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cambridge igcse and o level accounting coursebook

Questions and Answers of Cambridge IGCSE And O Level Accounting Coursebook

Which statement about a credit note is correct?A. It is sent to a customer when there has been an overcharge on an invoice.B. It is sent to a customer when there has been an undercharge on an
Dale purchased goods, list price $2 800, on credit from Jennie. Jennie offers Dale 20% trade discount and a 2 1/2 % cash discount for prompt payment.Which entry will Jennie make in her books of prime
Which book of prime entry is part of the double entry system?1. Cash book2. Petty cash book3. Purchases journal4. Sales journalA. 1 only B. 1 and 2 C. 3 and 4. D. 1, 2, 3 and 4
Ravi is a trader. His transactions in February 20–1 included the following.February 2 Sold goods on credit to Kumar, list price $7,850, less 20% trade discount4 Bought goods on credit from Mahela,
Ryan buys and sells on credit terms and keeps a full set of accounting records.Where does he maintain the accounts of his credit customersA. Sales journalB. Sales ledgerC. Purchases journalD.
In which book of prime entry will Lee record credit notes he has issued?A. Purchases journalB. Purchases returns journalC. Sales journalD. Sales returns journal
Cheyenne sells goods on credit terms and allows her customers a trade discount of 25%. In June the list price of goods returned by customers totalled $2,400. What entry will Cheyenne make in her
Which entries are posted from the purchases returns journal? Account(s) to be debited Account(s) to be credited A individual credit suppliers purchases B individual credit suppliers purchases returns
On 1 May Sally owed William $400. On 21 May she purchased goods, list price $1 440, subject to a trade discount of 25%. She returned one third of these goods on 24 May.How much did Sally owe William
Aryan is a retailer. He trades with Mikhail, a wholesaler. The following business documents were exchanged in May:Cheque, credit note, debit note, invoice, receipt, statement of account.a. List these
Phayo is a trader. He maintains a full set of accounting records.a. Complete the following table to name one source document from which Phayo will complete each book of prime entry.Phayo sells good
Nelson sells goods on credit. He maintains a full set of accounting records.The following information was extracted form his accounting records for October 20-4a. Write up the following accounts for
Annie opened a wholesale clothing business on 1 August 20–6. She received the following documents during August 20–6:InvoicesAugust 4 From Sue, for goods, list price $1,960 less 25% trade
How is the cost of sales calculated?A. Opening inventory + purchases – carriage inwards – purchases returns – closing inventoryB. Opening inventory + purchases – carriage inwards + purchases
At the end of his first year of trading, Rashid provided the following information.
Mai, a fashion retailer, did not record goods costing $500 taken for personal use. What was the effect of this error? Gross profit Profit for the year Overstated Understated Overstated Understated A
Leo is a wholesaler. He has little knowledge of accounting. He prepared the following income statement which contains some errors.Prepare a corrected income statement for Leo for the year ended 30
Oliver has been in business as a retailer for one year. He is unsure about some of the terms used in business.a. Explain the difference between the following terms and how they are recorded in an
Candy provided the following information at the end of her financial year on 30 September 20–3:
Lydia is a wholesaler. She has very little knowledge about accounting, but attempted to prepare a statement of financial position. The statement she prepared contains errors.Prepare a corrected
Dwayne’s assets and liabilities on 29 September 20–1 were as follows:
The cost of insuring the owner’s personal motor vehicle was not included in the income statement of the business. Which accounting principle was applied?A. Business entityB. Going concernC. Money
Name the accounting principle applied in each of the following: Principle Rent for business premises relating to 20-9 was not included in the income statement for 20-8. Credit sales were recorded
Repairs to office machinery were entered as capital expenditure in the accounting records. How did this affect the financial statements? Profit for the year Non-current assets Overstated Understated
a. Explain the difference between each of the following pairs of terms. Give an example of eachi. Capital expenditure and capital receiptsii. Revenue expenditure and revenue receiptsb. Explain why it
Abeba provided the following information about her closing inventory:200 units of Product Y were damaged and unsaleable.What was the value of Abeba’s inventory?A. $3,920 B.
