# 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions

## 101 Accounting O Level/IGCSE MCQ'S Paper 1

  
Cambridge University has adopted MCQs as a part of O Level Accounting 7110 Examinations since 2000. Now almost 33.3% of weightage is allocated to MCQs.

Each topic of the syllabus has been covered in a separate chapter containing MCQs from the [**past papers**](https://readnwrite.org/product/accounting-a2-level-p-3-topical-yearly/). All the MCQs in this Book have been compiled according to the May June or October November year in which they were set in the O Level Cambridge examinations updated till 2025.

For the better understanding of the questions detailed answers are also given at the end of each chapter. CAIE Students will find “Student Evaluation Card” quite useful. This will enable them to compare their performances and focus on the weaker areas.

The correct answers to the Questions are given in the answer key at the end of each chapter.

In the current edition Financial statements of sole traders has been subdivided into four topics so that students may focus on each sub topic independently.

Now you can place order for this book in both paperback and ebook format. ebooks are for online reading and these are not pdf files to download. The purchaser is granted a single, nontransferable license for his or her personal use of the E-book on digital media for the period of one year from the date of purchase.

The purchaser is not authorized to grant access to the E-book, in whole or in part, to any third party, in particular, to sublicense, to transfer, to timeshare, or to rent out the E-book.

Making the E-book available on the Internet or in other networks, reselling the E-book, and/or any use for commercial purposes is not permitted  

### 101 Accounting O Level/OGCSE MCQ'S Paper 1

  
  

-   All Variants

  

-   Solved with explanation of all choices A,B,C & D

  

-   Questions order from new to old

  

-   Each Chapter has been classified into sub topics

  
  
**TABLE OF CONTENTS**

**CHAPTER 1 ACCOUNTING BASICS**  
1.1: BASIC ACCOUNTING & ACCOUNTING EQUATIONS  
1.2: JOURNAL ENTRIES  
1.3: LEDGER ACCOUNTS  
1.4: BOOK KEEPING & ACCOUNTING  
1.5: TRAIL BALANCE  
1.6: THEORY  
**ANSWER SECTION**

**CHAPTER 2 BOOKS OF PRIME ENTRY**  
2.1: PURCHASES JOURNAL  
2.2: SALES JOURNAL  
2.3: RETURN OUTWARDS JOURNAL  
2.4: RETURN INWARDS JOURNAL  
2.5: GENERAL JOURNAL  
2.6: PURCHASES LEDGER  
2.7: SALES LEDGER  
2.8: OTHER SOURCE DOCUMENTS  
2.9: MULTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 3 CASH BOOK AND PETTY CASH BOOK**  
3.1: TRADE DISCOUNT  
3.2: CASH DISCOUNT  
3.3: CALCULATION OF AMOUNTS NET OF DISCOUNTS  
3.4: DOUBLE ENTRY IN CASH BOOK  
3.5: CALCULATION OF CASH BOOK BALANCES  
3.6: PETTY CASH BOOK  
3.7: MULTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 4 BANK RECONCILIATION STATEMENTS**  
4.1: UPDATED CASHBOOK  
4.2: BANK RECONCILIATION STATEMENTS  
4.3: CALCULATION OF OTHER MISSING ITEMS  
4.4: THEORY  
4.5: MULTIPLE TOPICS  
**ANSWER SECTION**  
**  
CHAPTER 5 ACCOUNTING FOR NON-CURRENT ASSETS**  
5.1: THEORY  
5.2: STRAIGHT LINE METHOD  
5.3: REDUCING BALANCE METHOD  
5.4: REVALUATION METHOD  
5.5: DEPRECIATION METHODS COMBINED  
5.6: DISPOSAL OF ASSETS  
5.7: MULTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 6 IRRECOVERABLE DEBTS & PROVISION FOR DOUBTFUL DEBTS**  
6.1: IRRECOVERABLE DEBTS  
6.2: ALLOWANCE FOR IRRECOVERABLE DEBTS  
6.3: IRRECOVERABLE & ALLOWANCE FOR IRRECOVERABLE DEBTS  
6.4: MULTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 7 INVENRORY VALUATION**  
7.1: INVENTORY VALUATION  
**ANSWER SECTION**

**CHAPTER 8 CAPITAL & REVENUE**  
8.1: CAPITAL EXPENDITURE  
8.2: REVENUE EXPENDITURE  
8.3: CAPITAL & REVENUE RECEIPTS  
8.4: MULTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 9 CORRECTION OF ERRORS**   
9.1: TYPES OF ERROR  
9.2: JOURNAL ENTERIES TO CORRECT THE MISTAKES  
9.3: MISTAKES IN TRAIL BALANCE  
9.4: SUSPENSE ACCOUNT  
9.5: CORRECTION OF PROFITS  
9.6: EFFECTS OF ERRORS ON PROFITS  
**ANSWERS SECTION**

