100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
AQAA-level ACCOUNTING Paper 1 Financial Accounting Question Paper May 2024 $12.99   Add to cart

Exam (elaborations)

AQAA-level ACCOUNTING Paper 1 Financial Accounting Question Paper May 2024

 6 views  0 purchase
  • Course
  • AQAA-level ACCOUNTING
  • Institution
  • AQAA-level ACCOUNTING

AQAA-level ACCOUNTING Paper 1 Financial Accounting Question Paper May 2024

Preview 4 out of 36  pages

  • September 4, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Only questions
  • AQAA-level ACCOUNTING
  • AQAA-level ACCOUNTING
avatar-seller
papersbybree
AQAA-level ACCOUNTING Paper 1 Financial Accounting Question Paper May 2024
Please write clearly in block capitals.


Centre number Candidate number


Surname

Forename(s)

Candidate signatur e
I declare this is my own work.



A-level
ACCOUNTING
Paper 1 Financial Accounting


Thursday 23 May 2024 Afternoon Time allowed: 3 hours
Materials
For Examiner’s Use
For this paper you must have:
 a calculator. Section Mark

A
Instructions
 Use black ink or black ball-point pen. B
 Fill in the boxes at the top of this page. C
 Answer all questions. TOTAL
 You must answer the questions in the spaces provided. Do not write
outside the box around each page or on blank pages.
 If you need extra space for your answer(s), use the lined pages at
the end of this book. Write the question number against your answer(s).
 Do all rough work in this answer book. Cross through any work you
do not want to be marked.

Information
 The marks for each question are shown in brackets.
 The maximum mark for this paper is 120.




*jun247127101*
IB/M/Jun24/G4004/V6 7127/1

, 2
Do not write
outside the
Section A box

Answer all questions in this section.



For multiple-choice questions only one answer per question is allowed.

For each question completely fill in the circle alongside the appropriate answer.

CORRECT METHOD WRONG METHODS


If you want to change your answer you must cross out your original answer as shown.

If you wish to return to an answer previously crossed out, ring the answer you now wish to
select as shown.



0 1 Which of the following correctly lists items to be shown as debit entries in an
income statement?
[1 mark]


A Carriage inwards; carriage outwards; returns inwards

B Carriage inwards; carriage outwards; returns outwards

C Carriage inwards; returns inwards; returns outwards

D Carriage outwards; returns inwards; returns outwards



0 2 Which of the following is not shown on a statement of changes in equity?
[1 mark]


A Bonus issue of ordinary shares

B Debenture interest paid

C Dividends paid

D Rights issue of ordinary shares




*02*
IB/M/Jun24/7127/1

, 3
Do not write
outside the
box
0 3 A business owner records goods taken for their own use as drawings.

Which accounting concept is being applied?
[1 mark]


A Business entity

B Consistency

C Money measurement

D Realisation


0 4 What is the correct formula for the capital gearing ratio?
[1 mark]

Non-current liabilities
A × 100
Issued share capital + current liabilities



Non-current liabilities
B × 100
Issued share capital + non-current liabilities



Non-current liabilities
C × 100
Issued share capital + reserves + current liabilities


Non-current liabilities
D × 100
Issued share capital + reserves + non-current liabilities




Turn over for the next question




Turn over ►


*03*
IB/M/Jun24/7127/1

, 4
Do not write
outside the
0 5 A sales ledger control account showed the following for January 2024. box




Details £

Balance on 1 January 2024 21 450

Contra with purchases ledger control account 190

Credit sales 38 692

Receipts from credit customers 27 955


What was the balance brought down on the sales ledger control account on
1 February 2024?
[1 mark]


A £31 997 Credit

B £31 997 Debit

C £32 377 Credit

D £32 377 Debit



0 6 The purchase of a non-current asset has been recorded as administration
expenditure.
What is the effect on profit in the income statement?
[1 mark]


A Gross profit overstated

B Gross profit understated

C Profit for the year overstated

D Profit for the year understated




*04*
IB/M/Jun24/7127/1

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller papersbybree. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78834 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart