CSEC Principles of Accounts · 2022 · Paper 2

27 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)6 marksRecord the petty cash transactions for TD Salon for April 2022 in the provided petty cash book.
2. 1(a)(ii)2 marksTotal, balance and rule the petty cash book at the end of April.
3. 1(a)(iii)1 markRecord the entry in the petty cash book on 1 May 2022 to replenish the petty cash fund.
4. 1(b)8 marksPost the totals from the petty cash book at month end into the provided ledger accounts, entering account titles, assigning account numbers, and including complete cross-referencing and posting details.
5. 1(c)3 marksPrepare and sign the cheque drawn on Caribbean Bank, PLC to be given to Turi Francis to replenish the petty cash fund on 1 May 2022.
6. 2(a)8 marksPrepare the club's receipts and payments account for the year ended 30 April 2022, clearly identifying the closing balance at the start of the new year.
7. 2(b)(i)2 marksMatch the items describing discrepancies between the records to the terms 'Standing order' and 'Direct deposit'.
8. 2(b)(ii)7 marksPrepare the updated receipts and payments account to show the revised cash at bank balance for Suri Youth and Sports Club at 1 May 2022, starting with the closing balance from part (a).
9. 2(b)(iii)3 marksPrepare a bank reconciliation statement for Suri Youth and Sports Club for the month of April 2022, beginning with the updated cash at bank balance from (b)(ii).
10. 3(a)(i)3 marksCalculate the total direct costs of producing one AF2 automobile part.
11. 3(a)(ii)3 marksCalculate the total direct costs of producing 800 AF2 automobile parts.
12. 3(b)(i)4 marksPrepare an extract showing calculations to arrive at the cost of raw materials used for the year ended 30 April 2022.
13. 3(b)(ii)8 marksPrepare the company's manufacturing account to show the total cost of production of manufactured goods for the year ended 30 April 2022.
14. 3(c)2 marksCalculate the unit cost of producing one AF2 automobile part in the year ended 30 April 2022 using the total cost of production figure from (b)(ii).
15. 4(a)3 marksList THREE components that Payne Ltd should include in the business plan.
16. 4(b)6 marksPrepare general journal entries to record the three transactions for Payne Ltd (narratives not required).
17. 4(c)6 marksPrepare an extract showing the shareholders' equity section of Payne Ltd's statement of financial position as at 30 April 2022.
18. 4(d)3 marksCalculate the amount paid out in dividends for the year ended 30 April 2022 for ordinary shares and preference shares.
19. 4(e)(i)1 markCalculate the additional number of 8% preference shares that the company can issue.
20. 4(e)(ii)1 markCalculate the total value of these additional preference shares.
21. 5(a)2 marksCalculate the total indirect costs for EACH cost centre (Assembly and Finishing).
22. 5(b)(i)1 markState the formula used to calculate the overhead absorption rate (OAR).
23. 5(b)(ii)6 marksCalculate the overhead absorption rate (OAR) for EACH cost centre.
24. 5(c)7 marksCalculate the total cost of producing ONE Scalextric toy car, showing direct materials calculations, production hours calculations applying the OARs, and overall total cost.
25. 5(d)(i)1 markDefine the term 'mark-up pricing'.
26. 5(d)(ii)1 markCalculate the total dollar value of the mark-up on ONE Scalextric toy car.
27. 5(d)(iii)2 marksCalculate the selling price of ONE Scalextric toy car.