a. Explain the meaning of the terms ‘cost’ and ‘net realisable value’.b. State how a trader should value the inventory at the end of the financial year.c. At the end of the financial year on
Zaid’s financial year ends on 31 October. On 1 November 20–6 he owed advertising costs of $40. During the year ended 31 October 20–7 he paid advertising costs of $530. This included $270 for an
Aryani started a fashion boutique on 1 March 20–6. On that date she purchased stationery, $395. During the year she took stationery, $15, for her own use. On 28 February 20–7 the stationery was
Nasir’s financial year ends of 31 December. On 1 April 20–9 she paid $1,800 for one year’s insurance on new premises.What entry would be made for insurance in the statement of financial positon
William is a trader. His financial year ends on 31 December. He rents business premises. The monthly rent of $1,350, payable in advance on the first day of each month, was increased to $1,380 from 1
Miriam is a business consultant. She provided the following information at the end of her first year on 30 September 20–4.
Halima’s financial year ends on 31 October. She depreciates her motor vehicles using the reducing balance method at 20% per annum. On 1 November 20–6 she bought a motor vehicle for $14,200. What
Salim purchased machinery for $15,000 on 1 January 20–1. He decided to depreciate it using the straight line method at 10% per annum. On 31 December 20–2 he incorrectly charged depreciation using
Zareb started a business on 1 April 20–4. He decided to use the revaluation method to calculate the depreciation on his fixtures and fittings.Fixtures and fittings, $9,800 were purchased on 1 April
Elsa’s financial year ends on 31 March. She depreciates her office equipment at 20% per annum on cost. Depreciation is calculated from the date of purchase.On 1 April the balances in Elsa’s books
Beketele started a business on 1 July 20–6. On that date she made the following payments.
Tebogo owns an advertising agency. His financial year ends on 31 May. He provided the following information for the year ended 31 May 20–1:
A trader took cash from the business for personal use. What effect would this have on the financial statements? Current assets A decrease B decrease Profit for the year increase no effect C increase
A trader repaid a long-term loan of $10,000. She used all the money in the business bank account, $7,000, and paid the balance from her personal bank account.How did this affect the statement of
Ayesha is a business adviser. Her financial year ends on 30 September. She provided the following trial balance at 30 September 20–3:Prepare Ayesha’s income statement for the year ended 30
Abhinav is a trader.Using the following information taken from Abhinav’s books on 30 June 20–8:a. Prepare a trial balance at 30 June 20–8b. Prepare an income statement for the year ended 30
Luc owns a wholesale furniture store. His financial year ends on 30 June. He provided the following trial balance on 30 June 20–1:Additional information:1. At 30 June 20–1:Inventory was valued at
A trader maintains a petty cash book using the imprest system. The monthly imprest is $120. The petty cash transactions during August were:How much was given to the petty cashier on 1 September to
The following account appeared in Anna’s ledger:Which statement is correct?A. On 5 January Jodie sold goods, $500, to Anna.B. On 7 January Anna returned goods, $20, to Jodie.C. On 29 January Anna
What is the accounting equation?A. Assets = capital – liabilitiesB. Capital = assets + liabilitiesC. Capital = assets – liabilitiesD. Liabilities = assets + capital
A trader provided the following extract from her petty cash book:What entries are made in the ledger on 30 April?A. Credit cleaning account, office expenses account, ledger accountsB. Credit cleaning
On 1 August the petty cash balance equalled the imprest amount of $100. During August the petty cashier spent $83 and received $20 from a member of staff in repayment of a loan.What entry will be
What is the purpose of a trial balance?A. To calculate the capital of the businessB. To prove the arithmetical accuracy of the double entryC. To summarise the assets and liabilitiesD. To locate and
Robin is a sole trader. He operates a petty cash book using the imprest system with a float of $100 at the beginning of each month. The imprest was restored on 30 April so there is an opening balance
Which transaction will be entered in both the purchases ledger and the nominal (general) ledger?A. Cash paid for goods for resaleB. Purchase of office furniture by chequeC. Returns of goods by a
Waseem had the following assets, liabilities and capital on 1 April 20–6:
Abdul maintains a petty cash book with an imprest amount of $150, which is restored on the first day of each month.He provided the following information on 31 August:
