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accounting for cambridge international as and a level

Questions and Answers of Accounting For Cambridge International AS And A Level

The following balances were extracted from the books of Apex Universal, a wholesaler, on 1 November 2014.Trade payables give a cash discount of 5 percent if accounts are settled within 30 days.Apex
The following information has been supplied by the owner of a business who has not kept full accounting records. What were the business’s credit sales for the year ended 31 May 2014?A.
The following balances were extracted from the books of Sophia’s business on 1 June 2014.Trade payables give a cash discount of 5 per cent if accounts are settled within 30 days.Sophia gives a cash
Calculate the amended profit/loss Kate has prepared a draft income statement for her business for the year ended 28 February 2015 that shows a loss for the year of $1060. She then discovers the
The following information is available about a business's transactions with its suppliers of goods for resale.What was the total value of purchases of goods for resale during the year?A. $34,000B.
Jamal's business makes use of a petty cacti book. On 1 February 2014 the balance of petty cash in hand was $14.55. The petty cash book operates with an imprest of $220 and with the following analysis
Calculate the amended profit/loss James has prepared a draft income statement for his business for the year ended 31 December 2014 that shows a profit for the year of $4970. He then discovers the
A business started trading on 1 June 2013. The owner has not kept full accounting records. The following information is available for the year ended 31 May 2014.All purchases are made for cash and
Selecting the correct book of prime entry Renea is the owner of a retail unit. Her business's accounting system includes all seven books of prime entry as part of her books of account. The following
A retailer has not maintained full accounting records. The following information was available for the business's financial year ended on 30 April 2014.What was the value of the business's trade
During the month of February 2015, the following transactions occurred affecting the accounts of Rishi, a trader. Rishi maintains all seven books of prime entry as part of his books of account. In
The owner of a business that has limited financial records is trying to calculate the business's credit sales for the year. Which of the following items should be ignored when making this
The owner of a business reports that some inventory has been stolen. The business does not have complete financial records. However, the following information is available.The inventory at 31 March
Prepare journal entries to record the following.Show how all the journal entries would be posted to ledger accounts. May The owner of a business opened the books of account with the following: bank
What are the differences in the role of the bookkeeper and the accountant?
Entries in the purchases jarnal are taken from:A. Cash receiptsB. Credit notesC. Delivery notesD. Invoices
Kimberly Watson opened a business on 1 September 2014. On that date her business's assets and liabilities were as follows.During September the following transactions occurred.Prepare the following
Explain the term 'capital expenditure' and give two examples of it.
The owner of a business purchased a new television for his own use and charged the amount to his drawings account. Which accounting concept is this an example of?A. AccrualsB. Business entityC.
Kate purchased new machinery for her business at a cost of $69,000. She estimates that the machinery will have a useful economic life of eight years and that it will have a residual value of $9000.
Debit or credit balance Which of the following accounts would normally have a credit balance?A. Discount allowedB. Motor expensesC. Purchases returnsD. Sales returns
Explain what these terms mean.a. Unpresented chequeb. Direct debit
Renee has extracted the following intimation from her books of account for March 2015.What is the figure far closing sates ledger balances at 31 March 2015?A. $29 142B. $29 372C. $30 492D. $33 780
Which one of the following items will appear on the income statement for the year ended 31 Mardi 2015?A. Bank balanceB. Computers at costC. DrawingsD. Returns inwards
Rent of $35 300 has been paid during the lean $3300 has been paid in advance. What is the amount of rent to appear in the income statement for the year?A. $3300B. $32 000C. $35 300D. $38 600
Bert does not keep complete records. He can, however, provide the balances of his assets and liabilities at 1 April 2015.Calculate the capital at 1 April 2015 by producing a statement of affairs. $
Describe the main features of a:• Sole trader• Partnership• Limited company• Not-for-profit organisation.
If you wished to check the accuracy of the returns outwards journal, which of the following should you examine, referring to copies if necessary?A. Credit notes issuedB. Credit notes receivedC.
Preparing a trial balance On 31 March 2015 the owner of a business extracted the following list of balances from the accounting system.Prepare a trail balance at 31 March 2015. Сapital 13 700 Cash
Explain the ten-n 'revenue expenditure' and give two examples of it.
The owner of a business had paid two months' rent in advance at her year end and deducted the payment from her expenses. Which accounting concept is this an example of?A. AccrualsB. ConsistencyC.
Holly purchased a new motor vehicle for her business for $24 000. Holly depreciates motor vehicles at 25 per cent per annum using the reducing-balance method of depreciation.a. Calculate the annual
