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WorksheetsAccounting IGCSE Sec 5 Exam 1st Sem 2020
Total questions: 35
Worksheet time: 3hrs 55mins
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
Jason provided the following information.
How much was Jason’s capital?
$105 440
$105 920
$105 960
$111 240
“Financial statements must be free from errors and bias.”
Which accounting objective is this statement describing?
Understandability
Comparability
Relevance
Reliability
Which accounting principle requires profit to be recognised as earned when the legal ownership of goods passes to the purchases?
Money measurement
Going concern
Realisation
Prudence
The employees of a business are highly skilled but this is not recorded in the financial statement of the business.
Which accounting principle is being applied?
Money measurement
Business entity
Materiality
Accruals
Bingwa purchased premises costing $85 000 in February 2018.
Identical premises to those owned by Bingwa were sold in April 2019 for $98 000.
No adjustment was made in Bingwa’s accounting records in April 2019.
Which accounting principle did Bigwa apply?
Money measurement
Historical cost
Materiality
Realisation
Amelia rented premises to a tenant. At the end of Amelia’s financial year, the tenant had paid 2 months’s rent in advance.
Which entries would Amelia make in her ledger?
Credit the rent payable account and carry down as a debit balance
Debit the rent payable account and carry down as a credit balance
Credit the rent receivables account and carry down as a debit balance
Debit the rent receivables account and carry down as a credit balance
Mahendra designs computer systems.
He provided the following information.
How much would be entered for fees in the income statement?
$37 190
$41 430
$42 870
$47 110
An advertising expenses account had a credit balance of $100 on 1 January 2018.
During the year ended 31 December 2018 advertising expenses paid totaled $2830.
This included $45 for the following financial year.
Which journal entry is required to transfer the advertising expenses to the income statement on 31 December 2018?
Dr : Advertising expenses $2 685
Cr : Income statement $2 685
Dr : Advertising expenses $2 885
Cr : Income statement $2 885
Dr : Income statement $2 685
Cr : Advertising expenses $2 685
Dr : Income statement $2 885
Cr : Advertising expenses $2 885
Arissa purchased a motor vehicle costing $23 000 on 1 August 2016. She decided to depreciate the motor vehicle using the straight line (equal instalment) method at 20% per annum.
Depreciation on the motor vehicle of $4600 was charged to the income statement for the year ended 31 July 2017.
How much was charged to the income statement for the year ended 31 July 2018 for depreciation on the motor vehicle?
$3680
$4600
$8280
$9200
Amrik started a business on 1 January 2017 and purchased a machine costing $18 000.
He decided to depreciate the machine at 20% per annum using the reducing (diminishing) balance method.
No depreciation was to be charged in the year of disposal.
The machine was sold for $13 300 on 1 July 2018.
What was the profit or loss on the sale of the machine?
loss $1100
loss $4700
profit $1100
profit $2500
Amber updated her cash book after receiving her bank statement. The updated cash book balance was an overdraft of $250.
The bank statement did not include cheques not presented, $96 and amounts not credited, $183.
What was the balance shown on the bank statement?
$163 debit
$337 debit
$163 credit
$337 credit
Which accounts would appear in a purchases ledger?
2 and 3 only
1, 2 and 3
2 only
4 only
Zara provided the following information for the year ended 31 December 2018.
How much were the credit sales for the year?
$11 400
$12 900
$15 700
$17 200
Athena is both a customer and a supplier of Heidi.
Athena’s account in Heidi’s sales ledger showed a debit balance of $340 and her account in Heidi’s purchases ledger showed a credit balance of $260.
A contra between the two accounts was agreed.
Which entry would Heidi make in her sales ledger control account?
Debit $80
Credit $80
Debit $260
Credit $260
A trader provided the following information for his financial year.
What was the value of the inventory at the end of the year?
$2000
$5000
$12 000
$15 000
Khalid started a business on 1 April 2018 with a capital of $90 000.
He provided the following information on 31 March 2019.
What was the profit or loss for the year ended 31 March 2019?
$12 000 loss
$26 000 loss
$12 000 profit
$26 000 profit
On 1 May 2018 Ben’s capital was 47 600.
During the year ended 30 April 2019 he introduced his personal motor vehicle, $12 500, into the business.
His drawing during the year ended 30 April 2019 were $7500.
On 30 April 2019 Ben’s capital was $51 250.
What was Ben’s profit or loss for the year?
Loss $1350
Loss $8650
Profit $1350
Profit $8650
Amy and John are in partnership, Amy is entitled to an annual partnership salary of 9000.
Profits and losses are shared 2 : 1.
The profit for the year ended 31 August 2018 was $14 700.
On 1 September 2017 Amy’s current account had a debit balance of $2100.
What was the credit balance on Amy’s current account on 1 September 2018?
$10 700
$14 900
$16 700
$20 900
David and Bashir are in partnership.
David made a loan to the partnership.
What is the double entry to record this transaction?
Dr : Bank
Cr : David capital
Dr : Bank
Cr : David loan
Dr : David loan
Cr : David capital
Dr : David loan
Cr : David current account
Beth and Carla are in partnership, sharing profits and losses 3 : 2. They provided the following in formation at 31 January 2018.
What was the total amount credited to Beth’s current account on 31 January 2018?
$15 000
$25 200
$29 000
$39 200
A sports club purchased sports equipment.
Where will this be entered in the financial statements at the year end?
A
B
C
D
What does the term ‘limited liability’ mean in relation to a company?
A company can only pay a fixed amount of dividends
A company can only issue a limited number of shares
Shareholders are not at risk of losing personal possessions
Shareholders’ liability is not limited to the amount paid for their shares
Which statement about debentures is not correct?
Debentures carry voting rights
Debentures are a non-current liability
Debentures have a fixed rate of interest
Debentures interest must be paid regardless of profit made
What would not be included in a statement of changes in equity?
Profit for the year
Transfer to general reserve
Ordinary share dividend which relates to the current year
Ordinary share dividend paid which relates to the previous year
How is cost of production calculated?
Direct materials + direct labour + direct expenses
Direct materials + direct labour + direct expenses + factory overheads
Direct materials + direct labour + direct expenses + factory overheads + decrease in work in progress
Direct materials + direct labour + direct expenses + factory overheads - decrease in work in progress
