111 Accounting AS-Level MCQ’s Paper-1 Topical Worked Solutions

Description

111 Accounting AS-Level MCQ’s Paper-1 Topical Worked Solutions

• All Variants
• Solved with explanation of all choices A,B,C & D
• Questions order from new to old
• Each chapter has been classified into subtopics

TABLE OF CONTENTS

CHAPTER 1 BANK RECONCILIATION STATEMENTS
1.1: CALCULATION OF ADJUSTED CASHBOOK BALANCE
1.2: CALCULATION OF BANK STATEMENT BALANCE
1.3: CALCULATION OF OTHER MISSING ITEMS
1.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 2 IRRECOVERABLE DEBTS & DOUBTFUL DEBTS
2.1: IRRECOVERABLE DEBTS & IRRECOVERABLE DEBTS RECOVERED
2.2: ALLOWANCE FOR IRRECOVERABLE DEBTS
2.3: IRRECOVERABLE & ALLOWANCE FOR IRRECOVERABLE DEBTS
2.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 3 ACCOUNTING FOR NON-CURRENT ASSETS
3.1: DEPRECIATION THEORY
3.2: STRAIGHT LINE METHOD
3.3: REDUCING BALANCE METHOD
3.4: DISPOSAL OF ASSETS
3.5: REVALUATION METHOD
3.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 4 ACCOUNTING CONCEPTS
4.1: ENTITY AND CONSISTENCY
4.2: PRUDENCE AND MATERIALITY
4.3: MATCHING AND ACCRUAL AND REALISATION
4.4: SUBSTANCE OVER FROM AND MONEY MEASUREMENT
4.5: GOING CONCERN & HISTORICAL COST
4.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 5 SOLE TRADER
5.1: DOUBLE ENTRY
5.2: PREPAYMENT & ACCRUALS
5.3: STATEMENTS OF PROFIT OR LOSS
5.4: STATEMENT OF FINANCIAL POSITION
5.5: LOWER OF COST AND NET REALISBALE VALUE
5.6: TRADE AND CASH DISCOUNTS
5.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 6 PARTNERSHIPS
6.1: PARTNERSHIP STATEMENTS OF PROFIT OR LOSS & APPROPRIATION ACCOUNT
6.2: PARTNERSHIP CURRENT AND CAPITAL ACCOUNTS
6.3: DOUBLE ENTRY IN PARTNERSHIP ACCOUNTS
6.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 7 CAPITAL AND REVENUE
7.1: CAPITAL EXPENDITURES
7.2: REVENUE EXPENDITURES
7.3: CAPITAL AND REVENUE RECEIPTS
7.4: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 8 CORRECTION OF ERRORS 
8.1: ERRORS NOT AFFECTING AGREEMENT OF TRAIL BALANCE
8.2: ERRORS AFFECTING AGREEMENT OF TRAIL BALANCE
8.3: MISTAKES IN TRAIL BALANCE
8.4: SUSPENSE ACCOUNT
8.5: CALCULATION OF CORRECT PROFIT
8.6: EFFECTS OF ERRORS ON PROFIT
8.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 9 CONTROL ACCOUNTS
9.1: SALES LEDGER CONTROL ACCOUNT
9.2: PURCHASE LEDGER CONTROL ACCOUNT
9.3: CORRECTIONS IN SALES LEDGER CONTROL ACCOUNT
9.4: CORRECTIONS IN PURCHASE LEDGER CONTROL ACCOUNT
9.5: CONTROL ACCOUNT BALANCES FOR STATEMENT OF FINANCIAL POSITION
9.6: BOOKS OF ORIGINAL ENTRY
9.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 10 ACCOUNTS FROM INCOMPLETE RECORDS
10.1: CALCULATIONS OF SALES
10.2: CALCULATIONS OF PURCHASES
10.3: MARK-UP AND MARGIN
10.4: PREPAYMENTS & ACCRUALS
10.5: CALCULATE PROFIT THROUGH STATEMENT OF FINANCIAL POSITION
10.6: CALCULATIONS OF INVENTORY
10.7: CALCULATIONS OF INVENTORY LOSSES
10.8: CALCULATIONS OF DEPRECIATION
10.9: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 11 LIMITED COMAPNIES – SHARES AND DEBENTURES
11.1: SHARES AND DEBENTURES-AN INTRODUCTION
11.2: CAPITAL AND REVENUE RESERVES
11.3: RIGHT AND PUBLIC ISSUE
11.4: BONUS ISSUE
11.5: RIGHTS AND BONUS ISSUE COMBINED
11.6: ISSUE OF SHARES AND DEBENTURES COMBINES
11.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 12 LIMITED COMPANIES – FINANCIAL STATEMENTS
12.1: STATEMENT OF PROFIT OR LOSS FOR COMPANIES
12.2: REVALUATION OF ASSETS
12.3: CALCULATION OF DIVIDENDS
12.4: CALCULATION OF RETAINED PROFITS
12.5: STATEMENT OF CHANGES IN EQUITY
12.6: STATEMENT OF FINANCIAL POSITION
12.7: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 13 ACCOUNTING RATIOS
13.1: EXPENSES AND PROFIT RATIOS-CALCULATION
13.2: EXPENSES AND PROFIT RATIOS-INTERPRETATION
13.3: RETURN ON CAPITAL EMPLOYED-CALCULATION
13.4: RETURN ON CAPITAL EMPLOYED-INTERPRETATION
13.5: INVENTORY TURNOVER RATIO-CALCULATION
13.6: INVENTORY TURNOVER RATIO-INTERPRETATION
13.7: RECEIVABLES & PAYABLES PAYMENT PERIOD-CALCULATION
13.8: RECEIVABLES & PAYABLES PAYMENT PERIOD-INTERPRETATION
13.9: LIQUIDITY RATIOS-CALCULATION
13.10: LIQUIDITY RATIOS-INTERPRETATION
13.11: NON CURRENT ASSETS TURNOVER RATIO-CALCULATION
13.12: NON CURRENT ASSETS TURNOVER RATIO-INTERPRETATION
13.13: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 14 COMPUTERISED ACCOUNTING SYSTEM
14.1: COMPUTERISED ACCOUNTING SYSTEM – ADVANTAGES
14.2: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 15 COST ACCOUNTING – AN INTRODUCTION
15.1: FIXED COSTS
15.2: VARIABLE COST
15.3: SEMI VARIABLE COST
15.4: DIRECT AND INDIRECT COSTS
15.5: SUNK AND STEPPED COSTS
15.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 16 MATERIAL & LABOUR COSTING
16.1: BASIC PAY
16.2: BONUSES
16.3: OVERTIME
16.4: BONUSES & OVERTIME
16.5: FIRST IN FIRST OUT (FIFO)
16.6: AVERAGE COST METHOD (AVCO)
16.7: JUST IN TIME INVENTORY
16.8: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 17 ABSORPTION COSTING
17.1: APPORTIONMENT & ALLOTMENT OF OVERHEADS
17.2: CALCULATION OF OVERHEAD ABSORPTION RATE
17.3: CALCULATION OF PER UNIT COST AND SELLING PRICE
17.4: CALCULATION OF UNDER (OVER) ABSORPTION OF OVERHEADS
17.5: ABSORPTION COSTING-THEORY
17.6: JOB AND BATCH COSTING-CALCULATIONS
17.7: JOB AND BATCH COSTING- THEORY
ANSWERS SECTION

