Accounting AS Level (9706) (MCQs) Paper-1 Topical Worked Solutions-111- Read and Write

Article Number 111, For Subject code 9706 for AS Level. This book provides a thorough exercise of paper 1 for students taking Cambridge International Examinations AS-Level Accounting (9706).

Salient Features of Accounting AS Level (9706) (MCQs) Paper-1 Topical Past Papers: 

• All Variants
• Solved with explanation of all choices A,B,C & D
• Questions order from new to old
• Each chapter has been classified into subtopics

MCQs from Accounting AS Level past Paper examinations are sorted into relevant chapters and topics which will enable students to practice their understanding systematically. A key to questions is added at the end of each chapter. Further help is provided in detailed answers.

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 A Level Cambridge examinations.

For the better understanding of the questions detailed answers are also given at the end of each chapter.

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

Topics covered in this book are as follows

TABLE OF CONTENTS

CHAPTER 1 BANK RECONCILIATION STATEMENTS
1.1: CALCULATION OF ADJUSTED CASHBOOK BALANCE
1.2: CALCULATION OF BANK STATEMENT BALANCE
1.3: CALCULATION OF OTHER MISSING ITEMS
1.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 2 IRRECOVERABLE DEBTS & DOUBTFUL DEBTS
2.1: IRRECOVERABLE DEBTS & IRRECOVERABLE DEBTS RECOVERED
2.2: ALLOWANCE FOR IRRECOVERABLE DEBTS
2.3: IRRECOVERABLE & ALLOWANCE FOR IRRECOVERABLE DEBTS
2.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 3 ACCOUNTING FOR NON-CURRENT ASSETS
3.1: DEPRECIATION THEORY
3.2: STRAIGHT LINE METHOD
3.3: REDUCING BALANCE METHOD
3.4: DISPOSAL OF ASSETS
3.5: REVALUATION METHOD
3.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 4 ACCOUNTING CONCEPTS
4.1: ENTITY AND CONSISTENCY
4.2: PRUDENCE AND MATERIALITY
4.3: MATCHING AND ACCRUAL AND REALISATION
4.4: SUBSTANCE OVER FROM AND MONEY MEASUREMENT
4.5: GOING CONCERN & HISTORICAL COST
4.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 5 SOLE TRADER
5.1: DOUBLE ENTRY
5.2: PREPAYMENT & ACCRUALS
5.3: STATEMENTS OF PROFIT OR LOSS
5.4: STATEMENT OF FINANCIAL POSITION
5.5: LOWER OF COST AND NET REALISBALE VALUE
5.6: TRADE AND CASH DISCOUNTS
5.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 6 PARTNERSHIPS
6.1: PARTNERSHIP STATEMENTS OF PROFIT OR LOSS & APPROPRIATION ACCOUNT
6.2: PARTNERSHIP CURRENT AND CAPITAL ACCOUNTS
6.3: DOUBLE ENTRY IN PARTNERSHIP ACCOUNTS
6.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 7 CAPITAL AND REVENUE
7.1: CAPITAL EXPENDITURES
7.2: REVENUE EXPENDITURES
7.3: CAPITAL AND REVENUE RECEIPTS
7.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 8 CORRECTION OF ERRORS 
8.1: ERRORS NOT AFFECTING AGREEMENT OF TRAIL BALANCE
8.2: ERRORS AFFECTING AGREEMENT OF TRAIL BALANCE
8.3: MISTAKES IN TRAIL BALANCE
8.4: SUSPENSE ACCOUNT
8.5: CALCULATION OF CORRECT PROFIT
8.6: EFFECTS OF ERRORS ON PROFIT
8.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 9 CONTROL ACCOUNTS
9.1: SALES LEDGER CONTROL ACCOUNT
9.2: PURCHASE LEDGER CONTROL ACCOUNT
9.3: CORRECTIONS IN SALES LEDGER CONTROL ACCOUNT
9.4: CORRECTIONS IN PURCHASE LEDGER CONTROL ACCOUNT
9.5: CONTROL ACCOUNT BALANCES FOR STATEMENT OF FINANCIAL POSITION
9.6: BOOKS OF ORIGINAL ENTRY
9.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 10 ACCOUNTS FROM INCOMPLETE RECORDS
10.1: CALCULATIONS OF SALES
10.2: CALCULATIONS OF PURCHASES
10.3: MARK-UP AND MARGIN
10.4: PREPAYMENTS & ACCRUALS
10.5: CALCULATE PROFIT THROUGH STATEMENT OF FINANCIAL POSITION
10.6: CALCULATIONS OF INVENTORY
10.7: CALCULATIONS OF INVENTORY LOSSES
10.8: CALCULATIONS OF DEPRECIATION
10.9: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 11 LIMITED COMAPNIES – SHARES AND DEBENTURES
11.1: SHARES AND DEBENTURES-AN INTRODUCTION
11.2: CAPITAL AND REVENUE RESERVES
11.3: RIGHT AND PUBLIC ISSUE
11.4: BONUS ISSUE
11.5: RIGHTS AND BONUS ISSUE COMBINED
11.6: ISSUE OF SHARES AND DEBENTURES COMBINES
11.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 12 LIMITED COMPANIES – FINANCIAL STATEMENTS
12.1: STATEMENT OF PROFIT OR LOSS FOR COMPANIES
12.2: REVALUATION OF ASSETS
12.3: CALCULATION OF DIVIDENDS
12.4: CALCULATION OF RETAINED PROFITS
12.5: STATEMENT OF CHANGES IN EQUITY
12.6: STATEMENT OF FINANCIAL POSITION
12.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 13 ACCOUNTING RATIOS
13.1: EXPENSES AND PROFIT RATIOS-CALCULATION
13.2: EXPENSES AND PROFIT RATIOS-INTERPRETATION
13.3: RETURN ON CAPITAL EMPLOYED-CALCULATION
13.4: RETURN ON CAPITAL EMPLOYED-INTERPRETATION
13.5: INVENTORY TURNOVER RATIO-CALCULATION
13.6: INVENTORY TURNOVER RATIO-INTERPRETATION
13.7: RECEIVABLES & PAYABLES PAYMENT PERIOD-CALCULATION
13.8: RECEIVABLES & PAYABLES PAYMENT PERIOD-INTERPRETATION
13.9: LIQUIDITY RATIOS-CALCULATION
13.10: LIQUIDITY RATIOS-INTERPRETATION
13.11: NON CURRENT ASSETS TURNOVER RATIO-CALCULATION
13.12: NON CURRENT ASSETS TURNOVER RATIO-INTERPRETATION
13.13: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 14 COMPUTERISED ACCOUNTING SYSTEM
14.1: COMPUTERISED ACCOUNTING SYSTEM – ADVANTAGES
14.2: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 15 COST ACCOUNTING – AN INTRODUCTION
15.1: FIXED COSTS
15.2: VARIABLE COST
15.3: SEMI VARIABLE COST
15.4: DIRECT AND INDIRECT COSTS
15.5: SUNK AND STEPPED COSTS
15.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 16 MATERIAL & LABOUR COSTING
16.1: BASIC PAY
16.2: BONUSES
16.3: OVERTIME
16.4: BONUSES & OVERTIME
16.5: FIRST IN FIRST OUT (FIFO)
16.6: AVERAGE COST METHOD (AVCO)
16.7: JUST IN TIME INVENTORY
16.8: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 17 ABSORPTION COSTING
17.1: APPORTIONMENT & ALLOTMENT OF OVERHEADS
17.2: CALCULATION OF OVERHEAD ABSORPTION RATE
17.3: CALCULATION OF PER UNIT COST AND SELLING PRICE
17.4: CALCULATION OF UNDER (OVER) ABSORPTION OF OVERHEADS
17.5: ABSORPTION COSTING-THEORY
17.6: JOB AND BATCH COSTING-CALCULATIONS
17.7: JOB AND BATCH COSTING- THEORY
ANSWERS SECTION

