CSEC Principles of Accounts · January 2012 · Paper 2

33 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)4 marksPrepare the Income Statement of VIP Enterprises for the year ended 30 November 2011.
2. 1(b)12 marksPrepare the classified Balance Sheet for VIP Enterprises as at 30 November 2011 in vertical style, identifying clearly the business' working capital.
3. 1(c)(i)2 marksCalculate the stock turnover for VIP Enterprises, showing your workings.
4. 1(c)(ii)2 marksCalculate the return on opening capital employed (ROCE) for VIP Enterprises, showing your workings.
5. 2(a)3 marksIdentify THREE items from the provided list that would be found in Partner A and Partner B's partnership agreement.
6. 2(b)8 marksPrepare the Income Statement for Partners A and B for the period ended 31 December 2011.
7. 2(c)8 marksPrepare the Appropriation Account for the partnership for the period ended 31 December 2011.
8. 2(d)1 markCalculate how much more cash, if any, Partner B can withdraw from the business without taking away from his capital, showing your working.
9. 3(a)(i)2 marksDefine the term 'depreciation'.
10. 3(a)(ii)2 marksIdentify the double entry used to record depreciation.
11. 3(a)(iii)3 marksState THREE causes of depreciation.
12. 3(b)(i)11 marksCopy and complete the table calculating the cost or net book value before depreciation, depreciation expense for the year, accumulated depreciation, and net book value after depreciation for the first THREE years of the…
13. 3(b)(ii)2 marksDraw up the Balance Sheet extract for the equipment at the END of the third year of use.
14. 4(a)4 marksOutline TWO principles or essential features of a cooperative.
15. 4(b)2 marksCalculate the return on investment for the Roseau Valley Farmers' Cooperative for the year ended 31 December 2011.
16. 4(c)10 marksPrepare the Appropriation Account for the Roseau Valley Farmers' Cooperative for the year ended 31 December 2011.
17. 4(d)4 marksShow the capital section ONLY of the Balance Sheet of the Cooperative as at 31 December 2011.
18. 5(a)2 marksState TWO benefits of using computerized accounting processes.
19. 5(b)(i)1 markIdentify the type of source document generated when a customer pays his account in full.
20. 5(b)(ii)1 markIdentify the type of source document generated when a customer returns some of the goods previously bought on credit.
21. 5(b)(iii)1 markIdentify the type of source document generated when the landlord was paid this month's rent by cheque.
22. 5(b)(iv)1 markIdentify the type of source document generated when a supplier informs his customers of additional charges on goods already shipped.
23. 5(b)(v)1 markIdentify the type of source document generated when goods were sold on credit to a customer.
24. 5(c)13 marksEnter the specified transactions for May 2011 into the Cash Book.
25. 6(a)8 marksPrepare the Income Statement for Flavour Fruit Ltd. for the year ending 31 December 2010.
26. 6(b)7 marksPrepare the Appropriation Account for Flavour Fruit Ltd. for the year ending 31 December 2010.
27. 6(c)5 marksPrepare the Capital & Reserve Section of the Flavour Fruit Ltd. Balance Sheet as at 31 December 2010.
28. 7(a)(i)1 markIdentify the specific term used to describe Jerome Perkins' monthly pay.
29. 7(a)(ii)1 markIdentify the specific term used to describe additional earnings paid out of company's profits.
30. 7(a)(iii)1 markIdentify the specific term used to describe the contribution to the credit union requested by the employee.
31. 7(a)(iv)1 markIdentify the specific term used to describe the contribution to National Insurance required by the government.
32. 7(a)(v)1 markIdentify the specific term used to describe regular amounts paid to employees when they have retired.
33. 7(b)15 marksOn the pay slip provided, calculate David Ayliffe's gross earnings, total deductions, taxable earnings, income tax, and net earnings for the week, showing your workings.