Professional Documents
Culture Documents
(Semester 1 / 2016)
FINAL EXAM
(Time allowed: 3 hours + 10 mins extra reading time)
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________________________________________________________________________
Section A Multiple Choice Questions ________(40 marks)
Circle the BEST answer for each of the following multiple-choice items. Each
multiple-choice question is worth one (1) mark each.
1. An organization has 5,000 employees and 100 payroll staff. Which of the
following is NOT a risk related to the organization’s payroll’s process?
A. The high volume of transactions would lead to errors in the processing of pay
B. There could be ghost employees created by payroll staff
C. The payroll staff is too small to manage such a large organization
D. There could be collusion between payroll staff in committing payroll fraud
A. 4
B. 5
C. 6
D. 7
3. Which of the following fields cannot be left blank when entering company
information?
A. A.B.N
B. Company Name
C. Address
D. Phone Number
A. Amortization
B. FNPF
C. PAYE
D. Fringe Benefits
A. Ctrl + C
B. Ctrl + P
C. Ctrl + V
D. Ctrl + S
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6. The following option for Type of Business would appear if I select which option
under Industry Classification?
A. Retail
B. Manufacturing
C. Other
D. Service
=SUM($R2:$R6)
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9. If I copied the formula one cell to the right, what would the formula look like:
A. =sum($R2:$R6)
B. =sum($S2:$S6)
C. =sum($R3:$R7)
D. =sum($S3:$S7)
10. The following numbers and their cell references (Rn) are directly above the
formula: R1: 3, R2: 4, R3: 5, R4: 3, R5: 7, R6: 1
A. 5
B. 20
C. 23
D. 1
A. Liability
B. Expense
C. Income
D. Asset
12. Which of the following inventory flowchart options would I use to make
adjustments to item quantities during regular stock takes or when inventory discrepancies
are identified?
A. Change Inventory
B. Count Inventory
C. Amend Inventory
D. Update Inventory
13. I have transferred $5,000 from my cheque account to my investment account. Which
one of the following modules would I select to record this transaction?
A. Accounts
B. Banking
C. Purchases
D. Sales
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14. Which of the following is NOT a benefit of ERP?
15. Which of the following is the most CORRECT with regards to credit limits?
A. MYOB does not allow credit limits to be changed for customers and suppliers
B. MYOB will prevent a transaction from being recorded if it exceeds the credit limit
C. The credit limit for Cash Sales and Cash Purchases is usually set to zero
D. MYOB will set credit limits based on 5% of the customers opening balance
16. Which of the following is a barrier to cloud computing adoption in the Pacific?
17. When backing up your MYOB file, which of the following file types is created?
A. Zip file
B. Pdf file
C. Myo file
D. Box file
18. Which of the following statements is/are INCORRECT with regards to entering
opening balances in MYOB?
I. MYOB will not let you proceed unless your amount left to be allocated equals
zero
II. If your opening balances are not fully allocated, MYOB will take the
difference to an account called Historical Balancing.
III. MYOB classifies Historical Balancing as equity.
A. I only
B. I and II only
C. II and III only
D. I and III only
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19. Which of the following statements is INCORRECT about MYOB?
20. Frances entered a sale dated 5th January 2014 in MYOB. Later she wished to review
the transaction. When reviewing the sales register, the transaction does not appear as
shown below:
Which of the following is the MOST likely reason for why Frances cannot view the
transaction?
A. She needs to use the transaction journal, not the sales register to view past
transactions
B. MYOB does not allow transactions that were entered a year ago to be reviewed or
changed
C. The sale related to a cash sale which has already be receipted and thus is closed
D. The date range is incorrect
21. For the supplier card: Cash Purchases, which of the following would be the correct
option to select in the Payment is Due field?
A. C.O.D
B. Prepaid
C. # of Days after the EOM
D. In a Given # of Days
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22. I wish to transfer money from my bank account to my investment account. When I
click on the transfer money to field, my investment account does not appear as an option.
Which of the following is the MOST likely reason why this is so:
A. When creating the Investment Account, I selected Asset in the Account Type
option instead of Bank.
B. I selected the incorrect business type for my company.
C. I have not changed the system date for my computer.
D. I do not have any funds in my bank account to transfer.
23. With relation to inventory management, which of the following is something MYOB
does NOT do?
A. Automatically reorder stock from suppliers when stock levels are low
B. Track inventory transfers and automate the transfers using the Auto-Build features
C. Shows you how to revalue your stock
D. Keep track of items
A. the business does not have enough goods on hand to cover for a sale
B. the business wants to create a backorder
C. the inventory is in excess to the customer orders
D. none of the above
25. Which of the following transactions would most likely NOT be used as a recurring
journal entry in MYOB?
A. Interest Expense
B. Depreciation
C. Legal Fees
D. Amortisation
26. Which of the following is INCORRECT with regards to accounting for fixed assets in
MYOB?
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27. Which of the following is TRUE?
29. Which of the following MYOB features would I use if I wanted to evaluate the
profitability of different profit centres in my organization?
