrect
Make sure to shade your student number correctly
THIS EXAMINATION PAPER CONSISTS OF 16 PAGES (Including this front page)
JJeit
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This question paper is based on a trader, "HAZE CC", with a financial year end of 30 April.
HAZE CC is registered for VAT on the invoice basis, in terms of the Namibian Valued Added
Tax (VAT) Act. VAT, where applicable, is included in their prices.
HAZE CC is situated in Windhoek and has a branch in Oshakati. The business buys cell
phones from various suppliers on a cash basis as well as on credit. The sales take place on a
cash basis and on credit for pre-approved customers.
Although all the questions are based on the HAZE CC's transactions, the questions, unless
otherwise stated, are unrelated. Therefore, please read the instructions for each question.
The question paper is divided into different sections; each section focuses on a specific
topic/aspect.
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General Accounting Theory (7 Marks}
1. The typical accounting tasks of the accountant for HAZE CC include all of the
following tasks except?
a. Auditing
b. Recording and tracking costs
c. Tax compliance and planning
d. Purchasing direct materials
e. None of the above
2. Which report gives a review of the profitability of HAZE CC's?
a. Statement of changes in equity
b. Cash flow statement
c. Statement of Financial Position
d. Statement of Profit or loss and other Comprehensive Income
e. None of the above
3. The following are elements of financial statements:
a. Assets, Liabilities, Capital, Income and Expenses
b. Assets, Liabilities, Owners' Equity, Income and Expenses
c. Assets, Creditors, Owners' Equity, Income and Expenses
d. Assets, Liabilities, Capital, Sales and Expenses
e. None of the above
4. The Concept "Timeliness" means:
a. To have information available to decision makers in time for them to be
capable of influencing the decisions.
b. To prepare the financial statements within a month after the financial year
end.
c. Only items related to the financial year should be included in the financial
statements
d. Transactions and events should be recognized in the financial period in which
they occur and not when cash or cash equivalents are received or paid
e. None of the above
5. The requirement that accounting data should be restricted to HAZE CC itself
and must exclude the private affairs of the owners and/ or managers, is
referred to as the
a. Prudence Concept
b. Duality concept
c. Materiality concept
d. Entity concept
e. None of the above
6. Which of the following persons can be an owner of HAZE CC?
a. Silver Works (Pty) Ttd
b. Jack and Jill CC
c. Gold Rush ltd
d. Mary Douglas
e. None of the above
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7. The Historical Cost Concept means
a. When goods are sold on credit, the amount on the invoice is recorded in the
books as income for that day, even though no money has been received yet.
b. In order to make their financial statements more readable, some business
round off their figures to the nearest dollar, as they feel that the cents are
insignificant.
c. The delivery vehicle has a market value of N$270,000, yet the accountant still
has it listed in the books as N$470 000, the price that it was bought for twenty
years ago.
d. A client has undertaken to pay a N$30 000 bonus to HAZE CC if the client is
satisfied with the delivery of the goods. However, the accountant for HAZE CC
will not enter this amount in the book until it is received.
e. None of the above explains the historical concept.
The Accounting Equation (8 Marks)
Question 8 - 11: You are required to select the option which explains the effect on the
accounting equation for HAZE CC. Each question counts for two marks. One mark is
awarded for partially correct answers.
8. HAZE CC bought cell phones, which they intend to resell, on credit from
PHONES.COM and received an invoice for N$15,000 (2 marks)
a. Owners' equity will decrease by N$15,000, and assets will increase by
N$15,000
b. Owners' equity will increase by N$15,000, and assets will increase by
N$15,000
c. Assets will decrease by N$15,000, and liabilities will decrease by N$15,000.
d. Owners' equity will decrease by N$15,000, and liabilities will increase by
N$15,000
e. None of the above options is correct.
9. HAZE CC returned five phones to PHONES.COM. HAZE CC received a credit of
N$1000 per phone. The supplier is registered for VAT (2 marks)
a. Owners' equity will increase by N$1,000, and liabilities will decrease by
N$1,000
b. Owners' equity will increase by N$5,000, and liabilities will decrease by
N$5,000
c. Owners' equity will decrease by N$5,000, and liabilities will increase by
N$5,000
d. Assets will decrease by N$1,000 and liabilities will decrease by N$1,000
e. None of the above options is correct.
