Financial Accounting (ACC203)

Faculty of Economics and Management Science (FEMS)

Semester: First Semester

Level: 300

Year: 2018

Answers (200 )
THE UNIVERSITY OF BAMENDA/UNIVERSITE DE BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
DEPARTMENT OF ACCOUNTING
1
st
Semester Examination 2017/2018 Academic year Level: 400
Course code and title: ACC 303
Financial Accounting
Credit Value: 5
Course Status: C
Course Lecturers:
Dr. OMENGUELE Rene Guy/Mr. NDJAHA-NGANA Godlove
Venue: SOWETO/PBA087/PBA08 Date: 24/02/2018 Time: 11:30 - 14:30
Instructions: Answer All Questions
Part
1: MCQ: choose the correct letter that correspond to the answer to the following questions
(1
mark
x 10=
10marks)
WRONG
ANSWER =
minus
0.5 mark
1.
A document Sent to a customer to show the amount due on a purchases and sales transaction is called:
a)
Invoice
b)
purchase order
c)
debit invoice
d)
proforma invoice
e)
delivery note
2.
Accounts kept in two different books for the recording of the same transactions in opposite direction are called:
a)
Main account
b)
reciprocal account
c)
debit account
d)
purchases account
3.
What is the current rate of Additional Council rate of VAT in Cameroon?
a)
17.5%
b)
18.7%
c)
19.25%
d)
10%
4.
During the month of May 2017. a company made total purchases of 4,000,000 CFAF, and total sales of 5,000,000 CFAF. What is the
VAT invoiced for the period?
a)
770,000 FCFA
b)
962,500 FCFA
c)
192,500 CFAF
d)
None
5.
When a customer received debit invoice with transport, how is it treated?
a)
Recorded under 6015
b)
recorded under 612
c)
recorded under 601 ,
d)
A and C
6.
When containers consigned are returned at a price lesser than the consignment price, for VAT, the customer,
a)
Credit 4452 with VAT on consignment price
b)
Credit 4452 with VAT on retaken price
c)
debit 4452 with VAT on consignment price
d)
None
7.
The remuneration of Courage (employee if Faith shopping located in Bamenda) can legally be paid
a)
In Dollard
b)
in FCFA
c)
Naira
d)
A, B, C
8.
Gwah, a worker of Camfaith earns normally 1,500 F per hour of work. His normal working duration per week is 40 hours. During the
month of May 2017, the details of his working period are as follows: week 1 = 40hours; week 2 = 54 hours with 2 hours on a Sunday:
week 3 = 56 hours and 2 hours of night work and 2 hours on May 20
th
; week 4 = 58 hours. What is his salary of May 2018?
a)
318,000 CFAF
b)
339,000 CFAF
c)
339,300 CFAF
d)
338,700 CFAF
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9.
The hours used to finish a certain task that cannot be completed during normal hour is called:
a)
Recuperation hours
b)
overtime hours
c)
equivalent hours
d)
prolongation hours
10.
Belo is in 11
th
category, echelon C. His basic salary is 350,000 F. he has 9 years of longevity supposed to be his monthly longevity
allowance?
a)
63,000 CFAF
b)
126,000 CFAF
c)
49,000 CFAF
d)
56,000 CFAF
Part 2
: reproduce and complete the following invoices:
(15marks)
Invoice No. 10
Invoice No. 11
Good A
……………
Good A
2,000,000
Good B
666,000
Good B
300,000
Gross Amount
……………
Gross Amount
……………
Bonus
Y%
16,000
Bonus
10%
Com. Net
……………
Com. Net
Container
……………
Cash Dis
1%
……………
VAT on Containers
5,775
Fin. Net
……………
VAT on Goods
286,825
VAT on Goods
……………
Net Payable
……………
Part 3: you are given the following information concerning the movement of goods in Faith shopping during the first 10 days of January
2018 (the first period):
01/01: initial stock of goods 1,500,000 CFAF
05/01: invoice No 12 received from Soparl for goods with: gross amount 5,000,000 CFAF, bonus 5%, VAT 19.25%, payment
by cash
and the balance after 10 days.
10/01: invoice No 13 issued to customer with: Gross amount 4,000,000 CFAF, cash discount 1%, VAT 19.25%, payment after 10 days.
10/01: final stock of goods 2,800,000 CFAF.
Required:
1)
Calculate the mark up rate on sales
(3marks)
2)
Prepare the two invoices issued and received
(10marks)
3)
Record the transaction in the journal of faith shopping
(12marks)
Part
4:
As 31/12/2017, ABC LTD to you the following closing balances: account 3352 with debit balance of 34,500fcfa for 230 bottles;
account 4194 with credit balance of 3,900fcfa for 195 bottles. During January 2018, you were given the following transactions concerning
the movement of bottles took place: 02/01 credit note No 002 issued for the return of 50 bottles at the consignment price;
03/01 Consignment of 40 bottles to customer Che;
03/01 purchases of 100 bottles from brasseries,
04/01 Consignment Of 25 bottles to Kum
05/01 Sales of 10 to Che due to non-return
07/01 sales of 25 bottles to Ngwa to start his new business
10/01 Rejection 10 bottles due to damages
11/01 return of 25 bottles by Kum, at 10% lesser than the consignment price due to poor handling
Work required: prepare the stock bin card of bottles and prepare the classical journal for the period under permanent inventory
(20 marks)
NB: the price for purchases and consignment are constant and there is no purchases expenses, all sales are at the consignment price. All
transactions are by credit
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