Accounting - Level 3 Assessment

Units:

FSFACC0382A: Maintain daily financial/business records

FSFACC0293A: Administer financial accounts
FSFACC0312A: Prepare, match and process receipts
FSFACC0322A: Prepare and bank receipts
FSFACC0362A: Record and account for cash transactions

Trainee’s Name: __________________________ NQR ID#: __________________

SECTION A SHORT ANSWERS 55 Marks

Instruction: Answer ALL questions on the lines provided.

1. When maintaining financial and business records, list six (6) documents that should be
used in the process. (6 Marks)
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2. Discuss four (4) importance of maintaining petty cash records. (8 Marks)

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3. Write short notes on any five (5) of under-mentioned accounting terminologies:

(10 Marks)

➢ Withdrawal Forms
➢ Petty Cash Transactions
➢ Dishonoured Cheque
➢ Reimbursement Fees
➢ Payroll Deduction
➢ Postage or Money Order
➢ Foreign Currency
➢ Receipt Book
➢ Inter-bank transfer

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4. When preparing, matching and processing receipts, explain four (4) factors that should
always be taken into consideration. (8 marks)

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5. Discuss three (3) functions involved in preparing and banking financial receipts. (6 marks)

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6. Discuss how cash and bank transaction should be accounted for. (5 Marks)

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7. In allocating customer payments, service to customers should be prompt and documents
are to be completed and processed quickly, and accurately, to maximise customer
satisfaction. Discuss the relevance of this statement. (5 Marks)

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8. Match receipts to documentation when prepare, match, and process receipt is important for
security purposes. Discuss this statement. (5 Marks)

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 SECTION B PRACTICAL TASK MARK

Question 1

C. Chester keeps a cash book with bank columns only. All petty cash paid out is entered in a
petty cash book. All payments above $50 are by cheque, below that figure by cash.
This is the information for August.
Date Transactions Amount $
2001
Aug 1 Bank Balance 2,745.00
Petty cash balance 29.00
Aug 2 Reimbursement to petty cashier by cheque which is cashed, 271.00
restoring cash float
Aug 3 Petrol bought 19.00
Aug 5 Bank charges 77.00
Aug 6 Cheques received duly banked:
T. Grant (after cash discount $27) 513.00
C. Riley (after cash discount $20) 380.00
Aug 9 Postage 48.00
Aug 11 Motor repairs 247.00
Aug 13 Motor spares 33.00
Aug 13 Paid the following:
F. Gordon (after cash discount $30) 1,170.00
P. Clarke (after cash discount $16) 624.00
Aug 15 Envelopes bought 28.00
Aug 18 Drew cheque for pay 549.00
Aug 21 Received cheque from J. Franks to settle a debt of 2,820.00
$2,947.00
Aug 22 Petrol bought 27.00
Aug 24 Postage 40.00
Aug 26 Copying paper bought 16.00
Aug 27 Paid V. Thomas to settle his account 39.00
Aug 28 Cleaning materials 21.00
Aug 29 Dog licence for guard dog 15.00
Aug 30 Paid rent 390.00

You are required to:

i. Write up and balance the cash book (15 marks)
ii. Write up the petty cash book, balancing down at the end of the month (20 marks)
iii. Prepare vouchers for August 3 & 15 (5 marks)

Analysis columns to be for: motor expenses; postage and stationery; general expenses; ledger
accounts. The petty cash reimbursement takes place on 1 September.

Question 2
Lue-Que Chen Designing Company of Broadway Manhattan sent her bearer to NCB Knutsford
Blvd. to deposit the following into the company’s account on December 7, 2011. Account
number 88610954

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Cheques:

Banks cheques drawn on Cheque numbers Amount ($)

NCB 765109245 19,770.35
Scotia Bank 553897762 67,238.45
First Caribbean 119324678 45,575.27
Jamaica National 775432911 67,335.75
RBTT 665523480 87,899.37
NCB 765109242 57,945.48
NCB 765109243 37,779.97
Scotia Bank 553897754 67,501.77
First Caribbean 119324667 23,224.97
Jamaica National 775432117 92,186.08
RBTT 665523444 89,573.00
First Caribbean 119324670 42,303.35
Jamaica National 775432923 38,065.06
NCB 765109240 28,432.06
Chase 223675439 34,978.00

Notes: Coins:
43 x $1000 658 x 20
95 x $ 500 973 x 10
463 x $ 100 958 x 5
272 x $ 50 2008 x 1

Question 3

From the following information prepare the source documents:

Janice Oregon is a sole trader for Trimmings and things which is located at 26 Queen Drive
Kingston 20. The purchasing officer wrote up the order on September 5. On September 6 2011,
she purchased the following from Julie Ann Gordon of One Stop Trimmings and Things which is
located at 20 Liguanea Place Kingston 7. She was given trade discount of three percent (3%) and
two percent cash discount if the account was settled within 10 days. All items are subjected to
GCT.

Details Amount
100 yards crepe material at $1000 per yard
10 spools white thread at $300 per spool
50 bags safety pins at $30 per bag
30 yards dacron and cotton (white) at $80 per yard
80 yards irish linen at $1050 per yard
30 bags common pins at $22 per bag
40 yards silk at $1300

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On September 8, 2011 Miss Oregon returned the following:

Details
20 yards crepe material
4 spools thread
7 yards irish linen

The goods were paid for on September 14, 2011 cheque and Miss Oregon demanded proof
indicating she had paid.

You are required to prepare the relevant source documents for:

a) September 5
b) September 6
c) September 8
d) September 14 (40 marks)

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