CHAPTER 18 MARGINAL COSTING – BREAK-EVEN
18.1: CONTRIBUTION AND CONTRIBUTION RATIO
18.2: BREAK-EVEN
18.3: MARGIN OF SAFETY
18.4: BREAK-EVEN AND PROFIT VOLUME CHART
18.5: COST-VOLUME-PROFIT ANALYSIS
18.6: MULTIPLE TOPICS
ANSWERS SECTION

CHAPTER 19 MARGINAL COSTING & DECISION MAKING
19.1: CALCULATIONS OF TOTAL COSTS & PROFITS
19.2: HIGH-LOW METHOD
19.3: CLOSURE OF LOSS MAKING DEPARTMENT
19.4: MAKE OR BUY DECISION
19.5: ACCEPTANCE OF ORDERS BELOW NORMAL PRICE
ANSWERS SECTION

CHAPTER 20 LIMITING FACTORS IN MARGINAL COSTING  
20.1: IDENTIFICATION OF LIMITING FACTOR
20.2: PRODUCTION RANKING
20.3: OPTIMUM PRODUCTION PLAN
20.4: CALCULATION OF PROFIT
ANSWER SECTION

CHAPTER 21 MARGINAL & ABSORPTION PROFIT STATEMENTS
21.1: CALCULATION OF COSTS AND INVENTORIES
21.2: CALCULATION OF PROFITS
21.3:RECONCILIATION OF PROFITS
21.4: MULTIPLE TOPICS
ANSWERS SECTION