• Trainee Accountant Application

    Good Luck!

  • Welcome

    Welcome to the Lockhat Incorporated Trainee Accountant Application.

    The information you supply on this form will be treated as confidential. Please complete this form as accurately as possible. 

    The form includes a number of questions and will require approximately 45 minutes to complete. The accounting test is timed and must be completed within 30 minutes. If you do not complete it you will be scored up to questions answered i.e. you will not earn points or marks for those questions missed. This will negatively impact your scoring during the interview process. 

    You can only complete the form once. If you are having challenges completing the form, please contact our offices.

     

     

  • Personal Information

    Tell Us About Yourself
  • Which office are you applying to*
  • What position are you applying for?*
  • What is your Race*
  • Date of birth*
     / /
  • Date
     - -
  • Do you have a valid drivers licence*
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  • Accounting Test

    You have 30 mins to complete our multiple choice question based test, goodluck!
  • 1. Which one of the following statements is INCORRECT?
  • 2. Which of the following is a current asset?
  • 3. Which of the following is a non-current liability?
  • 4. Which of the following is INCORRECT?

  • 5. Which of the following are CORRECT?

      Description  Account to be debited Account to be credited
    i Purchased office furniture for cash Office furniture Cash
    ii A debtor, P Sangster, pays us by EFT Bank P Sangster
    iii Introduced capital by EFT Capital Bank
    iv Paid a creditor, B Lee, in cash B Lee Cash

     

  • Select from the following options:

  • 6. Which of the following are INCORRECT?

      Transaction Account to be debited
    i Sold van for cash Cash
    ii Returned some of office equipment to suppliers Ltd Office equipment
    iii Repaid part of loan from C Charles by cheque Loan from C Charles
    iv Bought machinery on credit from Betterways Ltd Betterways Ltd

     

  • Select from the following options:

  • 7. Of the following, which are correct?

    Transaction Account to be debited Account to be credited
    i) Goods sold on credit to R Williams R Williams Sales
    ii) S Johnson returns goods to us Returned inwards S Johnson
    iii) Goods bought for cash Cash Purchases
    iv) We returned goods to A Henry A Henry Returns inwards
  • Select from the following options:
  • 8. Gross profit is:
  • 9. Net profit is calculated in the:

  • 10. Given the following figures:

     

    Sales 8 200
    Opening Stock 1 300
    Closing Stock 900
    Purchases 6 400
  • The cost of goods sold figure is:

  • 11. The Philip Company received a bill for Rates. The bill is for R550 and is payable in 30 days. The accounting entry is:

       Debit Credit
    a  Accounts receivable  Service revenue
    b  Accounts payable   Cash
    c  Rates  Accounts payable
    d  Rates  Cash
  • Select from the following options:
  • 12. The total of the "Discounts Allowed" column in the cash book is posted to:

  • 13. Given the following information, calculate the amount of the cheque you would make out:

    Purchase invoice:
    - 5 items - R 80 each
    - Trade discount - 25%
    - Cash discount - 5% if paid within the credit period

  • Select one of the following options
  • 14. Depreciation is:
  • 15. A firm bought a machine for R3,200. It is to be depreciated at a rate of 25% using the Reducing balance method. What would be the remaining book value after 2 years?
  • 16. A firm bought a machine for R 16 000. It is expected to be used for 5 years then sold for R 1 000. What is the annual amount of depreciation if the straight line method was used:
  • 17. Vat on supplier tax invoices are regarded as:
  • 18. Vat on turnover is regarded as:
  • 19. The employer is liable for what percentage in respect of UIF?
  • 20. What is SARS main electronic medium of communication?
  • 21. What is the labour departments electronic medium of communication in respect of UIF?

  • 22. CMU Corp, has R4 500 000 of accounts receivable and has found an average of 3 percent of its credit sales are uncollectible. Suppose CMU Corp. determines that a customer owing R10 000 will never pay. What would be the journal entry?

     

      Amount Debit Credit
    a 300 Bad debts Allowance for Bad debts
    b 300 Allowance for Bad debts Accounts Receivable
    c 10 000 Bad debts Allowance for Bad debts
    d 10 000 Allowance for Bad debts Accounts Receivable
  • Select from the following options:

  • 23. Brooks Co. declared and paid a cash dividend of R5,000. What would be the journal entry?

     

      Debit Credit
    a Retained Earnings Allowance for Bad debts
    b Retained Earnings Accounts Receivable
    c

    Dividends payable

    Retained Earnings

    Cash

    Dividends payable
    d

    Retained Earnings 

    Dividends payable

    Dividends payable

    Cash
  • Select from the following options:

  • 24. Given the following balance sheets of three firms, which appears to have greater financial leverage?

     
       Firm A   Firm B   Firm C
    Debt 2  40  15 
     Equity 8  60  35 
     Total Assets 10  100  50 

     

  • Select from the following options:

  • 25. On 01 December 2020, a company purchased supplies for R 1 300. On 31 December 2020, a physical inventory count showed that R 800 of supplies were on hand. The closing adjustment entry is:

     

      Amount Debit Credit
    a R 800 Purchases Inventory
    b R 1 300 Purchases Inventory
    c R 500 Purchases  Inventory
    d R 500 Inventory Cash
  • Select from the following options:
  • 26. During the 2020 financial year, a company had Credit Sales of R50 000 and their average Trade Receivables balance was R5 000 at year end, what would their average collection period be?
  • 27. If management were trying to hide profits to lower their tax expense, they would:
  • 28. Which VAT items are not deductible in terms of the VAT Act
  • 29. In which instance should the Inventory Balance be remeasured:
  • 30. Companies not disclosing the fact that bankruptcy is imminent would be violating which accounting principle

  • Interview Questions

    Tell us more about your experience and values
  • Rows
  • 2. Are you willing to assist in different departments within the organisation and not necessarily our core accounting and auditing function?*
  • 3. Are you able to travel to clients throughout the country, spending up to 3 weeks away from home (we will pay for all travel, subsistence and accommodation)?*
  • 4. Are you able to go on company-paid team buildings overnight/weekends?*
  • 5. What do you want to ultimately achieve in working at Lockhat Incorporated?*
  • 6a. Have you applied for any other employment elsewhere?*
  • 6b. If yes to above, when was the date of your last application?*
     - -
  • 7. Should your application be successful and your employment confirmed, do you accept that this application will be kept on file*
  • 8. Are you aware of and ready for the challenge of studying and working simultaneously, and will you be able to manage both?*
  • 9. Are you willing to work under pressure?*
  • 12a. Have you ever been convicted of a criminal offence?*
  • 12c. Have you ever been involved in a business that went insolvent?*
  • 12d. Are you aware and do you accept that you need to apply for and obtain a police clearance certificate and only a clear report can result in permanent employment?*
  • 13a. Do you give us permission to perform a verification of your qualifications?*
  • 14a. Do you give us permission to perform an ITC Credit check?*
  • 14b. Have you ever had a problem with controlled substance abuse or recreational drugs?*
  • 14c. Have you ever been an alcoholic?*
  • 14d. Have you ever been involved in a conciliation/arbitration process with the CCMA?*
  • 15. Do you smoke?*
  • 16. Do you accept that the firm allows no or limited smoke breaks during working hours subject to firm policy?*

  •  

     

    Please click the submit button below to submit your application. Once you click submit, please wait for the thank you/confirmation page to open, which confirms your submission.

     

    If you do not see the thank you/confirmation page after a few minutes, please send us an email at admin.gp@l-inc.co.za to confirm whether we have received your submission.

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