AIN2601 EXAM PACK

AIN2601 EXAM PACK . From the list below, which ONE is referred to as a semi-permanent file that contains data records in order to complete a transaction? A. Master file B. History file C. Reference file D. Referencing file 1.2 What is the main advantage of using online input? A. Data in the CIS is always accurate B. Data in the CIS is always complete C. Data in the CIS is always up to date D. Data in the CIS is always accessible 1.3 The process of condensing data by extracting only specific data, based on criteria provided by the user is known as____________? A. compiling data B. organising data C. calculating data D. summarising data 1.4 Which of the following is NOT regarded as one of the characteristics of valuable information? A. Simple B. Verifiable C. Vulnerable D. Economical 1.5 Which of the following is an example of AISs focusing on enterprise-level organisations? A. Sage 200 B. SAA ERP C. Pastel revolution D. Microsoft dynamics ERP lOMoARcPSD| AIN2601 CONFIDENTIAL Page 4 of 18 [TURN OVER] 1.6 Which one of the following is NOT an example of HRM systems? A. Oracle HRMS B. SAA ERP HCM C. Sage Accpac HRMS D. Microsoft Axapta human resource management 1.7 Which of the following is referred to as a specialised information system used for the management of personnel and the recording of activities? A. Enterprise level organisation B. Accouting information system (AIS) C. Human resource management (HRM) D. Management information system (MIS) 1.8 What is data captured on manual documents as well as data entered in the CIS, that has not yet been processed called? A. Raw data B. Store data C. Data entry D. Source document [8] lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 5 of 18 [TURN OVER] QUESTION 2 (8 Marks) INDICATE WHETHER THE FOLLOWING STATEMENTS ARE TRUE OR FALSE. ONLY WRITE THE WORD ‘’TRUE’’ OR ‘’FALSE’’ NEXT TO THE RELEVANT QUESTION NUMBER. EACH CORRECT ANSWER COUNTS ONE (1) MARK. 2.1 Having a database management systems (DBMS) and database that is able to evolve to meet future organisational needs, is an important factor to consider. 2.2 Batch input is used where a small number of similar source documents are grouped together, and up-to date data is then entered in the CIS only once a month. 2.3 Most financial software uses databases to store and retrieve financial data. For example, pastel partner software. 2.4 Various database model types normally used for data warehouses are either striated or single dimensional. 2.5 In the revenue and receipts cycle an outstanding quotation report can be printed to show all quotations not yet converted into a sales order and which have not yet reached their expiry dates. 2.6 According to the reporting structure, the number of staff members in a finance team should be the similar from organisation to organization, to show consistency across the industry. 2.7 The acquisition and implementation of an AIS does not require a large investment in time and money. It is therefore not essential that the AIS matches the organisation’s needs as closely as possible, and rather focus on more value-adding projects. 2.8 According to segregation of duties similar or related tasks should be allocated to a similar group of people or departments. This will serve as an internal control to help reduce the risk of fraud and mistakes. [8] Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 6 of 18 [TURN OVER] QUESTION 3 (18 Marks) Maria is the owner of All fresh bakery (Pty) Ltd. The bakery commenced two years ago, just after she resigned from her job and used the money to start the business. Maria has a small team of employees in the bakery who are involved in the operations of the bakery. All fresh bakery (Pty) Ltd produces different kinds of products, such as loaves of bread (white and brown separately), biscuits and cakes. All fresh bakery (Pty) Ltd has managed to secure several customers, such as supermarkets and individual customers with the aid of media advertisements. Orders are placed a day before by customers who will contact the bakery either telephonically or by coming to the bakery. Daily orders are grouped together and then recorded on the computer at the same time (usually just before close of business), using a simple spreadsheet. The baking-machine can only produce a limited number of products per day. On a daily basis, All fresh bakery (Pty) Ltd will produce batches of similar products, one after another. Each morning All fresh bakery (Pty) Ltd produces different kinds of products to meet the specific demand, according to the previous day’s orders. The bakery has one computer. Maria uses an Accounting Information System (AIS) and updates sales orders on a weekly basis. The sales orders reports are extracted periodically from the Computerised Information System (CIS). Maria is currently the only person who is managing the AIS, however she would like to add additional users to system to assist her with some of the administrative tasks. Maria’s desire is to train her employees so that they are multiskilled and can operate at different levels within the organization. In doing this, she will not need to employee too many additional people to perform a variety of functions within the organisation. Required: Refer to the case study above and answer the following questions. 3.1 Which type of processing method will you recommend to All fresh bakery to arrange their daily orders into different categories? (2) 3.2 Briefly explain to Maria how segregation of duties will be transferred to the AIS, if Maria were to move away from keeping accounting records in the manual paper environment. (2) Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 7 of 18 [TURN OVER] 3.3 According to the above scenario, which processing output method will you recommend for All fresh bakery (Pty) Ltd and why? (3) 3. 