Bookkeeping

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Basic Bookkeeping - Level 1 F I N A L E X A M

V4.0 CU09-10-OCT09

This examination has two parts: the Practical Exam and the Online Exam. The total

marks available for the Final Exam is 100. Good luck!

Part 1 – Practical Exam

Please complete the Practical Exam questions by showing your entries in the appropriate

Journals, Ledgers, and Trial Balance on the Practical Exam Answer Sheets provided.

The Practical Exam must be completed before beginning the Online Exam. There are a

total of 60 available marks for questions in the Online Exam that are based solely on the

information you will enter on the Practical Exam Answer Sheets.

Once you have completed the Practical Exam Answer Sheets notify your Learning

Coach. Your Learning Coach does not mark the Practical Exam Answer Sheets.

Part 2 – Online Exam The Online Exam is a computer-based testing program comprised of 50 multiple choice

and/or True or False questions. Your Learning Coach will give you access to the Online

Exam and provide instructions on how to use it.

During the Online Exam, you will select your response to a question from a list of

multiple choice answers, or select a response of True or False. Online Exam questions

are based on information contained in your Student workbook, as well as information you

entered on the Practical Exam Answer Sheets. You will need to refer to your completed

Practical Exam Answer Sheets to respond to some of the Online Exam questions.

Once you have completed the Online Exam, your Final Exam results will be provided, as

well as a summary of suggested study areas for any questions you may have answered

incorrectly.

You must submit the Practical Exam and Practical Exam Answer Sheets to your Learning

Coach upon completion of your Online Exam. Be sure to write your name on page one

of the Answer Sheets before submitting it to your Learning Coach.

Basic Bookkeeping – Level 1

PART 1 – P R A C T I C A L E X A M

✓ The total available number of marks for this section is 60 marks.

Steps

Make all entries in the appropriate Journals, Ledgers, and Trial Balance in the

Practical Exam Answer Sheets provided.

For this examination, you will need a calculator and some blank paper to make

rough calculations of your work.

This exam will test your knowledge on how a manual bookkeeping system works

and how to use Journals, Ledgers, and other reports necessary to produce monthly

financial statements. You will continue with the company, XY Consumer Products,

for the month of March. The necessary Journals, selected General Ledger, Payroll

Ledger, Accounts Receivable Ledger, and Accounts Payable Ledger sheets have

been supplied for you, as well as a partially completed Trial Balance for the month

ended March 31, 2003. Follow the instructions below to complete the Journals,

Ledgers, and Trial Balance at March 31, 2003. (Please note that, because you are

not being provided with a complete set of Accounts Payable and Accounts

Receivable Ledger sheets for the Practical Exam, you will not be able to confirm

that the Ledgers balance with their respective G/L control accounts.)

Final Exam

Steps

1. The following sales on account occurred in March, 2003. Enter this information in

the correct journal.

XY Consumer Products

687 Nottingham Park Drive London, ON N6A 4V8

Invoice No. 678 Customer No. GH0468 Sold To: Gerald Hemmings Ship To: same 45 Conway Drive Mount Bridges, ON N0L 1S0 Ship Via: UPS F.O.B. Date: March 11, 2003 Terms: 2/10 n/30

Ordered Shipped Description Unit Price Amount

3 3 Pentium Notebooks $ 5,000.00 $ 15,000.00

Subtotal $ 15,000.00

PST 1,200.00

GST 1,050.00

Total $ 17,250.00

BN 12123 4698 RT

Basic Bookkeeping – Level 1

Steps

XY Consumer Products

687 Nottingham Park Drive London, ON N6A 4V8

Invoice No. 679 Customer No. FM4568 Sold To: Fred Milsom Ship To: same 321 Laurentian Cres. Sarnia, ON N7S 4W4 Ship Via: Purolator F.O.B. Date: March 12, 2003 Terms: 2/10 n/30

Ordered Shipped Description Unit Price Amount

1 1 UJE Computer $1,380.00 $ 1,380.00

Subtotal $ 1,380.00

PST 110.40

GST 96.60

Total $ 1,587.00

BN 12123 4698 RT

XY Consumer Products

687 Nottingham Park Drive London, ON N6A 4V8

Invoice No. 680 Customer No. MM0567 Sold To: Mark Mower Ship To: same 67 Dundas Street London, ON N6H 3Y8 Ship Via: Pick up Date: March 17, 2003 Terms: 2/10 n/30

Ordered Shipped Description Unit Price Amount

2 2 Cabinet – small $ 159.00 $ 318.00

Subtotal $ 318.00

PST 25.44

GST 22.26

Total $ 365.70

BN 12123 4698 RT

Final Exam

Steps

2. The following purchases on account were made during March, 2003. Enter this

information in the proper journal.

