Accounting Fec-March 2011 Eng

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GRAAD 12

NATIONAL SENIOR CERTIFICATE

GRADE 12

ACCOUNTING FEBRUARY/MARCH 2011

MARKS: 300 TIME: 3 hours

This question paper consists of 19 pages and an answer book of 16 pages.

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Accounting

2 NSC

DBE/Feb. – Mar. 2011

INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. 2. 3. 4. 5. Answer ALL the questions. A special ANSWER BOOK is provided in which to answer ALL the questions. Workings must be shown in order to achieve part-marks. You may use a non-programmable calculator. You may use dark pencil or blue/black ink to answer the questions.

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Accounting

3 NSC

DBE/Feb. – Mar. 2011

6.

Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION 1: 35 marks; 20 minutes The topic of the question: Learning outcomes covered: LO2 Managerial accounting AS3 Analyse and interpret a Cash Budget LO3 Managing resources AS6 Apply internal control and audit processes

Cash Budgets

QUESTION 2: 30 marks; 20 minutes
The topic of the question: Learning outcomes covered: LO1 Financial accounting AS4 Reconciliation and interpretation LO3 Managing resources AS5 Code of ethics AS6 Apply internal control and audit processes

Debtors' Reconciliation and Internal Control

QUESTION 3: 50 marks; 30 minutes
The topic of the question: Learning outcomes covered: LO2 Managerial accounting AS2 Production Cost Statement AS2 Income Statement AS2 Unit costs and break even LO3 Managing resources AS6 Apply internal control and audit processes

Manufacturing

QUESTION 4: 75 marks; 45 minutes
The topic of the question: Learning outcomes covered: LO1 Financial accounting AS1 Concepts AS5 Financial statements AS6 Analyse audit report LO3 Managing resources AS3 Interpret and report on asset disposal AS5 Code of ethics

Concepts and Interpretation of Financial Statements

QUESTION 5: 70 marks; 40 minutes
The topic of the question:

Financial Statements of a Company

Learning outcomes covered: LO1 Financial accounting AS2 Ledger Account AS5 Financial statements

QUESTION 6: 40 marks; 25 minutes
The topic of the question: Learning outcomes covered: LO1 Financial accounting AS5 Financial statements LO2 Managerial accounting AS3 Calculate and validate inventories LO3 Managing resources AS5 Code of ethics AS6 Apply internal control and audit processes

Inventory Valuation and Internal Control

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Accounting

4 NSC

DBE/Feb. – Mar. 2011

QUESTION 1: CASH BUDGETS

(35 marks; 20 minutes)

You are provided with the Cash Budget of Bosman Traders for the three months ended 28 February 2011. The business is owned by Alfred Bosman. REQUIRED: 1.1 1.2 1.3 Explain why a business needs to prepare a Cash Budget every year. Calculate the figures indicated by A – E in the Cash Budget. The rent income was increased by 8% from 1 January 2011. Calculate the rent income figure for January 2011. Refer to the salaries and wages in the Cash Budget. • • Calculate the percentage increase granted to the employees from 1 January 2011. In your opinion, will the employees be satisfied with this increase? Briefly explain. (2) (5)

(3)

1.4

(3) (3)

1.5

As the internal auditor you discover that the actual motor vehicle expenses for December 2010 were R5 420. Provide TWO points that you would include in your internal auditors' report to Alfred. A new vehicle will be purchased for R139 500 on 31 January 2011. The business will pay a deposit of 20% and the balance will be financed by Eastbank. Alfred will repay Eastbank in equal monthly instalments over three years from 28 February 2011. Interest will be paid to Eastbank monthly on the balance outstanding at a rate of 11% p.a. • • Calculate the interest payable to Eastbank in February 2011. Calculate the monthly repayments of the capital...
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