Download and practise with this ZIMSEC O-Level Principles of Accounts Paper 1 June 2024 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 2024. Use it for exam practice under timed conditions.
2 1 Three fundamental principles of business ethies are A integrity, confidentiality, objectivity. B integrity, prudence, objectivity. C professional behaviour, objectivity, consistency. D professional competence and due care, professional behaviour, consistency. 2 A machine bought on hire purchase is treated in the books of the buyer as a non current asset. This is an application of A materiality concept. B prudence concept. C realisation concept. D substance over form concept. 3 A transfer from the sales ledger account to the purchases ledger account is recorded in A cash book. B general journal. C purchases journal. D sales journal. 4 What is ignored when calculating depreciation of non current assets? A Cost of the asset B Cost of repairs C Useful life of the asset D Estimated residual value 5 Mrs Moyo bought a machine costing $$ 300000$ on 1 January 2017. The machine was disposed for $$ 20000$ on 30 June 2021. The depreciation charge was $20 \%$ per annum on cost. What is the profit or loss on disposal? A loss of $$ 10000$ B loss of $$ 30000$ C profit of $$ 10000$ D profit of $$ 30000$ 6 Discount received $$ 2000$ had been posted to the purchases ledger but not to the discount received account. What is the correct entry in the suspense account? A Debit suspense account with $$ 2000$ B Debit suspense account with $$ 4000$ C Credit suspense account with $$ 2000$ D Credit suspense account with $$ 4000$ 6001412024 CS CamScanner