IGCSE Accounting Paper-1: Specimen Questions with Answers 26 - 27 of 338

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Question 26

Question

MCQ▾

How amount of depreciation is calculated?

Choices

Choice (4)

a.

b.

c.

d.

Answer

a.

Explanation

The asset՚s life time can be estimated and wear or tear of the tangible assets are known as depreciation of the assets. This is a permanent decline in the value of the assets and reflects in the balance sheet.

Question 27

Question

MCQ▾

Which entries are made in Antony՚s ledger to record the goods returned by James?

Choices

Choice (4)

a.

The Antonys Ledger Account is Given in this Table
account to be debited account to be creditedaccount to be debited account to be credited
PurchaseJames

b.

Antonys Ledger Account is Given in this Table
account to be debited account to be creditedaccount to be debited account to be credited
JamesPurchase return

c.

Antonys Ledger Account
account to be debited account to be creditedaccount to be debited account to be credited
Sales returnJames

d.

Antonys Ledger Account is Given
account to be debited account to be creditedaccount to be debited account to be credited
JamesSales

Answer

c.

Explanation

Goods which are returned by their customers were recorded in this type of book. Monthly totals of the sales return books shows the data on sales returns. These transactions took place only when there is a credit sale among the parties.

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