Debit or credit balance Which of the following accounts would normally have a debit balance?A. Capital accountB. Discount receivedC. DrawingsD. Returns outwards
Explain what these terms mean.a. Uncredited bankingb. Standing order
Calculate closing purchases ledger balance Garry has extracted the following information from his books of account at 31 January 2015.What is the figure for closing purchases ledger balances at 31
Income statement or statement of financial position Which one of the following items will appear on the statement of financial position at 31 March 2015?A. Carriage inwardsB. Inventory at 1 April
Wages of $83 630 have been paid during the year. Accrued wages at the year end were $1200. What is the value of wages to appear in the income statement for the year?A. $1200B. $82 430C. $83 630D. $84
Doreen has capital of $64 500 on 1 January 2014. At 31 December 2014, the closing capital for the year was $51 000 after an additional investment by Doreen of $10 000. During the year, Doreen has
Met is the purpose of the following?a. An income statement.b. A statement of financial position.
Which of the following source documents should be used for making entries in the sales journal?A. A credit note received from a supplierB. An invoice sent to a customerC. Petty cash voucher for
Preparing a trial balance Prepare a trial balance dated 30 September 2014 for the business owned by Kimberley Watson based on the answer to Question 1.
If revenue expenditure was incorrectly treated as capital expenditure, what would be the effect on the business's profit for the year?
Identify the appropriate accounting concept to be applied to the following:a. Trade receivables include a figure of $1000 that the owner knows is an irrecoverable debt. He wishes to leave this figure
Patrice has sold machinery for $2000. The machinery was purchased two years ago for $3600. Patrice depreciates his machinery at 20 per cent per annum using the reducing-balance method of
A cheque received from a customer, A. Sobers, has been incorrectly posted to the account of G. Sobers. What type of error is this?A. Compensating errorB. Error of commissionC. Error of original
Prepare a bank reconciliation statement from the following information, clearly identifying the balance as per the bank statement. Debit balance as per cash bock 1 898.34 Unpresented cheques 537.44
Control accounts are used to help identify errors in the bookkeeping system. How does this happen?
The following is an extract from Richard's trial balance at 28 February 2015.Inventory at 28 February 2015 was valued at $24,100.RequiredPrepare an extract from Richard's income statement for the
Ahmed has extracted a trial balance from his books of account at 30 November 2014 that includes the following entries.You are told that one month's rent of $1100 is still outstanding and that Ahmed
P. Ramish is a car mechanic operating from a small garage. He has been so busy that he has not had time to keep proper financial records. He is able to provide the following information.R Ramish also
Explain each of the following terms:a. Non-current assetb. Current assetc. Non-current liabilityd. Current liabilitye. Capital.
A paying-in slip counterfoil is used to make entries in the:A. Cash bookB. Petty cash bookC. Purchases journalD. Sales returns journal
Omar owns a wholesale business supplying computer accessories to retailers in the region. His business's trial balance on 1 November was as follows.During November 2014 the following transactions
If capital expenditure was incorrectly treated as revenue expenditure, what would be the effect on the business's profit for the year?
Mats has sold a motor vehicle for $8500. She purchased the motor vehicle three years ago for $18 000 and estimated that it would have a useful economic life of four years. She estimated that the
Types of error A payment for a new motor vehicle has been incorrectly posted to the motor expenses account. What type of error is this?A. Compensating errorB. Error of commissionC. Error of original
Prepare a bank reconciliation statement from the following information, clearly identifying the balance as per the bank statement. Credit balance as per cash book 1912.86 Unpresented cheques
State two types of error that would not be identified by preparing a sales ledger control account.
Prepare an income statement to calculate gross profit Harris has extracted the following balances from his books of account at 31 March 2015.Inventory at 31 March 2015 was valued at $32
Journal entries to account for payments in advance James has extracted a trial balance from his books of account at 31 December 2014 that includes the following entries.You are told that the property
Robin does not keep a full set of accounting records but is able to provide the following information. During the year, Robin's drawings totalled $32 000. However, on 1 August 2014, Robin
Here is a list of assets and liabilities and references to capital. Read through the list, and then identify which items are assets, liabilities, capital. (a) Vehicle (k) Inventory (b) Shop fittings
Which of these transactions should be entered in the general journal?A. Correction of error in recording purchases returnsB. Owners cash drawingsC. Purchase of new equipment by chequeD. Returns of
Make a copy of the following accounts.Balance each account as appropriate. Dr Motor vehicles Cr 7 000 Aug 9 500 Aug Balance 12 Bank 7 000 14 Rank Dr Bank loan Cr Aug 31 Bank 3 200 Aug 1 Balance 39

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