guiding the leaders of tomorrow accounting - proverto

Guiding the leaders of tomorrow

HIGH SCHOOL OLYMPIAD PREPARATION STUDY GUIDE

2020 PAST PAPERS and Memorandums 100 % CAPS Curriculum Assessment Policy Statements

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ACCOUNTING

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Dear Olympiad Learner,

Thank you for entering the Proverto National High School Olympiad.

Proverto Educational Publishers designed this guide to help you prepare for the National Olympiad.

The guide consist of Olympiad Past Papers Round One and Round Two, 2020.

Study Tip:

Print the Red Answer Sheet provided or use a pen and paper to answer all questions, for exampleSection A, Question 1. A (answer A)

A memo is included for each question paper.

We hope this guide will help you prepare for the exams this year. The papers are 100 % alignedto the latest Curriculum.

Proverto designed online, interactive self tests (past papers) so that you can familiarise yourself with the olympiad exam papers.

Visit the website: www.proverto.co.za for more information and old past papers.

If you have any queries email your request to: [email protected]

Good luck with your studies preparing for the Olympiad!

Best wishes,The Organiser,

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2021

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Change the World by applying for a qualification in one of the following study field:

s

Addition Subtraction

+

Instructions to Candidates:

1. Make sure you have the correct paper for your grade.

2. The question paper consists of 3 sections with 30 multiple choice questions per section: Section A – Accounting; Section B – Business Studies; and Section C – Economics. You can choose which sections you want to complete. (You can write 1, 2 or all 3 sections.)

3. The answer sheet has 3 sections. Please answer the section on the space provided for the subject; Example if you are answering the Accounting questions you must mark the correct answer in the Accounting block on the answer sheet. Each section will be marked separately.

4. Each question have 4 possible answers (A, B, C, or D). Only one answer is correct.

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Grade 10 - Round 1

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APPLY TODAY ON WWW.CAO.AC.ZA AND FOLLOW THE STEPS BELOW.

At Durban University of Technology, opportunity is limitless, with six faculties to choose from and a highly qualified academic team, your future can be anything you want it to be.

@DUT, YOU CAN CREATE THE FUTURE YOU WANT!

WHEN YOU DARE TO BE DIFFERENT,

FUTURECAN BE ANYTHING...



FUTURE

ANYTHING...CAN BE ANYTHING...

WHEN YOU WHEN YOU

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2 CLICK ON APPLY CLICK ON APPLY CLICK ON APPLY

3 YOU CAN SELECT UP TO 6 CHOICES YOU CAN SELECT UP TO 6 CHOICES YOU CAN SELECT UP TO 6 CHOICES YOU CAN SELECT UP TO 6 CHOICES YOU CAN SELECT UP TO 6 CHOICES YOU CAN SELECT UP TO 6 CHOICES

44 SUBMIT YOUR APPLICATION SUBMIT YOUR APPLICATION SUBMIT YOUR APPLICATION SUBMIT YOUR APPLICATION

5 CHECK YOUR APPLICATION CONFIRMATION CHECK YOUR APPLICATION CONFIRMATION CHECK YOUR APPLICATION CONFIRMATION CHECK YOUR APPLICATION CONFIRMATION CHECK YOUR APPLICATION CONFIRMATION CHECK YOUR APPLICATION CONFIRMATION CHECK YOUR APPLICATION CONFIRMATION

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GRADE 10 SECTION A ACCOUNTING

Accounting and GAAP principles

Questions 1 to 8 relates to accounting concepts

Match the term in COLUMN A to the best description in COLUMN B. Therefore, select only A, B, C or D on the answer sheet.

COLUMN A COLUMN B1. Double entry principle A The owner’s personal finances are recorded separately from the business

finances 2. Business entity principle B For every debit there is a credit of equal value3. Accounting equation C Source documents are first recorded in journals before being posted to the

ledgers4. Accounting process D Owner’s equity and liabilities are equivalent to all assets.

5. The acronym GAAP stands for: A Generally Answered on Accounting Practice B Accepted Answered Accounting Principles C Generally Accepted Accounting Practice D Generally Accounting Accepted Practice 6. Possible expenses are always created in the books of the business, but possible income is not included.

Choose the GAAP principle applied above. A Prudence principle B Matching principle C Materiality principle D Going concern principle 7. Salaries and wages account are sometimes created as one account in the General Ledger and other times as

two separate accounts.

