COURSE TITLE: PRINCIPLES OF ACCOUNTING
COURSE CODE: ACCM 2101
SEMESTER: FIRST SEMESTER 2023/2024
Course Instructors: Drs. Akoso/Ngana/Chi
Graduate Teaching Assistant (in charge of Tutorials): Mr. Ndze Jude Kedze
Questions for Tutorial 1
Part 1: Structural questions
1. define the following terms: Accounting, bookkeeping accounting information,
2. list the various users of accounting information and explain how it is useful to them
3. Name and explain the various accounting assumptions and conventions
4. The principle of double entry was first introduced by?
A) Luca Pacioli B) Frank Woods C) ACCA D) IAS
5. The professional body of accountants in Cameroon is called:
A) CPA B) ONECCA C) ICAN D) AICPA
6. Three broad fields of accounting are:
A) Financial accounting.
B) Managerial accounting.
C) Tax accounting.
For each of the following activities, identify the field of accounting (by indicating the letter A, B or C) that involves the
activity:
i) Auditing financial statements.
ii) Planning transactions to minimise the amount of tax to be paid.
iii) Preparing a cash flow statement.
iv) Budgeting for production.
v) Internal auditing.
vi) Investigating violations of tax laws.
vii) Preparing quarterly balance sheet.
viii) Comparing budgeted costs with actual costs.
7. State the term that best describes each of the following statements:
a) An accountant who works for a single employer other than the government.
b) Accountants who provide their services to many clients
c) Accountants who are employed by the state or local government
d) The clerical task of recording transactions.
e) The process of developing formal plans for the future activities of business.
8. Types of Organisations,
A) An enterprise
B) Non- Governmental Organisation
C) Para-statal organisation
D) Public organisations
Identify the above organisations with the corresponding objective
i. Provide goods to the public to maximise profit
ii. Owned 80% by the government and the rest by private investors with the aim of supply water to the public.
iii. Agricultural research centre run by the Ministry with the aim of providing cheap seed to farmers
iv. The human right group is taking care of refugees
9. State the classification method that best describes each of the following statements:
a) An enterprise that produces and sells finished goods
b) Business created and operated by private investors
c) An organisation created to providelow-cost goods and services to the public
10. Following the balance sheet equation, complete the gaps in the following table:
Assets Liabilities Owner’s equity
(a) 28,500 13,670 ?
(b) 15,000 ? 9,505
(c) ? 4,490 12,660
(d) 74,337 ? 38,990
(e) 29,000 ? 29,000
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11. Arrange the following balance sheet elements per headings?
Assets Liabilities
Inventory for resale Cash in till
Amounts due on stocks purchased Amounts owing to firm by debtors
Loan made by the firm to another firm Mortgage
Bank overdraft Cash in bank
Machinery Goodwill
12. Classify the following items into assets and liabilities:
a. Fixtures and fittings
b. What we owe our bank
c. Accounts payable
d. Cash in till
e. Motor car
f. Goods held by the firm
13. Copy out and complete the following table:
Account to be debited Account to be credited
(a) Goods bought on credit from ngwa
(b) Purchases of delivery van from Akoh
(c) settlement of Akoh by bank
(d) Goods sold on credit to Neba
(e) settlement to ngwa by cash
(f) Equipment purchased on credit from lum
(g) Faulty fixtures returned to supplier Mbin
Part2: Practical
Question 1
You are provided with the following transactions for the month of July 2020 for Mateco Enterprise LTD:
02/07 Meh paid us by cheque, having deducted 2.5% cash discount 3000 CFAF, 117 000 CFAF
03/07 we paid Mbi her discount by cheque, deducting 5% cash discount 5000 CFAF, 95 000 CFAF
05/07 we withdraw 100 000 CFAF cash from the bank for business use
07/07 Tah paid is his account by cheque, deducting 2.5% cash discount, 7000 CFAF, 273 000CFAF
11/07 we paid office expenses in cash 92 000 CFAF
13/07 Feh paid us in cash after having deducted 5% cash discount 38 000 CFAF
17/07 we paid Zuo by cheque , less 5% cash discount 3 000 CFAF. 57 000 CFAF
19/07 we paid Sei by cheque, less 2.5% cash discount 11 000 CFAF, 429 000 CFAF
Required
a. Record the transactions in a three Column cash book
b. Post to the ledger
Question 2
Record the following transactions in a two column cash book of CLASSIC PRINTERS ENTERPRISE and
balance the cash book at the end Jan. 2012
2012 FCFA(000)
Jan.
5 Received cheque from Fru 150
7 Cash purchases 50
10 Cash sales 195
11 Paid Joseph by cheque 200
15 Bought office equipment by cheque 240
18 Cash sales paid directly into bank 105
23 Paid rent by cheque 180
27 Paid wages in cash 130
28 Bought stationery for office use with cash 35
29 Received payment by cheque from Leo 300
29 Paid Merger Ltd by cheque 190
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Question 3
The following is a summary of the petty cash transactions of COGENI LTD for May,20x8.
May 1. Received from cashier 300,000CFAF as petty cash float
May 2. Postage 18000CFAF
May 3 Traveling 12,000CFAF
May 4 Cleaning 15,000CFAF
May 7. Petrol for delivery van 22,000CFAF
May 8 Travelling 25,000CFAF
May 9, stationery 17,000CFAF
May 11, Cleaning 18,000CFAF
May 14, Postage 5,000CFAF
May 15, travelling 8,000CFAF
May 18 Stationery 9,000CFAF
May 20 Postage 23,000CFAF
May 24 Delivery van 5,000 mile service 13,000CFAF
May 26 Petrol 43,000CFAF
May 27 Cleaning18,000CFAF
May 29 Postage 5,000CFAF
May 30 Petrol 14,000CFAF
You are required to:
a. Rule up a suitable petty cash book with analysis columns for expenditure on cleaning, motor expenses,
postage, stationery, travelling.
b. Enter the month’s transaction.
c. Enter the receipt of the amount necessary to restore the impress and carry down the balance for the
commencement of the following month.
State how the double entry for the expenditure is completed
QUESTION 4
Excel prints operates its petty cash account on the impress system. Its is maintained at a figure of 80.000frs,
with the balance being restored to that amount on the first day of each month. On the 30th of April 2020, the
petty cash bon held 19370frs in cash.
During May 2020, the following petty cash transactions were made.
Date Details FCFA
May 1 Cash received to restore imprest ??
May 1 Bus fares 200
May 2 Stationery 1000
May 4 Bus fares 500
May 7 Postage stamps 1500
May 7 Sales 2500
May 7 Trade expenses (customer support 700
May 8 Bus fares 600
May 11 Train fare 300
May 12 Typerwriter ribbons 900
May 14 Parcel postage 800
May 15 Newspapers 500
May 15 Paper clips 750
May 16 Photocopies repairs 900
May 19 Postage stamps 450
May 20 Drawing pins 850
May 21 Photocopier paper 12000
May 22 Display decorations 3000
May 27 Stationery 1500
June 1 Cash received to restore imprest ??
Required: Draw up the analytical petty cash book showing all workings
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