AQA ACCOUNTING QUESTION Paper1
Financial Accounting (7127/1) 1MERGED
WITH MARK SCHEME MAY 2024
A-level
ACCOUNTING
Paper 1 Financial Accounting
Thursday 23 May 2024 Afternoon Time allowed: 3 hours
AQA ACCOUNTING QUESTION Paper1
Financial Accounting (7127/1) 1MERGED
WITH MARK SCHEME MAY 2024
, 2
Do not write
outside the
Section A box
Answer all questions in this section.
For multiple-choice questions only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
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.
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
0 2 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
IB/M/Jun24/7127/1
, 3
Do not write
outside the
box
0 3 A business owner records goods taken for their own use as drawings.
Which accounting concept is being applied?
[1 mark]
A Business entity
B Consistency
C Money measurement
D Realisation
0 4 What is the correct formula for the capital gearing ratio?
[1 mark]
Non-current liabilities
A × 100
Issued share capital + current liabilities
Non-current liabilities
B × 100
Issued share capital + non-current liabilities
Non-current liabilities
C × 100
Issued share capital + reserves + current liabilities
Non-current liabilities
D × 100
Issued share capital + reserves + non-current liabilities
Turn over for the next question
Turn over ►
IB/M/Jun24/7127/1
, 4
Do not write
outside the
0 5 A sales ledger control account showed the following for January 2024. box
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
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
IB/M/Jun24/7127/1
Financial Accounting (7127/1) 1MERGED
WITH MARK SCHEME MAY 2024
A-level
ACCOUNTING
Paper 1 Financial Accounting
Thursday 23 May 2024 Afternoon Time allowed: 3 hours
AQA ACCOUNTING QUESTION Paper1
Financial Accounting (7127/1) 1MERGED
WITH MARK SCHEME MAY 2024
, 2
Do not write
outside the
Section A box
Answer all questions in this section.
For multiple-choice questions only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
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.
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
0 2 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
IB/M/Jun24/7127/1
, 3
Do not write
outside the
box
0 3 A business owner records goods taken for their own use as drawings.
Which accounting concept is being applied?
[1 mark]
A Business entity
B Consistency
C Money measurement
D Realisation
0 4 What is the correct formula for the capital gearing ratio?
[1 mark]
Non-current liabilities
A × 100
Issued share capital + current liabilities
Non-current liabilities
B × 100
Issued share capital + non-current liabilities
Non-current liabilities
C × 100
Issued share capital + reserves + current liabilities
Non-current liabilities
D × 100
Issued share capital + reserves + non-current liabilities
Turn over for the next question
Turn over ►
IB/M/Jun24/7127/1
, 4
Do not write
outside the
0 5 A sales ledger control account showed the following for January 2024. box
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
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
IB/M/Jun24/7127/1
