Synoptic Assessment - Accounting & Business - PDF

Task 4.14 (a) For which ONE of the following could a spreadsheet be used? Maintaining detailed customer records Preparing budgets and forecasts Sending out supplier statements (b) Which THREE of the following are true regarding spreadsheets? Spreadsheets are used to...

Task 4.14 (a) For which ONE of the following could a spreadsheet be used? Maintaining detailed customer records Preparing budgets and forecasts Sending out supplier statements (b) Which THREE of the following are true regarding spreadsheets? Spreadsheets are used to store and manipulate data. Spreadsheets can be used for word processing. Data in a spreadsheet can be easily updated. Spreadsheet data can be output in the form of graphs. Spreadsheets can be used to replace accounting packages. Sophisticated databases are making spreadsheets obsolete. 0 BPP 36 Synoptic Assessment LEARNING MEDIA Task 4.11 This is a draft of a letter to be addressed to Mrs Oboh, a supplier, to advise her of the results of your reconciliation of the statement of account you received from her. The differences are as follows: The invoice for this entry has been located; however, the 12.1O.XX £794.35 invoice total is £749.35. We have no record of ever ordering or receiving goods to 26.10.XX £375.29 this value from Mrs Oboh. Required Review the draft letter and identify TWELVE words or collections of letters or digits which are either spelt incorrectly, missing, are inappropriate or are technically incorrect. October Statment Reconciliation Date: 1/11/XY Dear Mrs Oboh, Many thanks for providing the October statement which we have now reviewed and compared to our records of amounts owing by you. We would like too highlight two discrepancies: (1) Your entry for £794.53 on 12.O1.XX does not corespond with the invoice we have for that date. The invoice shows an amount of £749.35 for these goods. (2) Your entry for £357.29 on 26.1O.XX is not known to us. We have no record of ever ordering or sending this amount of goods on this date. Please investigate these differences as we want to be sure our records agree before we setle our account with you. If you would prefer to contact me by telephone to discuss this matter, please do so as we would like to resolve these differences as soon as posible. Yours sincerely, Task 4.12 (a) Identify which TWO of the following would occur before the introduction section of a business report. Appendices Recommendations Main body Conclusion Executive summary Title 0 BPP 34 Synoptic Assessment LEARNING MEDIA (b) Identify which ONE of the following describes the contents of the 'main body' section of a business report. r Provides suggested actions to overcome the problems identified Provides an analysis of the results of the research Summarises the main points of the research and analysis Provides suggested actions to be taken in the future (c) Complete the following statement by selecting the most appropriate answer from the picklist. When considering the order of a formal business report, which section will usually appear between the executive summary and the main body? cm Picklist: Appendices Conclusions Introduction Title Task 4.13 What would be the most appropriate method of communication in each of the following circumstances? Choose from the picklist below. (a) Explaining to a customer that a prompt payment discount that has been deducted was not valid, as the invoice was not paid within the discount period N (b) Requesting customer balances from a colleague in the receivables ledger department (c) Providing negative feedback to a colleague on the quality of their work (d) A formal complaint to a supplier regarding the delivery times of goods, which are not as agreed N (e) Information to be provided to the sales director regarding the breakdown of sales geographically for the last two years Picklist: Email Face-to-face discussion Letter Telephone 4.1 MMEINO BPP LEARNING MEDIA Questions 35  Task 4.8 On the first day of every month, cash is drawn from the bank to restore the petty cash imprest level to £75. A summary of petty cash transactions during November is shown below: Opening balance on 1 November £27 Cash from bank on 1 November £48 Expenditure during month £21 Required (a) What will be the amount required to restore the imprest level on 1 December? (b) Will the receipt from the bank on 1 December be a debit or credit entry in the petty cash book? Debit Credit I Task 4.9 (a) State four benefits of cloud accounting. (b) State four potential