Shilpa is a sole trader. She pays all receipts into the bank at the end of each day’s trading and all payments are made by cheque, except for those less than $20 which are regarded as petty cash
The following balances appeared in the books of Fabice on 30 June 20–7:
Mahendra started a business on 1 November 20–7. He provided the following information for his first month of trading:Nov 1 Introduced $160 000 capital into the business, of which $158 500 was
Habib maintains a three column cash book and also a petty cash book.The petty cash imprest is $80. All payments under $30 are made from petty cash. The petty cash book has analysis columns for
Rachel is as trader. Her cash book for March 20–3 is shown below.Explain each entry in the cash book. State where the double entry for each transaction would be made. Rachel Cash book 20-3 Cash
Which task is not performed by an accountant?A. Monitoring the progress of the businessB. Preparing a statement of financial positionC. Reporting on the trading resultsD. Writing up a three column
Kalpana is a trader. On 1 February 20–8 she had the following balances on her books:
Samuel maintains a full set of accounting records including a three column cash book. He provided the following information for October 20–5.Oct 1 Cash $110, bank $5,150 (debit)Trade receivables
Where is the total of the discount column on the credit side of a cash book posted?A. To the credit side of the discount allowed accountB. To the credit side of the discount received accountC. To the
Raminder paid a cheque, $975, to Kumar in full settlement of a debt of $1,000.How did Kumar record this? Debit Credit A bank 975 Raminder 1000 discount allowed 25 B bank 975 Raminder 1000 discount
Sayeeda provided the following list of balances on 30 April 20–4, but was not able to provide her bank account balance.
Jai is a trader. The following balances appeared in his books on 31 March 20–8.
Katie is a trader. On 1 October 20–4 she had the following balances in her ledger:
On 1 July 20–6 Mumtaz started a business. The following are her transactions for the first two weeks of trading:July 1 Mumtaz paid capital, $50,000, into the business bank account2 Bought premises,
Dinesh returned goods to his credit supplier, Thisara. How would Dinesh record this in his ledger? Account to be debited Account to be credited A sales returns Thisara B purchases returns Thisara
The statement of financial position of Bharwani Traders on 31 October 20–4 is shown below.On 1 November 20–4 the following transactions took place:A cheque for $3 000 was paid to a credit
Which task is performed by a book-keeper?A. Analysing the trading resultsB. Entering transactions in the ledgerC. Preparing year-end financial statementsD. Providing information for decision-making
ABC trader provided the following information:
What is a statement of financial position?A. A calculation of the amount owed to the owner of the businessB. A list of assets and liabilities of a business on a certain dateC. A list of everything
A business had $9 420 in its bank account. The following transactions took place:
Complete the following table to show the effect of each of the following transactions.The first one has been completed as an example.a. Bought a motor vehicle and paid by chequeb. Bought goods on
Mahela is a trader. He took goods costing $100 for his own use. How would Mahela record this in his ledger? Account to be debited Account to be credited A drawings inventory drawings purchases C
Jaswant purchased goods from Ali and paid in cash. Which entries would Ali make in his ledger? Account to be debited Account to be credited A cash sales B Jaswant sales sales Jaswant D sales cash
The following account appeared in the ledger of Marine Drive Stores:Explain each entry in this account and also state where the double entry for each entry will be found. Central Wholesalers account
The balance of which account may appear on the debit side of a trial balance?A. Carriage inwards B. Purchases returnsC. Rent receivable
The totals of a trial balance did not agree.Which error may have caused this?A. Expenses paid in cash omitted from the accounting recordsB. Goods sold on credit to Jones debited in Jenson’s
Rent received from a tenant in cash, $450, was entered in the accounts as $460.How will this affect the trial balance? Debit balances in trial balance Credit balances in trial balance A cash
A trial balance drawn up at the end of Jim’s financial year balanced. The following errors were then discovered:1. Goods returned to K Weston had been debited to K Wilton.2. Repairs to office
Which account will appear in the sales ledger?A. Dan, a credit supplier B. Gill, a credit customerC. Sales
Mariam is a trader. On 1 March 20–2 the balances in her cash book were:Cash $100 debitBank $494 creditThe following transactions took place in March 20–2:March 4 Paid for repairs to office

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