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Accounting Level II Assignment 3

This document provides a formative assessment for a trainee in the TVET program at Queens' College. It contains 4 projects to test the trainee's knowledge of basic accounts work. Project 1 involves processing customer transactions. Project 2 requires advising on the purpose and participants of financial markets. Project 3 covers opening a bank account. Project 4 evaluates understanding of direct and indirect tax systems by calculating tax liabilities for a sample company. The trainee is directed to complete the assignments individually by the scheduled deadline while referring to their notes and other resources.

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Edom
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214 views

Accounting Level II Assignment 3

This document provides a formative assessment for a trainee in the TVET program at Queens' College. It contains 4 projects to test the trainee's knowledge of basic accounts work. Project 1 involves processing customer transactions. Project 2 requires advising on the purpose and participants of financial markets. Project 3 covers opening a bank account. Project 4 evaluates understanding of direct and indirect tax systems by calculating tax liabilities for a sample company. The trainee is directed to complete the assignments individually by the scheduled deadline while referring to their notes and other resources.

Uploaded by

Edom
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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QUEENS’ COLLEGE

TVET PROGRAM

Formative ASSESSMENT (20%)

KNOWLEDGE AND PRACTICAL PACKAGE

Trainee’s Name:

ID No.:

Occupation/Department: Basic accounts work Level II

Entry & Level LEVEL II, 2012 E.C ENTRY

Unit Title:

General Directions:
Dear trainee, in doing your individual assignment successful, you have to:-
✓ Devote your time and submit the assignment up on the schedule.
✓ Create interdependence and build individual responsibility and accountability.
✓ Use your comprehension to complete the assignment.
✓ Examine your capacity for COC exam by doing this assignment by yourself.
✓ Explain your idea briefly and clearly, neatness is expected.
✓ You can refer your note book and different supporting resources.

Be Beautiful! Be Smart! Be Stylish! But, Protect Yourself From Covid-19 Virus!

1
Project 1: process the following customer transaction

Task1.1 Nov. 5 paid & 20,000 for the purchase of land as a future building site.

Task 1.2 Purchase supplies on account for & 1,350 on Nov .10

Task1.3 Received cash of & 7,500 from cstomers for services

Task1.4 Incurred the following expense wage &2,125, rent & 800 utilities & 450 and
miscellaneous & 275 on Nov,20

Project 2: assume that you are a market advisor;

Task 2.1 what tell the purpose of financial market?


Task 2.2 what financial market change dollar to birr?
Task 2.3 what is the participant in the financial market?
Task 2.4 what financial market instrument traded on short term money market?
Project 3: Assume you are an employee of commercial bank of Ethiopia and Ato abebe is the customer of
the bank and he wants to open an account.

Task 3.1 what information do you provide to open his account?


Task 3.2 what information do you required to open his account?
Task 3.3 how could you process customer account?

Project4: understands and identifies direct and indirect tax system.


Xyz share companies registered and licensing to supply injera in different universities in Ethiopia during 2018.
The company earns an income of birr 1500000 and 1800000 from Bahir Dar and Debre Markos university
respectively including VAT. Total cost of product is 1800000 before VAT. The company earned 160000 for
year from income at housing of income house zero VAT rates. On the other hand it incurred birr 200000 general
and administrative expenses per year. During that last on the 2018 the company with hold birr 65000 for
employment income tax. The company is expected to pay 30% profit tax.
Calculate: Task 4.1 Indirect tax liability
Task 4.2 Direct tax liability

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