9706_s19_qp_11
A paper of Accounting, 9706
Questions:
30
Year:
2019
Paper:
1
Variant:
1
Login to start this paper & get access to powerful tools
4
A business with a year-end of 31 December purchased a motor vehicle on 1 January 2015 for $24 000. The estimated useful life of the motor vehicle was four years and the estimated residual value at the end of four years was $8000. The business depreciates motor vehicles at 25% per annum using the reducing balance method. No depreciation is charged in the year of disposal. The motor vehicle was sold on 31 July 2018 for $12 000. What was the profit on the sale of the motor vehicle?
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
8
The following information is available for a business. The balance on its purchases ledger control account was $5900. The total of the balances in its purchases ledger was $5510. The following errors were discovered. The purchases journal had been overcast by $250. A sales ledger contra of $340 had been omitted from the purchases ledger control account. A supplier was paid $400 which was correctly entered in the cash book but had been entered in the supplier’s account as $200. What is the correct value of trade payables?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
9
Brian sent goods to Ravi on a sale or return basis at a selling price of $5000. His selling price is based on a mark-up of 25%. Ravi returned goods with a selling price of $1000 and purchased the remainder. What was the net effect on Brian’s inventory value?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
11
A business provided the following information about telephone expenses for the year ended 31 December 2018. $ prepaid at 1 January 2018 accrued at 1 January 2018 bank payments during the year prepaid at 31 December 2018 accrued at 31 December 2018 What was the telephone expense to be included in the income statement for the year ended 31 December 2018?
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 financial statements of a company include the following: $ profit for the year 245 000 finance costs 120 000 preference share capital 220 000 ordinary share capital 850 000 general reserves 140 000 retained earnings 260 000 What is the return on capital employed (ROCE)?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.5. Analysis and communication of accounting information
1. Financial accounting (AS Level)  →  1.6. Analysis and communication of accounting information
Open
20
A business has prepared the following information for the year ended 30 April 2019. $ $ revenue 220 000 opening inventory 25 000 purchases 120 000 closing inventory (31 000) cost of goods sold 114 000 gross profit 106 000 What was the inventory turnover?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
1. Financial accounting (AS Level)  →  1.6. Analysis and communication of accounting information
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
21
Eight employees work in a team. Each employee is paid $16 an hour and the team share a group bonus between them, which is based on their output of product. For any production in excess of 500 units the team, as a group, is paid a bonus of $8 per unit. The bonus is shared equally and paid on a weekly basis. Last week each member of the team worked 40 hours, and the team as a whole produced 560 units. What is the pay of each member of the team?
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
22
A company uses the weighted average cost (AVCO) method to value its inventory. The following information is available for an item of inventory. February Balance 20 units at $4 each Purchased 40 units at $5 each April Purchased 40 units at $8 each May Issued 55 units What was the total cost of the units issued?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
28
A company’s budget shows figures for costs and sales for the month ended 31 March 2019. variable costs per unit $20 selling price per unit $35 volume sold 2000 units fixed costs $10 000 In March the actual sales volume was 10% lower than budgeted. By how much was actual profit lower than budgeted profit?
4. Cost and management accounting (A Level)  →  4.3. Budgeting and budgetary control
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