Basic Bookkeeping(BBK, Business) Questions

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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 by your Facilitator. 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. Your Facilitator will confirm that you have fully completed the Practical Exam Answer Sheets and then return them so you may complete the Online Exam. Your Facilitator 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 Facilitator 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 Facilitator upon completion of your Online Exam. Be sure to write your name on page one of the Answer Sheets before submitting it to your Facilitator.

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 by your Facilitator. For this examination, you will need a sharp pencil, a calculator, an eraser (to correct

errors), and some blank paper to make rough calculations of your work. If you do not have this equipment with you, ask your Facilitator for help.

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

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

Basic Bookkeeping – Level 1

Steps

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

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.

Final Exam

Steps

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 before handing your Answer Sheets section to your Facilitator. Once your Facilitator has reviewed your Answer Sheets, they will be returned to you so you can complete the Online Exam. You are now ready to begin Part 2 of the Final Exam. Your Facilitator 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.