Anita is the secretary of BB Limited. She has the sole responsibility for the company's petty cash

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Question:

Anita is the secretary of BB Limited. She has the sole responsibility for the company's petty cash system. Her co-worker Bob whom she shares a close working relationship forgot his lunch money and asked her if she could assist by allowing him to borrow from the petty cash fund. Anita did not see any issue with giving Bob the money since it was a regular practice for both. Bob promised to repay her the next day or at least before the fund was reconciled. However, Bob did not make good on his promise, and Anita was short the same amount when it was time to reconcile the petty cash. She reminded Bob of his commitment to return the money. Bob just nodded his head and said, "I don't have it. Today, Anita, maybe tomorrow; let's see how it goes." Anita was furious but had no choice but to take it out of her pocket to balance the shortage of petty cash before the matter was suspected by management.

Question 1

a. Describe TWO (2) usage of the petty cash fund.

b. Explain to Anita FOURS (4) steps in accurately processing petty cash claims and vouchers

Question 2

Identify TWO (2) responsibilities of a petty officer.

Question 3

As Anita's supervisor, evaluate her handling of the situation as it relates to organisational policies and procedures relating to petty cash.

Question 4

Banking is a business that requires much counting and calculating. It is essential that all deposits and withdrawals be accurately entered to prevent any discrepancy.

Question 5

Identify THREE (3) benefits of the double entry system.

Question 6

Support THREE (3) reasons for accurately preparing and processing banking documents, including identifying irregularities or errors.

Question 7

Distinguish between job costing and process costing.

Question 8

Outline THREE (3) justifications that may result in recording and reporting of transactions not being done efficient

Question 9

Discuss TWO (2) significance for accurate reconciliation of invoices for creditors and debtors, including identification of irregularities or errors.

Question 10

Discuss ONE (1) of each relevant government legislation that affects the business operation regarding:

Occupational Health and Safety and environmental issues,
Equal opportunity
Industrial relations
Anti-discrimination

Question 11

Danish Limited uses a job order costing system and provides you with the following data for the current period:

Direct materials issued to production: $180,000
Indirect materials issued to production $16, 000
Direct labour costs $214, 200
Manufacturing overhead cost: 226, 000

Based on the above information, what is the cost of goods manufactured at Danish Limited?

Washington Inc. has decided to switch from a traditional budgeting system to activity-based budgeting. Based on the below information, you must compute the budgeted cost based on those drivers.