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IEB Accounting Past Paper Theory Questions Cheat Sheet R150,00
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IEB Accounting Past Paper Theory Questions Cheat Sheet

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This document contains every single theory question, out of every IEB accounting final past papers (and supplementary papers) since 2012. Includes paper 1 and paper 2 questions. Sorted according to topic. The same questions are re-asked frequently, so this is a good list of questions to be able...

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  • October 14, 2021
  • 9
  • 2020/2021
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ACCOUNTING FAQ

Contents
RECONCILIATIONS..................................................................................................................................2
BUDGETS...............................................................................................................................................3
CASH FLOW STATEMENTS.....................................................................................................................5
FINANCIAL STATEMENTS.......................................................................................................................6
ASSET MANAGEMET..............................................................................................................................6
MANUFACTURING.................................................................................................................................6
ANALYSIS OF PUBLISHED FINANCIAL STATEMENTS...............................................................................7




1

, RECONCILIATIONS
To ensure that her record of the bank balance and movements are
1. Why is a bank recon necessary?
the same as the bank’s records of cash movements and balance
To reconcile the total of the creditors ledgers with the statements in
2. Why is a creditor’s recon necessary?
order to look for outstanding figures or errors
How is a received post-dated cheque The cheque must be placed in a safe until the date written on the
3.
handled? cheque. It can then be claimed at the bank.
Enter cheque into bank account (debit) to reverse
How is an issued post-dated cheque Creditors control will increase as the amount must be cancelled.
4.
treated at year-end? This is because the payment has technically not been does as the
cheque has not been cashed yet.
5. How is a stale cheque handled? Cancel in CRJ
∙ Higher chance of bad debts
∙ More paperwork involved (SMS, emails, telephone)
6. Reasons against selling on credit
∙ More expenses (must hire people to keep control of
debtors)
They will audit the procedures and processes of the business to see
whether they are effective and being followed. They may suggest
7. What does an internal auditor do? improvements to management.
Will ensure accounting controls are in place to control cashflow and
that no fraud has occurred.
∙ Duplicate receipts: compare with entries in CRJ
Types of audit evidence and comparisons ∙ Cheque counterfoils: compare with entries in CPJ
8.
to check accuracy of cash transactions ∙ Bank statement: compare with bank recon, CPJ, CRJ
∙ CPJ: compare with invoices and creditor statements
∙ Send a statement via email every month
∙ Phone to see if debtor received statement
∙ Send frequent SMS reminders
Procedures to encourage debtors to pay ∙ Phone the debtor to discuss payment
9.
debts on time ∙ Threaten with legal action + send letter from the lawyer
∙ Charge interest on overdue accounts
∙ Do not allow credit to debtors until payment is received
∙ Allow discounts for prompt payment
∙ Implement filing system
Internal controls to prevent source ∙ Limit access to source documents
10.
documents from being lost ∙ Ensure documents are kept and compared to journals to
ensure all entries are made
Examples of information that would only ∙ Bank charges
be found on the bank statement, which ∙ Interest on current/overdue bank account
11.
the business would not know of unless ∙ RD cheques
they did a bank recon ∙ Errors made by the bank
∙ Deposit slips should be checked regularly against the CRJ by
someone other than the bookkeeper/person making deposit
∙ Division of duties – get one employee to do deposit slips
How can a business ensure deposits are
12. with the cashier to check that the amounts on the receipts =
actually made when they are recorded?
the amounts on the deposit slips
∙ Owner should make deposits himself
∙ Receive notification when deposit is made
13. Considerations before doing away with ∙ May lose customer loyalty
credit sales and only selling for cash ∙ Proportion of cash vs credit sales


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