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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 (SO 1, AC 3)
In a tabular format, identify the differences between revenue and expenditure.
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Question 3 (SO 2, AC 1, AC 2, AC 3)
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Identify 3 examples of businesses where fixed costs can happen.
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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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II. Describe the following disbursement charges; •Packaging
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•Inspection
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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 5 (SO 3, AC 1, AC 2, AC 3, AC 4)
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
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,
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ii) Enter the following invoices in the sales Journal
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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 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.
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