10. HAZE CC settled their account at PHONES.COM (2 marks)
a. Liabilities will decrease by N$10,000, and assets will decrease by N$10,000
b. Owners' equity will increase by N$14,000, and liabilities will decrease by
N$14,000
c. Liabilities will decrease by N$11,000, and assets will decrease by N$11,000
d. Assets will increase by N$10,000, and liabilities will increase by N$10,000
e. None of the above options is correct.
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11. The member of HAZE CC needed cash to pay for an overseas holiday and
withdrew N$10,000 from the bank account (2 marks)
a. Owners' equity will increase by N$10,000, and liabilities will decrease by
N$10,000.
b. Liabilities will decrease by N$10,000, and assets will decrease by N$10,000
c. Owners' equity will decrease by N$10,000, and assets will decrease by
N$10,000
d. Assets will increase by N$10,000, and liabilities will increase by N$10,000
e. None of the above options is correct.
Value Added Tax (7 Marks)
(These questions do not relate to HAZE CC)
12. Which one of the following is a zero-rated VAT supply?
-a. Motor oil
b. Fuel purchased by a service station
c. A Kentucky meal to an Angolan customer
d. A Spur burger to a NUST student
e. None of the above.
13. Which one of the following is not a taxable VAT supply?
a. Renting a flat for residential purpose.
b. Bank Charges charged by bank Windhoek.
c. Spur burger to a South African passport holder
d. A fishing rod bought to do some weekend fishing.
e. None of the above
14. Which one of the following forms of transport is a zero-rated taxable supply?
a. Travelling with the school bus to Katima Mulilo
b. Travelling with Fly Namibia to Johannesburg
· c. Travelling with a shuttle to Keetmanshoop
d. Travelling by car to a guest farm
e. None of the above
15. Metro sold 1Ox boxes of printing paper to a local school. The school intends to
use the paper in the office to print ass'ignments for the students. The price,
excluding VAT, per box of paper is N$700. How much is the VAT on the total
purchase, and how much will the school pay for the goods? (2 marks)
a. VAT is zero, and the total price is N$7,000.
b. VAT is N$913, and the total price is N$7,000.
c. VAT is N$1,050, and the total price is N$8,050.
d. The items are exempt from VAT
e. None of the above.
16. Mrs Smart bought fuel from the local service station and paid N$800. How much
is the VAT on the total purchase, and the total purchase price without VAT (2
marks)
a. Zero-rated VAT and the total price excluding VAT is N$800.
b. N$117 VAT, and the price excluding VAT is N$683.
c. VAT is exempted, and the price excluding VAT is N$800
d. N$120 VAT and the price excluding VAT is N680.
e. None of the above
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Source documents and journals (5 marks)
HAZE CC entered into various transactions during April 2024. You are required to
identify the correct journal (book of first entry) in which you will enter the specific
transaction, numbered questions 17-21.
17. HAZE CC bought cell phones, which they intend to resell, on credit from
PHONES.COM.
a. Sales Journal
b. Sales Returns Journal
c. Cash Book
d. Purchases Journal
e. Purchases Return Journal
18. HAZE CC returned five phones to PHONES.COM. HAZE CC received a credit. The
supplier is registered for VAT.
a. Cash Book
b. Sales Journal
c. Sales Returns Journal
d. Purchases Journal
e. Purchases Return Journal
19. HAZE CC paid their employees their monthly salaries.
a. Sales Journal
b. Sales Returns Journal
c. Purchases Journal
d. Cash Book
e. Purchases Return Journal
20. HAZE CC settled their account at PHONES.COM
a. Cash Book
b. Sales Journal
c. Sales Returns Journal
d. Purchases Journal
e. Purchases Returns Journal
21. HAZE CC sold cell phones to a credit customer.
a. Cash Book
b. Sales Journal
c. Sales Returns Journal
d. Purchases Journal
e. Purchases Return Journal
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Books of First Entry and VAT - Application (5 marks)
The following information relates to questions 22 - 26.
