Financial Management NCV Level 3 — Document
November 2023 — NCV Level 3 — Financial Management
NCV Level 3
2023
NCV Business
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Q1— Section header —
1.10in the ANSWER BOOK.
1.1drawers account. stale post
1.2business on goods and services sold to customers. Zero rated tax
1.3the gross salaries and are applicable to permanent employees only.
1.4The credit cash receipts journal. bank account. cash payments journal. debtors journal.
1.5Payments made to SARS for VAT, must be received by SARS on or before the day.
1.6f the inc lusive selling price is R947,28, the VAT charged R142,09
1.7A vehicle cost R348 000 and ac cumulates depreciation of R 17 900. Using the diminishing balance method, depreciation for two months at 15% per annum
1.8monthly basis. Category E Category C Category D
1.9services including VAT on these sales. cash receipts creditors debtors creditors allowance
1.10system is when the amount that has been used during the month is given back to the petty cashier at the end of the month, so that the cash on hand is the same at the beginning of the following month.
Q2— Section header —
2.10\n the ANSWER BOOK. COLUMN A COLUMN B
2.10A term used that involves that the debtors outstanding amounts are being written off Not subject to VAT taxation The u nemployment
Q3— Section header —
3.10\n the ANSWER BOOK.
3.1When a creditor issues an invoice to a business because of a credit purchase made, the bookkeeper will renumber the invoice to make it easier for referencing or auditing purposes.
3.2The o utput tax plus input tax i n a particular tax period equal the amount payable to SARS, or refundable from SARS. 3011013
3.3Two systems are used to determine employees wages, namely the hourly wage system and the imprest system.
3.4The term reconciliation is used when total pay ments for petty cash used agree with the petty cash vouchers completed.
3.5If the bank has omitted to record a cash entry, that entry must be recorded in the cash receipts or cash payments journal.
3.6When a product or service is sold exclusive of VAT, it means that 14% VAT is still to be added to the selling price.
3.7The petty cash book has an analysis column where entries are made using the petty cash vouchers.
3.8It is a requirement that petty cash vouchers are filed for a period of five years as per legislation.
3.9Petty cash is a liability and will increase on the credit side of the cash book.
3.1010
Q4— Section header —
4.10\n the ANSWER BOOK.
4.1would appear on a bank statement.
4.2reflect for input and output tax.
4.3/are payable when salary earners work longer hours that contractually stipulated.
4.4/An
4.5Interest reflected on the credit side of the bank statement, represents interest business.
4.6to/from SARS.
4.8to make corrections as soon as possible. 3011013
4.1010
Q5— Section header —
5.1Record the transactions above for February 2022 in the appropriate journals (5.1.1
5.1.6\in the ANSWER BOOK Total only the VAT columns in all the journals at the end of the month. (33\
5.2Post only to the VAT control account in the general ledger. Balance the account at the end of the month. (7\ [40]40
Q6— Section header —
6.1Use the information below, to complete the salaries journal of Vettie Glassware for the month ended 31 July 2022. Round off all figures to the nearest rand. It is not necessary to total the columns in the salaries journal.
6.2Vettie Glassware use the imprest system to control their petty cash. The following transactions took place during the month of July 2022. NOTE: All amounts are inclusive of VAT where applicable. TRANSACTIONS FOR JULY
6.2.1Enter the transactions in the petty cash journal of Vettie Glassware. Total only the petty cash column in the journal. (14\
6.2.2Complete the petty cash account in the general ledger and restore the imprest amount at the end of the month. The petty cash balance on 1 July 2022 was R2 400. (5\ [40]40
Q7— Section header —
7.1REQUIRED
7.1.1Make supplementary entries in the cash receipts journal on 30 June 2022. Total only the bank column. (6\
7.1.2Make supplementary entries in the cash payments journal on 30 June 2022. Total only the bank column. (10\
7.1.3Post to the bank account in the general ledger. Balance off the bank account. (5\
7.1.4Prepare the bank reconciliation statement on 30 June 2022. (7\ 3011013 11
Q8— Section header —
8.1The information below was taken from the asset register of Pure White Dry Cleaners. Ignore VAT for this question. The policy of the organis ation is to depreciate all equipment at a rate of 17, 5% per annum using the straight
8.2The following balances appeared in the books of Pure White Dry Cleaners for the financial year ending 30 June 2022: Vehicles R434 600 Accumulated depreciation on vehicles R178
8.2.1Vehicle
8.2.2Accumulated depreciation on vehicle
8.2.3
8.3The following informatio n was taken from Pure White Dry Cleaners. Ignore VAT for this question. Balances taken from the creditors ledger on 30 June 2022 are as follows: Eldo
Topics Identified
1
Leadership
Mark Allocation
Total200 marks
Sections10 + 10 + 10 + 10 + 40 + 40 + 40 + 40 = 200 marks
Paper information
TitleDocument
SubjectFinancial Management
LevelNCV Level 3
Document typeQuestion paper
Year2023
MonthNovember
Pages12
Downloads5
Examination context
Decade2020s
Years ago3y
SeasonSpring (SH)
Start dayWednesday
Exam periodNovember 2023
Days since exam1,074
About Financial Management examination preparation
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