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HBA 2403 COMPUTERIZED ACCOUNTING

The document outlines the examination details for the course HBA 2403: Computerized Accounting at Jomo Kenyatta University for the 2018/2019 academic year. It includes instructions for answering questions, with a focus on International Financial Reporting Standards, QuickBooks transactions, invoice preparation, audit software functions, and financial statement characteristics. The exam consists of five questions, each addressing different aspects of computerized accounting and auditing.

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13 views

HBA 2403 COMPUTERIZED ACCOUNTING

The document outlines the examination details for the course HBA 2403: Computerized Accounting at Jomo Kenyatta University for the 2018/2019 academic year. It includes instructions for answering questions, with a focus on International Financial Reporting Standards, QuickBooks transactions, invoice preparation, audit software functions, and financial statement characteristics. The exam consists of five questions, each addressing different aspects of computerized accounting and auditing.

Uploaded by

mohamedabdifathi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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HBA 2403

W1-2-60-1-6
JOMO KENYATTA UNIVERSITY
OF
AGRICULTURE AND TECHNOLOGY

University Examinations 2018/2019

SPECIAL/SUPPLEMENTARY EXAMINATION FOR THE DEGREE OF BACHELOR OF


SCIENCE IN INFORMATION TECHNOLOGY

HBA 2403 : COMPUTERIZED ACCOUNTING

DATE: MARCH 2019 TIME: 2


HOURS

INSTRUCTIONS: ANSWER QUESTION ONE (COMPULSORY) AND ANY OTHER


TWO QUESTIONS.
_____________________________________________________________________________________

QUESTION ONE (30 MARKS)

(a)Discuss the general features of International Financial Reporting Standards


(IFRS).
[10 marks]

(b) (i) You are required to use QuickBooks to create a company with the
following
profile: [5 marks]

- Name of the Company : Mwembe Tayari Ltd.


- Physical Address : 90 000 – 80100 Mombasa
- Type of Business : Wholesale and Retail.

(ii) Create the accounts with the following transactions: [15 marks]

Jan. 1 : Started business with Sh. 1,500,000 cash and Sh. 800,000 in
the bank. The bank was Equity Bank Account Number
020190422701.
Jan. 3 : Bought goods worth Sh. 120,000 on cash.
Jan. 5 : Bought goods on credit from Mwani Ltd. for Shs. 210,000.
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HBA 2403
Jan. 8: Sold goods for Sh. 52,000 cash.
Jan. 9: Returned goods worth Sh. 12,000 to Mwani.
Jan. 10: Sold goods to Madeni for Sh. 28,000.
Jan. 13: Purchased a motor vehicle worth Sh. 29,000 paying by cash.
Jan. 15: Withdrew Sh. 180,000 from the bank and brought it into the
business for office use.
Jan. 18: Madeni returned goods worth Sh. 40,000 because they were
defective.
Jan. 19: Purchased goods from Kisilu on credit for Sh. 250,000.
Jan. 20: Paid Mwani all the money owed to him by cash.
Jan. 21: Received a cheque from Madeni in full payment of the
amount owed.
Jan. 24: Paid rent by cheque Sh. 80,000.
Jan. 25: Paid Kisilu the amount owed to him by cheque.
Jan. 26: Sold goods in cash Sh. 320,000.
Jan. 27: Took Sh. 43,000 from cash and deposited it into the bank.
Jan. 28: Withdrew Sh. 30,000 from bank for his personal use.
Jan. 29: Paid salaries of Sh. 32,000 by cash.
Jan. 30: Sold goods worth Sh. 600,000 being paid by cheque.

Required: Draft the following reports/statements:

(I) Bank statement.


(II) Mwani’s account.
(III) Madeni’s account.
(IV) Kisilu’s account.
(V) Trial balance.
(VI) Profit and loss account.

QUESTION TWO (20 MARKS)

(a)Prepare an invoice sales made to Kisilu Ltd. for 160,000 units sold at Sh. 24.
[10 marks]

(b)Create a credit note to Kisilu Ltd. to acknowledge the return of 2100 units sold to
him at Sh. 23 previously. [10 marks]

QUESTION THREE (20 MARKS)

(a)Explain six different functions that can be performed by audit specialized


software.
[12 marks]

(b) Discuss the qualitative characteristics of financial statements. [8 marks]

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HBA 2403

QUESTION FOUR (20 MARKS)

(a)Discuss the difference between auditing through the computer and auditing
around the computer. [12
marks]

(b) Explain any four major elements of the financial statements. [8


marks]

QUESTION FIVE (20 MARKS)

(a)Discuss how the auditor uses CAATs throughout the audit. [14 marks]

(b) Discuss the major elements of a cash flow statement. [6 marks]

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