IGCSE Accounting (0452) — October–November 2023, Paper 12
35 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →Which actions are examples of book-keeping? 1 entering details of a cheque received from a customer in the cash book 2 entering details of goods purchased on credit in the…
Answer this question and get it marked →A trader supplied the following information at her year end. $ non-current assets 4000 inventory 350 trade receivables 180 cash at bank 650 debit trade payables 280 What was the…
Answer this question and get it marked →A trader, Karim, purchases a new vehicle by cheque. He will use the vehicle to deliver goods to his customers. How should Karim record this transaction in his books? account to…
Answer this question and get it marked →The following ledger account was in Meena’s sales ledger. $ $ Jan 1 balance b / d 100 Jan 15 bank 100 Jan 31 balance c / d 20 Jan 30 sales returns 20 120 120 Feb 1 balance b / d…
Answer this question and get it marked →Which document would a supplier issue to a credit customer if the credit customer had returned goods or had been overcharged? A cheque B credit note C debit note D invoice
Answer this question and get it marked →Andy was a regular customer of Khalid. He bought goods with a list price of $1000 and later paid $760 in full settlement after receiving a discount for prompt payment of 5%. How…
Answer this question and get it marked →The totals of a trial balance agree. What does this mean? A All the arithmetic in the ledger is correct. B All transactions have been entered in the correct ledger accounts. C All…
Answer this question and get it marked →A cheque received from Joe was credited to Joanna’s account. Which type of error was made? A commission B compensating C original entry D principle
Answer this question and get it marked →A trader’s journal shows the following entry. debit credit details $ $ John 300 Jane 300 correction of error Both John and Jane are credit customers of the trader. Which error is…
Answer this question and get it marked →A trial balance does not balance and a suspense account is opened. It is found that a sale of $250 was credited in the sales account as $2500. Which entry will correct this error?…
Answer this question and get it marked →A cheque received from D Pawson, a trade receivable, was correctly debited to the bank account but was credited to the account of P Dawson, a trade payable. What was the effect of…
Answer this question and get it marked →The balance of the bank column in a trader’s cash book was $520 debit. The trader later discovered that the following items did not appear on his bank statement. cheque not yet…
Answer this question and get it marked →Why does a trader prepare a sales ledger control account? A to determine when interest should be charged on overdue accounts B to identify irrecoverable debts that should be…
Answer this question and get it marked →When preparing a sales ledger control account, what is the source of information for amounts received from credit customers? A bank statements B cash book C sales ledger accounts…
Answer this question and get it marked →Plant and machinery, $2000, was incorrectly posted to the credit side of the purchases account. The draft profit for the year was $63 000. Ignore depreciation. What was the…
Answer this question and get it marked →Why are non-current assets depreciated? 1 to avoid overstating the value of non-current assets 2 to charge the cost of an asset as an expense over its lifetime 3 to comply with…
Answer this question and get it marked →On 1 January, Raheem purchased equipment costing $850. It was estimated to have a working life of 5 years and a scrap value of $50. The asset was depreciated using the…
Answer this question and get it marked →Imran maintains a provision for doubtful debts of 5% of the trade receivables at the end of each financial year. The balance on his provision for doubtful debts account on 1…
Answer this question and get it marked →Ariadne prepares her financial statements to 31 December each year. She valued all her inventory at cost on 31 December 2021, even though some inventory with a cost of $500 had a…
Answer this question and get it marked →A trader has capital of $24 400. His non-current assets are $16 100 and his current liabilities are $4500. There are no non-current liabilities. What is the amount of his current…
Answer this question and get it marked →At 1 January 2022, there was a credit balance of $800 on the electricity account. Payments made during the year totalled $4900. At 31 December 2022, a further $1800 of electricity…
Answer this question and get it marked →Josh and Karen are in a partnership sharing profits and losses 3 : 2. Interest on capital is allowed at 5%. Salary payable to Josh is $10 000 per annum. The residual profit after…
Answer this question and get it marked →A partner is charged interest on the drawings he made during a financial year. How is this recorded in the partner’s accounts? A credit the partner’s capital account B credit the…
Answer this question and get it marked →Which organisation is the most difficult to establish and has to comply with many legal formalities? A partnership B sole trader C limited liability company D club or society
Answer this question and get it marked →Z Limited has the following types of equity and liabilities. 1 debentures 2 general reserves 3 long-term bank loan 4 ordinary share capital 5 preference share capital…
Answer this question and get it marked →A sports club operates a shop selling running shoes to members. These shoes are purchased on credit terms from suppliers. Which item is recorded in the receipts and payments…
Answer this question and get it marked →Which cost is a direct factory cost? A carriage outwards B depreciation of factory machinery C factory supervisors’ wages D manufacturing royalties
Answer this question and get it marked →A manufacturing business provided the following information. $ closing work in progress 840 factory overheads 20 945 opening work in progress 910 prime cost 40 750 What was the…
Answer this question and get it marked →Elaine is starting a business. She wants to make sure she doesn’t miss out on any cash discount which is offered to her. Which action would help her achieve this? A issuing her…
Answer this question and get it marked →Ahmed provided the following information. $ trade receivables at 1 January 2022 15 000 for the year ended 31 December 2022: credit sales 85 000 cash sales 12 000 cheques received…
Answer this question and get it marked →A business provided the following information. revenue $20 000 gross margin 25% profit margin 10% There was no other income. How much were expenses? A $2000 B $2250 C $3000 D $5000
Answer this question and get it marked →A business has the following assets and liabilities. $ inventory 2000 trade receivables 4000 trade payables 1100 bank overdraft 3100 The owner plans to pay some of his own funds…
Answer this question and get it marked →Lynne provided the following information about her trading business. $ for the year ended 31 August 2023 revenue: cash sales 250 000 credit sales 230 000 at 31 August 2023 trade…
Answer this question and get it marked →A trader values his inventory on the same basis at the end of each financial year. Which accounting principle is the trader observing? A consistency B duality C matching D…
Answer this question and get it marked →Jack is a shareholder in a company. He received the company’s financial statements. Why did he find the financial statements relevant? A He was confident that they did not contain…
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