AS & A Level Accounting (9706) — May–June 2024, 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 the advantages of being a sole trader? 1 ability to make quick decisions 2 no bank borrowings are needed 3 owner keeps all the profits 4 unlimited liability for debts…
Answer this question and get it marked →What is not a purpose of ledger accounts? Options: A to assist in the preparation of the financial statements B to assist in the preparation of the trial balance C to record the…
Answer this question and get it marked →An item is included in a financial statement because it affects the interpretation of financial statements. Which accounting concept is being applied? Options: A consistency B…
Answer this question and get it marked →A business acquired new factory machinery costing of $120 000. This amount was included in non-current assets, and depreciation at 10% of cost was charged to the draft statement…
Answer this question and get it marked →Jake sold a non-current asset which was not fully depreciated. He mistakenly recorded this by debiting the bank account and crediting the sales account with the proceeds. What was…
Answer this question and get it marked →Sara bought a non-current asset. Depreciation was provided at the rate of 10% per annum in years 1 and 2. It was sold at a profit in year 3. The policy of the business is not to…
Answer this question and get it marked →A business buys a vehicle for $10 000 on 1 January Year 1 and sells it for $6500 on 1 January Year 3. The business has depreciated the vehicle at 10% a year, using the…
Answer this question and get it marked →Which errors would be identified by preparing a trial balance? 1 A bank payment of $275 for rent has been entered as $257 in the cash book. 2 A discount received of $47 has been…
Answer this question and get it marked →A suspense account was opened to record the difference on a trial balance. The following errors were then discovered. 1 The discount allowed of $2000 had only been entered in the…
Answer this question and get it marked →At the financial year end of a business, the following information is available. $ --- --- debit balance on the bank statement 1000 unpresented cheques 300 lodgements not yet…
Answer this question and get it marked →What do the debit side closing balance carried down and the credit side opening balance brought down represent in a sales ledger control account? Option debit side closing balance…
Answer this question and get it marked →The purchases ledger control account for a business shows a closing balance of $7640. The following items were then discovered. 1 A purchase invoice for $250 had been entered in…
Answer this question and get it marked →In a draft statement of profit or loss, two errors were discovered. 1 A profit of $6000 on the disposal of equipment had been treated as a loss. 2 A charge of $18 000 for the…
Answer this question and get it marked →At the beginning of the financial year on 1 July, a business shows an accrual on the rent account of $600. During the financial year, payments were made for rent as detailed…
Answer this question and get it marked →A sole trader sold goods at a mark-up of 50%. During the year, he withdrew goods for his own use. The drawings account was debited and the sales account was credited with goods at…
Answer this question and get it marked →X and Y are in partnership. They do not have a partnership agreement. Which statement is correct? Options: A Interest on capital is earned at 5%. B Interest on drawings is charged…
Answer this question and get it marked →Yasmin and Zara are in partnership, sharing profits and losses in the ratio 3 : 2 respectively after providing Zara with a partnership salary of $8000 per annum. During the…
Answer this question and get it marked →A company is planning to invest funds in a project. Current interest rates are high and the company wishes to avoid a change in the control of shareholders. Which method should…
Answer this question and get it marked →A company's statement of financial position at the beginning of the financial year on 1 January is shown. $ --- --- issued share capital 2 000 000 share premium 500 000…
Answer this question and get it marked →Who are internal users of accounting information? Options: A customers B directors C potential investors D providers of finance
Answer this question and get it marked →Which actions will make the acid test ratio worse? 1 owner taking goods for own use 2 paying trade payables 3 purchasing a non-current asset by cheque 4 repaying a non-current…
Answer this question and get it marked →A business provided the following information relating to its most recent financial period. $ --- --- sales revenue 1 020 000 purchases 700 000 carriage inwards 80 000 carriage…
Answer this question and get it marked →Actual output for a business is higher than budgeted output. Which costs will still be the same as budgeted? 1 fixed cost per unit 2 total fixed cost 3 total variable cost 4…
Answer this question and get it marked →A business uses the first in first out (FIFO) method for valuation of inventory. There was no opening inventory in July. The business purchased direct materials during July as…
Answer this question and get it marked →A business provides accounting services to its clients. One of its employees takes 30 hours to complete a job. The employee's hourly rate is $25. The business absorbs its…
Answer this question and get it marked →A business operates a staff cafeteria at a cost of $12 000. What is the most appropriate basis for apportioning this overhead cost? Options: A carrying value of cafeteria…
Answer this question and get it marked →A business has the following budgeted and actual results for a month. $ --- --- budgeted fixed overheads 354 000 actual fixed overheads 360 000 under-absorption of overheads 3 000…
Answer this question and get it marked →Which statement concerning break-even charts is correct? Options: A At the break-even point, revenue and fixed costs intersect on the chart. B Choices of optimal activity levels…
Answer this question and get it marked →A business provides the following information. --- --- break-even point 4500 units unit selling price $50 contribution to sales ratio 40% What is the effect on the break-even…
Answer this question and get it marked →When might the application of cost-volume-profit (CVP) analysis be ineffective? Options: A when a change in production method is planned B when an increase in the price of direct…
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