Beruflich Dokumente
Kultur Dokumente
Semester 2, 2018
Online Mode (O)
Final Examination
Instructions
This test has a total mark of 100 and carries a 50% weighting towards your overall
course grade
There are 14 pages in this test paper, including this cover page
You have 180 minutes to complete this paper and an additional 10 minutes reading
time
Answer ALL questions
You may use a hand-held, non-programmable calculator. This is not supplied.
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SECTION A MULTIPLE CHOICE QUESTIONS (80 minutes) 40 marks_
Circle the BEST answer for each of the following multiple-choice questions in the answer
grid provided in the answer booklet. Each multiple-choice question is worth one (1) mark.
1. Which of the following statements is FALSE?
A. The trial balance is a list of the active general ledger accounts with debit and credit
balances.
B. A balanced trial balance guarantees that there are no errors in the nominal ledger entries.
C. An unbalanced trial balance indicates that an error is present.
D. None of the above
3. The amount of inventory on hand on the date of stock-take can be entered into MYOB
through the:
A. the business does not have enough goods on hand to cover for a sale
B. the business wants to create a backorder
C. the inventory is in excess to the customer orders
D. none of the above
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6. Bank fees is entered into MYOB through the
A. Discount is based on the price of the invoice after any Credit Notes.
B. MYOB calculates the correct discount when there is a Credit Note within the Discount
period.
C. MYOB calculates the correct discount when there is no Credit Note within the Discount
period.
D. The credit note should be deducted and GST adjusted before the discount is given.
9. Which of the following is the correct procedure to perform end of period processing?
A. You can only delete an inventory item if there has been a sale or purchase transaction
of that item.
B. You can only delete an inventory item if there has been no sale or purchase transaction
for that item.
C. You can only delete an inventory item if there has been no sale or purchase transaction
for that item for a full financial year.
D. You cannot delete an inventory item at all once created rather you mark it as inactive
when not in use.
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11. When reconciling the bank statement, how do we ascertain the New Statement Balance?
12. When saving a recurring payment, the starting date always has to be
A. A current date
B. A future date
C. A previous date
D. A valid date
13. When processing a dishonored cheque, which of the following is the CORRECT
accounting procedure?
14. Cash received during the day is banked at the end of the day. In such a case when entering
cash sale at any point during the day which account should be debited?
15. While creating customer cards on MYOB, which tab would you enter the customer’s bank
account details?
A. Profile
B. Selling details
C. Payment Details
D. Card details
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16. Depreciation expenses are entered through which module?
A. Accounts
B. Purchases
C. Sales
D. time billing
A. Default reorder quantity is the amount by which a reorder is placed when stock falls
below minimum levels
B. It is imperative to assign a sales person to each customer in MYOB
C. MYOB does not enable users to use perpetual inventory system
D. The inventory module is not integrated with the accounts module
A. the month in which you first start entering transactions into MYOB
B. the last month of the current financial year
C. the month immediately prior to the month you start entering transactions into MYOB
D. always January
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21. When you are at Accounts Easy Setup Assistant, what do you click to enter opening
balances?
A. Accounts List
B. Opening balances
C. Conclusion
D. Next
A. Wages
B. Entitlements
C. Deductions
D. Assets
23. What option you will choose in Payroll command centre to make salary payment of an
employee?
A. Payroll Categories
B. Print Pay cheques
C. Process Payroll
D. Transaction Journal
24. XYZ Ltd pays its employees cash for their wages. Which account you need to choose for
processing wages of the employees?
A. Cheque account
B. Payroll cheque account
C. Electronic Clearing account
D. None of the above
25. Your company has engaged in a new consultancy job. How would you record the details of
the job in MYOB?
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26. You want to make an electronic payment to your employee. MYOB requires you to enter
company bank information. Which of the following options you will choose to enter the
bank information?
28. You have 100 units of item number D101 in as balance in your MYOB system and this
reconciles with the stock take. You are trying to record a sales transaction of 50 units and
you are confident that all entries made are accurate but the MYOB prompts you to back
order some units. What could be the possible reason?
29. What is the most preferable layout to enter sale and purchase transactions for a retail
business?
A. Service
B. Professional
C. Item
D. Miscellaneous
30. You are creating a new inventory item. Where will you enter the quantity of inventory
on hand?
