Download and practise with this ZIMSEC O-Level Principles of Accounts Paper 1 June 2013 question paper. Useful for exam revision, past paper practice, and preparation in Zimbabwe.
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This is the ZIMSEC O-Level Principles of Accounts question paper for Paper 1 from June 2013. Use it for exam practice under timed conditions. The paper code is 9197/1.
i Which statement is incorrect? A Accruals concept states that income earned and costs incurred in generating that income be brought into account during the same financial period. B Consistency concept requires that a specific base, method, procedure or approach, once chosen should be maintained. C Going concern concept states that entries with no essential bearing upon the nature and scope of the business activities should be brought into account. D Prudence concept states that income cannot be brought into account until it has been realised. 2 Quick Dealers Ltd sold goods for $$ 10800$ on credit on 16 February 2010. Trade discount was $10 \%$ and cash discount $5 \%$ if settled within 30 days. How much was received from the debtor on 16 March 2010? A $$ 9180$ B $$ 9234$ C $$ 9720$ D $$ 10800$ 3 New equipment was traded in for old equipment valued at $$ 12000$. What entries correctly record the $$ 12000$ part exchange? Account debited | Account credited A Cash | Equipment B Disposals | Equipment C Equipment | Cash D Equipment | Disposals 4 At the end of a financial period, Alice had the following balances: | $$$ Total debtors' (receivables) balance | 21240 Bad debts not yet written off | 520 Provision for bad debts brought down | 920 Provision for bad debts is $5 \%$ of debtors. The provision for bad debts account is A decreased by $$ 116$. B decreased by $$ 142$. C increased by $$ 116$. D increased by $$ 142$. 9197/1 J2013