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2 marksControl Systems and Technology in Accounting

CAPE Accounting Unit 1 · 2017 · Paper 2 · Question 1(b)(i)

Scenario concerning Noel Senior and his sisters' company, Le Appetite, operating a fine dining restaurant with recent growth, evaluating internal controls over cash and appointing auditors.

List TWO other principles of internal controls concerning the management of cash, in addition to physical, mechanical and electronic controls, and segregation of duties.

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Other parts of this question

  1. 1(a)(i)Explain the meaning of 'Verifiability' and 'Prudence' as defined in the IASB conceptual framework for the preparation and presentation of financial statements.[4 marks]
  2. 1(a)(ii)According to the framework, explain TWO characteristics of relevant information that make the information in financial statements relevant to users.[4 marks]
  3. 1(b)(ii)Describe TWO procedures to be implemented for EACH of the FOUR principles given as well as recommended in (b)(i).[8 marks]
  4. 1(b)(iii)Outline THREE differences between an 'internal auditor' and an 'external auditor'.[6 marks]
  5. 1(c)Prepare the journal entries (without narratives) to record the transactions during 2016.[11 marks]

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