4 Explain to Maria in four (4) points, why it would be to her benefit to implement a database environment. (4) 3.5 Please advise Maria, how can All fresh bakery (Pty) Ltd use data mining to support their business operations? (1) 3.6 Name and explain, which functional Management Information System (MIS) subsystem, Maria can use to support her future company objectives. (2) 3.7 Advise Maria of the potential consequences that most relevant to the bakery because of a security breach or unauthorized modifications to her spreadsheets. (4) [18] Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 8 of 18 [TURN OVER] QUESTION 4 (33 Marks) Regals Nails is a popular nail shop which sells nail care products like nail polish, nail clippers and nail polish remover to the public. Jerry, the owner of Regals Nails is also an accountant, and he uses Pastel Partner to record the business transactions. Regals Nails’ 2021 financial year ends on the last day of July 2021, and the business is a registered VAT vendor. The current VAT rate is 15%. Regals Nails has only one customer (Tom) that is allowed to buy on credit. Tom qualifies for 5% early payment discount (also called settlement discount) if full payment is received within 10 days from period end. Tom always: • makes only one payment per period • fully pay his outstanding amount within 10 days from period end • deduct the early payment discount from his payment. The following is a screen print from Regal Nails Pastel Partner accounting software: Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 9 of 18 [TURN OVER] QUESTION 4 (continued) Required: 4.1. Refer to the Pastel Partner screen print on the previous page to answer the following questions: 4.1.1 Which Pastel Partner Main menu will you use to renumber inventory items (1) 4.1.2 Which Pastel Partner Main menu will you use to create passwords for users? (1) 4.1.3 Which Pastel Partner Main menu will you use to restore a backup file? (1) 4.1.4 Which Pastel Partner Main menu will you use to create inventory categories? (1) 4.1.5 Which Pastel Partner Main menu will you use to change user processing options? (1) 4.2. Refer to the Pastel Partner screen print and the case study information on the previous page and answer the following questions: 4.2.1. What is the maximum number of different cash books (bank accounts) that can be created in Pastel Partner? (1) 4.2.2. When performing the bank reconciliation Pastel allows three methods as “search sequence”. List two (2) of these methods. (2) 4.2.3. What does each of the letters ‘G’, ‘C’ and ‘S’ represent in the “GCS” column of the receipt cash book journal? Your answer should indicate the letter as well as what it represents. (3) 4.2.4. Assuming there are no payment transactions, what would the bank balance be in the general ledger if the current receipt journal batch were to be updated as it currently is? Your answer should indicate whether the balance is a debit or a credit balance. (3) Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 10 of 18 [TURN OVER] QUESTION 4 (continued) 4.2.5. Which ‘button’ will be used to move money from the ‘ABSA Bank’ cash book to the ‘petty cash’ cash book? (1) 4.2.6. What does the letter ‘N’ in the “R” column of the receipt cash book journal indicates? (1) 4.3. Refer to the Pastel Partner screen print, especially the transaction for TOM001 (line 4) and the case study information. 4.3.1. Jerry always reviews the transactions before updating the batch and according to him the transaction for TOM001 (line 4) is not correctly recorded. The amount received in the bank account from customer TOM001 was R8740. Refer to the case study information. Draw the table below in your answer book. Now use this table to write the correct data entries with regards to TOM001 (line 4) only for the data fields indicated in the table below. Show the detail of any calculations as part of your answer. (4) Bank inclusive Discount 4.3.2. The trial balance of Regal Nails gave you the following additional general ledger account numbers and account descriptions. Account number Account description 8000/000 Customer Control Account 9000/000 Supplier Control Account 9500/000 Vat / Tax Control Account 1000/000 Sales 3400/000 Early payment discount received 5800/000 Early payment discount granted Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 11 of 18 [TURN OVER] QUESTION 4 (continued) Draw the table below in your answer book. Use this table to record the accounting entries into the general ledger master file for the correct TOM001 (line 4) transaction, as reflected on the Pastel Partner screen on the previous page and taking your answer in question 4.3.1 into account. Note: You should show all the applicable accounting entries. General ledger account number Debit / Credit Amount Tip: draw the T-accounts for yourself as rough work in your answer book to help ensure your debits and credits are correct. (12) 4.4 What is the maximum number of customer categories you can create in Pastel Partner? (1) [33] Downloaded by: | Distribution of this document is illegal lOMoARcPSD| AIN2601 SEP/OCT 2021 CONFIDENTIAL Page 12 of 18 [TURN OVER] QUESTION 5 (27 Marks) Hot Drink Haven (Pty) Ltd (HDH) is a retail company that is located in Bethlehem (Free State) and specialises in hot drink sales to various clients. They sell several products, however they wanted to analyse the products that yield the most income for the company. HDH have identified five (5) main product combos namely, Hot Chocolate, Chai Latte, Hazelnut Latte, Cappuccino and Café Mocha. Every product combo has a unique code (Combo code) to assist in identifying each combo. HDH is a registered VAT vendor and charges VAT on goods and services at 15%. Each Product combo is quite popular in a specific region and as a result, HDH delivers these hot drink Product combos to their clients in these regions. Due to the rising fuel prices in the country, HDH has included additional costs for each Product combo to make up a Package combo. These costs include the Combo price, Delivery fee which is dependent on the distance travelled as well as Travelling insurance when travelling to these specific regions. A “DL” rate is used in the determination of the Delivery fee and is based on the distance in km from Bethlehem. In the hope of further analysis, HDH would has decided to develop a New combo code to isolate these high selling Product combos. HDH’s management team has learnt of your MS Excel skills and needs your assistance in understanding the data provided in the spreadsheet for the month of September 2021. You were issued with the following spreadsheet below. THE FOLLOWING IS APPLICABLE TO QUESTION 5 & 6 ~Please leave a line open after each individual question. ~You used the Excel Help function to obtain the following formula structures which might come in handy when answering question 5 & 6: • =VLOOKUP(lookup_value,table_array,col_index_num,range_lookup) • =PMT(rate,nper,pv,fv,type) • =FV(rate,nper,pmt,pv,type) • =PV(rate,nper,pmt,fv,type) Downloaded by: | Distribution of this document is illegal lOMoARcPSD| CONFIDENTIAL Page 13 of 18