Note: The first invoice is for the purchase of office supplies. The second invoice is

for products that will be resold by XY Consumer Products and therefore are PST

exempt. Vendor numbers are listed in Step 3.

Office Products Inc. SOLD TO:

740 Chestnut Street XY Consumer Products

London, ON 687 Nottingham Park Drive N6A 5C7 London, ON N6A 4V8

Date: 03/04/03 BN 18795 4568 RT

Invoice No. PO 99-29 Terms 2/10 n/30 Customer No. 6789-2

DATE QTY ITEMS PRICE TOTAL

Mar. 03 Office Supplies $ 2,297.54 $ 2,297.54

SUBTOTAL $ 2,297.54

PST 183.80

GST 160.83

TOTAL $ 2,642.17

Basic Bookkeeping – Level 1

Steps

Johnston Computer Supplies BN 15679 8764 RT

SOLD TO:

444 Oxford Road South XY Consumer Products Delaware, ON 687 Nottingham Park Drive N0M 2J0 London, ON N6A 4V8

DATE 03/19/03 TERMS Net 30

INVOICE NO. 662143 CUSTOMER NO. FFG567

DATE QTY ITEMS PRICE TOTAL

Mar. 18 1 Gateway 700X Computer

$ 2,471.96 $ 2,471.96

1 Gateway Plasma Display system

$ 3,126.95 $ 3,126.95

SUBTOTAL $ 5,598.91

PST Exempt

GST 391.92

TOTAL $ 5,990.83

3. The following cash disbursements on account were made during March. Enter

these disbursements in the proper journal.

Date

2003

Check

No. Vendor Name

Vendor

No.

Amount of

Check

Mar. 10 1075 Johnston Computer Supplies JCS001 3,210.00

Mar. 28 1076 Office Products Inc. OPI001 2,318.62

4. The following cash was received during March for invoices from the previous

month. Enter these receipts on account in the proper journal.

Date

2003 Customer Name

Customer

Account Number

Amount of

Cash

Received

Mar. 14 Mark Mower MM0567 396.75

Mar. 25 Gerald Hemmings GH0468 28,750.00

Final Exam

Steps

5. Mark Mower paid Invoice Number 680 on March 26. Enter the receipt on account

in the proper journal.

Note: Be sure to record the Sales Discount.

6. Record the following employees’ salaries in the Payroll Journal and the Payroll

Ledger for the week ended March 7, 2003.

Check

No. Employee

Ee.

No.

Gross

Pay FIT PIT CPP EI

Health

Care

P825 Phil Arnett A001 493.24 25.70 10.15 21.08 10.36 12.00

P826 Ken Rino A002 553.00 59.05 22.20 24.04 11.61 12.00

P827 Jean Trickett A003 488.00 46.90 17.50 20.82 10.25 12.00

7. Post the journal entries from steps 1 through 6 to the subsidiary ledgers.

8. Then, pay the employees on March 10, 2003 from the Cash Disbursements Journal.

9. Using March 31, 2003 as the journal entry date, enter the following items in the

General Journal.

Bank charges and

interest

$275.00 bank interest was automatically deducted from

XY Consumer Products’ bank account this month.

Employer’s Payroll

Deductions

Record XY Consumer Products’ share of CPP and EI

deductions based on the payroll in Step 7. (Calculate for

only the one week of salary.)

Calculation Note: EI deductions are multiplied by 1.4

Payment on Bank

Loan

$2,500.00 from outstanding bank loans was

automatically deducted from XY Consumer Products’

bank account this month.

10. Add and balance all the journals.

11. Post the journals to the General Ledger (using March 31 as the entry date).

Note: Only selected accounts from the ledgers are provided for you.

12. Complete the Trial Balance as at March 31, 2003 by filling in the shaded areas on

the Trial Balance in the Answer Sheets section and balance the Trial Balance.

Please check your work carefully. If your Trial Balance does not balance, you have

made an error.

Basic Bookkeeping – Level 1

Congratulations! You are now finished Part 1 of the Final Exam. Please make sure you

have answered all the Practical Exam questions. Once you have completed the Practical

Exam, let your Learning Coach know.

You are now ready to begin Part 2 of the Final Exam. Your Learning Coach will provide

you with access to the Online Exam, where you will select answers from a series of

questions based on information in your Student Workbook, as well as information

entered on your Practical Exam Answer Sheets.