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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) 0985/11 $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) 0985/11
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Course
ACCOUNTING 0985
Institution
ACCOUNTING 0985
1 Which statements about book-keeping and accounting are correct?
1 Accounting is performed periodically rather than daily.
2 Accounting relies on having accurate book-keeping records.
3 Book-keeping includes the preparation of financial statements.
4 Book-keeping involves the recording of ...
ACCOUNTING Paper 1 Multiple Choice with Marking Scheme 0985/11
May/June 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.
1 Which statements about book-keeping and accounting are correct?
1 Accounting is performed periodically rather than daily.
2 Accounting relies on having accurate book-keeping records.
3 Book-keeping includes the preparation of financial statements.
4 Book-keeping involves the recording of financial transactions.
A 1, 2 and 4 B 1 and 3 C 2, 3 and 4 D 2 and 4 only
2 What increases owner’s capital?
A bank loan extended from five to ten years
B purchase of inventory on credit
C purchase of machinery by cheque
D transfer of vehicle to business from private use
3 Carl, a trader, took goods from the business for his own use. These goods had cost $100, and
$8 carriage had been paid for them to be delivered to the business.
How would this be recorded in Carl’s accounts in the books of the business?
A debit Carl’s capital account $100
B debit Carl’s capital account $108
C debit Carl’s drawings account $100
D debit Carl’s drawings account $108
4 Shula’s financial year ends on 31 March. On 1 April 2021 there was a credit balance of $100 on
Yasmin’s account in Shula’s purchases ledger.
What does this mean?
A Shula had paid $100 to Yasmin.
B Shula owed $100 to Yasmin.
C Yasmin had paid $100 to Shula.
D Yasmin owed $100 to Shula.
5 Hasina buys radios from Nazneen at a list price of $10 each. Hasina bought 12 radios and was
offered 20% trade discount and 4% cash discount. Two radios were faulty and were returned to
Nazneen.
What was the total of the credit note issued by Nazneen?
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