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UNIVERSITY OF CAMBRIDGE
INTERNATIONAL EXAMINATIONS
International General
Certificate of Secondary Education
ACCOUNTING 0452/01
Paper 1 Multiple Choice
May/June 2009 Time : 1 hour
1
Zafar runs a transport
business and has a fleet of motor vehicles.
Which is a liability to Zafar?
A depreciation of motor
vehicles for the year
B motor vehicle expenses
outstanding
C motor vehicle insurance
paid in advance
D stock of fuel for motor
vehicles
2 Miriam had the following
assets and liabilities on 30 December 2008.
$
motor vehicles 5 000
stock 16 000
debtors 4 000
bank (dr) 3 000
creditors 11 000
On 31 December 2008 Miriam
invested a further $4500 as capital.
What was Miriam’s capital on
31 December 2008?
A $21 500 B $28 000 C $32 500
D $43 500
3 Which appears in a balance
sheet of a sole trader?
A drawings
B equipment repairs
C gross profit
D opening stock
3
© UCLES 2009 0452/01/M/J/09
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4
At the end of her first year
of trading, Mona provides the following information.
$
sales 50 500
purchases 44 100
carriage inwards 2 300
carriage outwards 3 900
closing stock 4 600
What is Mona’s gross profit?
A $6400 B $7100 C $8700 D $11
000
5 Which accounting principle
requires the financial transactions of a business to be
treated
separately from those of the
owner?
A business entity
B duality
C going concern
D matching
6 A business trains its staff
to use computers. The only aspect recorded in the accounting
records
is the costs of the training
courses and the computers. The value to the business of the
new skills
is not recorded.
Which accounting principle is
being applied?
A consistency
B money measurement
C prudence
D realisation
4
© UCLES 2009 0452/01/M/J/09
7 John’s financial year ends
on 31 December.
In 2008 he paid $16 500 for
advertising in the local newspaper. This was for 15 months to
31 March 2009.
What will be recorded in
John’s balance sheet at 31 December 2008?
$
A accrual 3 300
B accrual 13 200
C prepayment 3 300
D prepayment 13 200
8 The final accounts of a
business are prepared on the basis that the business has no
intention of
significantly reducing the
size of its operation in the foreseeable future.
Which accounting principle is
being applied?
A business entity
B consistency
C going concern
D realisation
9 A debit note is issued by a
business.
Why has this debit note been
issued?
A goods have been received
from a supplier
B goods have been returned by
a customer
C goods have been returned to
a supplier
D goods have been sent to a
customer
10 On 1 April Khalid sold
goods on credit to Yasmin.
Yasmin returned some of these
goods to Khalid the following day.
In which order will Khalid
issue business documents in April?
A credit note, invoice,
statement
B invoice, credit note,
statement
C invoice, statement, credit
note
D statement, credit note,
invoice
5
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11
Why does a trader offer a
trade discount to his customers?
A to encourage bulk buying
B to encourage early payment
C to increase the customer’s
profit
D to increase the trader’s
profit
12 Amir buys goods with a
list price of $1500 from Zainab.
Zainab offers the following
discounts.
Trade discount 20 %
Cash discount 5 %
Which amount will be entered
in Amir’s purchases journal?
A $1125 B $1140 C $1200 D
$1425
13 The total of David’s
purchases journal and purchases returns journal for March
showed the
following.
$
purchases journal 10 000
purchases returns journal 900
How are these posted to
David’s ledger?
purchases account
purchases returns
account
$ $
A credit 9 100 –
B debit 9 100 –
C credit 10 000 debit 900
D debit 10 000 credit 900
6
© UCLES 2009 0452/01/M/J/09
14 Smith sold goods on credit
to Green.
Which entries will Green make
to record this?
account to
be debited
account to
be credited
A purchases Smith
B Smith purchases
C sales Smith
D Smith sales
15 Which transaction will be
recorded in both the nominal (general) ledger and the
purchases
(creditors) ledger?
A cash paid for goods for
resale
B cash paid for office
stationery
C return of goods by a
customer
D return of goods to a
supplier
16 Linda is a trader who
keeps a full set of accounting records.
Why should she prepare a
trial balance at the end of the financial year?
A to calculate her closing
capital
B to check the accuracy of
the sales ledger
C to help locate arithmetical
errors
D to prove that the ledger is
free from errors
17 The totals of a trial
balance agreed.
It was later found goods sold
on credit for $230 had been entered on the correct side of
both the
debtor’s account and the
sales account as $320.
Which type of error is this?
A compensating
B complete reversal
C original entry
D principle
7
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18
An error was made when
recording sales returns.
In which book of prime
(original) entry should a correcting entry be made?
A cash book
B journal
C sales journal
D sales returns journal
19 The difference on a trial
balance is entered in a suspense account. It is found that
$100 received
from Hassan has been debited
to the account of Hussein.
Which entries will correct
this error?
debit $ credit $
A
Hassan
100
Hussein
100
B
Hassan
Hussein
100
100
suspense
200
C
suspense
100
Hussein
100
D
suspense
200
Hassan
Hussein
100
100
20 Freda started a business
on 1 January.
On 31 January her cash book
showed that she had $2100 in the bank.
On that date cheques not yet
presented for payment totalled $600 and a deposit of $900 had
not
been credited by the bank.
What was the balance shown on
Freda’s bank statement on 31 January?
