Financial Accounting N6 — Document
November 2020 — N6 — Financial Accounting
N6
2020
Nated Business
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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
1.1.10\in the ANSWER BOOK.
1.1.1Which ONE is exempt ed from VAT? rown bread
1.1.2Which type of business ownership must always be audited
1.1.3The is an important document i n a company indicating the internal rules adopted to run the company.
1.1.4The VAT charged by the business to its customers is called VAT control output tax/
1.1.5The may be used to determine whether certain types of business must be audited or not. courts public interest score
1.1.6The will issue a certificate of registration upon the incorporation of company
1.1.7A/An will be issued to a shareholder as proof of owner ship after buying shares
1.1.8Distributable reserves consist of etained income
1.1.9According to the Companies Act is /are a disclosable expense in the income statement.
1.1.10The is one of the financial statement of a company
1.2Give a term for each of the following descriptions. Write only the answer next to the question number ( 1.
2.11. 2. \n the ANSWER BOOK.
1.2.1The financial statement tha t shows the financial performance of a business
1.2.2The person or persons employed to manage a company and to make decision for its smooth running
1.2.3A person appointed by public company ac cording to the dictates of the Companie s Act, who express es an unbiased opinion
1.2.4A person who owns shares in a company
1.2.530
Q2— Section header —
2.1Differentiate between the following:
2.1.1Authorised share capital and issued share capital
2.1.2Distributable reserve and non distributable reserves
2.1.3Preference shares and ordinary shares
2.1.4Current assets and non current assets
2.1.5
2.2Name and explain the FOUR qualitative characteristics of good financial reporting. (4 2\ (8\
2.3Name and explain TWO type s of VAT (2 2\ (4\
2.4You received the following information from Ramaphosa Ltd for 31 De cember 2018
2.4.1Draw up the non current assets section (6\ 4010216
2.4.2Draw up the current assets section (6\
2.4.3Calculate the amount for the reserves as it would appear a t year end (6\
2.4.4Draw up the total current liabilities. (5\
2.5Complete the following table by indicating whether the items are subjected to VAT or not and if so t what rate. Indicate the answer by making a
Q3— Section header —
3.1Prepare the statement of the profit loss and comprehensive income for the year ended 28 February 2018. (28\
3.2Prepare t he statement of the changes in equity f or the year ended 28 February 2018 . Assume
Q4— Section header —
4.1Prepare t he he cash flow statement for the year ended 30 June 2019. (16\
4.2Prepare the reconciliation statement of the net profit before tax to cash generated from operations. (8\
4.3Prepare t he statement of axation and dividends paid (6\ [30]30
Q5— Section header —
5.1
5.2State THREE differences between an internal audit and an external audit
5.3
5.4Explain the following terms:
5.4.1Compliance procedure (2\
5.4.2Substantive procedure (2\
5.4.3Internal control (4\
5.4Audit evidence (2\ [30] TOTAL: 20030
Topics Identified
9
VATDepreciationInventoriesBudgetingFinancial StatementsPartnershipsCompaniesDebtors ControlCreditors Control
Mark Allocation
Total200 marks
Sections30 + 75 + 35 + 30 + 30 = 200 marks
Paper information
TitleDocument
SubjectFinancial Accounting
LevelN6
Document typeMemorandum
Year2020
MonthNovember
Pages10
Downloads2
Examination context
Decade2020s
Years ago6y
SeasonSpring (SH)
Start daySunday
Exam periodNovember 2020
Days since exam2,169
About Financial Accounting examination preparation
TVET Financial Accounting tests bookkeeping, financial statements, and interpretation of financial data. The examination covers journals, ledgers, and financial statement preparation.
How to use this resource for revision
A TVET past examination paper is most useful when it is treated as an active revision exercise. Try the questions yourself before checking the corresponding memorandum. Where you make an error, identify the reason — was it a knowledge gap, a calculation mistake, an interpretation issue, or an examination technique problem?
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.
accurate accounting calculations
interpreting financial information
applying accounting principles
presenting structured answers
checking numerical accuracy
A practical revision approach
Accounting rewards presentation discipline — the memorandum allocates method marks on a per-line basis. Keep working papers neat and label every calculation.
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