Ordinary level 2025 South West regional mock financial reporting guide
Ordinary level 2025 South West regional mock financial reporting guide
| Which of the following statements is true about an invoice? |
|
| A | An invoice is sent only when goods are sold for cash An invoice is sent by the seller to the purchaser An invoice is for the sellers use only |
| B | |
| C | |
| D | An invoice is sent by the buyer to the seller |
__________________________________________
Use the invoice below to answer question 3 and 4
| Description | Qty | UP | Amt |
| Rice | —- | 12,500 | 1,500,000 |
| G.nut oil | 20 | — | 170,000 |
| Gross amount | 1,670,000 | ||
| Trade dis | —-% | 33,400 | |
| Com net | ———- | ||
| VAT 19.25% | ———- | ||
| Net payable | ———- |
3. The quantity of rice sold is:
| A | 102 |
| B | 120 |
| C | 125 |
| D | 12000 |
| ___________________________________________ | |
| 4. | The net payable of the invoice is: |
| A | 1,670,000 |
| B | 1,636,600 |
| C | 1,951,645 |
| D | 1,372,410 |
| ___________________________________________ | |
| 5. | The person who normally issues a cheque is called: |
| A | Drawee |
| B | Drawer |
| C | Subscriber |
| D | Payee |
__________________________________________
6. An invoice shows a total of 240 000CFAF less
2 per cent cash discount. If paid in time, then
the cheque paid would amount to:
| A | 228 000CFAF |
| B | 220 000CFAF |
| C | 216 000CFAF |
| D | 234 000CFAF |
| __________________________________________ | |
| 7. | Credit notes are sent to customers when? |
| A | An original invoice has been lost |
| B | To provide details of goods or services supplied When faulty goods are returned |
| C | |
| D | They request details of the amount outstanding on their account |
| ___________________________________________ | |
| 8. | When goods are sold on credit, the recording done is: |
| A | Debit goods and credit customer |
| B | Debit sales and credit customer |
| C | Debit supplier and credit sales |
| D | Debit customer and credit sales |
| ___________________________________________ | |
| 9. | Recoverable Containers are sent to customers with their content. The consignment of the containers is recorded in the supplier book as: |
| A | Dr 411 and Cr 4194 |
| B | Dr 401 and Cr 4094 |
| C | Dr 4194 and Cr 411 |
| D | Dr 4094 and Cr 401 |
| ___________________________________________ 10. Which of the following explains why a trade bill is discounted? |
|
| A | The payee of the bill needs money before the due date The drawee of the bill needs money before the due date The drawer is afraid that the bill may not be settled The banker of the drawee offers him the opportunity |
| B | |
| C | |
| D |
___________________________________________
11. A bill with nominal value 100,000 CFAF and
due in 72 days is discounted at 18% per annum.
Determine the discount on the bill.
| A | 3,600 CFAF |
| B | 18,000 CFAF |
| C | 36,000 CFAF |
| D | 10,800 CFAF |