All amounts, where applicable, include VAT at 15%. You are required to, carefully consider the
different options of "books of first entry" entries and choose the correct option.
22. HAZE CC bought cell phones, which they intend to resell, on credit from
PHONES.COM for N$15,000.
Option a:
Purchases Journal April 2024. PRJ1
Date Doc Accounts
Payable
Fol Total Purchases VAT
Sundries Details
N$
PHONES.COM
15,000 13043.48 1956.52
Option b:
Date Doc
Purchases Journal April 2024. PRJ1
Accounts
Payable
Fol Total
Purchases VAT
Sundries Details
N$
PHONES.COM
17,250 15,000
2,250
Option c:
Date Doc
Cash Payment Journal April 2024. CRJ1
Details
Fol Bank N$ VAT
PHONES.COM
17,250 2,250
Option d:
Date Doc
Cash Payment Journal April 2024. CRJ1
Details
Fol Bank N$ VAT
Purchases
15,000
Purchases
Suppliers
Suppliers
PHONES.COM
15,000 1956.52 13043.48
Option e: None of the above options are correct
23. HAZE CC returned five phones to PHONES.COM. HAZE CC received a credit of
N$1,000 per phone. The supplier is registered for VAT.
Option a:
Date Doc
Purchases Return Journal April 2024. PRJ1
Accounts
Payable
Fol Total
N$
PHONES.COM
1000
Purchases
Returns
N$
869.57
VAT
130.43
Sundries
N$
Details
Option b:
Date Doc
Accounts
Payable
Purchases Journal April 2024. PRJ1
Fol Total Purchases VAT
Sundries Details
N$
PHONES.COM
1000 869.57
130.43
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Option c:
Date Doc
Details
Cash Receipt Journal April 2024. CRJ1
Fol Bank VAT
N$
Purchases
Returns
PHONES.COM
5000
652.17
4347.83
Sales N$
Option d:
Date Doc
Purchases Return Journal April 2024. PRJ1
Accounts
Payable
Fol Total
N$
PHONES.COM
5,000
Purchases
Returns
N$
4347.83
VAT
652.17
Sundries
N$
Details
Option e: None of the options are correct.
24. HAZE CC paid their account at PHONES.COM, N$9,000
Option a:
Date Doc
Cash Payment Journal April 2024. (CPJ1)
Details
Fol Bank N$ VAT
Purchases
PHONES.COM
9,000
1174.00
Option b:
Date Doc
Cash Payment Journal April 2024. (CPJ1)
Details
Fol Bank N$ VAT
Purchases
PHONES.COM
9,000
Option c:
Date Doc
Details
Cash Receipt Journal April 2024 (CRJ1)
Fol Bank VAT
N$
Suppliers
PHONES.COM
9,000 1174.00
7826.00
Option d:
Date Doc
Details
Cash Receipt Journal April 2024 (CRJ1)
Fol Bank VAT
N$
Purchases
PHONES.COM
9,000
9,000
Option e: None of the above options are correct.
Suppliers
7826.00
Suppliers
9,000.00
Sales N$
Sales N$
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25. HAZE CC sold cell phones to a credit customer (Bennys) and arranged the direct
export, N$11,500.
Option a:
Cash Receipt Journal -April 2024. CRJ1
Date Doc Details
Fol Bank N$ VAT
Customers N$ Sales N$
Bennys
11,500
1,500
10,000
Option b:
Date Doc
Cash Receipt Journal -April 2024. CRJ1
Details
Fol Bank N$ VAT
Customers N$ Sales N$
Bennys
11,500
11,500
Option c:
Date Doc
Accounts
Payable
Bennys
Sales Journal April 2024. PRJ1
Fol Total
Sales
VAT
11,500 11,500
0
Sundries Details
N$
Option d:
Date Doc
Accounts
Payable
Bennys
Sales Journal April 2024. PRJ1
Fol Total
Sales
VAT
11,500 10,000
1,500
Sundries Details
N$
Option e: None of the above options are correct.
