IGCSE Accounting Paper-1: Specimen Questions with Answers 150 - 152 of 338
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Question 150
Question
MCQ▾Choose the source document from the following options?
Choices
| Choice (4) | |
|---|---|
a. | Journal |
b. | Transaction |
c. | Voucher |
d. | Ledger |
Answer
c.Explanation
Voucher is considered as source document of the business. Source documents are the evidences of business transaction through which we can get information about the nature of the transaction involved in the business.
Question 151
Question
MCQ▾Which should be matched under matching concept?
Choices
| Choice (4) | |
|---|---|
a. | Cost and revenue earned |
b. | Cost and profit earned |
c. | Cost and loss earned |
d. | Cost and income earned |
Answer
a.Explanation
The revenue earned during the period of accounting year should be matched with the cost involved with the period in order to ascertain the profit earned during the year. Hence under matching concept cost and revenue earned are suitable in the above situation.
Question 152
Write in Short
Short Answer▾Next limited ordered 300 printing components from Jainson. The price of each component was $ 12.40. Jainson allowed a trade discount of 5 % .
Calculate the total of the invoice Next limited received.
Explanation
$ 3534
Total components ordered by Next limited = 300
The cost of each component is = $ 12.40
The total values of printing component are =
Trade discount is
The invoice amount is