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4 marksControl Systems and Technology in Accounting

CAPE Accounting Unit 1 · 2016 · Paper 2 · Question 1(c)(i)

Old Bailey Ltd aims to ensure the accuracy of accounting records and the custody of assets like inventory and cash.

State FOUR appropriate controls that may be used for Accounts receivable.

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Other parts of this question

  1. 1(a)(i)Using an appropriate example, explain the term 'Substance over form'.[2 marks]
  2. 1(a)(ii)Using an appropriate example, explain the term 'Relevance'.[2 marks]
  3. 1(a)(iii)Using an appropriate example, explain the term 'Reliability'.[2 marks]
  4. 1(b)(i)List the FIVE elements of a full set of financial statements as required by IFRS for SMEs.[5 marks]
  5. 1(b)(ii)State FOUR reasons why financial statements do not provide users with all the information they need.[4 marks]
  6. 1(b)(iii)Give FOUR reasons why the role of the external auditor is important to users of financial statements.[4 marks]
  7. 1(c)(ii)State FOUR appropriate controls that may be used for Cash at bank.[4 marks]
  8. 1(d)(i)Prepare the journal entry to record the issue of ordinary shares.[2 marks]
  9. 1(d)(ii)Prepare the journal entry to record the issue of preference shares.[2 marks]
  10. 1(d)(iii)Prepare the journal entry to record the distribution of preference dividends.[2 marks]
  11. 1(d)(iv)Prepare the journal entry to record the transfer of profits to general reserve.[2 marks]

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