26. HAZE CC paid their employees their monthly salaries. The payment was made
via N$70,000
Option a:
Cash Payment Journal -April 2024 CPJ1
Date Doc Details
Fol Bank VAT Suppliers Purchases Sundries
N$
N$
N$
Details
Salaries
70,000
70,000
Salaries
Option b:
Date Doc
Cash Payment Journal -April 2024 CPJ1
Details
Fol Bank VAT
N$
Suppliers Purchases
N$
N$
Sundries
Details
Employees
70,000 9130.44
-
Option c:
Date Doc
Cash Payment Journal-April
Details Fol Bank VAT
N$
2024 CPJ1
Suppliers
N$
Purchases
N$
60869.56 Salaries
Sundries Details
Salaries
80,500 10,500
70,000 Salaries
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Option d:
Date Doc Details
Cash Receipt Journal -April 2024 CRJ1
Fol Bank
N$
VAT Suppliers Purchases
N$
N$
Sundries
Details
Salaries
70,000
70,000 Salaries
Option e: none of the options are correct
General ledger application (9 Marks)
This information relates to Questions 27 and 28. You are given the following totals of
the books of first entry for HAZE CC. In addition, the following accounts had opening
balances as of 1st April 2024.
• The bank had a positive balance of N$39,000
• Suppliers, N$3,900
• Customers: N$9,000
• Value Added Tax: N$5,000 debit
Purchase Journal
• Total for Suppliers: N$27,000
• Total for Purchases: N$21,869.57
• Total for Stationery: N$1,739.14
• Total for VAT: N$3,391.29
Sales Journal
• Total for customers: N$32,000
• Total for Sales: N$27,826.09
• Total for VAT: N$4173.91
Cash Receipt Journal
• Bank: N$29,000
• Customers: N$17,000
• Sales: N$10434.78
• VAT: N$1,565.22
Cash Payment Journal
• Bank: N$40,350
• Suppliers: N$20,000
• Purchases: N$5,000
• Rent paid: N$4,000
• Salaries and Wages: N$10,000
• VAT: N$1350.00
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27. You are required to use the information provided and show the VAT account for
the month of April 2024 (5 marks)
Option a:
Value-Added Tax
1April Balance
30
Suppliers
clo 5,000.00
PJ1 3,391.29
30 April Customers
Bank
SJ1 4,173.91
CRJ1 1,565.22
Bank
Option b:
1Aoril
30
Balance
Customers
Bank
CPJ1
clo
SJ1
CRJ1
1350.00
9,741.29
Value-Added Tax
5,000.00
4,173.91
1,565.22
30 April
Balance
Bank
Suppliers
Balance
bid 4,002.16
9,741.29
CPJ1 1,350.00
PJ1 3,391.29
bid 5,997.84
Option c:
30
April
Suppliers
Bank
Balance
10,739.13
Value-Added Tax
PJ1 3,391.29 1 April Balance
CPJ1 1,350.00
bid 5,997.84
30 April Customers
Bank
10,739.13
bid 5,000.00
SJ1 4,173.91
CRJ1 1,565.22
Option d:
1April Balance
30
Customers
10,739.13
Value-Added Tax
clo 5,000.00 30 April Suooliers
PJ1 3,391.29
Bank
10,739.13
SJ1 4,173.91
CRJ1 1,350.00
Bank
CPJ1 1,565.22
9,741.29
Option e: none of the options are correct
Balance
bid 4,002.16
9,741.29
28. You are required to use the information provided and show the "Bank" account
for the month, indicating the closing balance as of the end of April 2024 (4 marks)
Option a
Bank
1 April
Balance clo 39,000.00 30 April Total payments CPJ1 40,350.00
Total
bid 29,000.00
Balance
bid 27,650.00
receipts
68,000.00
68,000.00
Option b
Bank
30 April Balance clo 39,000.00 1 April Total payments CPJ1 40,350.00
Total
bid 29,000.00 30
Balance
bid 27,650.00
receipts
68,000.00
68,000.00
Option c
Bank
30 April
Total
receipts
Balance
CRJ1 29,000.00 1 April
bid 37,650.00 30
66,650.00
Balance
clo
Total payments bid
39,000.00
27,650.00
66,650.00
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Option d
Bank
30 April Total
CPJ1 40,350.00
payments
40,350.00
Option e: None of the above.
