Identify TWO books of original entry that are relevant for use by the Woodwork Shop.
[1 mark]
Free CXC Principles of Accounts Paper 3 May/June 2010 past paper from 2010. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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CSEC Principles of Accounts Paper 3 May/June 2010 - Free CXC Past Paper with Answers
Free CXC Principles of Accounts Paper 3 May/June 2010 past paper from 2010. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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Every question from this paper as text. See the answers and worked solutions. Questions are the property of the Caribbean Examinations Council; Caribbean AI is not affiliated with CXC.
Identify the type of business organisation to which the Mavis Woodwork Shop belongs.
[1 mark]
To which classification of accounts in the workshop, do the items donated by the Ministry of Education belong?
[1 mark]
What is the net worth of the workshop on September 01, 2007?
[1 mark]
Prepare a classified opening balance sheet for the Mavis Woodwork Shop.
[5 marks]
What is the value of the Woodwork Shop's working capital?
[1 mark]
Identify TWO books of original entry that are relevant for use by the Woodwork Shop.
[1 mark]
Calculate the total cost of materials used by the Woodwork Shop for EACH of the three years.
[3 marks]
In which of the financial reports (Final Accounts) will each year's depreciation be recorded?
[1 mark]
In which of the financial reports (Final Accounts) will the accumulated depreciation be recorded?
[1 mark]
Using the worksheet provided, calculate the annual depreciation for the years 2007, 2008 and 2009 on the workshop's machinery, tools and work benches.
[7 marks]
Using the worksheet provided, calculate the revenue earned by the Woodwork Shop for EACH of the three years – 2007, 2008 and 2009.
[4 marks]
In which of the ledgers will salary and miscellaneous expense accounts be posted?
[1 mark]
Using the worksheet provided, calculate the total cost of operating the Woodwork Shop in EACH of the three years – 2007, 2008 and 2009. (Use total costs instead of listing each item of material.)
[8 marks]
Using the worksheet provided, prepare a statement to show the profit OR loss made by the Woodwork Shop for EACH of the three years – 2007, 2008 and 2009. (Use total amounts of revenues and expenses already calculated.)
[5 marks]