30. Which of the following is not an advantage of RFID technology over bar codes?
31. Which of the following is MYOB’s feature that allows users to create an inventory
item that comprises of other inventory items?
A. Auto Build
B. Custom Build
C. Job Build
D. Stock Build
32. Which of the following is the default account code for the cheque account?
A. 1-1000
B. 1-1100
C. 1-1110
D. 1-1111
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33. Which of the following would most likely not be an item that appears on the
accounting records but not on the bank statement?
I. Unpresented Cheque
II. Lodgments not credited
III. Bank Fees
A. I only
B. I & II
C. III only
D. I, II and III
34. Which of the following modules would I select if I wanted to record a reversing entry
in MYOB?
A. Inventory
B. Purchases
C. Accounts
D. Card File
35. What was the financial year end for the company in the assignment?
A. 2016
B. 2015
C. 2014
D. 2011
36. What was the layout type for the invoices?
A. Item
B. Service
C. Professional
D. Miscellaneous
37. When setting up the opening balances, which account did you have to close the prior
year profit to?
A. Retained Earnings
B. Historical Balancing
C. Partner’s Equity
D. Closing Capital
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38. What tax code for goods and services was used in the assignment?
A. GST
B. N-T
C. VAT
D. CAP
39. When setting up the opening balances, which of the following was not an account
balance that had to be entered as a negative number?
40. What was the conversion month for the company in the assignment?
A. October
B. November
C. December
D. January
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________________________________________________________
Section B Short Answer Questions (30 marks)_____
Question 1:
(6 marks)
Question 2:
List two similarities and two differences between the Receivables Ageing Summary
Report and Receivables Detail Report.
(4 marks)
Question 3:
(5 marks)
Question 4:
You are the financial controller of Sticky Ltd. While reviewing the receivables ageing
report you notice the customer card Cash Sales appears on the report and that $5,000
relates to this card. You believe that this is an error.
Required:
Explain why this most would likely be an error and what would have caused this error to
occur?
(5 marks)
Khalim Mohammed owns a construction company in Nausori. His employees are paid on an
hourly basis. The workers must clock into work and also clock out. At the end of the day,
the supervisor records the number of hours worked by each employee. These records are
then sent to the payroll clerk who enters these details as follows in an excel workbook in the
sheet Employee TimeSheet:
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Figure 1. Sheet Name: Employee TimeSheet
The accountant wants to create a formula that will add the number of hours worked for each
employee from Monday to Wednesday in cell H8. He then wants to copy this formula to
H12.
On the same workbook in a separate sheet titled NetPayCalculation. This sheet will
calculate the employees FNPF and PAYE based on the total hours worked for the week. The
sheet is as follows:
Figure 2. NetPayCalculation
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The accountant wants to create a formula in cell C4 that will reference the total number of
hours worked based on the Employee ID entered in B4 from the sheet EmployeeTimeSheet
in the same workbook. The other cells in the table have the appropriate formulas to calculate
FNPF, PAYE and Net Pay.
Required:
i.) Write the excel formula that will add the number of hours worked for each employee
from Monday to Wednesday in cell H8 in sheet EmployeeTimeSheet. (Ensure this
formula can be copied to H12 and still produce the correct result)
(4 marks)
ii.) Write the excel formula in cell C4 in sheet: NetPayCalculation that will reference
the total number of hours worked based on the Employee ID in B4. (Ensure this
formula can be copied to other cells and still produce the correct result)
(6 marks)
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______________________________________________________ __ ______
Section C Case Study (15 marks)
From the company's side, he says, they expect this to work in a couple of ways where
they have a mobile money system, Digicel Mobile Wallet, operating since 2010 in the
country. He said it was operating without the interchange system, however they see that
the project is likely to enable mobile wallet in Fiji to connect with banks. If that is the
case, he says the company believes this is a positive step from a mobile network point of
view. "We don't see ourselves operating like a bank, but we can see there are similarities
and potentially some cross-over. What consumers need in the context of mobile wallet is
that integration," Mr McLean said. He says statements have been made about costs and
the use of this by the banks on what this project may mean for consumers. "As a team,
this is not clear at the moment and how it will look in the future but I think it's hard for us
to manage a situation funded by Government. "I think at some point beyond the project
phase there will be a cost of running this service that I think will be moved down to the
member of the switch and this will flow through to consumers." (Source: Fiji Times)
Required:
(5 marks)
b.) What are some of the risks of mobile banking services?
(5 marks)
c.) The new product will require integration between Mobile Network Operators and
Commercial banks. What impact will this have on the cost of using this service
and who will most likely have to bear the burden of paying this cost?
(5 marks)
(15 marks)
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_________________ __ ___________________________________________
Section D Essay _____(15 marks)
Discuss how social media tools such as Facebook and Twitter have changed the way
people in the Pacific communicate, do business and engage in politics. What are some of
the challenges people in the Pacific face in terms of accessing social media?
(15 marks)
THE END
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