Choose the correct principle applied. A Prudence principle B Matching principle C Materiality principle D Going concern principle

8. Cost of sales account is included in the Cash receipts journal (CRJ) due to the … A prudence principle B matching principle C materiality principle D going concern principle


Journals and control accounts

Questions 9 to 16 relates to the subsidiary journals and general ledger control accounts provided.

You are provided with information regarding Star Sparkle Suppliers for April 2020.

Information:

The following information was taken from the journals for April 2020.

• CASH RECEIPTS JOURNALBank Sales Cost of sales Debtors

controlDiscount allowed

Creditors control

Sundry accounts

① 35 380 24 400 10 500 560 2 100 68 000

• CASH PAYMENTS JOURNALBank Trading stock Creditors

controlDiscount received

Debtors control

Stationery Sundry accounts

72 380 31 800 ? 1 400 420 860 25 720

• DEBTORS JOURNALSales Cost of sales

24 418 ?

• DEBTORS ALLOWANCES JOURNALDebtors

allowancesCost of sales

1 560 ?

• CREDITORS JOURNALCreditors control Trading stock Stationery Equipment Packing material Sundry accounts

? 15 000 3 860 12 400 150 7 190

• CREDITORS ALLOWANCES JOURNALCreditors control Trading stock Stationery Equipment Packing material Sundry accounts

2 450 1 680 200 0 0 570

Creditors controlApr 30 Bank and discount

received? ④ Apr 01 Balance b/d 19 860

Sundry accounts 30 Sundry accounts (Total returns) ? ? (Total purchases) ? ?

Bank ? ③

Trading stockApr 01 Balance b/d 48 320 Apr 30 Cost of sales CRJ 24 400

30 Bank CPJ 31 800 Creditors control CAJ 1 680Creditors control CJ 15 000 ② ② ②Cost of sales ? ?


9. Calculate the mark-up percentage on cost price. A 15% on cost price B 20% on cost price C 45% on cost price D 50% on cost price 10. Effective internal controls require that the book value of Trading stock be checked regularly. How is it

controlled? A By means of physical stocktaking. B By means of creditors’ and debtors’ list. C By means of a Trial Balance. D By means of balancing. 11. Why are folio references used throughout the accounting process?

A This ensures a debit and credit transfer to the ledger. B This ensures that the correct profit is shown at the end of the accounting period. C This ensures that the accounting equation is balanced at all times. D This ensures easy and quick cross-reference between the source documents, journals, ledgers and trial

balance. 12. Calculate the correct amount for the BANK column in the CRJ (number ①). A R140 940 B R115 420 C R116 540 D R111 780 13. Complete entry number ② on the credit side of the Trading stock account.

Account Fol AmountA Bank CRJ 24 400B Cost of sales DAJ 960C Debtors allowances DAJ 960D Cost of sales DJ 16 840

14. Study the reasons below. Which one of the reasons can NOT support entry number ③ on the credit side of

the Creditors Control account? A Incorrect cheque was offered for payment B Correction of error (overstated) in the CPJ C Creditors repayment D Cancellation of discount received 15. Calculate the value for number ④ on the debit side of the Creditors Control Account. A R14 980 B R12 180 C R2 100 D R38 600

16. Bestudeer alle bostaande inligting. Watter opsie is die korrekte weergawe van die Debiteurekontrole rekening, nadat alle inligting vanuit die joernale in aanmerking geneem is?

A Debiteurekontrole

Apr 30 Bank KOJ 10 500 Apr 01 Saldo a/b 12 100Debiteure-afslag DAJ 1 560 30 Bank KBJ 420

Verkope DJ 24 418

B Debiteurekontrole

Apr 01 Saldo a/b 12 100 Apr 30 Bank KOJ 10 50030 Bank KBJ 420 Korting toegestaan KOJ 560

Diverse rekeninge (totale verkope)

DJ 24 418 Handelsvoorraad DAJ 1 560

C Debiteurekontrole

Apr 01 Saldo a/b 12 100 Apr 30 Bank en korting toegestaan KOJ 10 50030 Verkope DJ 24 418 Debiteure-afslag DAJ 1 560

Bank KBJ 420

D DebiteurekontroleApr 01 Saldo a/b 12 100 Apr 30 Bank KOJ 9 940

30 Verkope KOJ 35 380 Korting toegestaan KOJ 560Bank KBJ 420

Kontanttransaksies

Bestudeer die onderstaande transaksies en kies telkens die gepaste inskrywing in die korrekte kontantjoernaal.