problems of cloud accounting. Task 4.10 The following are the requirements for the accounting function meeting: Purpose: The monthly accounting function review meeting Number of attendees: 25, plus the finance director and managing director Special requirements: Two members of staff require vegetarian food, no other special dietary requirements Room configuration: Usual, horseshoe style please F Other information: We require an overhead projector, white screen and laptop Cost to be charged to: Mr John Brean Budget Code: ACC3217653 0 EPP LEARNING MEDIA Questions 31 Your manager (John Brean) has asked you to email the facilities manager to advise him of the requirements for the monthly accounting function review meeting. Required (a) Complete the email below to book the meeting with the facilities manager, Martin Slone ([email protected]) by inserting the email address of the recipient and selecting TWO paragraphs that should be inserted into the main body of the email to make all the arrangements for the meeting. From: [email protected] To: Subject: Meeting room booking I Hello Martin, Paragraph 1 Paragraph 2 Regards, MT student We require a room for our review meeting on 18 August 2OXX between 10:00am and 2:00pm. Tea/coffee is not required but lunch is required at 12:00pm. Two people require vegetarian food; the others have no special dietary requirements. The room should be arranged in a horseshoe style and an overhead projector, wide screen and laptop will be required for the meeting. The costs associated with the meeting are to be sent for the attention of John Brean. Budget code AC3217653 should be charged. The accounting function needs a room for its monthly review meeting on 18 August 2OXX. The meeting is due to start at 10:00am and should finish at 2:00pm. There will be 25 people at the meeting and we shall require lunch at 12:00pm; two attendees require vegetarian food, nobody else has any special dietary arrangements. There will not be a requirement for tea or coffee. On behalf of John Brean, I write to request a booking for the accounting's function monthly review meeting. There will be 25 staff including the finance director and managing director attending the meeting and lunch will be required at 12:00pm. The only special dietary requirements are that two people require vegetarian I food. Tea/coffee will not be required. BPP 32 Synoptic Assessment LEARNING MEDIA  An overhead projector, white screen and laptop will be required for the meeting. The room should be arranged in our usual style. The costs associated with the meeting I are to be sent for the attention of John Brean. Budget code AC3217653 should be charged. An overhead projector, white screen and laptop will be required for the meeting. The costs associated with the meeting are to be sent for the attention of John Brean. Budget code ACC3217653 should be charged. r We will require an overhead projector, white screen and laptop for the meeting. The room should be arranged in our usual horseshoe style. The costs associated with the meeting are to be sent for the attention of John Brean. Budget code ACC3217653 should be charged. Please arrange for a room to be booked for the accounting function's monthly review meeting. There will be 25 staff plus the finance director and managing director at the meeting between 10:00am and 2:00pm on 18 August 2OXX. Tea/coffee will not be required and lunch is requested at 12:00pm. Two people require vegetarian food; there are no dietary requirements. (b) Identify whether the following statements are true or false. You do not need to proofread emails as this is an informal method of communication. Picklist: True False When deciding upon the best method of communication, you only need to consider the information you are trying to communicate. loomi Picklist: True False LEARNING Questions 33 MEDIA Task 4.6 You have been given an extract from your organisation's purchases day book in respect of credit transactions taking place in June. No entries have yet been made in the ledgers. Both suppliers charge VAT on sales. Required Complete the purchases day book and state what the entries will be In the payables ledger. Purchases day book It 30 June Bramley Ltd 7623 2,571.00 30 June Russett & Co 0517 2,400.00 Totals Payables ledger Picklist: Bromley Ltd Russett & Co Net Purchases Payables ledger control Purchases returns Sales Receivables ledger control Sales returns Total VAT BPP GI LEARNING MEDIA Questions 29 Task 4.7 Your organisation has received a statement from