Assessment
Section A
Question 1
What is the debit and credit formula for each account type?
Question 2
What should be done before taking a deposit to the bank?
Question 3
List and briefly describe five errors that are typically made when processing financial transactions.
Question 4
When you are reconciling transactions, what can you use as proof of lodgement?
Question 5
List and describe (50-80 words) five types of special transactions.
Question 6
How should you deal with confidential information? Provide three examples of breaches of confidentiality.
Question 7
What aspects of legislation can impact upon financial transactions and reporting?
Question 8
How can policies and procedures control spending?
Question 9
What security checks should be applied to cheques or vouchers? List and describe five checks.
Question 10
List and describe (50-80 words) the key features of three reports.
Section B
Question 1
Prepare the special transaction:
A debtor, B Brown, has an opening balance of $535.00. After repeated attempts to contact the debtor you decide the debt is a bad one and will write it off. The debt occurred using docket R4502.
Debtor's ledger
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B Brown
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Date
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Docket
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Details
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Debit
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Credit
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Balance
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Opening Balance
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Bad debt account
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Debtors
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Date
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Docket
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Details
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Debit
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Credit
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Balance
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Opening Balance
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Question 2
A new business is established using $25,000.00 of owner's equity. Complete the balance sheet:
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Assets-Dr
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Liabilities-Cr
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Bank
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Owner's equity capital
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Totals
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