AQA A-level Accounting Paper 1: Financial Accounting - Practice Questions and Exercises, Exams of Accounting

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Do not write outside the

AQA

A-level

ACCOUNTING

Paper 1

Financial

Accounting

Do not write outside the box

Do not write outside the box box 0 1 Which of the following correctly lists items to be shown as debit entries in an income statement? [1 mark] A Carriage inwards; carriage outwards; returns inwards B Carriage inwards; carriage outwards; returns outwards C Carriage inwards; returns inwards; returns outwards D Carriage outwards; returns inwards; returns outwards

Which of the following is not shown on a statement of changes in equity? [1 mark] A Bonus issue of ordinary shares B Debenture interest paid C Dividends paid D Rights issue of ordinary shares For multiple-choice questions only one answer per question is allowed. For each question completely fill in the circle alongside the appropriate answer. If you want to change your answer you must cross out your original answer as shown. If you wish to return to an answer previously crossed out, ring the answer you now wish to select as shown. CORRECT METHOD WRONG METHODS

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0 3 A business owner records goods taken for their own use as drawings. Which accounting concept is being applied? A Business entity B Consistency C Money measurement D Realisation [1 mark]

Do not write outside the box Turn over ► (^0 5) A sales ledger control account showed the following for January 2024. Details £ Balance on 1 January 2024 21 450 Contra with purchases ledger control account 190 Credit sales 38 692 Receipts from credit customers 27 955 What was the balance brought down on the sales ledger control account on 1 February 2024? [1 mark] A £31 997 Credit B £31 997 Debit C £32 377 Credit D £32 377 Debit

Do not write outside the box 0 6 The purchase of a non-current asset has been recorded as administration expenditure. What is the effect on profit in the income statement? [1 mark] A Gross profit overstated B Gross profit understated C Profit for the year overstated D Profit for the year understated

0 7 Win, Xi and Zang are in partnership. They do not have a partnership agreement. Which of the following would each partner be entitled to in addition to a third of the profits? [1 mark] A 0% interest on capital; 0% interest on loans B 0% interest on capital; 5% interest on loans C 5% interest on capital; 0% interest on loans D 5% interest on capital; 5% interest on loans

Do not write outside the box 0 9 Adam and Bea were in a partnership, sharing profits and losses equally. On 31 March 2024 Bea left the partnership and Cooper joined the partnership. On that date goodwill was valued at £60 000. What is the journal entry to record the goodwill in the accounting records? Account Debit Credit £ £ A B C Capital – Adam 30 000 Capital – Bea 30 000 Goodwill 60 000 Current – Adam 30 000 Current – Bea 30 000 Goodwill 60 000 Goodwill 60 000 Capital – Adam 30 000 Capital – Bea 30 000 [1 mark]

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D

Goodwill 60 000 Current – Adam 30 000 Current – Bea 30 000

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The following information is available for a company: On 1 April 2023 £ Issued share capital of £2 shares 65 000 Share premium 25 000 During the year ended 31 March 2024, £62 400 was received from a rights issue of 26 000 shares. What is the value of share capital and share premium in the statement of financial position at 31 March 2024? [1 mark] A B C D Turn over for the next question Share capital £ Share premium £ 91 000 35 400 91 000 61 400 117 000 35 400 117 000 61 400

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Do not write outside the box

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. 1 Prepare journal entries to correct the errors.

Do not write outside the box Dates and narratives are not required. [6 marks]