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31. The thirteenth period in MYOB is used to record
A. reversing entries
B. balance day adjustments
C. entries to manage earnings
D. none of the above
A. After the company file has been created and saved you cannot change the Accounting
Information
B. By default, MYOB will automatically warn for duplicate Cheque Numbers
C. Accounting Right has over 100 standard Accounts Lists (Chart of Accounts) to choose
from
D. All of the above.
33. In MYOB, the credit terms for customers can be set by users. One of the terms available as
an option is “# of days after EOM”. In this context “EOM” stands for
A. End Of Month
B. End Of May
C. Both A and B
D. None of the above
34. Which of the following is INCORRECT regarding Value Added Tax (VAT)?
35. When entering an invoice in what circumstances would you input a negative amount in the
“ship” column?
A. to enter a sale
B. to enter a credit note
C. to enter a credit sale
D. to enter a cash sale
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36. While using a computer system, the monitor should be
37. To help alleviate work pressure, training should be given to the user which provides
38. Your manager has saved a recurring transaction. He has asked you to check the number of
recurring transactions the business has recorded. Which of the following option will
enable you to find this out?
A. To Do List
B. Find Transaction
C. Reports
D. Analysis
39. With relation to inventory management, which of the following is something MYOB does
NOT do?
40. An integrated IT system of payroll and human resources may have extra risks above those of
a manual system. Passwords and access logs are controls that should be used in these
integrated systems to lessen the risk of
A. hardware failures.
B. erroneous data input
C. payroll data that does not reconcile to time cards
D. unauthorized access to payroll data
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SECTION B: SHORT ANSWER QUESTIONS: (40 marks)
(SUGGESTED TIME: 80 minutes)
41. There are many risks users face in relation to use of computers at work place. Identify three
risks associated with the continuous use of computers. (3 marks)
42. From the three risks identified above, identify one solution per risk in reducing the effect.
(3 marks)
43. Integration is an important feature of accounting packages. Outline reasons why having an
integrated accounting system is important? (5 marks)
44. The chart of accounts contains many accounts which are linked to other accounts. An example
is the accounts payable account which is linked to the cheque. Explain the purpose of having
linked accounts. (6 marks)
45. The following is an illustration of the MYOB command center. Using the illustration as an
aid, identify the MYOB modules that you will use to process the transactions listed from 1-5.
(7 marks)
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Required:
Transaction 1 (2 marks)
Sold goods worth $400 for $500 cash to RXY Ltd.
Transaction 2 (1 mark)
Paid suppliers for inventory bought last month $500.
Transaction 3 (1 mark)
Bought a motor vehicle for $55,500, paid $20,000 cash and the remainder financed through bank
loan.
Transaction 4 (1 mark)
Paid employees for week ending 31st December 2009.
Transaction 5 (2 marks)
End of year stock take revealed that inventory on hand for an item was 5 less than on the records.
46. The following is an illustration of an invoice on MYOB. Use the illustration to answer
questions that follow. (7 marks)
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Required:
1. When entering a sale the `tax inclusive` check box is at times checked and many times left
unchecked. Under what circumstances it should be left unchecked? (3 marks)
2. If a cash sale is being entered through this invoice, what additional information will need to
be entered compared to a credit sale. (3 mark)
3. The current layout of the invoice allows you to enter sales of inventory items, if you wanted to
enter service revenue, what would the desired invoice layout be and how would you change
the layout? (1 mark)
48. The following illustration is of the inventory profile. Use the illustration to answer the
questions that follow. (9 marks)
Required:
1. In the inventory profile window shown above, the check boxes related to `I buy this item`, `I
sell this item` and `I inventory this item` are checked. This indicates that the business buys the
item, stores it as inventory and then sells it. List down 5 different types of businesses where
this is applicable. (5 marks)
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2. If the business was an accounting and consultancy firm, and the item being setup was
consultancy services, which check boxes will have to be checked (provide reasons)
(4 marks)
Source: http://www.samoaobserver.ws/en/08_06_2018/local/33855/ANZ-launches-first-Pacific-
wide-mobile-banking-app.htm
Required:
1. With reference to the article above, what is mobile banking and provide two examples in the
article to support your definition. (6 marks)
3. Identify and discuss two benefits and two security risks of mobile banking in Samoa?
(8 marks)
THE END
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