CHAPTER 18 MARGINAL COSTING – BREAK-EVEN
18.1: CONTRIBUTION AND CONTRIBUTION RATIO
18.2: BREAK-EVEN
18.3: MARGIN OF SAFETY
18.4: BREAK-EVEN AND PROFIT VOLUME CHART
18.5: COST-VOLUME-PROFIT ANALYSIS
18.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 19 MARGINAL COSTING & DECISION MAKING
19.1: CALCULATIONS OF TOTAL COSTS & PROFITS
19.2: HIGH-LOW METHOD
19.3: CLOSURE OF LOSS MAKING DEPARTMENT
19.4: MAKE OR BUY DECISION
19.5: ACCEPTANCE OF ORDERS BELOW NORMAL PRICE
ANSWERS SECTION

CHAPTER 20 LIMITING FACTORS IN MARGINAL COSTING  
20.1: IDENTIFICATION OF LIMITING FACTOR
20.2: PRODUCTION RANKING
20.3: OPTIMUM PRODUCTION PLAN
20.4: CALCULATION OF PROFIT
ANSWER SECTION

CHAPTER 21 MARGINAL & ABSORPTION PROFIT STATEMENTS
21.1: CALCULATION OF COSTS AND INVENTORIES
21.2: CALCULATION OF PROFITS
21.3:RECONCILIATION OF PROFITS
21.4: MULTIPLE TOPICS
ANSWERS SECTION