AS & A Level Accounting (9706) — February–March 2023, Paper 12
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →Why did Amitav prefer to form a partnership with Lennie rather than set up as a sole trader? Options: A Amitav was certain they could work without disagreements. B Lennie had a…
Answer this question and get it marked →A credit customer cleared her debt of $600 after deducting a cash discount of $12. How would the customer account appear in the books of the supplier after the payment has been…
Answer this question and get it marked →What is the advantage of keeping a full set of double entry books of account? Options: A Account balances are available through the year. B Business assets and owner's assets can…
Answer this question and get it marked →At the start of a financial period, the owner's capital account of a business showed a balance of $85 000. During the period, the owner introduced to the business a private…
Answer this question and get it marked →A business has incorrectly recorded a vehicle purchase as a vehicle repair. The business does not charge depreciation on assets in the year of purchase. What is the effect of this…
Answer this question and get it marked →Non-current assets at the end of Year 1 were recorded as cost, $500 000, and carrying value, $360 000. During Year 2, certain assets were sold. They had originally cost $100 000…
Answer this question and get it marked →The cost of repainting a property was debited to the property account. Which type of error was made? Options: A commission B compensating C original entry D principle
Answer this question and get it marked →A trial balance does not balance. The difference has been entered in a suspense account. The following errors are found. 1 A cash payment of $630 for rent has been credited in the…
Answer this question and get it marked →What are the benefits of preparing a bank reconciliation statement? 1 acts as a deterrent to fraud 2 identifies out-of-date cheques 3 prevents the business going into overdraft 4…
Answer this question and get it marked →At the month end, a business bank statement showed a credit balance of $12 697. This did not agree with the cash book balance. The following differences were found. 1 A cheque…
Answer this question and get it marked →Which statements identify the advantages of using a purchases ledger control account as part of the accounting system? 1 Compensating errors within the purchases ledger can be…
Answer this question and get it marked →The sales ledger control account of a trader showed a debit balance of $28 500 at the end of the financial period. This did not agree with the total of the individual trade…
Answer this question and get it marked →At the start of the year on 1 January, a business had an inventory of stationery which had cost $3740. On that date, $1200 was owed to suppliers for stationery. During the…
Answer this question and get it marked →The following information is extracted from the records of a business for a financial year. $ --- --- at 1 January: rent paid in advance 4 000 during the year ended 31 December:…
Answer this question and get it marked →Which items would affect a sole trader's gross profit? 1 carriage inwards 2 cash discounts allowed 3 commission received 4 trade discounts received Options: A 1 and 4 B 1 only C 2…
Answer this question and get it marked →John and Mary are in partnership. After the first year of operation, the current accounts of both partners had a debit balance. What might have caused the debit balances? 1…
Answer this question and get it marked →The following information is available for a partnership at the end of the financial year. $ --- --- residual loss 3 000 total salaries to partners 5 000 total interest on capital…
Answer this question and get it marked →A limited company intends to issue shares at a price above the par value. Which items, apart from the bank balance, will be affected by the share issue? Options: A share capital,…
Answer this question and get it marked →The following information is available for a limited company for a financial year ended on 31 December. $ --- --- total equity on 1 January 492 000 profit for the year 70 500…
Answer this question and get it marked →A business has a rate of inventory turnover of 17 times. What is the numerator in the calculation? Options: A average inventory B closing inventory C cost of sales D credit sales
Answer this question and get it marked →The year-end statement of financial position of X Limited at 31 December shows the following: $000 --- --- non-current assets 1350 current assets 140 ordinary share capital 900…
Answer this question and get it marked →Which statement is correct? Options: A Direct costs change in direct proportion to changes in levels of activity. B Fixed costs remain as a constant proportion of total costs when…
Answer this question and get it marked →A manufacturer operates a bonus system. He provides the following information. --- --- output required from each worker 175 units time allowed to complete output 10.5 hours actual…
Answer this question and get it marked →A job cost sheet showed the following estimates. $ --- --- materials 680 labour at $20 per hour 200 overheads at $10 per labour hour 100 profit 280 price of job 1260 The job…
Answer this question and get it marked →What is the most suitable basis to apportion power costs between two production centres? Options: A capital cost of machinery B maintenance cost of machinery C number of employees…
Answer this question and get it marked →A manufacturing business makes a single type of product. It has two production departments, machining and assembly. A maintenance department provides services to the production…
Answer this question and get it marked →The following data applies to the budget for a job. --- --- direct materials $4800 direct labour $2200 machine hours 240 Direct labour is employed at an hourly rate of $11.…
Answer this question and get it marked →A company has two production departments, manufacturing and assembly, and a stores service department. The overheads are apportioned to each department using the appropriate…
Answer this question and get it marked →What does an increase in the marginal cost of a product cause? Options: A decreased contribution B decreased fixed costs C increased contribution D increased contribution to sales…
Answer this question and get it marked →Which statements describe the usefulness of cost-volume-profit analysis? 1 to see the relationship between costs and revenue at different levels of activity 2 to set the selling…
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