ZIMSEC O-Level Principles of Accounts Paper 1 November 2015 Question Paper

About this question paper

This is the ZIMSEC O-Level Principles of Accounts question paper for Paper 1 from November 2015. Use it for exam practice under timed conditions. The paper code is 7112/1. Time allowed: 1 hour 30 minutes.

More Principles of Accounts O-Level 2015 papers

• Paper 2 May/June Question Paper464 KB
• Paper 1 May/June Question Paper150 KB
• Paper 3 June Question Paper938 KB

Other years: Principles of Accounts O-Level

• 2017 Paper 2 November Question Paper1.9 MB
• 2013 Paper 3 June Question Paper1.1 MB
• 2013 Paper 1 June Question Paper3.1 MB
• 2013 Paper 1 June Question Paper494 KB
• 2017 Paper 3 June Question Paper3.3 MB
• 2018 Paper 1 June Question Paper1.0 MB
• 2018 Paper 1 November Question Paper1.8 MB
• 2018 Paper 1 November Question Paper126 KB

Extracted text

# ZIMBABWE SCHOOL EXAMINATIONS COUNCIL <br> General Certificate of Education Ordinary Level

**PRINCIPLES OF ACCOUNTS <br> PAPER 1 Multiple Choice**

7112/1

NOVEMBER 2015 SESSION

1 hour 30 minutes

Additional materials:

Multiple Choice answer sheet

Soft clean eraser

Soft pencil (type B or HB is recommended)

TIME 1 hour 30 minutes

### INSTRUCTIONS TO CANDIDATES

Do not open this booklet until you are told to do so.

Write your name, Centre number and candidate number on the answer sheet in the spaces provided unless this has already been done for you.

There are forty questions in this paper. Answer all questions. For each question there are four possible answers, \(\mathbf{A}, \mathbf{B}, \mathbf{C}\) and \(\mathbf{D}\). Choose the one you consider correct and record your choice in soft pencil on the separate answer sheet.

Read very carefully the instructions on the answer sheet.

### INFORMATION FOR CANDIDATES

Each correct answer will score one mark. A mark will not be deducted for a wrong answer.

Any rough working should be done in this booklet.

Calculators may be used.

This question paper consists of 11 printed pages and 1 blank page.

Copyright: Zimbabwe School Examinations Council, N2015.

## Question 1
An example of a personal account is

A capital account.

B machinery account.

C purchases account.

D stationery account.

## Question 2
The total of the sales returns journal is posted to the

A credit side of the returns inwards account.

B credit side of the returns outwards account.

C debit side of the returns inwards account.

D debit side of the returns outwards account.

## Question 3
Which document increases the amount owing on an invoice?

A credit note

B debit note

C receipt

D voucher

## Question 4
A document that shows the amount to be paid by a customer is a

A bank statement.

B cheque stub.

C credit note.

D statement of account.

## Question 5
Which is a computer software?

A monitor

B mouse

C pastel

D speaker

## Question 6
Which component of a computer manipulates accounting information?

A the central processing unit

B the input device

C the output device

D the visual display unit

## Question 7
A disadvantage of sole proprietorships is that

A decision making is faster.

B formation is easy.

C owner enjoys all the profits.

D there is unlimited liability.

## Question 8
Which items match?

|  | Source Document |
| :--- | :--- |
| A cash book | bank statement |
| B general journal | cheque stub |
| C petty cash book | receipt |
| D sales returns journal | invoice |

## Question 9
The double entry for the purchase of equipment on credit is

|  | Debit | Credit |
| :--- | :--- | :--- |
| A | creditor | equipment. |
| B | creditor | purchases. |
| C | equipment | creditor. |
| D | purchases | creditor. |

## Question 10
The owner of a business took stock at selling price for own use.

Which account is credited?

A capital account

B drawings account

C purchases account

D sales account

## Question 11
Which item is revenue expenditure?

A buying equipment for the business

B cost of redecorating the manager's office

C cost of new tyres for a new van

D painting premises for the first time

## Question 12
Control accounts are prepared to

A calculate credit sales.

B correct errors.

C locate errors.

D prevent fraud.

## Question 13
The following information was provided by a manufacturer.

| Raw materials: | \($\) |
| :--- | ---: |
| Opening stock/inventory | 3000 |
| Purchases | 91000 |
| Closing stock/inventory | 5000 |
| Direct wages | 50000 |

What is the cost of raw materials consumed?

A \($ 83000\)

B \($ 89000\)

C \($ 99000\)

D \($ 139000\)

## Question 14
The following account was taken from the general ledger of a trader.

Sales ledger control account

| 2012 |  | \($\) | 2012 |  | \($\) |
| :---: | :--- | ---: | :---: | :--- | ---: |
| Oct 1 | Balance b/d | 5000 | Oct 31 | Bank | 30000 |
| 31 | Sales | 120000 |  | Returns inwards | 4000 |
|  | Interest | 1000 |  | Bad debts | 12000 |

The amount for debtors entered in the balance sheet on 31 October is

A \(\quad $ 5000\).

B \(\quad $ 80000\).

C \(\quad $ 120000\).

D \(\quad $ 126000\).

## Question 15
A cash payment of \($ 25\) for insurance was entered correctly in the cash book but was posted as \($ 52\) to the insurance account.

The journal entry to correct the error is

|  | Debit | Credit |
| :--- | :--- | :--- |
| A | cash account \($ 25\) | insurance account \($ 25\). |
| B | insurance account \($ 25\) | cash account \($ 25\). |
| C | insurance account \($ 27\) | suspense account \($ 27\). |
| D | suspense account \($ 27\) | insurance account \($ 27\). |

## Question 16
Which item increases a bank statement balance?

A dishonoured cheques

B credit transfers

C service fees

D stop orders

## Question 17
Which items are used to update a cashbook?

A bank lodgements and dishonoured cheques

B credit transfers and unpresented cheques

C dividends and standing orders

D service fees and uncleared deposits

## Question 18
A cash book had an overdraft of \($ 2000\). The bank statement showed interest received of \($ 5000\). Unpresented cheques were \($ 7000\) and uncleared deposits totalled \($ 1000\).

The balance as per bank statement is

A \($ 1000\) debit.

B \($ 3000\) debit.

C \($ 9000\) credit.

D \($ 11000\) credit.

## Question 19
A credit balance in the rent received account represents rent

A not yet paid.

B paid during the year.

C received during the year.

D received in advance.

## Question 20
A trader provided the following information:

|  | \($\) |
| :--- | ---: |
| Opening capital | 11000 |
| Additional capital | 5000 |
| Drawings | 3000 |
| Closing capital | 25000 |

What was the net profit for the year?

A \($ 6000\)

B \($ 12000\)

C \($ 17000\)

D \($ 23000\)

## Question 21
What is the double entry for net profit?

|  | Debit | Credit |
| :--- | :--- | :--- |
| A | capital account | net profit |
| B | capital account | profit and loss account | …