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  • 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
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  • Accounting Test

    You have 30 mins to complete our multiple choice question based test, goodluck!
  • 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

     

  • 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

     

  • 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
  • 10. Given the following figures:

     

    Sales 8 200
    Opening Stock 1 300
    Closing Stock 900
    Purchases 6 400
  • 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
  • 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

  • 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
  • 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

  • 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 

     

  • 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
  • Interview Questions

    Tell us more about your experience and values
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  • Monthly Deductions R
    Laptop Repayment (over 12 months) 240
    Laptop Insurance Fee 50 
    Employment retention scheme (SAICA trainee)(over 24 months) 320
    Employment retention scheme (SAIPA trainee) (over 12 months) 110
    Social Club 50 
    Life Insurance 70 
    Once-off Uniform Fee (per uniform ordered) 320 
        1160
  • Thank you for your submission please select an appointment date for the office below and submit your application.

    If there is no date available and you do not hear from us within 14 days, please consider your application unsuccessful.

  • Thank you for your submission. If you do not hear from us within 14 days, please consider your application unsuccessful.

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