IGCSE Accounting Paper-1: Specimen Questions with Answers 247 - 249 of 338

Question 247

Edit

Write in Short

Short Answer▾

Prepare a bank reconciliation statement for Shri Ram at 31 October 2019 (Marks 4)

Shri Ram

Bank Reconciliation Statement at 31 October 2019

Bank Reconciliation Statement at 31 October 2019Bank Reconciliation Statement at 31 October 2019
$

Explanation

Shri Ram

Bank Reconciliation Statement at 31 October 2019

Bank Reconciliation Statement at 31 October 2019Bank Reconciliation Statement at 31 October 2019
$
Bank Balance as per Cash book6120
Add: Cheque paid to Shaurya not yet presented300
6420
Less: Cheque from Abhinandan not yet collected400
Bank Balance as per the Bank Statement6020

Question 248

Edit

Write in Brief

One Liner▾

At what figure the cash at bank would appear in the balance sheet of Shri Ram on 31 October 2019. Name the section in which it would appear. ________ (Marks 2)

Explanation

The Cash at bank would appear at the figure of balance C/D of the bank column of the cash book on 31 October 2019 i. e. at 6120.

Further, the cash at bank is shown under ‘Current Assets’ on the Assets side of the balance sheet.

Question 249

Edit

Question

MCQ▾

According to accrual concept of accounting, financial or business transaction is recorded (Marks 1)

Choices

Choice (4)
a.When cash is received or paid
b.When profit is computed
c.When transaction occurs
d.When balance sheet is prepared

Answer

c.

Explanation

  • The concept in accrual basis of accounting is that accounting transactions should be recorded in the accounting periods when they actually occur rather than in the period when there are cash flows associated with them.
  • When transactions are recorded in their accrual period, it affects the profits of that accounting year alone and not any other period.

Choose Paper