AQA A level ACCOUNTING Paper 1 Financial Accounting FINAL exam MAY 2023

AQA A-level ACCOUNTING Paper 1 Financial Accounting Friday 26 May 2023 Morning Time allowed: 3 hours Materials For this paper you must have: • a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • 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. *jun* IB/G/Jun23/E14 7127/1 Section A Answer all questions in this section. box Which stakeholder will not find the schedule of non-current assets useful? [1 mark] A Debenture holders B Existing shareholders C Local community D Potential investors Which of the following is an example of an error of principle? A An invoice for machinery repairs posted to the machinery cost account. [1 mark] B An invoice for machinery repairs posted to the rent and rates account. C A sales invoice not recorded in the sales journal. D A sales invoice posted to the debit of the sales account and credit of the bank account. 0 3 Which items would be included on the debit side of the purchase ledger control account? [1 mark] A Contra entry; discounts allowed; interest charged B Contra entry; discounts received; purchase returns C Discounts allowed; payment to suppliers; purchase returns D Discounts received; interest charged; purchase returns 0 4 Which of the following is an example of capital income? [1 mark] A Commission received B Credit note received for cancellation of maintenance contract C Credit sales D Trade in value of machinery used in part exchange Turn over for the next question Turn over ► 0 5 Which is the correct formula for the calculation of interest cover? [1 mark] A Interest payable Profit after interest and tax B Interest payable Profit before interest and tax C Profit after interest and tax Interest payable D Profit before interest and tax Interest payable 0 6 Which book of prime entry will be used to record a cheque received from a previously written off irrecoverable debt? [1 mark] A Cash book B General journal C Sales journal D Sales returns journal 0 7 A sole trader has prepared her income statement for the year ended 31 March 2023 which showed a profit for the year of £35 360. However, it was discovered that interest received of £2 250 had been debited to the interest paid account. What is the corrected profit for the year? [1 mark] A £30 860 B £33 110 C £37 610 D £39 860 Marge has provided the following information for the year ended 31 January 2023. £ Dishonoured cheque 145 Receipts from trade receivables 58 100 Trade receivables at 1 February 2022 6 330 Trade receivables at 31 January 2023 6 870 What is the value of the credit sales for the year ended 31 January 2023? [1 mark] A £57 415 B £57 705 C £58 495 D £58 785 Turn over ►