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

Description

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. 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 2020.

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.

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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: WORKING CAPITAL
12.7: CAPITAL & CURRENT LIABILITIES
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
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