OHADA Financial Accounting 1 (ACCM3102)
Faculty of Economics and Management Science (FEMS)
Semester: First Semester
Level: 300
Year: 2018
Section A; COST ANALYSIS
Part 1: MCQ: choose the correct answer that correspond to the answer to the following
questions:
(1mark x 10=10mks) wrong answer = minus 0.5 mks
1. A document sent to a customer to show the amount due on a purchase and sales transaction
is called:
a) Invoice b) purchase order c) debit invoice d) delivery note
2. Accounts kept in two different books for the recording of the same transaction in opposite
direction are called:
a) Main account b) reciprocal account d) debit account d) purchase 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 purchase of 4,000,000frs and total
sales of 5,000,000frs. What is the VAT invoiced for the period?
a) 770,000frs b) 962,000frs c) 192,000frs d) none
5. When a customer receives 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 of Faith shopping located in Bamenda can legally
be paid
a) in Dollard b) in FCFA C) Naira d) A,B and C
8. Gwah a worker of Camfaith earns monthly 1,500frs per hour of work. His normal working
duration per week is
40 hours. During the month of May 2017, the details of his work period is as follows
; week 1: 40 hours; 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 in May
2018?
a)318,000frs b) 339,000frs c) 339,000frs d) 338,700frs
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 350,000frs he has 9 years of longevity.
What supposed to be his monthly longevity allowance?
a) 63,000frs b) 126,000frs c) 49,000frs d) 56,000frs
PART 2. Reproduce and complete the following invoices (5mks)
Invoice number 10 Invoice number 11
Good A Goods A 2,000,000
Good B 666,000 Goods B 300,000
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
1
st
Semester Exam Course: OHADA Financial Accounting 1: ACCT303
Credit Value:
Course Lecturers:
Time: Course Status: Date: 2018
Venue: Instruction:
www.schoolfaqs.net
Gross Amount Gross Amount
Bonus Y% 16,000 Bonus 10%
Cpm.net Com. Net
Container Cash discount 1%
VAT on
container
5,775 Fin Net
VAT on
Goods
286,825 VAT on goods
Net Payable 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 (first period)
01/01: initial stock of goods 1,500,000frs
05/01 invoice no 12 received from Soparl for goods with gross amount 5,000,000frs, bonus 5%,
VAT 19.25%, payment ½ by cash and balance after 10 days
10/01 invoice No 13 issued to customer with: Gross amount 4,000,000frs, cash discount 1%,
VAT 19.25%, payment after 10days
10/01 final stock of goods 2,800,000frs
Required;
1. Calculate the mark up rate on sales (3mks)
2. Prepare the two invoices issued and received (10mks)
3. Record the transaction in the journal of faith shopping (12mks)
PART 4: As at 31/12/2017, ABC ltd sent to you the following closing balances: account 3352
with debit balance of 34,500frs for 230 bottles: account 4194 with credit balance of 3,900frs for
195 bottles. During January 2018, you were given the following transactions concerning the
movement of bottles:
02/01 credit note number 002 issued for the return of 50 bottles at the consignment price
03/01 consignment of 40 bottles to customer Che
03/01 purchase of 100 bottles from Brasseries
04/01 Consignment of 25 bottles to Kum
05/01 sales of 10 bottles to Che due to non return
07/01 sales of 25 bottles to Ngwa to start up is new business
10/01 rejection of 10 bottles due to damages
11/01 Return of 25 bottles by Kum, at 10% lesser than the consignment price due to poor
handling.
Required: prepare the stock Bin card of bottles and prepare the classical journal of the period
under the permanent inventory (20 mks)
NB: The price for purchase and consignment are constant and there is no purchases expenses,
all sales are at the consignment price. All transactions are paid by cash.
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