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UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level PRINCIPLES OF ACCOUNTS Paper 1 Multiple Choice For Examination from 2008 SPECIMEN PAPER
Additional Materials: Multiple Choice Answer Sheet Soft clean eraser Soft pencil (type B or HB is recommended)


1 hour

READ THESE INSTRUCTIONS FIRST Write in soft pencil. Do not use staples,paper clips, highlighters, glue or correction fluid. Write your name, Centre number and candidate number on the Answer Sheet in the spaces provided unless this has been done for you. There are thirty questions on this paper. Answer all questions. For each question there are four possible answers A, B, C and D. Choose the one you consider correct and record your choice in soft pencil on the separateAnswer Sheet. Read the instructions on the Answer Sheet very carefully. Each correct answer will score one mark. A mark will not be deducted for a wrong answer. Any rough working should be done in this booklet. Calculators may be used.

This document consists of 10 printed pages and 2 blank pages.
IB07 7110_01/2RP © UCLES 2006

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2 1 Which will be most suitable for a computerapplication? A B C D 2 maintaining highly confidential records maintaining the payroll for a large company recording credit sales for a small retailer recording stock withdrawn by partners

What is the accounting equation? A B C D assets less liabilities equals capital assets plus liabilities equals capital capital less liabilities equals assets capital plus assets equals liabilities


Whichdocument is issued by a supplier when a customer returns goods? A B C D credit note debit note invoice statement


25 items are sold at $10 each with trade discount at 20 % and cash discount is 2 % if accounts are settled within 7 days. How much would be recorded in the sales journal? A $196 B $200 C $245 D $250


On 31 July, Jay’s bank statement shows a balance at bank of $2500, but thecash book shows a balance at bank of $1750. A cheque for $750 issued by Jay does not appear on the bank statement. Which bank balance figure will appear in Jay’s balance sheet on 31 July? A $1000 B $1750 C $2500 D $3250

© UCLES 2006


3 6 New shop fittings are bought on credit for $4000. Where is this transaction entered first? A B C D 7 cash book general journal purchasesjournal purchases ledger

Which ledger entries record the purchase of a machine bought on credit? A B C D debit creditors, credit machinery debit creditors, credit purchases debit machinery, credit creditors debit purchases, credit creditors


The following account appears in the ledger of Ahmed. Sara account 2006 June 1 Balance 14 Sales 16 Bank 18 Sales returns Which statement is true? A BC D Ahmed owed Sara $100 on 1 June 2006. Ahmed returned goods to Sara on 18 June 2006. Sara owed Ahmed $275 on 18 June 2006. Sara sold goods to Ahmed on 14 June 2006. 300 100 25 debit $ credit $ balance $ 100 dr 400 dr 300 dr 275 dr

© UCLES 2006


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4 9 Printing expenses paid in cash were correctly entered in the cash book but debited to the postages account. Whichtype of error has been made? A B C D commission compensating principle reversal

10 J. Peters rents premises at an annual rent of $2800. He provides the following information. $ Rent accrued on 1 January 2005 Payments during 2005 350 3 600

What is the balance on the rent account at 31 December 2005? A B C D $450 accrued $450 prepaid $1150 accrued $1150 prepaid

11 On 1 January 2005 acompany’s provision for doubtful debts was $500. On 31 December 2005 debtors were $20 000. The provision is to be maintained at 2 % of debtors. Which adjustment to the provision for doubtful debts account is needed? A B C D $100 debit $100 credit $400 debit $400 credit

12 Which item is capital expenditure for a sole trader? A B C D additional capital brought into the business drawings of the...
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