IGCSE Accounting (0452) — May–June 2024, Paper 12
35 questions · every question answerable online with instant point-by-point AI marking against the official mark scheme.
Start with Question 1 →How does a trader use the information provided by financial statements? A to calculate the amount of cash drawings taken B to calculate the amount that is owed by trade…
Answer this question and get it marked →The balances remaining on the books of a business after the preparation of the income statement included the following: $ loan from XYY Finance 10 000 wages due 620 rent prepaid…
Answer this question and get it marked →Jameel’s financial year ends on 31 December. On 1 January 2021 he brought down a debit balance on his stationery account. What does this balance represent? A amount owing for…
Answer this question and get it marked →Alex issued credit notes in August and entered them in the correct book of prime entry. How was the total of this book of prime entry recorded in the nominal ledger at the end of…
Answer this question and get it marked →Which business documents are used as sources of information to make entries in the cash book? A bank statement, cheque counterfoil, invoice, paying-in slip B bank statement,…
Answer this question and get it marked →What is the double entry for recording a cheque payment to a credit supplier? debit credit A bank account purchases ledger account B bank account sales ledger account C purchases…
Answer this question and get it marked →A book-keeper made two errors which cancelled each other out. Which type of error did he make? A compensating B complete reversal C original entry D principle
Answer this question and get it marked →The totals of a trial balance did not agree and $200 was debited to a suspense account. The book-keeper then checked the books and found the following two errors. 1. A sales…
Answer this question and get it marked →A trader took some goods from the business for his own use. He credited the purchases account with the cost price of the goods, $200, and credited the sales account with the…
Answer this question and get it marked →What would result in the cash book balance being lower than the bank statement balance? A A cheque received from a customer was not recorded in the bank statement. B A customer’s…
Answer this question and get it marked →The bank statement of a business showed a credit balance of $280 on 31 December. At that date there were unpresented cheques of $312. A standing order of $20 had been incorrectly…
Answer this question and get it marked →A business keeps a complete set of books of accounts. What is not used as a source of information for making entries in control accounts? A cash book B general journal C purchases…
Answer this question and get it marked →Which item would not appear in the purchases ledger control account? A contra entry B discounts received C interest charged D returns inwards
Answer this question and get it marked →The cost of repairs to machinery was debited to the machinery account. What was the effect of this error? non-current assets profit for the year A overstated overstated B…
Answer this question and get it marked →Elzevir purchased a motor vehicle costing $8000 on 1 January 2018. It is depreciated at 40% on the reducing balance basis. Which journal entry records the depreciation for the…
Answer this question and get it marked →A trader sold one of his vehicles. What is the journal entry to remove the total depreciation on the vehicle sold? account debited account credited A disposal of motor vehicles…
Answer this question and get it marked →Why is it important to match costs and revenues? A so that every debit entry has a corresponding credit entry B so that the business does not incur any losses C to enable a better…
Answer this question and get it marked →Devendra prepared the following journal entry. debit credit $ $ irrecoverable debts 714 Tobias 714 Which statement is correct? A Devendra has provided for a doubtful debt owed by…
Answer this question and get it marked →Alex purchased goods costing $1000. She planned to resell the goods at a mark-up rate of 25%. These goods were unsold at the year end and were found to be damaged. Alex estimated…
Answer this question and get it marked →'Unlimited liability’ is one of the disadvantages of operating as a sole trader. What is the correct explanation of unlimited liability? A A sole trader cannot take a bank loan. B…
Answer this question and get it marked →Which item is a current asset? A bank overdraft B loan repayable in 12 months C prepaid income D work in progress
Answer this question and get it marked →Where is interest on drawings entered in the accounting records of a partnership business? appropriation partner’s capital partner's current account account account A debit no…
Answer this question and get it marked →T Limited was formed on 1 April 2019. A total of 220 000 shares of $2 each were issued and shareholders were asked to pay 75% of the share value immediately and 25% on 1 April…
Answer this question and get it marked →Which items would appear in the statement of changes in equity of X Limited for the year ended 30 June 2020? 1. interim dividend paid on 31 March 2020 2. proposed dividend for the…
Answer this question and get it marked →A company’s financial year ends on 31 March. On 31 March 2021 trade receivables were $45 000. On 31 March 2022 trade receivables were $41 000. An irrecoverable debt of $1000 is…
Answer this question and get it marked →A club received subscriptions from members totalling $12 600 in the year ended 30 April 2019. The following information was available. at 30 April 2018 at 30 April 2019 $ $…
Answer this question and get it marked →Which statements about the accumulated fund of a society are correct? 1. A surplus will increase the accumulated fund and a deficit will reduce it. 2. It includes all monies…
Answer this question and get it marked →A manufacturing company provided the following information. $ cost of raw materials 186 000 direct wages 75 000 machinery depreciation 45 000 factory supervisor’s salary 32 000…
Answer this question and get it marked →Sam’s work in progress was $6500 at the start of the year and $11 200 at the end of the year. When Sam prepared his manufacturing account, he forgot to make the adjustment for…
Answer this question and get it marked →Roshan’s sales for his first year of trading were $55 000. His gross profit margin was 20%. The closing inventory was $3200. What were the purchases for the year? A $41 250 B $44…
Answer this question and get it marked →Miriam does not maintain a full set of accounting records. Only the purchases for the year and asset and liability values at the year end are known. Which financial statements can…
Answer this question and get it marked →Abhinav provided the following information. year ended year ended 31 December 2019 31 December 2020 $ $ purchases 112 500 124 000 cost of sales 115 500 120 000 inventory $ 1…
Answer this question and get it marked →Miranda’s gross margin fell from 25% in year 1 to 15% in year 2. What may have caused this? A Miranda paid less for her purchases in year 2. B Miranda purchased fewer goods in…
Answer this question and get it marked →Ralph wants to compare the accounting ratios for his business with the accounting ratios of his brother’s business. What would prevent Ralph from making a meaningful comparison? A…
Answer this question and get it marked →Which statement correctly describes the principle of realisation? A Profit is earned when a cheque is received from a customer in payment for goods supplied. B Profit is earned…
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