17. Die bankstaat is ontvang vanaf ABBA Bank op 30 September 2019 met die volgende transaksies wat nog geboekstaaf moet word:• Diensgeld, R55• Tjekboekfooi, R105• Kontanthanteringsfooi, R23• Rente gedebiteer, R46

Kontantbetalingsjoernaal (KBJ)

Besonderhede Bank Handels-voorraadDiverse rekeninge

Bedrag BesonderhedeA ABBA Bank 229 229 BankkosteB ABBA Bank 229 183 Bankkoste

46 Rente op oortrokke bankC ABBA Bank 183 183 BankkosteD ABBA Bank 183 55 Diensgeld

105 Tjekboekfooi23 Kontanthanteringsfooi

ABBA Bank 46 46 Rente uitgawe


16. Study all of the above information. Which Debtors Control Account is correct after taking all the information from the journals into account?

A Debtors Control Account

Apr 30 Bank CRJ 10 500 Apr 01 Balance b/d 12 100Debtors allowances DAJ 1 560 30 Bank CPJ 420

Sales DJ 24 418

B Debtors Control AccountApr 01 Balance b/d 12 100 Apr 30 Bank CRJ 10 500

30 Bank CPJ 420 Discount allowed CRJ 560Sundry accounts (total sales)

DJ 24 418 Trading stock DAJ 1 560

C Debtors Control Account

Apr 01 Balance b/d 12 100 Apr 30 Bank and discount allowed CRJ 10 50030 Sales DJ 24 418 Debtors allowances DAJ 1 560

Bank CPJ 420

D Debtors Control AccountApr 01 Balance b/d 12 100 Apr 30 Bank CRJ 9 940

30 Sales CRJ 35 380 Discount allowed CRJ 560Bank CPJ 420

Cash transactions

Study the transactions below and, in each case, select the most appropriate entry in the correct cash journal.

17. The bank statement was received from ABBA Bank on 30 September 2019 with the following transactions still to be recorded:• Service fees, R55• Cheque book fee, R105• Cash handling fee, R23• Interest debited, R46

Cash payments journal (CPJ)

Details Bank Trading stock

Sundry accountsAmount Details

A ABBA Bank 229 229 Bank chargesB ABBA Bank 229 183 Bank charges

46 Interest on overdraftC ABBA Bank 183 183 Bank chargesD ABBA Bank 183 55 Service fees

105 Cheque book fee23 Cash handling fee

ABBA Bank 46 46 Interest expense


18. Purchased goods from Simon Shelters and received invoice 188 for R570. Paid Trem Courier R150 for delivery.


Details Bank Trading stockSundry accounts

Amount Details A Simon Shelters 720 570 150 Delivery feeB Trem Courier 150 150C Simon Shelters 720 720D Simon Shelters 570 570 Creditors control

Trem Courier 150 150 Delivery fee 19. D. Gravenstone, a debtor, paid R2 590 by cheque in settlement of his account, after 7.5% discount was granted. Cash receipts journal (CRJ)

Details Analysis of receipt Bank Debtors



A D. Gravenstone 2 590 2 590 2 800 210B D. Gravenstone 2 590 2 590 2 590 194


Details Bank Creditors control

Discount received

Debtors control


C D. Gravenstone 2 590 2 590 194D D. Gravenstone 2 590 210 2 800

20. A. Drew, a debtor whose account was written off as irrecoverable two months ago, deposited R500 directly

into the business’s bank account. Cash receipts journal (CRJ)

Details Analysis of receipts Bank Debtors control


A A. Drew 500 500 500B A. Drew 500 500 500 Bad debtsC A. Drew 500 500D A. Drew 500 500 Bad debts recovered

21. W. West, a debtor, settled his debt of R3 500 with a cheque at the beginning of the month. R400 discount

was granted to him. At the end of the month, the bank notified the business that the cheque had been dishonoured due to insufficient funds. No entry has yet been made of the R/D cheque.

Cash receipts journal (CRJ)

Details Analysis of receipt Bank Debtors



A W. West 3 500 3 500 3 500 400 Cash payments journal (CPJ)

Details Bank Creditors control

Discount received

Debtors control


B W. West 3 500 400 3 500C W. West 3 100 3 100D W. West 3 100 400 3 100 R/D cheque


General Journal

22. Max Dealers charged R150 interest on the overdue account of the business. This was incorrectly added to the Creditors ledger account of Maximum Suppliers.

Choose the correct entry in the General Journal.

