9706_w12_qp_12
A paper of Accounting, 9706
Questions:
30
Year:
2012
Paper:
1
Variant:
2
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3
The following items appear in a statement of financial position. • an estimate of a liability in a court case, the outcome of which is uncertain • an unrealised surplus from the revaluation of a non-current asset • accumulated depreciation on non-current assets • an estimate of future loss arising from bad debts How many of these are provisions and how many are reserves?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
4
A trial balance shows the following information. $ premises at cost 150 000 accumulated depreciation on premises 25 000 On 1 January the premises are revalued at $270 000. At the same time 200 000 shares of $1 each are issued for $300 000. What is the value of the reserves created on 1 January?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.2. The accounting system
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
6
Draft financial statements show revenue of $106 000 and closing inventory of $2100. There were 100 items which had cost $10 an item but which were for sale at $6 an item. At the year end these were with a customer on a sale or return basis. These items were treated as having been sold although no sale had been agreed. What are the values of revenue and inventory when the principle of prudence is applied?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
12
A company operates three departments and apportions heat and light on the most appropriate basis. The table shows information for a year. department X department Y department Z total revenue $950 000 $710 000 $690 000 $2 350 000 floor area (square metres) number of employees heat and light $90 000 Which cost for heat and light is apportioned to department X?
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
3. Financial accounting (A Level)  →  3.5. Analysis and communication of accounting information
Open
16
A business does not keep complete accounting records. The following information is known: $ capital at start of year 52 000 capital at end of year 55 000 owner’s drawings in year 13 000 capital introduced during the year 25 000 What is the profit/loss for the year?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
4. Cost and management accounting (A Level)  →  4.3. Budgeting and budgetary control
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open