Subsection 5.6. Incomplete records for Accounting, O Level - revisedeck

5.6. Incomplete records

A subsection of Accounting, 7707, through 5. Preparation of financial statements

Listing 10 of 60 questions

Miriam does not maintain a full set of accounting records. Only the purchases for the year and asset and liability values at the year end are known. Which financial statements can be prepared using this information?

7707_s24_qp_12

MCQ

2024

Paper 1, Variant 2

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What are advantages of keeping a full set of accounting records?

7707_w21_qp_13

MCQ

2021

Paper 1, Variant 3

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Aruna does not maintain a full set of double entry records. She provided the following information. $ trade payables on 1 August 2021 23 450 trade payables on 31 July 2022 27 290 cash purchases made during the year 16 000 payments made to credit suppliers 168 000 What was the cost of her purchases for the year ended 31 July 2022?

7707_w22_qp_12

MCQ

2022

Paper 1, Variant 2

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What is needed for the preparation of a statement of affairs?

7707_s24_qp_11

MCQ

2024

Paper 1, Variant 1

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The income statement of a business showed a loss for the year of $16 000. On checking the books the following errors were discovered. No adjustment had been made for insurance prepaid, $480. No entry had been made for bank charges, $620. What was the correct loss for the year?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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Which items are deducted from the gross profit when calculating the profit for the year?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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Hassan’s capital decreased by $200 over the year, even though he made a profit of $7000. Which transactions caused this?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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Ahmed provided the following information. $ trade receivables at 1 January 2019 15 000 for the year ended 31 December 2019: credit sales 85 000 cash sales 12 000 cheques received from trade receivables 65 000 irrecoverable debts 2 000 By how much had the trade receivables increased by the end of the financial year?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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A trader provided the following information. $ for the year ended 31 March 2020 revenue 250 000 purchases: cash 125 000 credit 115 000 at March 2020 trade payables 9 765 What was the trade payables turnover?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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The income statement of a business showed a loss for the year of $16 000. On checking the books the following errors were discovered. No adjustment had been made for insurance prepaid, $480. No entry had been made for bank charges, $620. What was the correct loss for the year?

7707_s20_qp_12

MCQ

2020

Paper 1, Variant 2

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Questions Discovered

60