a supplier which shows that, as at the end of June 2OXX, you owed the supplier £2,876. The payables ledger account for this supplier shows that, at that date, you only owed £1,290. Required (a) Which of the following items would explain the difference? You have requested a credit note from the supplier for £1,586 which you have not yet received. You sent a cheque for £1,586 to the supplier on 30 June 2OXX. You ordered some items from the supplier on 30 June for £1,586 but the goods have not yet been delivered and an invoice has not yet been raised. Matilda sells machine tools. The following is a summary of her transactions with Frampton Ltd, a new credit customer. £656 re invoice 1540 of 15 September £742 re invoice 1560 of 29 September £43 re credit note 89 of 3 October £1,235 re invoice 1580 of 10 October Cheque for £682 received 15 October Required (b) Complete the statement of account below. Enter all amounts as a positive value. Matilda's Machinery 1 North Street Westbury, WE11 9SD To: Frampton Ltd Date: 31 October 2OXX 1 Picklist: Cheque Credit note 89 Invoice 1540 Invoice 1560 Invoice 1580 BPP 30 Synoptic Assessment 0 LEARNING MEDIA Assessment objective 4 - Introduction to bookkeeping/The business environment Task 4.1 There are three payments to be entered in the credit side of Gold's cash book during one week. Cash purchases listing Mendip plc 315 63 378 Trade payables listing Landa Ltd i 1,950 Bebe and Co 726 Required (a) Enter the details from the cash purchases listing and the trade payables listing into the credit side of the cash book shown below and total each column. Cash book - credit side Balance b/f 2,312 111 El Total Picklist: Bank Bebe and Co Cash Cash purchases Landa Ltd Mendip plc Trade payables VAT The debit side of the cash book shows the cash balance brought forward at the beginning of the week was £200 and a further £319 has been received during the week. Required (b) Using your answer to (a) above, calculate the cash balance. 24 Synoptic Assessment 0 BPP LEARNING MEDIA The debit side of the cash book shows the total amount of money banked during the week was £1,964. Required (c) Using your answer to (a) above, calculate the bank balance. If your calculations show that the bank account is overdrawn, your answer should start with a minus sign, for example -123. Task 4.2 Gold's cash book is both a book of prime entry and part of the double entry bookkeeping system. These are the totals of the columns in the credit side of the cash book at the end of a month. Cash-book - credit side Totals 1,590 10,948 265 10,900 1,325 48 Required (a) What will be the FOUR entries in the general ledger? General ledger Picklist: Bank Bank charges Cash Cash purchases Cash sales Details Payables ledger control Receivables ledger control Totals Trade payables VAT BPP LEARNING Questions 25 MEDIA One of the bank payments to trade payables was to 'D B Franks' for £264. Required (b) What will be the entry in the payables ledger? Payables ledger Account name Picklist: Bank D B Franks Gold Purchases Payables ledger Payables ledger control Sales Receivables ledger Receivables ledger control Trade payables Task 4.3 The following account is in the receivables ledger at the close of day on 30 June. Required (a) Insert the balance carried down together with date and details. (b) Insert the totals. (c) Insert the balance brought down together with date and details. J B Mills 1 Jun Balance b/f 22 Jun Bank 11 Jun Invoice 1269 29 Jun Credit note 049 CI_ Total Total.. CI Picklist: 30 Jun 1 July Balance b/d Balance c/d Gold J B Mills BPP 26 Synoptic Assessment LEARNING MEDIA Task 4.5 Sugar Solutions is a small business that manufactures a variety of confectionery which it sells directly to shops. During January 2OXX, the following credit sales to customers took place: Invoice No. 7541 to Watsons Ltd £547 plus VAT Invoice No. 7542 to Harrison £660 plus VAT Invoice No. 7543 to Valu Shopping £346 plus VAT Invoice No. 7544 to Fishers £328 plus VAT Invoice No. 7545 to Harrison £548 plus VAT Invoice No. 7546 to Villa Discount £141 plus VAT Invoice No. 7547 to Valu Shopping £416 plus VAT Invoice No. 7548 to Watsons Ltd £238 plus VAT Invoice No. 7549 to Fishers £305 plus VAT Required (a) Enter these transactions into the sales day book given below. (b) Cast the columns of the sales day book and check that they cross cast. Sales day book 1 Picklist: Fishers Harrison Valu Shopping Villa Discount Watsons Ltd Cross-cast check: -1 Net VAT Total 28 Synoptic Assessment 0 BPP LEARNING MEDIA