IGCSE ACCOUNTING EXAM
IGCSE ACCOUNTING EXAM QUESTIONS AND ANSWERS GRADED A+
debit note - correct answer This is a document sent by the
buyer to request a reduction in the invoice received
Not entered in accounting records
Reasons for preparing a bank reconciliation statement -
correct answer Identify unpresented cheque
Identify amounts not credited
To correct cash book
Why might you want to know cost of production? - correct
answer to set prices
,IGCSE ACCOUNTING EXAM
to compare the cost of manufacturing with the cost of
buying the goods in
Accounting - correct answer Accounting uses the bookkeeping
records to
prepare financial statements at regular intervals.
Book keeping - correct answer A process of detailed recording
of all the
financial transactions of a business.
Statement of financial position - correct answer shows the
assets and liabilities of a business on a certain date
Assets - correct answer represent anything owned or owed to
by the business
Use of financial statements - correct answer compare progress
with previous years or other businesses
helps owner monitor business
,IGCSE ACCOUNTING EXAM
helpsn plan for the future
Profit equals - correct answer total revenue - total expenses
Accounting Equation - correct answer Assets = Liabilities +
Owner's Equity
Accounting rule for a personal a/c - correct answer debit the
receiver, credit the giver
Accounting rule for a nominal accounts - correct answer debit
all expenses credit all incomes (sales a/c, purchase a/c)
Accounting rule for an impersonal accounting - correct answer
debit what comes in credit what comes out (vehicle a/c,
cash a/c)
Trial balance - correct answer is a statement of ledger
balances on a
particular date
, IGCSE ACCOUNTING EXAM
statement of account - correct answer a document issued by
the sellers of goods on credit to summarise the
transactions for the month
Never entered in the accounting records
purpose of a statement of account - correct answer to remind
buyers of any due amount
to make sure both parties have the same amounts due
A trial balance will not balance if - correct answer An error of
addition within the TB
An error of addition in the ledger A/C s
Double entry figures differ
Only single entry made instead of a double entry
Both entries made in the same side of the ledger
How are accounts recorded in the trial balance - correct answer
If the debit side of an A/C has greater value than the
IGCSE ACCOUNTING EXAM QUESTIONS AND ANSWERS GRADED A+
debit note - correct answer This is a document sent by the
buyer to request a reduction in the invoice received
Not entered in accounting records
Reasons for preparing a bank reconciliation statement -
correct answer Identify unpresented cheque
Identify amounts not credited
To correct cash book
Why might you want to know cost of production? - correct
answer to set prices
,IGCSE ACCOUNTING EXAM
to compare the cost of manufacturing with the cost of
buying the goods in
Accounting - correct answer Accounting uses the bookkeeping
records to
prepare financial statements at regular intervals.
Book keeping - correct answer A process of detailed recording
of all the
financial transactions of a business.
Statement of financial position - correct answer shows the
assets and liabilities of a business on a certain date
Assets - correct answer represent anything owned or owed to
by the business
Use of financial statements - correct answer compare progress
with previous years or other businesses
helps owner monitor business
,IGCSE ACCOUNTING EXAM
helpsn plan for the future
Profit equals - correct answer total revenue - total expenses
Accounting Equation - correct answer Assets = Liabilities +
Owner's Equity
Accounting rule for a personal a/c - correct answer debit the
receiver, credit the giver
Accounting rule for a nominal accounts - correct answer debit
all expenses credit all incomes (sales a/c, purchase a/c)
Accounting rule for an impersonal accounting - correct answer
debit what comes in credit what comes out (vehicle a/c,
cash a/c)
Trial balance - correct answer is a statement of ledger
balances on a
particular date
, IGCSE ACCOUNTING EXAM
statement of account - correct answer a document issued by
the sellers of goods on credit to summarise the
transactions for the month
Never entered in the accounting records
purpose of a statement of account - correct answer to remind
buyers of any due amount
to make sure both parties have the same amounts due
A trial balance will not balance if - correct answer An error of
addition within the TB
An error of addition in the ledger A/C s
Double entry figures differ
Only single entry made instead of a double entry
Both entries made in the same side of the ledger
How are accounts recorded in the trial balance - correct answer
If the debit side of an A/C has greater value than the