Details Debit Credit Debtors control Creditors control

Debit Credit Debit Credit A Max Dealers 150 150

Maximum Suppliers 150 150

B Maximum Suppliers 150 150 Max Dealers 150 150

C Max Dealers 150 150 Interest on overdue account 150

D Interest on overdue account 150 Max Dealers 150 150

23. The loan statement received from Capitec Bank showed the following information:

Loan balance at the beginning of the year 900 000Payment of R35 000 pm (including interest) ?Interest capitalised ?Loan balance at the end of the year 540 000

Interest on loan is capitalised.

Choose the correct entry in the General Journal.

Details Debit Credit Debtors control Creditors control

Debit Credit Debit Credit A Interest on loan 35 000

Loan: Capitec Bank 35 000

B Loan: Capitec Bank 325 000 Interest on loan 325 000

C Interest on loan 60 000


D Interest on loan 325 000



Questions 24 to 26 relate to the General Journal below.

General Journal of Fancy Dress Suppliers for March 2020 GJ 01

Day Details Fol Debit CreditDebtors control Creditors controlDebit Credit Debit Credit

21 Bad debts 262 A. Human 262 262Insolvent estate, 40 cents in the rand written off

23 Equipment 3 500 Trading stock 3 500Correction of error

24 M Molefe 45 45 Discount allowed 45?

Study the General Journal above and answer the following questions:

24. What amount was received from the insolvent estate of A. Human and recorded in the Cash Receipts Journal?

A R393 B R157 C R105 D R262 25. From the four options given below, identify the correct transaction for the entry on 23 March 2020. A Equipment returned to a creditor was incorrectly recorded as Trading stock in the CAJ. B Trading stock purchased for R8 000 was incorrectly recorded as R4 500 in the CPJ. C Equipment purchased for cash was recorded incorrectly in the Trading stock column in the CPJ. D Trading stock purchased on credit was incorrectly recorded in the Equipment column in the CJ. 26. Choose the correct journal narration (description) for the entry on 24 March 2020.

A Correction of error (discount omitted from M. Molefe’s account). B Correction of error (goods returned was incorrectly recorded as discount on M. Molefe’s account). C Correction of error (discount allowed was incorrectly recorded on the wrong side of M. Molefe’s

account). D Cancellation of discount on R/D cheque.


Accounting equation (AOL)

Questions 27 to 30: Complete the accounting equation by calculating the missing figure.

27. Assets Owner’s equity LiabilitiesR180 000 ? R50 000

A R130 000 B R230 000 C R80 000 D R180 000 28. Non-current assets Current assets Non-current

liabilitiesCurrent liabilities Owner’s equity

? R50 500 R200 000 R37 500 R465 000 A R753 000 B R652 000 C R577 000 D R200 000 29. Non-current assets Current assets Non-current

liabilitiesCurrent liabilities Owner’s equity

R114 000 R54 800 R66 000 R16 000 ? A R86 800 B R109 200 C R168 800 D R180 000 30. Non-

current assets

Current assets Capital Drawings Income Expenses

Non-current

liabilities

Current liabilities

R940 000 R44 600 644 000 ? R340 800 R238 400 R323 000 R56 900 A R618 500 B R366 500 C R61 700 D R141 700

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GRADE 10 ROUND TWO

PROVERTO EMS OLYMPIAD 2020 – GRADE 10Accounting

Assets = Owners’ Equity + Liabilities Liabilities = Owners’ Equity –Liabilities = Owners’ Equity + Assets

SECTION A - ACCOUNTING GR 10 SECTION A - ACCOUNTING GR 10


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- 1 -

SECTION A - ACCOUNTING GR 10 SECTION A - ACCOUNTING GR 10- 1 - - 2 -

SECTION A - ACCOUNTING GR 10 SECTION A - ACCOUNTING GR 10- 3 -

SECTION A - ACCOUNTING GR 10 SECTION A - ACCOUNTING GR 10

year is guided by the …

the …

each year due to the … principle.

a negative asset due to the … principle.

- 3 - - 4 -

year is guided by the …

the …

each year due to the … principle.

a negative asset due to the … principle.

–

– 20

Owners’

quarter

Owners’


•

•

Owners’

• •

Owners’

•

•

•

Owners’

SECTION A - ACCOUNTING GR 10 SECTION A - ACCOUNTING GR 10- 6 -- 5 -

Owners’

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Owners’

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SECTION A - ACCOUNTING GR 10 - 9 -

www.saica.co.za\becomeaCA

YOUR ROADMAP TO BECOMING A CA(SA)

THE RIGHTCHOICE

When picking your subjects, make the right career choices. Take Maths, and English and study hard to achieve a Level 5 pass (or more) in Grade 12.

