Ordinary level 2025 South West mock international financial accounting 1
Ordinary level 2025 South West mock international financial accounting 1
Which book of prime entry
^ord a sales return?
A Sales0?DooK
> o|:
B Purchases Day’.?00^
C Sales Returns Day BoiuV i /
D Journal A 16,000
2. A company recorded a sales invoice of 1,500 in the
Sales Day Book. However, upon reviewing the
invoice, it wasdiscovered that the amount should have
been 1,800, What is the correctingjournal entry?
A Credit Sales Returns Account with 300
B Debit Accounts Receivable with 300
C Debit Sales Day Book with 1,800
L) Credit the Journal with 1,500
B 20
,000
C 24
,000
D
7. What is the difference between a Trading . 1
and a Profit and Loss Account?
Trading Account shows gross profit;ly.
Loss Account shows net profit
Trading Account shows net profit; pror,, ,
Loss Account shows gross profit
C Trading Account shows sales; Profit and L
Account shows expenses
Trading Account shows expenses; Profit t
D
Loss Account ihovvs sales
A
3. What is the primary purpose of posting transactions
from the Books of Prime Entry to the Ledger?
A To prepare financial statements
B To record new transactions
C To classify and summarize transactions
D To provide a permanent record of transactions
B 8.
A company’s Trading Account shows:
– Sales 100,000
– Cost of Goods Sold 60,000
– Gross Profit 40,000
– Operating Expenses 20,000
– Accrued operating expenses 5,000
– Advanced operating expenses 2,000
What is the net profit?
A 20,000
B 30,000
C 40,000
17,000
4. A company’s Trial Balance shows:
– Accounts Receivable 10,000
– Accounts Payable 8,000
– Sales 50,000
– Purchases 30,000
– Cost of sales 35,000
What is the company’s Gross Profit?
20,000
15,000
25,000
10,000
ABC
D D
9. What method is used to reconstruct ft:
statements when records are incomplete?
Accounting Equation
Trial Balance
Ledger Accounts
Estimation and ApportiorLT.r *
5. A company’s Sales Ledger Control Account shows
a debit balance of 110,000frs.The Sales Day Book has
total sales of 208,000frs, and Sales Returns Day Book
of ll.OOOfrs. What is the revised
AB
shows returns
balance of the Sales Ledger Control Account?
A 311,000 CFAF
309,000 CFAF
C 307,000 CFAF
O 117,000 CFAF
CD
3
10. What A doesLiquidity the Current Ratio measure1?^
B Profitability
C Efficiency
D Solvency
OL SW MOCK 2025 international financial accounting 1
