OHADA Financial Accounting 1 (ACCM3102)
Faculty of Economics and Management Science (FEMS)
Semester: Resit
Level: 300
Year: 2017
Section A; COST ANALYSIS
Question one: answer by true (T) or false (F) (2 x 10 = 20 marks)
WRONG ANSWER=minus one mark
a) A personnel of a company is any person who offers his services to the company.
b) The act of depositing cash in company’s bank account opened at BICEC by a customer is
qualified as an external flow.
c) Reciprocal accounts are accounts kept in different book and where transactions are recorded
reciprocally in opposite direction.
d) Prolongation time, recuperation time and overtime, are all remunerated at a rate different from
the normal rate.
e) An account cannot have at the same time a debit and a credit balance.
f) A public account is someone who work as accountant in the public service
g) In recording, assets accounts increase on the debit and decrease on the credit
h) VAT due, recorded under account 4449, is when for a period, the amount of VAT collected is
more than the amount of VAT recoverable.
i) Under the centralized system, an account used for a particular auxiliary journal cannot be used
in another auxiliary journal
j) A credit invoice is a document prepared by the customer when he/she returns part of goods
previously bought to the supplier.
Questions two: (38 marks)
During the month of November 2016, the following transactions took place between Mira and
Godi enterprise:
On the 6/11/16, Mira bought goods from Godi, gross amount 7,000,000FCFA trade discount
5% cash discount 10% packages consigned 80 drums at 10,000FCFA each.
On 11/11/16, 30 drums were returned in good conditions and at the right time
On 15/11/16, 40 drums were returned at the cost of 9,000FCFA due to time wasted.
On the 20/11/16, Mira sent a note indicating that 2 drums were destroyed by fire caused by the
wife and that he will retain the remainder for his company used.
On the 20/11/16 Mira accepted a bill of exchange sent by Godi for the balance, due on the
30/11/16
On the 22/11/16 Godi send the bill for discounting which fortunately was accepted same day
for a flat Agio of 20,000FCFA tax exclusive.
On the 30/11/16 Mira made the payment as agreed to the bank
As a public account, you are required to:
1) Indicate and present the source of documents that will be used to materialize transactions on
the;
a) 6/11: (5marks)
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
Resit Course: OHADA Financial Accounting 1: ACCT303
Credit Value:
Course Lecturers:
Time: Course Status: Date:
Venue: Instruction:
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b) 11/11: (2marks)
c) 15/11: (3 marks)
2) Make accounting entries for the month of November in the classical journal of ;
a) Mira’s enterprise: (14marks)
b) Godi’s enterprise: (14 marks)
Question three: (12 marks)
Joyceline, a worker at Grace Pharmacy earns 230,000FCFA per month as basic salary. During
the month of April 2017, the details of her working period are as follows:
Week Number of hours
1 40
2 54*
3 56**
4 58
* 2 hours on a Sunday
**2 hours of night work
Required: in an explicit tabular form, calculate the salary of Joyceline for the month of April.
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