1

THE RIGHTUNIVERSITY

Study a BCom undergraduate and postgraduate degree (Certificate in the Theory of Accounting [CTA] or equivalent) from a university accredited by the South African Institute of Chartered Accountants (SAICA).

2

THE RIGHTCAREER

Leaders never quit! Cas(SA) are leaders in their industries – once you’ve passed your exams and completed your training programme, register with SAICA to become a CA(SA).

5

THE RIGHTSKILL

Study for and pass the 2 SAICA qualifying exams – the Initial Test of Competence (ITC) and the Assessment of Professional Competence (APC).

4

THE RIGHTTRAINING

Enter a 3-year training programme with a SAICA accredited training o�ce to gain real life, on-the-job work experience.

3

ACCOUNTING OLYMPIAD GRADE 10 - 2020 past paper

MEMORANDUMwww.proverto.co.zaPROVERTOEMSOLYMPIAD2020–GRADE10

ROUND1MEMORANDUM

ANSWER LOWERLEVEL

MODERATELEVEL

HIGHERLEVEL

ACCOUNTING

TOPICS A B C D TOPICS A B C D

ACCO

UNTINGAN

DGA

APPRINCIPLES 1. 16.

2.

CASH

TR

ANS-

ACTIONS

17. 3. 18. 4. 19. 5. 20. 6. 21. 7.

GJ

22. 8. 23

CONTR

OL

ACCO

UNTS

9. 24. 10. 25. 11. 26. 12.

AOL

27. 13. 28. 14. 29. 15. 30.

BUSINESSSTUDIES

TOPICS A B C D TOPICS A B C D

BUSINESS

ENVIRO

N-M

ENT

1.

ECO-

NOMIC

SYSTEM

S 16. 2. 17. 3. 18. 4. 19.

BUSINESS

FUNCT

IONS 5.

THE

CIRC

ULA

RFLOW

20. 6. 21. 7. 22. 8. 23 9. 24.

BUSINESS

SECT

ORS

10.

ENTR

EPRE

NEU

R-SHIP

25. 11. 26. 12. 27. 13. 28. 14. 29.

15. 30.

PROVERTOEMSOLYMPIAD2020–GRADE10ROUND2MEMORANDUM

ANSWER LOWERLEVEL

MODERATELEVEL

HIGHERLEVEL

ACCOUNTING

A B C D A B C D1. 16. 2. 17. 3. 18. 4. 19. 5. 20. 6. 21. 7. 22. 8. 23 9. 24. 10. 25. 11. 26. 12. 27. 13. 28. 14. 29. 15. 30.

BUSINESSSTUDIES

A B C D A B C D1. 16. 2. 17. 3. 18. 4. 19. 5. 20. 6. 21. 7. 22. 8. 23 9. 24. 10. 25. 11. 26. 12. 27. 13. 28. 14. 29. 15. 30.

ROUND ONE: 30 Questions

ROUND TWO: 30 Questions

Be a #YoungDifferenceMaker

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selection criteria and we award bursaries through the

Nedbank Educational Trust, at the sole discretion of the trust.

IF YOU ARE SHORTLISTED, WE WILL ASK YOU TO:

submit the relevant documents for financial review;

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For the complete application process and a list of required

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There you can also find more information on opening dates and apply online.

All candidates will receive feedback on the status oftheir application at the completion of the recruitment and selection process (expected to be completed by the end of 2021).

Contact informationEmail: [email protected]

The Nedbank External Bursary Programme aims to

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undergraduate degree or diploma at a South African

public university or university of technology.

Bursaries are awarded to address scarce and future

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CRITERIA FOR SELECTION:To be eligible for the Nedbank bursary, you must:

be a South African citizen;have a proven financial need, as determined by your household income;

have achieved:a minimum academic average of 65% in the year that you

are applying for the bursary; and

a minimum academic average of 65% for the required

subjects aligned with the qualification you plan to study

towards at university; and

not have completed your grade 12 or senior certificate with mathematics literacy; andhave successfully obtained admission approval to a South African public university or university of technology for the undergraduate qualification you plan to study towards.

AT NEDBANK WE BELIEVE IN USING OU FINANCIAL EXPERTISE TO DO GOOD BYASSISTING BRIGHT YOUNG LEADERS TO PURSUE THEIR ACADEMIC DREAMS.

Bursaries are granted at Nedbank’s sole discretion.

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