101 Accounting O-Level MCQ’S P-1 Topical/Yearly

Description

101 Accounting O Level 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.

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 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: THEORY
ANSWER SECTION

CHAPTER 2 BOOKS OF ORIGINAL 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 DISCOUNTS
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 IRRECOVERABLE DEBTS & PROVISION FOR DOUBTFUL DEBTS
5.1: IRRECOVERABLE DEBTS
5.2: PROVISION FOR DOUBTFUL DEBTS
5.3: IRRECOVERABLE & DOUBTFUL DEBTS
5.4: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 6 ACCOUNTING FOR NON-CURRENT ASSETS
6.1: THEORY
6.2: STRAIGHT LINE METHOD
6.3: REDUCING BALANCE METHOD
6.4: REVALUATION METHOD
6.5: DEPRECIATION METHODS COMBINED
6.6: DISPOSAL OF ASSETS
6.7: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 7 TRIAL BALANCE
ANSWER SECTION

CHAPTER 8 INCOME STATEMENTS OF SOLE TRADERS
8.1: TRADING SECTION OF INCOME STATEMENTS
8.2: PROFIT AND LOSS SECTION OF INCOME STATEMENT
8.3: INCOME STATEMENT OF SERVICE BUSINESSES
8.4: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 9 SOLE TRADERS’ STATEMENTS OF FINANCIAL POSITION
9.1: CURRENT ASSETS & CURRENT LIABILITIES
9.2: WORKING CAPITAL
9.3: INVENTORY VALUATION
9.4: NON-CURRENT ASSETS & LIABILITIES
9.5: CAPITAL & CAPITAL EMPLOYED
9.6: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 10 ADJUSTMENTS IN FINANCIAL STATEMENTS
10.1: PREPAID & ACCRUED EXPENSES
10.2: PRE-RECEIVED & ACCRUED INCOMES
10.3: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 11 ACCOUNTING CONCEPTS 
11.1: ENTITY & DUALITY
11.2: PRUDENCE & MONEY MEASUREMENT
11.3: MATCHING, ACCRUAL & REALISATION
11.4: MATERIALITY & CONSISTENCY
11.5: GOING CONCERN & COST
11.6: INTERNATIONAL ACCOUNTING STANDARDS
11.7: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 12 CAPITAL AND REVENUE
12.1: CAPITAL EXPENDITURE
12.2: REVENUE EXPENDITURE
12.3: CAPITAL & REVENUE RECEIPTS
12.4: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 13 ERRORS NOT AFFECTING AGREEMENT OF TRIAL BALANCE
13.1: JOURNAL ENTRIES TO CORRECT MISTAKES
13.2: CORRECTION OF PROFITS
13.3: EFFECTS OF ERRORS ON PROFITS
13.4: TYPES OF ERRORS
13.5: MULTIPLE TOPICS
ANSWER SECTION

CHAPTER 14 ERRORS AFFECTING AGREEMENT OF TRIAL BALANCE
14.1: JOURNAL ENTRIES TO CORRECT THE MISTAKES
14.2: MISTAKES IN TRAIL BALANCE
14.3: SUSPENSE ACCOUNT
14.4: CORRECTION OF PROFITS
14.5: EFFECTS OF ERRORS ON PROFITS
ANSWERS SECTION

CHAPTER 15 CONTROL ACCOUNTS
15.1: SALES LEDGER CONTROL ACCOUNTS
15.2: PURCHASE LEDGER CONTROL ACCOUNTS
15.3: THEORY
15.4: MULTIPLE TOPICS
ANSWERS SECTIONS

CHAPTER 16 ACCOUNTS FROM INCOMPLETE RECORDS
16.1: CALCULATION OF SALES
16.2: CALCULATION OF PURCHASES
16.3: MARKUP & MARGIN
16.4: CALCULATION OF PROFITS THROUGH BALANCE SHEET
16.5: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 17 ACCOUNTS OF NON-PROFIT ORGANISATIONS
17.1: RECEIPTS & PAYMENTS ACCOUNTS
17.2: CALCULATIONS OF SUBSCRIPTION
17.3: INCOME & EXPENDITURE ACCOUNTS
17.4: STATEMENTS OF FINANCIAL POSITION
17.5: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 18 MANUFACTURING ACCOUNTS
18.1: PRIME COST
18.2: FACTORY OVERHEADS
18.3: COST OF PRODUCTION
18.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 19 PARTNERSHIP ACCOUNTS
19.1: APPROPRIATION ACCOUNT
19.2: PARTNERS’ CURRENT CAPITAL ACCOUNTS
19.3: JOURNAL ENTRIES IN PARTNERSHIP
19.4: PARTNERSHIP AGREEMENT
19.5: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 20 COMPANY ACCOUNTS
20.1: ORDINARY SHARES
20.2: PREFERENCE SHARES & DEBENTURES
20.3: CALCULATION OF DIVIDENDS & RETAINED PROFITS
20.4: STATEMENT OF CHANGES IN EQUITY
20.5: STATEMENT OF FINANCIAL POSITION
20.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 21 RATIO ANALYSIS
21.1: GROSS PROFIT MARGIN
21.2: PROFIT MARGIN & ROCE
21.3: WORKING CAPITAL & CURRENT RATIO
21.4: LIQUID RATIO
21.5: INVENTORY TURNOVER RATIO
21.6: TRADE RECEIVABLE & PAYABLE TURNOVER
21.7: MULTIPLE TOPICS
ANSWERS SECTIONS