252435/ 11241 – Apply basic invoicing and accounting principles: Section A – Formative Assessment
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Question 1 of 18
1. Question
Question 1 ( SO 1, AC 1, AC 2) Using appropriate examples define the following terms; I. Expenditure. II. Revenue
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Question 2 of 18
2. Question
Question 2 (SO 1, AC 3)
In a tabular format, identify the differences between revenue and expenditure.
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Question 3 of 18
3. Question
Question 3 (SO 2, AC 1, AC 2, AC 3)
- Define the following terms with examples;
- Fixed costs
- Variable costs
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Question 4 of 18
4. Question
Identify 3 examples of businesses where fixed costs can happen.
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Question 5 of 18
5. Question
Question 4 (SO 4, AC 2, AC 3, AC 4, AC 5, AC 6) I. Describe the following items that are added to invoices for organisations involved in imports and exports. •Cartage
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Question 6 of 18
6. Question
- Port authority charges
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Question 7 of 18
7. Question
- Deport charges
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Question 8 of 18
8. Question
- Customs duty
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Question 9 of 18
9. Question
- Carrier handling
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Question 10 of 18
10. Question
II. Describe the following disbursement charges; •Packaging
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Question 11 of 18
11. Question
- Fumigation
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Question 12 of 18
12. Question
•Inspection
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Question 13 of 18
13. Question
- Insurance
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Question 14 of 18
14. Question
III. Identify examples of supplementary charges that can be added to invoices for companies involved in import and export business.
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Question 15 of 18
15. Question
Question 5 (SO 3, AC 1, AC 2, AC 3, AC 4)
- i) Using the information below prepare an invoice for Evergrace Company.
You work for a company called KJF Computers, a VAT registered company that is involved in resale of computers and accessories. The company has clients in South Africa and in West Africa. The company is located on the following physical address: Khona Office Park, 56 Wiliam Nicol Drive, Johannesburg, 1560.
On the 20th of January 2013 Evergrace Company bought a range of goods from your company. Evergrace is located at number 5 Allandale Road, Lagos, Nigeria. The following things were bought
- 200 Samsung laptops 15’inch @ 3000 each
- 10 Dell laptops 15 inch @ 2 000 each
- 500 ipods @ R3500 each
- 500 Samsung laptop chargers @ R400
- 20 speakers @ R500
The consignment shall be shipped via air freight at O.R International Airport on the 21 January 2013. The following expenditures were paid on behalf of Evergrace,
- Insurance R40 000
- Cartage collection charges R20 000
- Depot charges (SA) R10 000
- Airline charge R150 000
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Question 16 of 18
16. Question
ii) Enter the following invoices in the sales Journal
- 01/04/2012 invoice 2532566 R3 000
- 20/03/2012 invoice 125235 R2 000
- 01/02/2012 invoice 65325 R3 500
- 28/02/2012 invoice 65358 R1 500
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Question 17 of 18
17. Question
iii) You are working on recoveries after invoicing. One of your clients Rack Computers had a total invoice of R200 000, they paid R210 000. What is the over recovery and how must it be treated in the books of accounts.
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Question 18 of 18
18. Question
Question 6 (SO 4, AC 4, AC 5, AC 6, AC 8)
You are required to reconcile the invoices and the statement as at 30 March 2013. The policy of the organisation is that clients pay 1 week after the date of the invoice.
Please upload your evidence
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