CAPE Accounting Unit 1 · 2012 · Paper 2

11 questions and parts from this paper. Open one to see it in full, then practise it on Quelpr and get it marked against the mark scheme.

1. 1(a)(i)8 marksCopy and complete Table 1 comparing and contrasting the scope and objectives of the work of internal auditors for a public company with those of external auditors.
2. 1(a)(ii)4 marksExplain briefly the extent to which each type of auditor should be expected to detect fraud in a company.
3. 1(b)17 marksPrepare journal entries with narratives to record the given transactions.
4. 1(c)(i)2 marksBriefly explain the term Consistency as used in IAS 1.
5. 1(c)(ii)2 marksBriefly explain the term Materiality as used in IAS 1.
6. 1(c)(iii)2 marksBriefly explain the term Going concern as used in IAS 1.
7. 2(a)5 marksCopy and complete Table 2 by putting a tick (✓) to indicate whether each characteristic applies to a Corporation or Partnership.
8. 2(b)(i)10 marksPrepare the Capital Adjustment Account showing charges to the Plant and Machinery Account, Building Account, Goodwill, and the Partners' Capital Accounts immediately prior to Janet's admission.
9. 2(b)(ii)10 marksPrepare the Balance Sheet showing the opening position of the new partnership of Kwame, Kendal, and Janet.
10. 2(c)10 marksPrepare the Shareholder Equity section of Fancy Beachwear Inc at 31 December 2011.
11. 335 marksPrepare the Income Statement and Balance Sheet for the Company for the year ended 30 June 2011 in accordance with International Accounting Standard 1 (IAS 1).