30 April
Total receipts
Balance
CRJ1 29,000.00
b/d 11,350.00
40,350.00
Trial Balance (4 Marks)
29. What is the trial balance used for?
a. It is a financial statement
b. It records balances of a balance sheet
c. It doesn't contribute to the accounting cycle
d. It records balances of accounts
e. None of the above
30. A trial balance prepared after taking into account the effect of adjusting entries
is known as:
a. Financial trial balance
b. Adjusted trial balance
c. Post-adjusted trial balance
d. Normal trial balance
e. None of the above
31. What records or books are used when preparing a trial balance
a. Specialised Journals
b. Balance Sheet
c. Ledger Accounts
d. General Journal
e. None of the above
32. Which of the following errors in the journal entry will not be detected by trial
balance:
a. The debit entry is overstated, but the credit entry is correctly recorded
b. The debit entry is correctly recorded, but the credit entry is overstated
c. Both the debit and credit entries are overstated by the same amount
d. The debit entry is correctly recorded, but the credit entry is understated
e. None of the above
Year-end adjustments (29 Marks)
You are provided with a list of balances for HAZE CC as on 30 April 2024.
Capital
203,400
Drawings
40,000
Land and Buildings at cost
220,000
Motor Vehicles at cost
90,000
Accumulated depreciation: Motor
18,000
Vehicles
Inventory (1/5/2023)
50,000
Customers
45,000
Suppliers
40,000
Positive Bank Balance
25,000
18% Mortgage bond on the land and
120,000
buildings
Sales
356,200
Interest paid on mortgage
10,800
Purchases
210,000
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Salaries and Wages
90,000
Telephone
1,280
Insurance
4,500
Stationery
720
Advertising
3,500
Rent Received
33,000
Credit losses
1,400
Notes:
• A further debt of N$1,000 has to be written off.
• The interest on the bond has not fully been accounted for. The bond was
registered in 2019.
• The telephone account of N$200 is still outstanding
·• The rent received for April 2024 is still outstanding.
• Depreciation on motor vehicles is charged at20% of the cost. No residual value
is applicable.
• Inventory as per inventory count on year-end is presented as N$40,000.
33. The cost of Sales will be calculated as (3 marks)
a. N$220000
b. N$200,000
C. N$146,200
d. N$96,200
e. None of the above is correct
34. The total credit losses for the year are (2 marks)
a. N$2,400
b. N$1400
C. N$1000
d. N$400
e. None of the above is correct
35. The interest payable on the bond will have the following effect on the financial
statements (2 marks)
a. Total expense is N$21,600, and an accrued expense of N$10,800 is raised
b. Total expense is N$10,800 and a prepaid expense of N$10,800 is raised.
c. Total expense is N$120,000.
d. Total expense is N$21,600, and an accrued income of N$21,600 is raised
e. None of the above is correct
36. The adjustment relating to the telephone expense will have the following effect
on the financial statements (2 marks)
a. The total expense is N$1,480, and an accrued expense of N$200 is raised
b. The total expense is N$1,280, and a prepaid expense of N$200 is raised
c. Total expense is N$1,080
d. Total expense is N$1,280, and an accrued income of N$200 is raised.
e. None of the above is correct.
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37. The adjustment relating to rent received will have the following effect on the
financial statements (2 marks)
a. The total income is N$36,000, and an accrued income of N$3,000 will be raised
b. Total income is N$36,000
c. Total income is N$30,000, and an income received in advance of N$3,000 will
be raised.
d. Total income is N$33,000
e. None of the above is correct.
