RISECLIFF SECONDARY SCHOOL

ECONOMIC AND MANAGEMENT SCIENCES

GRADE 8 – Paper 1

June Examination 2023

Marks: 50
Time: 60 minutes

Instructions :
• This question paper consists of Four questions based on the prescribed content
framework in the CAPS document.
• Answer ALL the questions on the answer sheet provided.
• Write neatly and legibly
• The use of non-programmable calculator is permissible

Name of Learner :

Grade : ---

QUESTION 1 2 3 4 TOTAL

Maximum Mark 10 5 18 17 50

Learner Mark

Examiner – NB Ahmed Moderator – N Hoosen

Page 1 of 6
 SECTION A - Financial Literacy Theory
Question 1

Multiple choice questions : Circle the correct answer. Only ONE option from the 3 is correct.

1.1.1] Profit refers to :

A] The losses of a company
B] Self sufficient society, because it is based on buying and selling goods
C] The money a business gains after paying for all expenses (1)

1.1.2] A receipt is a type of source document :

A] Proof that you bought and paid for something
B] When the owner takes money from the business
C] Shows the financial position of a company (1)

1.1.3] The column Sundary account :

A] For when money is coming in.
B] Is for something that is not included in one of the Analysis columns.
C] Income that are greater than expenses (1)

1.1.4] Capital contribution can be explained as :

A] Financial stability
B] Lack of resources
C] The amount of cash/assets that the owner contributes to the company (1)

1.1.5] The accounting equation :

A] 4y + 2 = 11
B] Assets = Equity + Liability
C] 9m = 49.5 (1)

State whether the following statements are True or False.

No. Statement True or False
1.2.1] Income and expenses are
recorded in the nominal side
of the general ledger.
1.2.2] For every debit , there is
another debit entry.
1.2.3] Cash float has a short life span,
therefore its classified as a
non-current asset
1.2.4] Consumables are referred to
as an expense

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 1.2.5] A transaction is an agreement
between consumer and
producer to exchange
something of value.
(1X5)=5

SECTION B – Financial Literacy

Question 2: Summary of the uses of the columns in the CRJ

Use the list of words provided to complete the following statements. Write only the answers next
to the question number.

Doc Bank Details Current Income Analysis of

Receipts

2.1.1] All money that a business receives from customers who are paying for a product/service is
placed into this column: _________________________ .

2.1.2] When the business makes a deposit it underlines the last amount and puts the total of the
deposit for the day into the bank column: ______________________.

2.1.3] The money that is deposited to the businesses current account goes into this column:
________________.

2.1.4] The CRT for Current Income or a Receipt for any other money received goes into this column:
___________________ .

2.1.5] The name or person from whom the money is received goes into this
column:____________________ . 1X5=5

Page 3 of 6
Question 3: Case studies

3.1 ) Use the transactions shown below to complete the cash receipts journal of Dr. Tracey Brandt
for June 2019.
(13)

Transactions for June 2019

2 Treated a family of four and received R900. Issued receipt 86.
6 Received R150 interest from Firm Bank on a fixed deposit held by the business.
14 Provided private check-ups at the Phillips’ family home. Received R1200
19 Tracey increased her capital contribution by R15 000. She made a direct deposit into the business’
bank account.

Cash Receipts Journal of Dr Tracey Brandt for June 2019 (CRJ 1)

Doc Date Details Analysis Bank Income SUNDARY ACCOUNTS

No. of
Receipts Amount Details

3.2) Do you think that its necessary to have an analysis of receipts and bank column in the Cash
Receipts Journal? Give reasons for your answer. (2)

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

3.3) Clearly explain the steps that you take when closing off of the CRJ. (3)

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

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 Question 4
Answer the following questions below :

4.1) Briefly describe what subsidiary journals mean. (2)

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

4.2. Briefly differentiate between an income statement and a balance sheet. (2)
INCOME STATEMENT BALANCE SHEET

4.3. What is meant by “double entry principle”? (2)

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

4.4. Give one reason why a trial balance won’t balance. (1)

__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

4.5 Study the Cash receipts journal below and indicate the number which matches the correct
description of the columns in the CRJ. Write only the correct number in the Answer column.

(1) Cash Receipts Journal of De Bruin Stores – January 2019 CRJ2

Doc Day Details Fol Analysis of Bank Current Sundry Accounts (9)
No. (3) (4) Receipts (7) income Amount Fol Details
(2) (6) (8) (10) (5) (11)

R01 1 S. Botha 35 000 35 000 B1 Capital

CR
10 Cash 12 500 12 500 12 500
R
R02 18 T. Nel 1 800 1 800 1 800 N7 Rental income
49 300 12 500 36 800
(12)

NO DESCRIPTION ANSWER

Page 5 of 6
 Shows the amount of money that is deposited in the bank account on a
2.1.
specific day.
2.2. Who is the money received from?
2.3. Folio number of the general ledger account involved.
2.4. Journal heading.
2.5. Totals of the different columns.
2.6 Shows the individual receipts on a specific day.
2.7 Cash received for services rendered.
2.8 Number of the source document that was used to record the transaction.
2.9 Day on which the money was received.
2.10 Sundry amounts that were received.

(10)

You are capable of more than you know… Good luck !!!

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