2022 pearson june booklet + mark scheme Edexcel International GCSE 4AC1/01 Accounting Level 1/2 PAPER 1: Introduction to Bookkeeping and Accounting

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SECTION A Answer ALL questions. Write your answers in the spaces provided. For questions 1–10, choose an answer A, B, C or D, and put a cross in the box . If you change your mind about an answer,... put a line through the box and then mark your new answer with a cross . 1 Identify which is a current liability. A Cash in hand B Inventory C Trade receivables D Trade payables (Total for Question 1 = 1 mark) 2 Identify the book of original entry in which irrecoverable debts are recorded. A Cash book B Journal C Purchases day book D Sales day book (Total for Question 2 = 1 mark) 3 Identify in which book of original entry a credit note received by a trader would be recorded. A Purchases day book B Purchases returns day book C Sales day book D Sales returns day book (Total for Question 3 = 1 mark) *P71572A0320* Turn over 3 4 Identify the type of error when a sales invoice for $500 is entered in the sales day book as $450. A Commission B Compensating C Original entry D Principle (Total for Question 4 = 1 mark) 5 Identify what will be confirmed by preparing a trade payables ledger control account. A All purchase invoices have been posted B All supplier payments have been processed C Entries have been posted to the correct personal accounts D The closing balance agrees with the total of individual balances (Total for Question 5 = 1 mark) 6 Identify the main purpose of providing depreciation on non-current assets. A To know the profit or loss on disposal B To provide funds for the replacement of the asset C To show the market value of the asset D To spread the cost of the asset over its useful life (Total for Question 6 = 1 mark) 7 Identify the accounting concept being described. “Financial statements can record only information that has a monetary value” A Business entity B Materiality C Money measurement D Prudence [Show More]

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