Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
A-level
ACCOUNTING
Paper 1 Financial Accounting
Time allowed: 3 hours
Materials
For this paper you must have: For Examiner’s Use
• a calculator. Section Mark
A
Instructions
• Use black ink or black ball-point pen. B
• Fill in the boxes at the top of this page. C
• Answer all questions.
TOTAL
• You must answer the questions in the spaces provided. Do not write outside
the box around each page or on blank pages.
• If you need extra space for your answer(s), use the lined pages at the end of
this book. Write the question number against your answer(s).
• Do all rough work in this answer book. Cross through any work
you do not want to be marked.
Information
• The marks for each question are shown in brackets.
• The maximum mark for this paper is 120.
IB/G/Jun21/E8 7127/1
, 2
Do not write
outside the
Section A box
Answer all questions in this section.
Only one answer per question is allowed.
For each answer completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to
select as shown.
0 1 Which is the correct formula for trade payable days?
[1 mark]
Trade payables
A × 100
Credit purchases
Trade payables
B × 365
Credit purchases
Trade payables
C × 100
Total purchases
Trade payables
D × 365
Total purchases
0 2 The accountant of a business is considering changing its depreciation method from
25% straight line to 40% reducing balance.
Which accounting concept would this conflict with?
[1 mark]
A Accruals
B Consistency
C Money measurement
D Prudence
IB/G/Jun21/7127/1
, 3
Do not write
outside the
0 3 Which is not a purpose of international accounting standards? box
[1 mark]
A To improve the comparability of financial statements.
B To improve the reliability of financial statements.
C To provide a set of rules which suits all companies.
D To provide standard treatment of accounting issues.
0 4 The following information is available for a sole trader.
£
Capital introduced 3 000
Closing capital 36 700
Drawings 12 300
Opening capital 26 500
Which is the correct profit or loss figure for the year?
[1 mark]
A £900 loss
B £25 500 loss
C £5 100 profit
D £19 500 profit
Turn over for the next question
Turn over ►
IB/G/Jun21/7127/1
, 4
Do not write
outside the
0 5 Which will be applied if there is no formal partnership agreement in place? box
[1 mark]
Interest paid on loans at 5% per annum
A
Interest paid on capital at 5% per annum
Interest paid on loans at 5% per annum
B No interest paid on capital
No interest paid on loans
C Interest paid on capital at 5% per annum
No interest paid on loans
D No interest paid on capital
0 6 Which is the correct formula for dividend yield?
[1 mark]
Dividend per share
A × 100
Market price per share
Dividend per share
B × 100
Profit for the year
Market price per share
C × 100
Dividend per share
Profit for the year
D × 100
Dividend per share
IB/G/Jun21/7127/1
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
A-level
ACCOUNTING
Paper 1 Financial Accounting
Time allowed: 3 hours
Materials
For this paper you must have: For Examiner’s Use
• a calculator. Section Mark
A
Instructions
• Use black ink or black ball-point pen. B
• Fill in the boxes at the top of this page. C
• Answer all questions.
TOTAL
• You must answer the questions in the spaces provided. Do not write outside
the box around each page or on blank pages.
• If you need extra space for your answer(s), use the lined pages at the end of
this book. Write the question number against your answer(s).
• Do all rough work in this answer book. Cross through any work
you do not want to be marked.
Information
• The marks for each question are shown in brackets.
• The maximum mark for this paper is 120.
IB/G/Jun21/E8 7127/1
, 2
Do not write
outside the
Section A box
Answer all questions in this section.
Only one answer per question is allowed.
For each answer completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to
select as shown.
0 1 Which is the correct formula for trade payable days?
[1 mark]
Trade payables
A × 100
Credit purchases
Trade payables
B × 365
Credit purchases
Trade payables
C × 100
Total purchases
Trade payables
D × 365
Total purchases
0 2 The accountant of a business is considering changing its depreciation method from
25% straight line to 40% reducing balance.
Which accounting concept would this conflict with?
[1 mark]
A Accruals
B Consistency
C Money measurement
D Prudence
IB/G/Jun21/7127/1
, 3
Do not write
outside the
0 3 Which is not a purpose of international accounting standards? box
[1 mark]
A To improve the comparability of financial statements.
B To improve the reliability of financial statements.
C To provide a set of rules which suits all companies.
D To provide standard treatment of accounting issues.
0 4 The following information is available for a sole trader.
£
Capital introduced 3 000
Closing capital 36 700
Drawings 12 300
Opening capital 26 500
Which is the correct profit or loss figure for the year?
[1 mark]
A £900 loss
B £25 500 loss
C £5 100 profit
D £19 500 profit
Turn over for the next question
Turn over ►
IB/G/Jun21/7127/1
, 4
Do not write
outside the
0 5 Which will be applied if there is no formal partnership agreement in place? box
[1 mark]
Interest paid on loans at 5% per annum
A
Interest paid on capital at 5% per annum
Interest paid on loans at 5% per annum
B No interest paid on capital
No interest paid on loans
C Interest paid on capital at 5% per annum
No interest paid on loans
D No interest paid on capital
0 6 Which is the correct formula for dividend yield?
[1 mark]
Dividend per share
A × 100
Market price per share
Dividend per share
B × 100
Profit for the year
Market price per share
C × 100
Dividend per share
Profit for the year
D × 100
Dividend per share
IB/G/Jun21/7127/1
