cameroon gce 2023 intermediate level International Financial Accounting 1

cameroon gce 2023 intermediate level International Financial Accounting 1

cameroon gce 2023 intermediate level International Financial Accounting 1

Businesses makes use of both book-keeping
and accounting procedures to
A interpret the double entry records.
B prepare day books.
C record all financial transactions of the
business.
D summarise the financial position of the
business.
9. For Non-Profit organisations; what the business
owes its members is known as
A accumulated fund.
B capital.
C Liabilities.
D subscriptions.
10. The purchase of photocopier paper has been
debited to the office equipment account. Which
type of error is this?
A Commission.
B Principle.
C Compensating.
D Reversal.
2. Identify the item which affects Gross Profit
A carriage inward.
B discount allowed.
C discount received.
D carriage outwards.
3. An example of a Liability of a business is a/an
A amount owed by credit customers.
B amount owed to credit supplier.
C long term loan to employee.
D property tax paid in advance.
A trader prepares a Balance Sheet in order to
A calculate the profit or loss for a given
period
B summarise what the business owns and
what it owes for a given period.
C show the transactions which took place
during the year.
D Show the financial
business as at a given date.
11.
4. In which section of a manufacturing account
would a royalty payment appear?
A Direct expenses.
B Direct labour.
C Direct Materials.
D Factory overhead.
position of the
12. A trader writes off an amount owed by Song by
debiting the bad debts account and crediting
Song’s account. Which accounting principle is the
trader applying?
A Entity concept.
B Consistency concept.
C Dual Aspect concept.
D Money measurement concept.
Modestine is a wholesaler selling shoes to
retailers. Which of the following is a revenue
receipt?
A Capital introduced by Modestine.
B Loan-term bank loan.
C Proceeds of the sale of shoe shelve at
book value.
D Proceeds of sales of shoes at list price.