# IGCSE Accounting Paper-1: Specimen Questions with Answers 101 - 104 of 214

## Passage

Johnson’s trial balance at 31 March 2015 included the following items:

 Particulars \$ Bills payables 15000 Bills receivables 12000 Bank (Dr) 25000 Drawings 28000 Inventory 19000 Provision for depreciation 20000

## Question number: 101 (1 of 2 Based on Passage) Show Passage

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### Write in Short

Calculate Johnson’s quick ratio with workings

1.947: 1

=

## Question number: 102 (2 of 2 Based on Passage) Show Passage

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### Write in Short

Calculate Johnson’s working capital. Show your workings.

\$41000

## Question number: 103

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MCQ▾

### Question

When does a business recognize the expense from a purchase of goods on credit?

### Choices

Choice (4) Response

a.

When the goods are ordered by the firm

b.

When the supplier send invoice for the goods

c.

When it receives a statement from the supplier

d.

When the goods are received by the firm

d.

### Explanation

A business recognizes the expense from a purchase of goods on credit when the goods are received by them. The payment of the goods should be made once the goods are received by the customers.

## Question number: 104

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MCQ▾

### Question

It was discovered that a credit customer had been charged \$47 for a purchase instead of \$74.

Which document will be issued by the seller to correct the error?

### Choices

Choice (4) Response

a.

Credit note

b.

Balance Sheet

c.

Debit note

d.

Invoice