AS & A Level Accounting (9706) — May–June 2024, Paper 12
30 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →Which statements relate to a sole trader? 1 The business is a separate legal entity. 2 There is no separation between ownership and control. 3 Some of the profit is used to pay…
Answer this question and get it marked →Which item incorrectly applies the matching concept? Options: A capitalising staff expertise and writing it off over the working life of the staff B including a value for unused…
Answer this question and get it marked →Goods that had previously been purchased on credit have been returned to the supplier. How should this be recorded in the purchaser's books of account? Option account to be…
Answer this question and get it marked →Jason sold a non-current asset with a carrying value of $8000. He mistakenly recorded this by debiting the bank account and crediting the sales account with the proceeds of $6500.…
Answer this question and get it marked →Adam's financial year ends on 31 December. At the beginning of the year, on 1 January, the carrying value of machinery was $20 000. During the year, on 30 June, he purchased a new…
Answer this question and get it marked →Which statement describes a limitation of reconciliation and verification procedures? Options: A Sometimes a sales ledger control account balance does not agree with the total of…
Answer this question and get it marked →The following errors in the accounting records have been found and corrected. 1 A purchase invoice for $250 was omitted from the books of account. 2 A sale for $120 to X was…
Answer this question and get it marked →The bank statement of a business showed a credit balance of $3421, which did not agree with the balance in the cash book. Further investigation revealed that a receipt entered in…
Answer this question and get it marked →Which statements describe the benefits of preparing control accounts? 1 assists in detection of fraud 2 assists in finding errors of original entry 3 assists in finding…
Answer this question and get it marked →A trade payable for $720 transferred from the purchases ledger has been entered on the wrong side of the sales ledger control account. The sales ledger control account has a…
Answer this question and get it marked →After preparing the draft statement of profit or loss, it was discovered that the purchase of an office computer had been incorrectly recorded in the purchases account. What will…
Answer this question and get it marked →The draft profit for a business was $64 000 before the following information was taken into account. - An allowance for irrecoverable debts was maintained at 2% of trade…
Answer this question and get it marked →A sole trader does not keep a complete set of books of account. He believes a staff member has stolen some cash. Which items will not be needed to calculate the amount missing? 1…
Answer this question and get it marked →A trader sells goods at a uniform mark-up of 20%. The following information is available for the year ended 31 December. Item $ --- --- inventory at 1 January 1 780 inventory at…
Answer this question and get it marked →Both partners in a business have a credit balance on their current account. How does the inclusion of interest on drawings affect the financial statements of the partnership?…
Answer this question and get it marked →Vicram and Walter are in partnership but have not made any partnership agreement. The net assets of the partnership at the end of a financial period totalled $180 000. The…
Answer this question and get it marked →Which row correctly shows an example of a capital reserve and an example of a revenue reserve? Option capital reserve revenue reserve --- --- --- A general reserve retained…
Answer this question and get it marked →On 1 January a company makes a bonus issue of 10 000 ordinary shares of $0.50 each. During the year it makes a rights issue of 15 000 ordinary shares for $0.60 each. What is the…
Answer this question and get it marked →An accounting student made the following statements about the requirements of different users of the accounting information of a company. 1 the government wants to assess the…
Answer this question and get it marked →What could improve the current ratio of a sole trader? Options: A delaying payments to credit suppliers B encouraging credit customers to pay promptly C purchasing all inventory…
Answer this question and get it marked →Which ratios will identify the highest profit for the year for a business? Options: A expenses to revenue ratio of 18% and non-current asset turnover of four times per annum B…
Answer this question and get it marked →A business provided the following information at 31 March. Item $ --- --- inventories 225 000 trade receivables 785 000 cash and cash equivalents 15 000 trade payables 365 000…
Answer this question and get it marked →A company pays its employees $6.80 per hour for a basic 40-hour week. An overtime premium of 50% is payable together with a production bonus of $0.25 per unit for all units…
Answer this question and get it marked →When are unit costing and job costing principles applied? Option unit costing job costing --- --- --- A in continuous operations in continuous operations B in continuous…
Answer this question and get it marked →A hotel provided the following information for a 30-day period. Item rooms with two beds rooms with one bed --- --- --- number of letting bedrooms 180 60 average number of rooms…
Answer this question and get it marked →Which two factors would mean fixed overheads are under-absorbed? 1 actual hours worked are less than budgeted hours 2 actual hours worked are more than budgeted hours 3 actual…
Answer this question and get it marked →A company has a positive margin of safety. How did this arise? Options: A Actual sales are greater than break-even sales. B Actual sales are greater than budgeted sales. C…
Answer this question and get it marked →A company makes three products X, Y and Z for which details per unit are as follows: Item X Y Z --- --- --- --- selling price $18 $35 $50 direct material costs $4 $5 $5 direct…
Answer this question and get it marked →The details of a planned college course are as follows: Item $ --- --- course fee per student 100 variable course cost per student 20 total fixed costs of the course 480 The…
Answer this question and get it marked →Which statement applies for cost-volume-profit analysis? Options: A fixed costs per unit stay the same over a period B inventory levels change over a period C selling price per…
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