Ordinary level 2023 South West regional mock financial accounting 1
Ordinary level 2023 South West regional mock financial accounting 1
1.
A businessman sells goods to a customer value
785,000 CFAF VAT exclusive. The amount paid
by the customer for the goods VAT inclusive is:
A 15,111,250 CFAF
B 151,112.5 CFAF
C 633,887.5 CFAF
D 936,112.5 CFAF
__________________________________________
2.
Which of the following statements is true about
an invoice?
A An invoice is sent only when goods are
sold for cash
B An invoice is sent by the seller to the
purchaser
C An invoice is for the sellers use only
D An invoice is sent by the buyer to the
seller
__________________________________________
Use the invoice below to answer question 3 and 4
Description
Qty
UP
Rice
Amt —-
12,500
G.nut oil
1,500,000
20 —
Gross amount
170,000
1,670,000
Trade dis —-%
Com net
33,400 ———-
VAT 19.25%
Net payable ———- ———-
3.
The quantity of rice sold is:
A 102
B 120
C 125
D 12000
___________________________________________
4.
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
C When faulty goods are returned
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.
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
__________________________________________
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
B The drawee of the bill needs money before
the due date
C The drawer is afraid that the bill may not
be settled
D The banker of the drawee offers him the
opportunity
___________________________________________
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
