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IGCSE Accounting Questions and Correct Answers

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Debit note Correct Answer This is a document sent by the buyer to request a reduction in the invoice received Not entered in accounting records Reasons for preparing a bank reconciliation statemen... t Correct Answer Identify unpresented cheque Identify amounts not credited To correct cash book Why might you want to know cost of production? Correct Answer to set prices to compare the cost of manufacturing with the cost of buying the goods in Accounting Correct Answer Accounting uses the bookkeeping records to prepare financial statements at regular intervals. Book keeping Correct Answer A process of detailed recording of all the financial transactions of a business. Statement of financial position Correct Answer shows the assets and liabilities of a business on a certain date Assets Correct Answer represent anything owned or owed to by the business Use of financial statements Correct Answer compare progress with previous years or other businesses helps owner monitor business helpsn plan for the future Profit equals Correct Answer total revenue - total expenses Accounting Equation Correct Answer Assets = Liabilities + Owner's Equity Accounting rule for a personal a/c Correct Answer debit the receiver, credit the giver Accounting rule for a nominal accounts Correct Answer debit all expenses credit all incomes (sales a/c, purchase a/c) Accounting rule for an impersonal accounting Correct Answer debit what comes in credit what comes out (vehicle a/c, cash a/c) Trial balance Correct Answer is a statement of ledger balances on a [Show More]

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