Assessment Solutions

Question 1

Which numbers are included on a credit note?

Answer 1

Total - Number after working out the ppd
Vat - total/6
Net - = total/6

Question 2

If the question is about sales then what will be posted into the general ledger account

Answer 2

Sales - Credit
VAT -Credit
Receivables - Debit

Question 3

If the question is about sales returns (credit notes) then what will be posted into the general ledger account

Answer 3

Sales returns - Debit
VAT -Debit
Receivables - Credit

Question 4

If the question is about discounts allowed then what will be posted into the general ledger account

Answer 4

Discounts allowed - Debit
VAT -Debit
Receivables - Credit

Question 5

If the cash book is part of the BOPE and Double entry which entires will be made into the general ledger

Answer 5

VAT + all analysis columns.

Question 6

If the cash book is part of BOPE and double entry and it gives you all the columns to the DEBIT side then which accounts do you debit or credit

Answer 6

CREDIT all analysis columns + VAT

Question 7

If the question is about purchases then what will be posted into the general ledger account

Answer 7

Purchases - Debit
VAT -Debit
Payabales - Credit

Question 8

If the question is about discounts recieved then what will be posted into the general ledger account

Answer 8

Purchases - Credit
VAT - Credit
Payables - Debit

Question 9

What is statement of financial position?

Answer 9

Snapshot of a business at one time shows assets and liabilities.

Question 10

What is statement of profit and loss?

Answer 10

Summary of all trading activities over a period of time usually 12 months

Question 11

Benefits of a digital bookeeping system?

Answer 11

Used to generate financial documents
Automatically transfer data to the ledgers
Automatically balance the ledger accounts
Process of recurring entries
Business documents can be generated

Question 12

Drawbacks of using a digital bookeeping system?

Answer 12

Could Enter data manually incorrectly
If details change and not updated then the system will keep posting incorrect data

Question 13

What is a CSV file?

Answer 13

CSV files enable the business to share data with a customer using a different digital bookeeping system.

Question 14

When making entries into the general ledger about petty cash what should the entries be?

Answer 14

Bank - CREDIT
All analysis columns + VAT - Debit

Question 15

What is an imprest system?

Answer 15

Imprest system is a pre amount that reimburse expenses. The imprest value is how much you have to put back into the petty cash to reach the pre set limit which is fixed every month

Question 16

What are discounts allowed and discounts recieved in terms of assets liabilites expenses income

Answer 16

Discounts received - Income
Discounts allowed - Expense