Applied Accounting NCV Level 3 — Document
November 2022 — NCV Level 3 — Applied Accounting
NCV Level 3
2022
NCV Business
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Q1— Section header —
1.1Various options are given as possible answers to the following questions. Choose the answer and write only the letter (A D\ next to the question number (1.1.1
1.1.5\n the ANSWER BOOK.
1.1.1Which financial statement displays the revenues and expenses of a company for a period of time? Income statement Balance sheet
1.1.2What is the main purpose of financial accounting? Organise financial information. Provide useful financial information to outsiders. Keep track of company expenses. Minimise company taxes.
1.1.3Which of these is not included as a separate item in the basic accounting equation? Assets Income Liabilities
1.1.4The format that displays debits, credits, and balances, as headings. Final account
1.1.5A contra asset account has what type of balance? Debit Credit Contra All of the above
1.2Choose an item from COLUMN B that matches a description in COLUMN A. Write only the letter (A G\next to the question number (1.2.1
1.2.5\ in the ANSWER BOOK. The maximum amount of time a debtor is allowed to take to pay his/her debt Debtors written off who are likely not to pay their accounts The levy charged on debtors that do not pay on time
1.3Indicate whether the following statements are TRUE or FALSE . Choose the answer and write only 'True' or 'False' next to the question number (1.3.1
1.3.5in the ANSWER BOOK.
1.3.1VAT input is the value added tax that is charged to customers.
1.3.2Any business with sales of more than R200 000 must register as a VAT vendor.
1.3.3Certain basic foods and essential items are zero rated to assist the poor.
1.3.4Most businesses mark their stock with the selling price including VAT.
1.3.5VAT is payable when VAT output exceeds VAT input. (5 x 1\ 3011003
1.4Analyse the following items if whether the item is VAT exempt, zero rated or taxed at 15% VAT by making a cross (X\in the appropriate column provided in the ANSWER BOOK. Goods/Services
1.4.1Brown bread
1.4.2New cash register
1.4.3Diesel
1.4.4School fees for public school
1.4.520
Q2— Section header —
2.1
2.2
2.3Records (Pty\Ltd's current intern did not record all transactions carefully. You are asked is to prepare the correct debtors control according to your NC(v\'s Level 3 accounting knowledge gained throughout the year
2.4Prepare the correct debtors list for Records (Pty\td. (4\ 3011003
Q3— Section header —
3.1You are hired to help at Alex Traders because its current ookkeeper had an appointment to get vaccinate
3.1.1Calculate the missing figures indicated by (a\to (e\in the table provided. Show all your calculations. (15\
3.1.2
3.1.3What does the abbreviation VAT stand for? (1\
3.2You are instructed to correct the Trial balance of Alex Traders for June 2021. Folio Debit Credit Land and building 21 000 Equipment 5 000
Q4— Section header —
4.1Cash receipts journal (16\
4.2Cash payment journal (14\
4.3Debtors journal (10\
4.4Debtors allowances journal (4\
4.5Creditors journal (10\
4.6Creditors allowances journal (2\
4.7General journal (4\ Information 1. B Richardson (the owner\ took a cell phone for his son. The phone originally cost R700 and has a retail price of R1 260. 2. Credit card sales not yet recorded;
Q5— Section header —
5.1
5.2Total sales for October 2021 were R150 000 . C alculate the amount for C. (2\
5.3Explain the entry on the credit side of R3 850 (2\
5.4Stock with selling price of R6 000 and cost price of R4 000 was donated to a neighbourhood primary school. Calculate the missing detail G. (2\
5.5The owner took drawings of R5 000. R3 000 was recorded in the CPJ the balance was for goods taken for personal use. These goods were marked with a selling price of R3 000. Complete the missing detail F.
5.6The stock keeps going missing from the business, and Mr McGregor suspects that both customers and staff are stealing from his business. Explain
Q6— Section header —
6.1Trading account (4\
6.2Profit and loss account (10\
6.3Notes to the Balance sheet account (10\
6.4Balance sheet account (6\ Information Trial Balance of Zama Stores September 2021 Debit Credit Balance sheet account section Capital
Q7— Section header —
7.1Sold goods on credit for R3 800, mark up on cost 50% and issued duplicate invoice 8.
7.210
Topics Identified
6
VATInventoriesBudgetingFinancial StatementsDebtors ControlCreditors Control
Mark Allocation
Total200 marks
Sections20 + 30 + 30 + 60 + 20 + 30 + 10 = 200 marks
Paper information
TitleDocument
SubjectApplied Accounting
LevelNCV Level 3
Document typeQuestion paper
Year2022
MonthNovember
Pages12
Downloads5
Examination context
Decade2020s
Years ago4y
SeasonSpring (SH)
Start dayTuesday
Exam periodNovember 2022
Days since exam1,440
About Applied Accounting examination preparation
This TVET examination resource can be used as part of a structured revision programme. Past papers are most useful when learners attempt questions independently, work within a realistic time limit, and review their answers afterwards.
How to use this resource for revision
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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.
understanding question requirements
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A practical revision approach
Start by completing the resource without looking at the memorandum. Review incorrect and incomplete answers afterwards and make a short revision list based on the areas that caused difficulty.
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