IGCSE Accounting Paper-1: Specimen Questions with Answers 32 - 34 of 338
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Question 32
Question
MCQ▾Which one of the following provides periodic contribution by members of the organization?
Choices
Choice (4) | |
---|---|
a. | Admission fees |
b. | Entrance fees |
c. | Subscription |
d. | Donation |
Answer
c.Explanation
Subscription is one of the periodic contributions by members of the organization.
Admission and entrance fees are collected only at the time of admission into the organization whereas donation is voluntary contribution.
Question 33
Question
MCQ▾Amounts owed by a trader for Rent are given below.
$ | |
1 January 31 January | 20000 25000 |
The charge for rent shown in the income statement for the year ended 31 December was
$ 25 500. What was the amount paid for rent during the year?
Choices
Choice (4) | |
---|---|
a. | $ 25000 |
b. | $ 20000 |
c. | $ 20500 |
d. | $ 25500 |
Answer
c.Explanation
The amount paid during year is 20500.
Question 34
Question
MCQ▾The basis for double entry system of book-keeping which is universally used.
Which accounting principle is being applied?
Choices
Choice (4) | |
---|---|
a. | Prudence |
b. | Consistency |
c. | Money measurement |
d. | Duality |
Answer
d.Explanation
The dual aspect of concept is basis for double entry system of book-keeping which is universally used. The dual aspect includes receiving benefit and giving of benefit. These both transactions should be recorded in the appropriate account.