KNOWLEDGE TEST FOR ASSISTANT ACCOUNTANT

NAME: ___________________________________________________________________________________________

1. Place the base and percentage to the following withholding concepts.

CONCEPT BASE %
Fees Natural Person
Commission Natural Person
Services in General Legal Person
Hotel and Restaurant Services
Leasehold Leasehold Leasehold Leasehold
Commissions Legal Person
General Purchases
Legal Fees
Lease Real Estate
Withholding VAT on Services

2. For each of the accounts, indicate their nature, Debit DB or Credit CR and whether they are Balance Sheet or
Profit and Loss accounts.

ACCOUNT DB CR BAL P&L

Cash and Banks X X
Bank Overdrafts
Trade debtors
Suppliers
Returns and dcts. in sales
Sundry creditors
General Expenses
Withholding at source - Fees
Furniture and fixtures
Depreciation expense
Investments
Consolidated severance payments
Costs and expenses payable
Cost of sales
Sundry Accounts Receivable
Loans to members
VAT Generated
Inventories
Mortgage Obligations
Supplies, stationery and photocopies

3. Which of the following statement(s) is/are correct about a company's balance sheet?
a. ___Shows the sources and uses of cash during the period.
B ._____It is an expansion of the basic accounting equation of Assets = Liabilities + Owner's equity.
c. ____It is also known as the statement of financial position.
d. ____Shows the income and expenses for the period.

4. For the following items, write the percentage (%) that the company should provision on a monthly basis

ITEM % ITEM %
Severance pay Premium
Vacations Interest on severance
Health Contributions payments
Pension Contributions
ICBF SENA
Comfamiliar ARP

5. The manager of Música Latina Ltda, who had no professional accounting training, prepared the following balance sheet
for the company as of December 31, 2005. Amounts in pesos were taken directly from the company's accounting
records and are correct. However, the balance sheet contains several errors in its headings, format and in the
classification of assets, liabilities and owner's equity.

Prepare a corrected balance sheet. Include an appropriate heading.

 MÚSICA LATINA LTDA
Manager's report
Thursday 8 p.m:
Assets Owner's equity

Capital, J. Snow $162,000 Accounts receivable $78.000

Cash $69,000 Notes payable $288.000
Building $80,000 Supplies $14.000
Automobiles $165.000
Terrain $70.000
$476,000
Accounts payable $26.000
$476,000
6. Account for the following commercial transactions of the Company EL LAGO DISTRIBUIDORA S.A.S (Common
Regime, NO Large Taxpayer, NO Self withholding and apply the applicable withholdings (Income, VAT, ICA,
CREE) General Rate ICA 10.4 x thousand

Beginning Balances
Caja/bancos:$30.000.000 Fixed assets (building) $180,000,000
Inventory: $18,000,000 Bank obligations $25,000,000

a. Open a checking account in Bancolombia for $14,500,000

b. They purchase an MSME insurance policy from Suramericana de Seguros for $500,000.oo, for a term of 5 months.
c. Purchased from XXX Ltda. (Common Reg. not Large Taxpayer), taxable merchandise valued at $90,500,000.
d. EL LAGO DISTRIBUIDORA S.A.S. buys from XYZ Ltda. (RC, GC, Autorretenedor) general stationery in the
amount of
of $600,000 plus VAT.
e. EL LAGO DISTRIBUIDORA S.A.S hires Jorge Gómez (Simplified Reg.) to repair the main office switchboard for
$230,000.
f. EL LAGO DISTRIBUIDORA S.A.S sells to Juan Perez (R Simplified) merchandise on credit for $30,000,000 during
the month.
g. EL LAGO DISTRIBUIDORA S.A.S. invoice merchandise Jorge Gómez y Cia. Ltda., in the amount of $41,535,000
plus VAT (16%). Paid in cash
h. Secretary payroll is paid: SMLV, Salesperson SMLV + Commissions for $600,000, Office Assistant $800,000,
Manager $2,500,000 + vehicle allowance $600,000, Operator $SMLV and work 1 Sunday, 5 HED, 8HEN

7. List the Tax Returns and their periodicity of filing

DECLARATION PERIODICITY