gce 2022 intermediate level accounting 1

gce 2022 intermediate level accounting 1

gce 2022 intermediate level accounting 1

Which of the following is a source document purchase price
helpful in preparing the cash book?
A Cash sales invoice and pay-in-slips
B All sales and purchases invoices
C Debit and credit notes
D Cash and credit invoices
1.
What accounting principle governs the timing of
recognition of revenue?
A Realisation principle
B Materiality principle
C Consistency principle
D Matching principle
9.’
r. •
; • i
In the patrimony of an enterprise, assets arc
usually classified in order of:
A Liquidity
B Profitability
C Efficiency
D Performance
2.
On September 10, 2019 Ekane consigned 70
containers to Ann. The consignment price was
PCFA 5,000. The ratio of the consignment to the
purchase price was 5:4 respectively.
What is the purchase price of the containers?
A F CFA 6,250
B F CFA 5,000
C F CFA 4,000
D F CFA 6,000
10.
3. On January 15, 2019 an entity purchased goods
by cash. Which of the following best describes
the dual effect in the books?
A The business has given goods and received
cash
B The business has received goods and cash
C The business has given cash and given
goods
D The business has received goods and has
given cash.
11. Transactions of an entity that include the purchases
and sales of long-term productive assets are
referred to as;
A Investment activities
B Financing activities
C Expenditure and revenue activities
4. Which of the following is a source of finance D Operating activities
when a business needs additional funding?
A Selling to customers on credit
B Buying from suppliers by cash
C Long-term loan from bank
D Buying of fixed assets
12. An asset was purchased for F CFA 1,000,000 with
an immediate cash payment of F CFA 200,000 and
a bill accepted for F CFA 800,000.
What would be the effect on the total assets and
liabilities of the entity?
A Assets increase by F CFA 800,000 and
liabilities decrease by F CFA 800,000
B Assets decrease by F CFA 800,000 and
liabilities increase by F CFA 800,000
C Assets increase by F CFA 1,000,000 and
liabilities decrease by F CFA 800,000
D Assets increase by F CFA 800,000 and
liabilities increase by F CFA 800,000
5. In an enterprise, software, licenses, copyright,
logo and trademarks are all aspects of: .
A Tangible fixed assets
B Intangible fixed assets
C Financial fixed assets
D Current assets – • r –
6. GAAP is an acronym for;
A Generally Authorised Accounting
Procedures
B Generally Applied Accounting Principles
C Generally Accepted Auditing Procedures
D Generally Accepted Accounting Principles
13. When goods are bought and stored, they leave the
warehouse at;
A Purchase price
B Purchase cost
C Warehouse cost
Overtime night work after 10 pm in Cameroon is D Selling price
remunerated at the hourly rate of:
A 120%
B 130%
C 140%
D 150%
7.
14. The difference between account 77 (Financial
revenues) and 67 (Financial expenses) will give?
A Financial results
B Financial profit
C Financial loss
8. An impairment loss on stocks is recorded when: D Financial operations
A The selling price is less than the market
value
B The market value is less than the purchase
price
C The selling price is greater than the
purchase price
D The market value is greater than the
15. Names ot individuals found in the purchases day
book are names of ;
A Debtors *
B Creditors
C Owners
D Customers

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