ACCOUNTING 0452 Exams Package 2

1 Amara maintains a petty cash book using the imprest system. The imprest amount of $200 is restored on the first day of each month. On 1 January 2020 Amara had a balance of $65 in her petty cash. All payments of less than $100 are made from petty cash. On 1 January 2020, Amara owed $8...

1 A business employs a book-keeper and an accountant. Which task would the accountant perform? A extracting balances from the ledger accounts to produce a trial balance B making entries in the general journal to adjust a provision for doubtful debts C preparing a monthly report that analyses...

1 Shilpa is a trader. The following transactions took place in January 2021. January 2 Paid rent, $450, by direct debit 3 Bought goods on credit from Dilip, list price $120, subject to a trade discount of 25% 6 Sold goods on credit to Kabir, list price $200, subject to a trade discount ...

1 What is prepared by a book-keeper? 2 A appropriation account B cash book C income statement D statement of financial position 2 Which item is an asset? A an amount owing by credit customers B an amount owing to credit suppliers C interest accrued on bank loan D rent received in...

1 Nazmeen started in business as a hairdresser on 1 January 2022. She purchases her hairdressing supplies on credit and uses the imprest system for her petty cash. Nazmeen’s assets and liabilities at 1 January 2022 were as follows: $ Motor vehicle 11 000 Balance at bank 2 300 Petty ...

For each of the parts (a) to (j) there are four possible answers, A, B, C and D. Choose the one you consider correct and place a tick () in the box to indicate the correct answer. 1 (a) Faraz buys and sells new and used motor vehicles. He purchased a used motor vehicle from Tahir for $7000 ...