AS & A Level Accounting (9706) — May–June 2023, Paper 13
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →What are advantages of being in a partnership? 1 All partners have limited liability. 2 Responsibility for running the business is shared. 3 Shares can be sold. 4 The business has…
Answer this question and get it marked →Which statement about the purpose of a trial balance is correct? A It assists the subsequent preparation of financial statements. B It ensures that all double-entry postings to…
Answer this question and get it marked →The accounting equation of a business was as shown. assets $ = liabilities $ + capital $ --- --- --- --- --- 48 000 = 7000 + 41 000 The assets included a bank balance of $1000.…
Answer this question and get it marked →Which item is revenue expenditure? A installation costs of machinery B legal fees on the purchase of premises C number plates on a new motor vehicle D redecorating office premises
Answer this question and get it marked →On 1 January, the owner of a business purchased a new machine. All non-current assets are depreciated by 25% per annum. During the year, the following payments were made in…
Answer this question and get it marked →What is the purpose of providing for depreciation? A to apply the matching principle B to calculate the true value of non-current assets C to ensure that money is available for…
Answer this question and get it marked →A business purchased a vehicle which had cost $27 000 and had an estimated residual value of $1000. Depreciation of $18 200 has been charged on this vehicle. The vehicle was sold…
Answer this question and get it marked →The totals of a trial balance did not agree and the following errors were discovered. 1 A cheque for $27 000 for the sale of a non-current asset had been credited to the sales…
Answer this question and get it marked →A suspense account had a balance of $450 debit. What caused this balance in the suspense account? A motor expenses of $225 correctly entered in the cash book and posted to motor…
Answer this question and get it marked →What is a benefit of preparing a bank reconciliation? A to identify differences between the cash book and bank statement B to know whether any bank overdraft limit has been…
Answer this question and get it marked →A bank statement shows a credit balance of $1500. A payment of $500 and a receipt of $1250 were included in the cash book but have not yet appeared on the bank statement. Bank…
Answer this question and get it marked →A business is preparing a sales ledger control account. Which statements are correct? 1 All sales are debited to the sales ledger control account. 2 Contra entries are credited to…
Answer this question and get it marked →At the end of a financial period, the total of the individual balances in the purchases ledger was $149 000. The following errors were then discovered. 1 A contra for $2500 had…
Answer this question and get it marked →A statement of financial position at the end of the financial year showed the following information. $ --- --- non-current assets 18 000 trade receivables 3 000 inventory 1 800…
Answer this question and get it marked →In the absence of a partnership agreement, the Partnership Act 1890 might apply. Which statement is not correct about the provisions of the Partnership Act 1890? A Drawings are…
Answer this question and get it marked →Victor and Wasim are in partnership. At the start of the financial year, the balances on the partners' current accounts were Victor, $22 500 credit, and Wasim, $3700 debit. The…
Answer this question and get it marked →Which item would not be included on the statement of financial position for a limited company? A issued share capital B proposed final dividends C revaluation reserve D share…
Answer this question and get it marked →The equity section of the statement of financial position of a limited company at 1 January is shown. $ --- --- ordinary shares of $2 each 450 000 retained earnings 150 000 600…
Answer this question and get it marked →Which stakeholders use the financial statements to assess whether a company is a reasonable credit risk? A customers B employees C government D suppliers
Answer this question and get it marked →Which statements describe the limitations of accounting information? 1 Businesses in the same industry may use different accounting policies. 2 Non-monetary aspects of a business…
Answer this question and get it marked →A company provided the following information at the end of its first year of trading. $ --- --- cash sales 9 000 credit sales 27 000 receipts from credit customers 24 000 trade…
Answer this question and get it marked →A company's profit from operations during a year was $128 000. Interest payable was $8000. The following amounts were included in the company's statement of financial position at…
Answer this question and get it marked →Which business functions would benefit from just in time (JIT) management of inventory? 1 administration 2 distribution 3 production 4 research and development A 1 and 2 B 1, 3…
Answer this question and get it marked →A business pays its employees on a time rate basis at $8 per hour. It also pays a weekly bonus of $1.20 for every unit of production over 100 units, plus an additional $0.80 per…
Answer this question and get it marked →Which type of business is most likely to use a job costing system? A an aircraft manufacturer B a paint manufacturer C a pet food manufacturer D a stationery manufacturer
Answer this question and get it marked →Which statement describes a cost centre rather than a cost unit? A a location where only variable costs are incurred B a measurable part of a product or service C a part of a…
Answer this question and get it marked →A business marks up all of its products by 20% on total cost to calculate a selling price. Each unit of product uses 4 hours of direct labour and 2 kilos of direct material. The…
Answer this question and get it marked →The following budgeted information is available for a business. $ --- --- fixed costs 120 000 profit 88 000 variable costs 52 000 What is the budgeted break-even point in sales…
Answer this question and get it marked →A business provided the following information about its total costs. $ --- --- direct material and direct labour 84 200 factory expenses (variable) 15 700 factory overheads…
Answer this question and get it marked →Which items are included in the marginal cost of a unit of production? A direct labour, direct materials, fixed production costs and variable production overheads B direct labour,…
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