cameroon gce intermediate level 2025 international financial accounting 1
cameroon gce intermediate level 2025 international financial accounting 1
Data Extraction from Image 1
1. The Accounting equation is described by one of the following:
- A) Capital = Asset + Liabilities.
- B) Capital = Asset – Liabilities.
- C) Capital = Assets – Liabilities.
- D) Capital + Assets = Liabilities.
2. The Statement of financial position of a Business shows:
- A) change in Capital.
- B) annual profit or loss.
- C) income and expenditure.
- D) assets and liabilities at a certain date.
3. Expenses which cannot be apportioned to the department must be shown in the:
- A) balance sheet.
- B) trading account.
- C) profit and loss account.
- D) profit and loss appropriation.
4. At the end of the month the total from the sales journal is:
- A) credited to the Customer’s personal account.
- B) credited to the Sales account.
- C) debited to the Customer’s personal account.
- D) debited to the Sales account.
5. Which of the following is a Capital expenditure?
- A) Capital introduced by the owner.
- B) Payment of wages.
- C) Purchase of new computer.
- D) Repair of equipment.
6. SASI provided the following information, Fees receivable 78,000 FCFA, Rents receivable 10,000 FCFA, office expenses 20,000 FCFA, Motor expenses 9,000 FCFA and Drawings 2,000 FCFA. Calculate he assets.
- A) 47,000 FCFA.
- B) 60,000 FCFA.
- C) 98,000 FCFA.
- D) 89,000 FCFA.
7. Using an imprest of 120,000 FCFA a trader had the following transactions in June, Receipt from customer 21,000 FCFA, paid for: stationery 25,000 FCFA, postage 10,000 FCFA, Cleaning 20,000 FCFA, and supplier 40,000FCFA. How much should be restored on the of June 1?
- A) 46,000 FCFA.
- B) 74,000 FCFA.
- C) 95,000 FCFA.
- D) 120,000 FCFA.
8. Goods sold on credit to JK were debited to AK’s Account. Which error has been made?
- A) Commission.
- B) Complete reversal.
- C) Original entry.
- D) Principle.
9. The abbreviation IAS means:
- A) International Accruals Standard.
- B) International Accounting Sales.
- C) International Accounting Standard.
- D) Internal Accounting Standard.
10. Tabe a young trader is adviced to record all his transactions in monetary terms. Which principle will his apply?
- A) Historic cost.
- B) Money measurement.
- C) Materiality.
- D) Prudence.
11. A trader credited his income statement and debited his capital account. What does this double entry record?
- A) Drawings.
- B) Capital introduced.
- C) Loss for the year.
- D) Profit for the year.
12. The trial balance shows:
- A) a summary of the financial position.
- B) the transactions for the year.
- C) the profit for the year.
- D) the ledger account balances.
13. At the end of the year BUNO prepared a suspense account. Why was it necessary?
- A) The suspense account had been omitted from the ledger.
- B) The trial balance totals did not agree.
- C) To correct an error of commission.
- D) To make sure no errors were made.
14. Identify the group of intangible assets.
- A) Bank balance, brand names, trademarks.
- B) Bank balance, trademarks, goodwill.
- C) Brand names, trademarks, goodwill.
- D) Goodwill, receivables, trademarks.
15. From the following information, determine the net profit of the entity: Credit sales 36,000 FCFA, cash sales 24,000 FCFA and net profit margin 30%.
- A) 10,000 FCFA
- B) 7,200 FCFA
- C) 10,800 FCFA
- D) 18,000FCFA
