AS & A Level Accounting (9706) — May–June 2023, Paper 11
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →Which statement describes the purpose of preparing a trial balance? Options: A to assist in the preparation of financial statements B to calculate owner's equity C to calculate…
Answer this question and get it marked →Phil purchased new premises and made the following payments. $ --- --- premises 60 000 legal fees relating to purchase 2 000 insurance for the financial year 700 When recording…
Answer this question and get it marked →The delivery cost of a machine purchased for business use has been included in carriage inwards. What is the effect on the profit for the year and on total assets? profit for the…
Answer this question and get it marked →Which factors are considered when choosing the most appropriate method of calculating depreciation? 1 the benefit received over the years by using the non-current asset 2 the…
Answer this question and get it marked →The carrying value of a company's non-current assets at the beginning and end of a financial year is shown. $ --- --- at 1 January 100 000 at 31 December 80 000 During the year…
Answer this question and get it marked →Why would a book-keeper make use of verification procedures? Options: A to assist in the location of errors B to check that accounting policies have been applied consistently C to…
Answer this question and get it marked →Douglas prepared a trial balance and found that the total of the debit column was $50 higher than the total of the credit column. The following errors were discovered. error 1 a…
Answer this question and get it marked →When preparing a bank reconciliation statement, which item is an uncredited deposit? Options: A a cheque to a credit supplier not yet recorded on the bank statement B a credit…
Answer this question and get it marked →A company received its bank statement dated 30 June showing a credit balance of $6890. The cash book on this date had a debit balance of $7234. The following items were…
Answer this question and get it marked →Where is discount allowed recorded? cash book discount allowed account sales ledger control account --- --- --- --- A credit side credit side credit side B credit side debit side…
Answer this question and get it marked →The closing balance on a sales ledger control account was $10 150. It was then discovered that: 1 a sales invoice for $270 had been correctly entered in the sales journal but…
Answer this question and get it marked →A company undervalued the closing inventory for its current accounting period. How did this affect gross profit? current period following period --- --- --- A no effect no effect…
Answer this question and get it marked →Draft financial statements for a business showed a profit for the year of $62 000. The following errors were discovered. 1 Accrued loan interest payable of $3900 had not been…
Answer this question and get it marked →Joe is a sole trader. Which statements relating to his business are not correct? 1 Joe can receive a bank loan for the business. 2 Joe's drawings are transferred to his capital…
Answer this question and get it marked →The owner of a business does not keep a full set of accounting records for his business. The following information is available about assets and liabilities. current year end $…
Answer this question and get it marked →A partnership agreement includes the following provisions. 1 interest on capital 2 interest on drawings 3 interest on partners' loans Which provisions will result in entries in…
Answer this question and get it marked →The partnership agreement of X and Y stated that interest on capital should be calculated at the rate of 10% per annum. At the beginning of the year on 1 January, the balances on…
Answer this question and get it marked →The following actions took place in respect of a limited company. 1 A transfer of $50 000 was made from retained earnings to general reserve. 2 An issue of 200 000 ordinary shares…
Answer this question and get it marked →Gordon sells goods on credit to Sybil. Which information from Sybil's financial statements is of greatest interest to Gordon? Options: A current ratio B gross profit margin C…
Answer this question and get it marked →Which actions would, in general, improve the acid test ratio of a business in the short term? 1 delaying trade payables 2 selling inventory 3 selling surplus non-current assets 4…
Answer this question and get it marked →A business had current liabilities of $4000 at its year end. The acid test ratio was 1.5:1. The current ratio was 2.25:1. What was the value of inventory held at the year end?…
Answer this question and get it marked →The following information is available for a company for its year ended 31 December. $ --- --- non-current assets 472 000 current assets 60 000 current liabilities 45 000 interest…
Answer this question and get it marked →An employee is paid at the hourly rate of $20 basic pay for working 8 hours a day. Overtime is paid at the hourly rate of basic pay plus 25% (time and a quarter). A productivity…
Answer this question and get it marked →Julia is a retailer of electronic equipment. She decides to introduce a system of just-in-time inventory management. Which benefit can she expect from this? Options: A to be able…
Answer this question and get it marked →Justine is an accountant and charges her clients a fee at an hourly rate plus overheads. She adds a mark-up of 20%. The following budgeted information is available. --- --- annual…
Answer this question and get it marked →Which statement describes the purpose of overhead apportionment? Options: A to assign specific costs to production departments B to assign specific costs to service departments C…
Answer this question and get it marked →A business has two production departments: machining and assembly. The budgeted direct labour hours for each department are: machining 4000 assembly 16 000. The business has…
Answer this question and get it marked →Which statements about marginal costing are correct? 1 It only uses fixed and variable costs in calculations. 2 It only uses variable costs in calculations. 3 It should only be…
Answer this question and get it marked →A business makes and sells a single type of product. The following information is available. per unit $ --- --- selling price 10.80 direct material 2.20 direct labour 4.20 The…
Answer this question and get it marked →What is the purpose of cost-volume-profit analysis? Options: A comparing actual and budgeted costs B organising resources in the most efficient way C planning to achieve targeted…
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