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ACCOUNTING Paper 1 Multiple Choice with MARKING SCHEME You must answer on the multiple choice answer sheet. You will need: Multiple choice answer sheet Soft clean eraser Soft pencil (type B or HB is recommended) 0985/12 October/November 2024 $7.99
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ACCOUNTING Paper 1 Multiple Choice with MARKING SCHEME You must answer on the multiple choice answer sheet. You will need: Multiple choice answer sheet Soft clean eraser Soft pencil (type B or HB is recommended) 0985/12 October/November 2024
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Course
ACCOUNTING 0985 Paper 1
Institution
ACCOUNTING 0985 Paper 1
Which statement is correct?
2
A The accountant prepares the trial balance and the book-keeper prepares the financial
statements.
B The accountant writes up the journals and the book-keeper writes up the ledger accounts.
C The book-keeper writes up the journals and the accountant prepares ...
ACCOUNTING 0985/12
Paper 1 Multiple Choice with MARKING SCHEME October/November 2024
1 hour 15 minutes
You must answer on the multiple choice answer sheet.
You will need: Multiple choice answer sheet
Soft clean eraser
Soft pencil (type B or HB is recommended)
INSTRUCTIONS
• There are thirty-five 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 multiple choice answer sheet.
• Follow the instructions on the multiple choice answer sheet.
• Write in soft pencil.
• Write your name, centre number and candidate number on the multiple choice answer sheet in the
spaces provided unless this has been done for you.
• Do not use correction fluid.
• Do not write on any bar codes.
• You may use a calculator.
INFORMATION
• The total mark for this paper is 35.
• Each correct answer will score one mark.
• Any rough working should be done on this question paper.
This document has 12 pages. Any blank pages are indicated.
A The accountant prepares the trial balance and the book-keeper prepares the financial
statements.
B The accountant writes up the journals and the book-keeper writes up the ledger accounts.
C The book-keeper writes up the journals and the accountant prepares the trial balance.
D The book-keeper writes up the ledger accounts and the accountant prepares the financial
statements.
2 Which formulas may be used for the accounting equation?
1 assets = owner’s equity minus liabilities
2 liabilities = assets minus owner’s equity
3 owner’s equity = assets plus liabilities
4 owner’s equity plus liabilities = assets
A 1 and 2 B 1 and 3 C 2 and 4 D 3 and 4
3 Goods purchased on credit from Zamir were returned by Ashwin.
Which entries should Zamir make to record this?
account debited account credited
A Ashwin purchase returns
B purchase returns Zamir
C sales returns Ashwin
D Zamir sales returns
4 During her first financial year, a trader paid $1800 for insurance and $3200 for rent.
At the end of the financial year, she transferred insurance of $1500 and rent of $3600 to the
income statement.
What do the balances remaining on the accounts at the end of the financial year represent?
insurance account rent account
A accrued expense accrued expense
B accrued expense prepaid expense
C prepaid expense accrued expense
D prepaid expense prepaid expense
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