Accounting IGCSE Sec 5 Exam 1st Sem 2020

• I and II

• I and III

• II and IV

• III and IV

Which task would an accountant perform?

• Writing up the cash book

• Drawing up a trial balance

• Preparing financial statements

• Entering transactions in the ledger

Amina returned goods to Nadia.

Which documents did Amina issue?

• Invoice

• Debit note

• Credit note

• Statement of account

Faraz buys and sells new and used motor vehicles.

He purchased a used motor vehicle from Tahir for $7000 which he paid by cheque.

How would Faraz record this transaction?

• Dr : Motor vehicles

  Cr : Bank

• Dr : Motor vehicles

  Cr : Tahir

• Dr : Purchases

  Cr : Bank

• Dr : Purchases

  Cr : Tahir

On 2 February she paid Suki, a credit supplier, $1950 by cheque, after deducting a cash discount of $50.

What was Kala’s capital after this transaction?

• $50 400

• $50 450

• $52 350

• $52 450

Which is an intangible asset?

• Goodwill

• Inventory

• Office fixtures

• Trade receivables

Lisa returned goods previously purchased from Tara.

How did Tara record this?

• Dr : Lisa

  Cr : Purchases returns

• Dr : Lisa

  Cr : Sales returns

• Dr : Purchases returns

  Cr : Lisa

• Dr : Sales returns

  Cr : Lisa

Which will increase a trader’s working capital?

• Delaying payment to credit suppliers

• Obtaining a short-term bank loan

• Selling inventory at cost price

• Selling non-current assets

Pia sells two products, X and Y. She provided the following information about her inventory at the year end.

What was the total value of inventory to be included in the financial statements?

• $2608

• $2674

• $2708

• $2774

Which account may appear as a credit balance in a trial balance?

• Carriage outwards

• Discount allowed

• Rent received

• Inventory