It is the first quarter of 2020 and the first cases of the Corona Virus Disease, COVID-19 have been announced in my country. Subsequently the School at which you are enrolled for a postgraduate diploma has suspended face to face classes and rolled out an online Business Accounting course.Moreover, the company at which you are employed, Ivan & Klopp Business Consulting (IBC) Ltd has also suspended its operations and ordered you and all other employees to work from home. Your immediate supervisor is Ivan who is the company's financial manager. Ivan has arranged all your office equipment to be installed at your house at Okahandja and he requests you to sign an acknowledgement of receipt of the following items of equipment:

a)

1.The case study states that insurance premium for 15 months has been paid N$ 9 375. The correct treatment in the statement of profit or loss for the year ended 31 December 2019 is as follows.

a)Insurance expense for the year ended 31 December 2019 is N$ 3 125

b)Insurance expense for the year ended 31 December 2019 is N$ 1 875

c)Insurance expense for the year ended 31 December 2019 is N$ 6 250

d)Insurance expense for the year ended 31 December 2019 is N$ 7 500

e)Insurance expense for the year ended 31 December 2019 is N$ 39 375

2.The case study states that insurance premium for 15 months has been paid N$ 9 375. The correct treatment in the statement of financial position as at 31 December 2019 is as follows.

a)A current asset as at 31 December 2019 is N$ 9 375

b)A current asset as at 31 December 2019 is N$ 1 875

c)A current liability as at 31 December 2019 is N$ 7 500

d)A current asset as at 31 December 2019 is N$ 6 250

e)A current asset as at 31 December 2019 is N$ 3 125

3.The cost of direct materials would most likely be a (n)

a)Variable cost

b)Indirect cost

c)Fixed cost

d)Differential cost

4.The gross revenue for the year 31 December 2019 for IBC Ltd is N$ 875 028. The revenue reported in the statement of profit or loss for the year ended 31 December 2019 was:

a)N$ 875 000

b)None of the above

c)N$ 950 353

d)N$ 799 703

e)N$ 875 028

5.The tenant who uses the Western Wing of the administration building of IBC Ltd paid rent for January to September only N$ 102 150. In the statement of profit or loss for the year ended 31 December 2019.

a)Rent expense of 102 150 is recorded

b)Rent income of N$ 76 613 is recorded

c)Rent income of N$ 136 200 is recorded

d)Rent expense of N$ 136 200 is recorded

e)Rent income of 102 150 is recorded

6.The tenant who uses the Western Wing of the administration building of IBC Ltd paid rent for January to September only N$ 102 150. In the statement of financial position as at 31 December 2019.

a)Disclose income received in arrears under non-current liabilities N$ 34 050

b)Disclose accrued expense under current liabilities N$ 34 050

c)Disclose income received in advance under current asset N$ 34 050

d)Disclose accrued income under current assets N$ 34 050

e)Disclose accrued income under equity N$ 34 050

7.What is the depreciation for the year ended 31 December 2019 of the RUT WIFI device if depreciated is calculated as suggested in the question?

a)None of the above

b)N$ 45.00

c)N$ 225.00

d)N$ 90.00

e)N$ 56.00

8.What is the depreciation for the year ended 31 December 2016 for the Soho A office furniture? Assume that depreciation for furniture is 20% per annum reducing balance method.

a)None of the above

b)22 560

c)14 438

d)18 048

e)90 240

1.With reference to the case of Harambee Ltd. The actual units sold in July 2019 is

a)26 000

b)32 000

2.With reference to your own company in the case study, calculate the total amount of receipts from customers in the month of March 2021

a)N$ 2 140

b)N$ 5 140

c)N$ 5 290

d)N$ 3 000

e)N$ 10 700

3.With reference to your own company in the case study. Calculate the total amount of receipts from customers in the month of May 2012.

a)N$ 5 140

b)N$ 3 210

c)N$ 11 449

d)N$ 10 500

e)N$ 5 000