Edexcel A level Accounting Unit 1 Exam
Questions With Correct Answers
need /for /accounting /- /verified /answers-✔✔assess /trading /activities, /enable /external /owners
/to /see /how /managers /are /performing, /control /activities /of /business, /plan /future /activities
Sole /trader /- /verified /answers-✔✔individual /who /owns /their /own /business
unlimited /liability /- /verified /answers-✔✔The /owner /is /personally /and /fully /responsible /for /all
/losses /and /debts /of /the /business
Bankruptcy /- /verified /answers-✔✔when /someone /is /judged /to /be /unable /to /pay /their
/liabilities
Capital/Equity /- /verified /answers-✔✔A /owner's /financial /investment /in /a /business
Deed /of /partnership /- /verified /answers-✔✔formal /agreement /to /begin /a /partnership
limited /partnership /- /verified /answers-✔✔partnership /in /which /the /partner /is /only
/responsible /for /the /partnerships /debts /only /up /to /the /amount /they /originally /invested
Drawings /- /verified /answers-✔✔The /money /taken /from /the /business /by /the /owner(s) /for
/personal /use.
auditor /- /verified /answers-✔✔a /qualified /accountant /who /inspects /the /accounting /records
/and /practices /of /a /business /or /other /organization
,Income /Statement /- /verified /answers-✔✔A /financial /statement /showing /the /revenue /and
/expenses /for /a /specific /period.
Statement /of /Financial /Position /- /verified /answers-✔✔Shows /the /value /of /a /business /on /a
/particular /date
how /can /you /protect /financial /information /on /your /computer /- /verified /answers-✔✔antivirus
/software /
complicated /passwords
3 /advantages /of /ICT /in /accounting /- /verified /answers-✔✔you /can /save /your /work
easy /to /share
calculations /and /templates /are /ready /to /use
3 /disadvantages /of /ICT /in /accounting /- /verified /answers-✔✔hacking
failure /in /technology /
expensive
3 /examples /of /financial /statements /- /verified /answers-✔✔income /statement /
statement /of /financial /position /
statement /of /cash /flows
example /of /accountant /being /objective /- /verified /answers-✔✔unbiased /valuation /of
/business's /assets
, What /is /confidentiality? /- /verified /answers-✔✔not /talking /about /the /company's /financial
/information.
what /is /public /interest? /- /verified /answers-✔✔accountants /must /present /accounts /in /true /&
/fair /view
3 /roles /of /an /accountant /- /verified /answers-✔✔payroll
book /keeping
auditing /accounts
which /business /document /contains /details /of /purchase, /returns /and /payments /occurring
during /a /trading /period /- /verified /answers-✔✔statement /of /account
/
what /is /sent /when /goods /are /sold /to /another /business /on /credit /- /verified /answers-
✔✔invoice
when /does /a /business /issue /a /credit /note /- /verified /answers-✔✔when /goods /have /been
/returned
Books /of /original /entry /- /verified /answers-✔✔a /journal /in /which /a /transaction /is /first
/recorded
types /of /books /of /original /entry /- /verified /answers-✔✔sales /day /book
purchases /day /book
sales /returns /day /book
purchases /returns /day /book
cash /book
Questions With Correct Answers
need /for /accounting /- /verified /answers-✔✔assess /trading /activities, /enable /external /owners
/to /see /how /managers /are /performing, /control /activities /of /business, /plan /future /activities
Sole /trader /- /verified /answers-✔✔individual /who /owns /their /own /business
unlimited /liability /- /verified /answers-✔✔The /owner /is /personally /and /fully /responsible /for /all
/losses /and /debts /of /the /business
Bankruptcy /- /verified /answers-✔✔when /someone /is /judged /to /be /unable /to /pay /their
/liabilities
Capital/Equity /- /verified /answers-✔✔A /owner's /financial /investment /in /a /business
Deed /of /partnership /- /verified /answers-✔✔formal /agreement /to /begin /a /partnership
limited /partnership /- /verified /answers-✔✔partnership /in /which /the /partner /is /only
/responsible /for /the /partnerships /debts /only /up /to /the /amount /they /originally /invested
Drawings /- /verified /answers-✔✔The /money /taken /from /the /business /by /the /owner(s) /for
/personal /use.
auditor /- /verified /answers-✔✔a /qualified /accountant /who /inspects /the /accounting /records
/and /practices /of /a /business /or /other /organization
,Income /Statement /- /verified /answers-✔✔A /financial /statement /showing /the /revenue /and
/expenses /for /a /specific /period.
Statement /of /Financial /Position /- /verified /answers-✔✔Shows /the /value /of /a /business /on /a
/particular /date
how /can /you /protect /financial /information /on /your /computer /- /verified /answers-✔✔antivirus
/software /
complicated /passwords
3 /advantages /of /ICT /in /accounting /- /verified /answers-✔✔you /can /save /your /work
easy /to /share
calculations /and /templates /are /ready /to /use
3 /disadvantages /of /ICT /in /accounting /- /verified /answers-✔✔hacking
failure /in /technology /
expensive
3 /examples /of /financial /statements /- /verified /answers-✔✔income /statement /
statement /of /financial /position /
statement /of /cash /flows
example /of /accountant /being /objective /- /verified /answers-✔✔unbiased /valuation /of
/business's /assets
, What /is /confidentiality? /- /verified /answers-✔✔not /talking /about /the /company's /financial
/information.
what /is /public /interest? /- /verified /answers-✔✔accountants /must /present /accounts /in /true /&
/fair /view
3 /roles /of /an /accountant /- /verified /answers-✔✔payroll
book /keeping
auditing /accounts
which /business /document /contains /details /of /purchase, /returns /and /payments /occurring
during /a /trading /period /- /verified /answers-✔✔statement /of /account
/
what /is /sent /when /goods /are /sold /to /another /business /on /credit /- /verified /answers-
✔✔invoice
when /does /a /business /issue /a /credit /note /- /verified /answers-✔✔when /goods /have /been
/returned
Books /of /original /entry /- /verified /answers-✔✔a /journal /in /which /a /transaction /is /first
/recorded
types /of /books /of /original /entry /- /verified /answers-✔✔sales /day /book
purchases /day /book
sales /returns /day /book
purchases /returns /day /book
cash /book
