Section 1. Financial accounting (AS Level) for Accounting, A Level - revisedeck

1. Financial accounting (AS Level)

A section of Accounting, 9706

Listing 10 of 1775 questions

Which accounting principle attempts to deal with off-balance-sheet transactions?

9706_w12_qp_12

MCQ

2012

Paper 1, Variant 2

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Discount received of $280 has been incorrectly posted to the credit of the discount allowed account. Which entry must be made to the discount received account to correct the error?

9706_w13_qp_11

MCQ

2013

Paper 1, Variant 1

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A company’s trial balance includes a suspense account. It was found that the only errors were discounts received of $240 and discounts allowed of $312, which had both been entered on the incorrect sides of the respective ledger accounts. What is the double entry required to clear the suspense account balance?

9706_w13_qp_12

MCQ

2013

Paper 1, Variant 2

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A business wishes to record the following transactions in its books of account. contra between sales ledger control account and purchases ledger control account depreciation charge for the year increase in provision for doubtful debts purchase of non-current asset on credit How many transactions require an entry in the general journal?

9706_w13_qp_13

MCQ

2013

Paper 1, Variant 3

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A purchase ledger control account shows the following: $ opening balance 1 200 closing balance 1 300 purchases 18 400 payments made 17 800 discount received Which entry appears in the control account to record the contra with the sales ledger control account?

9706_w14_qp_12

MCQ

2014

Paper 1, Variant 2

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A trader purchased fixtures and fittings on credit from a supplier. These were faulty and were returned to the supplier. Which entry in the trader’s books of account recorded the return?

9706_w15_qp_11

MCQ

2015

Paper 1, Variant 1

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An entry of $700 in the discount received account had not been entered in the purchases ledger. During the year a machine was sold for $1000. There was only one entry made and it was a credit in the bank account. What is the balance on the suspense account?

9706_w15_qp_13

MCQ

2015

Paper 1, Variant 3

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What is the advantage of keeping a full set of double entry books of account?

9706_w15_qp_13

MCQ

2015

Paper 1, Variant 3

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On 1 January Ann owed Sam $400. She paid the amount due on 6 January after deducting a 2% cash discount. How did Ann record this?

9706_w16_qp_13

MCQ

2016

Paper 1, Variant 3

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A trial balance includes a suspense account. The following errors are found. A payment for the telephone bill for $75 has been entered correctly in the bank account but as $750 in the telephone account. A payment from a customer for $175 has been entered correctly in the bank account but omitted from the sales ledger control account (SLCA) which forms part of the double entry system. Which journal entry corrects these errors?

9706_w16_qp_13

MCQ

2016

Paper 1, Variant 3

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Questions Discovered

1775