IGCSE Accounting Paper-1: Specimen Questions with Answers 1 - 2 of 341

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Question 1

Question MCQ▾

Which account is prepared in lieu of Cash Book?

Choices

Choice (4)
a.	Receipts and Payments A/c
b.	Trading A/C
c.	Profit and Loss A/C
d.	Income and Expenditure A/c

Edit

Answer

Explanation

Receipt and Payment account are real in nature. It contains summary of actual receipts and payments of particular period. Thus it includes both the capital as well as revenue items. Receipt and Payments A/C are prepared in lieu of Cash book.

Question 2

Question MCQ▾

In December 2010 Ibrahim wrote off Ali՚s debt of $ 100. On 30 April 2012 Ali sent a cheque for $ 100. Which journal entry would Ibrahim make on 30 April 2012?

Choices

Choice (4)

Journal Entry for Debt in the Book of Ibrahim like A
	Debit $	Credit $
Ali bank	100	100

Journal Entry for Debt in the Book of Ibrahim like A
	Debit $	Credit $
Bad debts recovered Ali	100	100

Journal Entry for Debt in the Book of Ibrahim like A
	Debit $	Credit $
Bad debts recovered bank	100	100

Journal Entry for Debt in the Book of Ibrahim like A
	Debit $	Credit $
Bank Bad debts recovered	100	100

Edit

Answer

Explanation

Bad debts are unrecovered money from the customer. Hence bad debts are deducted from the debtors at the end of the every year in order to know about the original amount due to the business.

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