**CHAPTER 10 CONTROL ACCOUNTS**  
10.1: SALES LEDGER CONTROL ACCOUNTS  
10.2: PURCHASE LEDGER CONTROL ACCOUNTS  
10.3: THEORY  
10.4: MULTIPLE TOPICS  
**ANSWERS SECTIONS**

**CHAPTER 11 OTHER PAYABLES & RECIEVABLES**  
11.1: PREPARED & ACCURED EXPENSES  
11.2: PRE-RECEIVED & ACCURED INCOMES  
11.3: MILTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 12 SOLE TRADERS**  
12.1: SOLE TRADERS - AN INTRODUCTION  
12.2: TRADING SECTION OF INCOME STATEMENTS  
12.3: PROFIT & LOSS SECTION  
12.4: STATEMENT OF PROFIT OR LOSS FOR SERVICE BUSINESSES  
12.5: NON CURRENT AND CURRENT ASSETS  
12.6: NON CURRENT AND CURRENT LIABILITIES  
12.7: WORKING CAPITAL  
12.8: CAPITAL & CAPITAL EMPLOYED  
12.9: MULTIPLE TOPICS  
**ANSWER SECTION**

**CHAPTER 13 PARTNERSHIP  
**13.1: APPROPRIATION ACCOUNT  
13.2: PARTNERS' CURRENT CAPITAL ACCOUNTS  
13.3: JOURNAL ENTRIES IN PARTNERSHIP  
13.4: PARTNERSHIP AGREEMENT  
13.5: MULTIPLE TOPICS**  
ANSWERS SECTION**

**CHAPTER 14 LIMITED COMPANIES**  
14.1: ORDINARY SHARES  
14.2: PREFERENCE SHARES & DEBENTURES  
14.3: CALCULATION OF DIVIDENDS & RETAINED PROFITS  
14.4: STATEMENT OF CHANGES IN EQUITY  
14.5: STATEMENT OF FINANCIAL POSITION  
14.6: MULTIPLE TOPICS  
**ANSWERS SECTION**

**CHAPTER 15 INCOMPLETE RECORDS**  
15.1: CALCULATION OF SALES  
15.2: CALCULATION OF PURCHASES  
15.3: MARKUP & MARGIN  
15.4: CALCULATION OF PROFITS THROUGH BALANCE SHEET  
15.5: MULTIPLE TOPICS  
**ANSWERS SECTION**

**CHAPTER 16 CLUBS & SOCIETIES**  
16.1: RECEIPTS & PAYMENTS ACCOUNTS  
16.2: CALCULATIONS OF SUBSCRIPTION  
16.3: INCOME & EXPENDITURE ACCOUNTS  
16.4: STATEMENTS OF FINANCIAL POSITION  
16.5: MULTIPLE TOPICS  
**ANSWERS SECTION**

**CHAPTER 17 MANUFACTURING ACCOUNTS**  
17.1: PRIME COST  
17.2: FACTORY OVERHEADS  
17.3: COST OF PRODUCTION  
17.4: MULTIPLE TOPICS  
**ANSWERS SECTION**

**CHAPTER 18 ACCOUNTING RATIOS**  
18.1: GROSS PROFIT MARGIN  
18.2: PROFIT MARGIN & ROCE  
18.3: WORKING CAPITAL & CURRENT RATIO  
18.4: LIQUID RATIO  
18.5: INVENTORY TURNOVER RATIO  
18.6: TRADE RECEIVABLE & PAYABLE TURNOVER  
18.7: MULTIPLE TOPICS  
**ANSWERS SECTIONS**

**CHAPTER 19 INTRESTED PARTIES**  
19.1: INTRESTED PARTIES  
**ANSWERS SECTIONS**

**CHAPTER 20 LIMITATIONS OF ACCOUNTING STATEMENTS**  
20.1: LIMITATIONS OF ACCOUNTING STATEMENTS  
**ANSWER SECTION**

 **CHAPTER 21 ACCOUNTING CONCEPTS**   
21.1: ENTITY & DUALITY  
21.2: PRUDENCE & MONEY MEASUREMENT  
21.3: MATCHING, ACCRUAL & REALISATION  
21.4: MATERIALITY & CONSISTENCY  
21.5: GOING CONCERN & COST  
21.6: INTERNATIONAL ACCOUNTING STANDARDS  
21.7: MULTIPLE TOPICS  
**ANSWER SECTION**

## Details

- **Price:** 1860.0 PKR
- **Vendor:** Read & Write Publications
- **Type:** Topical Past Papers
- **Tags:** Accounting, IGCSE Accounting, MCQs, O Level, O Level Accounting, P1

## Variants

| Variant | Price | Available |
|---------|-------|-----------|
| Default Title | 1860.00 PKR | In stock |

## Images

- 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions
- 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions
- 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions
- 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions
- 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions
- 101 Accounting O-Level/IGCSE MCQ'S P-1 Topical Worked Solutions

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> Source: [Read and Write Publications](https://readnwrite.org/products/accounting-o-level-mcqs-p-1-topical-yearly)
> Updated: 2026-09-29