please see attached

SECTION A -TRUCTION: Read the items in this section carefully and write your responses on the ruled ets provided in clear and short sentences. 1. Your firm's policies and procedures govern how it handles finance and accounts. Explain one (1) procedure relating to how to batch paper money (notes) before they are sent to the bank for deposit. 2 marks P. Tom was issued $3,000.00 as petty cash to purchase a ream of paper for his company but mislaid the receipt. Outline two (2) actions to be taken in this situation. 4 marks It is said that a firm's creditors are its biggest assets. Would you agree with this statement? Using two (2) strong points defend your position. 4 marks All organizations will prepare an annual operating budget which it will implement at the start of its financial year. State any two (2) purposes of an operating budget. 6 marks The principle of double entry accounting should be observed by all organizations. Make brief notes on how this principle is applied. 4 marks Willy's Construction Services operates a job costing system. For each job order that they prepare they outline the direct and indirect costs to be incurred by clients. How would you differentiate between direct cost and indirect cost? 4 marks Organizations tend to maintain tight controls over expenditures, to keep from incurring osses. One way to do this is to consider some purchases as capital expenditure. What is meant by the term "capital expenditure"? 2 marks o meet the needs of its customers, Libby's Supermarket Organizations will, from time o time, implement various customer service strategies aimed to meeting the needs of s customers. Describe one (1) customer service strategy that Libby's could implement or the upcoming holiday season. 5 marks fter your firm has implemented its customer service strategy it should try to get eedback from the customers. a. What is feedback? 2 marks b. Why is feedback important to firms? 3 marks BY ATO: ROCKFORT VTC - OCTOBER 28, 2021 Page 4 of 17 SECTION A -TRUCTION: Read the items in this section carefully and write your responses on the ruled ets provided in clear and short sentences. 1. Your firm's policies and procedures govern how it handles finance and accounts. Explain one (1) procedure relating to how to batch paper money (notes) before they are sent to the bank for deposit. 2 marks P. Tom was issued $3,000.00 as petty cash to purchase a ream of paper for his company but mislaid the receipt. Outline two (2) actions to be taken in this situation. 4 marks It is said that a firm's creditors are its biggest assets. Would you agree with this statement? Using two (2) strong points defend your position. 4 marks All organizations will prepare an annual operating budget which it will implement at the start of its financial year. State any two (2) purposes of an operating budget. 6 marks The principle of double entry accounting should be observed by all organizations. Make brief notes on how this principle is applied. 4 marks Willy's Construction Services operates a job costing system. For each job order that they prepare they outline the direct and indirect costs to be incurred by clients. How would you differentiate between direct cost and indirect cost? 4 marks Organizations tend to maintain tight controls over expenditures, to keep from incurring osses. One way to do this is to consider some purchases as capital expenditure. What is meant by the term "capital expenditure"? 2 marks o meet the needs of its customers, Libby's Supermarket Organizations will, from time o time, implement various customer service strategies aimed to meeting the needs of s customers. Describe one (1) customer service strategy that Libby's could implement or the upcoming holiday season. 5 marks fter your firm has implemented its customer service strategy it should try to get eedback from the customers. a. What is feedback? 2 marks b. Why is feedback important to firms? 3 marks BY ATO: ROCKFORT VTC - OCTOBER 28, 2021 Page 4 of 17