38. The following statement is correct regarding the motor vehicles as at the end of
the book year (3 marks)
a. The depreciation charge on motor vehicles for 2024 is N$18,000, the
accumulated depreciation as on 30 April 2024 is N$36,000, and the net book
value is N$54,000
b. The depreciation charge on motor vehicles for 2024 is N$9,000, the
accumulated depreciation as on 30 April 2024 is N$27,000, and the net book
value is N$63,000
c. The depreciation charge on motor vehicles for 2024 is N$18,000, the
accumulated depreciation as on 30 April 2024 is N$18,000, and the net book
value is N$72,000
d. The depreciation charge on motor vehicles for 2024 is N$14,000, the
accumulated depreciation is N$14,000, and the net book value is N$54,000
e. None of the above
39. The customers at the end of the financial year will be shown as:
a. N$45,000
b. N$44,000
c. N$42,600
d. N$43,600
e. None of the above is correct
40. The current assets section will be shown as follows (4 marks)
a. N$112,000
b. N$110,000
C. N$123,000
d. N$50,000
e. None of the above
41. The current liabilities will be shown as follows (3 marks)
a. N$51,000
b. N$40,000
C. N$40,200
d. N$1000
e. None of the above
42. Which one of the options below, showing different accounts, will appear in the
Statement of Financial Position?
a. Bank, Cash, Motor Vehicles, Accrued Expenses
b. Suppliers, Debtors, Sales
c. Inventory, Bonds, Interest paid on bonds
d. Inventory, Purchases, Suppliers
e. None of the above options is correct
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43. Which one of the options below, showing different accounts, will appear in the
Statement of Profit or Loss?
a. Bank, Cash, Motor Vehicles, Sales
b. Inventory, Interest paid on bonds, Investments
c. Sales, Purchases, Rent received
d. Sales, Purchases, Investments
e. None of the above options is correct
44. Accrued expenses will have the following effect on the financial statements (2
marks)
a. Increase the expense in the Statement of Profit or Loss and increase liabilities
b. Increase the expense in the Statement of Profit or Loss and decrease liabilities
c. Decrease the expense in the Statement of Profit or Loss and increase assets
d. Decrease the expense in the Statement of Profit or Loss and increase liabilities
e. None of the above
45. Accrued income will have the following effect on the financial statements (2
marks)
a. Increase the income in the Statement of Profit or Loss and increase liabilities
b. Increase the income in the Statement of Profit or Loss and increase assets
c. Decrease the income in the Statement of Profit or Loss and increase assets
d. Decrease the income in the Statement of Profit or Loss and increase liabilities.
e. None of the above
46. Accumulated depreciation will be shown in the following financial statement:
a. Statement of Profit or Loss
b. Statement of Financial Position
c. Cashflow Statement
d. Statement of changes in equity
e. None of the above is correct
Bank reconciliation (5 marks)
The following questions assume that the bank reconciliation commences with the
closing balance on the bank statement.
47. On the bank statement, cash deposited is shown as a?
a. Credit entry
b. Debit entry
c. Expense
d. Profit
e. None of the above is correct
48. A debit order for MTC charges for N$450 appears on the bank statement but not
in the cash book. This transaction will be recorded on the:
a. Debit side of the bank account
b. Credit side of the bank account
c. Credit column of the bank reconciliation
d. Debit column of the bank reconciliation
e. None of the above is correct
49. The bank deducted N$150 from the bank statement. This deduction was an error
and should be deducted from another bank client. The error will be corrected as
follows:
a. N$150 will be recorded on the debit side of the bank account
b. N$150 will be recorded on the credit side of the bank account
c. N$150 will be recorded in the debit column of the bank reconciliation
d. N$150 will be recorded in the credit column of the bank reconciliation
e. None of the above is correct
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50. The Cash Book debit balance is equivalent to?
a. Credit Balance as per bank statement
b. Overdraft as per Cash Book
c. Overdraft as per bank statement
d. Debit balance as per the bank statement
e. None of the above is correct
51. The debit side of the bank statement relates to:
a. Deposits
b. Payments
c. Opening balances
d. Errors made by the bank
e. None of the above is correct
General Bonus Mark
52. Please give us your opinion on the approach followed in this module.
a. I did not like the online classes and prefer entirely face-to-face classes 9without
any videos and recordings)
b. I prefer fully online classes with all videos and recordings.
c. I have no opinion.
END OF EXAMINATION PAPER
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