Section 1. The fundamentals of accounting for Accounting, O Level - revisedeck

1. The fundamentals of accounting

A section of Accounting, 7707

Listing 10 of 15 questions

Which statement is correct?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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Which statement is correct?

7707_s24_qp_11

MCQ

2024

Paper 1, Variant 1

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What does the objective of understandability assume users of financial statements will possess?

7707_w21_qp_13

MCQ

2021

Paper 1, Variant 3

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Why does the accountant of a business analyse its financial statements?

7707_s23_qp_11

MCQ

2023

Paper 1, Variant 1

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What does the owner’s equity consist of?

7707_w20_qp_12

MCQ

2020

Paper 1, Variant 2

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Which items would appear in the income statement for an accountancy business?

7707_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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What is the purpose of measuring business profit and loss?

7707_w24_qp_13

MCQ

2024

Paper 1, Variant 3

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The balances remaining on the books of a business after the preparation of the income statement included the following. $ loan from XY Finance 10 000 wages due rent prepaid trade receivables 3 300 trade payables 4 650 motor vehicles 8 000 provision for depreciation of motor vehicles 2 000 What was the total of the liabilities?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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On 1 January 2019 current assets totalled $16 000 and the current ratio was 2 : 1. On 31 December 2019 the current liabilities had increased by 50% and the current ratio was 1.5 : 1. What was the value of the current assets on 31 December 2019?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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A trader bought new fixtures. He paid half of the purchase price in cash and agreed to pay the balance in two months’ time. How does this purchase affect the accounting equation?

7707_s20_qp_12

MCQ

2020

Paper 1, Variant 2

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Questions Discovered

15