A $1500 credit
B $1800 credit
C $2400 credit
D $2700 credit
8
© UCLES 2009 0452/01/M/J/09
21 Zara’s financial year ends
on 31 December.
She rents premises at an
annual rent of $5000.
On 1 January 2008, prepaid
rent of $1000 appeared as a debit balance on the rent account.
During 2008, rent of $8000
was paid.
What was the balance brought
down on the rent account on 1 January 2009?
A $1000 debit
B $2000 credit
C $3000 credit
D $4000 debit
22 At the end of Jane’s
financial year she owed one month’s wages.
How will this be shown in
Jane’s final accounts?
profit and loss account
balance sheet
expense revenue asset
liability
A
B
C
D
23 A trader made the
following payments.
$
building repairs 1000
carriage on office equipment
200
extension to building 2000
new tyre for van 100
office equipment 4000
What is the total capital
expenditure?
A $4300 B $6200 C $6300 D
$7000
9
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24
Which group contains only
revenue receipts?
A bank loan, rental income,
sale of machinery
B discount allowed, rates,
sale of equipment
C discount received, rates,
sales
D insurance refund, rental
income, sales
25 What is the purpose of
providing for depreciation of fixed assets?
A to estimate the amount for
which the assets may be sold
B to provide funds for the
replacement of assets
C to show the real value of
the assets
D to spread the cost of
assets over their useful lives
26 A motor vehicle was
purchased for $10 000 on 1 April 2007.
It was decided to depreciate
using the straight line method at 20 % per annum.
Depreciation of $2000 was
included in the profit and loss account for the year ended
31 March 2008.
Which amount will be included
for depreciation of motor vehicles in the profit and loss
account for
the year ended 31 March 2009?
A $1600 B $2000 C $3600 D
$4000
27 A trader sold goods to Ana
on credit. Ana failed to pay the amount owing and was written
off as a
bad debt.
Which entry will the trader
make to write off the bad debt?
account to be debited account
to be credited
A Ana bad debts
B Ana profit and loss
C bad debts Ana
D sales Ana
28 During year ended 31
December 2008 a trader bought stock at $10 per unit.
He sold each unit for $20.
At 31 December 2008 he had
1000 units in stock of which 100 units were only valued at $5
each.
What was the total value of
stock at 31 December 2008?
A $9500 B $10 000 C $18 500 D
$20 000
10
© UCLES 2009 0452/01/M/J/09
29 Commission receivable is
accrued at the end of the financial year.
Where is this shown in the
final accounts?
trading account profit and
loss account balance sheet
A
B
C
D
30 A trader provided the
following information.
$
gross profit 50 000
wages paid 16 000
rent received 1 000
heating and lighting paid 4
000
discount received 500
What was the net profit?
A $28 500 B $29 500 C $30 500
D $31 500
31 Adam and Mary are in
partnership.
Adam receives an annual
salary of $8000. The balance of profit is shared equally.
The net profit for the year
was $26 000.
What was Mary’s total income
from the business?
A $9000 B $13 000 C $17 000 D
$21 000
32 In which section of a
balance sheet would a credit balance on a partner’s current
account
appear?
A capital
B current assets
C current liabilities
D long-term liabilities
11
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33
How can credit purchases be
calculated?
A closing creditors +
payments to creditors – opening creditors
B closing creditors +
payments to creditors + opening creditors
C closing creditors –
payments to creditors – opening creditors
D closing creditors –
payments to creditors + opening creditors
34 A sole trader provided the
following information.
$
for the year ended 31
December 2008
net profit 8 000
drawings 5 000
capital introduced 3 000
capital at 31 December 2008
20 000
What was the trader’s capital
on 1 January 2008?
A $10 000 B $14 000 C $30 000
D $31 000
35 Which does not appear in a
statement of affairs?
A accruals
B capital
C premises
D sales
36 The following information
is extracted from Edward’s balance sheet.
$
buildings 45 000
goodwill 30 000
machinery 20 000
stock 10 000
What is the value of the
tangible fixed assets?
A $45 000 B $65 000 C $85 000
D $105 000
12
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reasonable effort has been
made by the publisher (UCLES) to trace copyright holders, but
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make amends at the earliest possible opportunity.
University of Cambridge
International Examinations is part of the Cambridge Assessment
Group. Cambridge Assessment is the brand name of University of
Cambridge Local Examinations
Syndicate (UCLES), which is itself a department of the
University of Cambridge.
© UCLES 2009 0452/01/M/J/09
37 Which is not a current
asset?
A amount owed by a credit
customer
B insurance prepaid
C rent received in advance
D short-term loan to employee
38 A business provided the
following information.
$
capital 35 000
current assets 20 000
current liabilities 10 000
fixed assets 40 000
long term liabilities 15 000
What was the capital
employed?
A $35 000 B $45 000 C $50 000
D $60 000
39 What is meant by the rate
of stock turnover?
A the average of the opening
and closing stocks
B the number of times average
stock is purchased during the year
C the number of times average
stock is sold during the year
D the value of stock at the
end of the financial year
40 The quick ratio of Eric is
1.3 : 1 and the quick ratio of Ken is 0.4 : 1.
What does a comparison of
these ratios show?
A Eric controls his overhead
expenses better than Ken.
B Eric’s cost of sales is
lower then Ken’s.
C Ken has a lower return on
capital employed than Eric.
D Ken has less liquidity than
Eric.
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