9706_s18_qp_11
A paper of Accounting, 9706
Questions:
30
Year:
2018
Paper:
1
Variant:
1
Login to start this paper & get access to powerful tools
7
On 1 January a business has prepaid $800 for four months’ motor insurance. It also has an outstanding invoice for fuel of $140. During January it pays the fuel invoice and a further $600 for fuel. At 31 January it has an outstanding fuel invoice of $160. What is the charge for motor expenses in the income statement for January?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
8
A business provided the following information for a month. $ credit sales 16 810 sales returns 1 150 discounts allowed irrecoverable debts written off increase in provision for doubtful debts increase in trade receivables How much cash was received from trade receivables during the month?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
4. Cost and management accounting (A Level)  →  4.3. Budgeting and budgetary control
Open
9
At the end of the year, the debit balance on a sales ledger control account was $15 000. It was later discovered that when a customer who owed the business $500 had paid, she had taken a cash discount of $20. This was correctly entered in the discount column of the cash book and the full $500 was entered in the bank column. Which value for trade receivables should be included in the statement of financial position?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
11
During the past month, a business lost some inventory because of theft. The table shows the trading results for the month. $ opening inventory, at cost 50 000 purchases 220 000 sales 300 000 closing inventory, at cost 16 000 The mark-up was 25%. What was the cost price of the stolen inventory?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
Open
13
Partnership profit, $60 000, accrued evenly through the year ended 31 December 2017. Jim became a third partner on 31 March 2017. The partners shared profits equally from that date. An irrecoverable debt of $12 000 in the financial statements would be ignored when calculating Jim’s share of the profit. What was Jim’s share of the profit for the year ended 31 December 2017?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
19
The following has been extracted from the financial statements of a business. income statement $ statement of financial position $ profit from operations 48 000 7% debenture 65 000 debenture interest (4 550) ordinary share capital 95 000 loss on disposal of non-current asset (3 250) share premium 7 500 profit for the year 40 200 retained earnings 35 000 What was the return on capital employed (ROCE)?
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
28
A company provides the following information about its product. selling price $100 variable cost per unit $40 fixed costs $21 600 break-even point 360 units If the business changes its production method, contribution will increase by 10% and fixed costs will increase by 5%. What would be the effect on the break-even point?
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
Open