Edexcel A level Accounting Unit 1 2024
Exam Prep Questions with Answers
100% Pass
need for accounting - Answer>>assess trading activities, enable
external owners to see how managers are performing, control
activities of business, plan future activities
Sole trader - Answer>>individual who owns their own business
unlimited liability - Answer>>The owner is personally and fully
responsible for all losses and debts of the business
Bankruptcy - Answer>>when someone is judged to be unable to
pay their liabilities
Capital/Equity - Answer>>A owner's financial investment in a
business
Deed of partnership - Answer>>formal agreement to begin a
partnership
limited partnership - Answer>>partnership in which the partner
is only responsible for the partnerships debts only up to the
amount they originally invested
Drawings - Answer>>The money taken from the business by
the owner(s) for personal use.
auditor - Answer>>a qualified accountant who inspects the
accounting records and practices of a business or other
organization
,Income Statement - Answer>>A financial statement showing
the revenue and expenses for a specific period.
Statement of Financial Position - Answer>>Shows the value of
a business on a particular date
how can you protect financial information on your computer -
Answer>>antivirus software
complicated passwords
3 advantages of ICT in accounting - Answer>>you can save
your work
easy to share
calculations and templates are ready to use
3 disadvantages of ICT in accounting - Answer>>hacking
failure in technology
expensive
3 examples of financial statements - Answer>>income
statement
statement of financial position
statement of cash flows
example of accountant being objective - Answer>>unbiased
valuation of business's assets
What is confidentiality? - Answer>>not talking about the
company's financial information.
what is public interest? - Answer>>accountants must present
accounts in true & fair view
3 roles of an accountant - Answer>>payroll
, book keeping
auditing accounts
which business document contains details of purchase, returns
and payments occurring during a trading period -
Answer>>statement of account
what is sent when goods are sold to another business on credit -
Answer>>invoice
when does a business issue a credit note - Answer>>when
goods have been returned
Books of original entry - Answer>>a journal in which a
transaction is first recorded
types of books of original entry - Answer>>sales day book
purchases day book
sales returns day book
purchases returns day book
cash book
petty cash book
journal
Posting - Answer>>transferring information from a journal entry
to a ledger account
Types of Ledgers - Answer>>receivables ledger
payables ledger
nominal ledger - assets/equity/expenses/income
Types of Accounts - Answer>>Personal & Impersonal
Exam Prep Questions with Answers
100% Pass
need for accounting - Answer>>assess trading activities, enable
external owners to see how managers are performing, control
activities of business, plan future activities
Sole trader - Answer>>individual who owns their own business
unlimited liability - Answer>>The owner is personally and fully
responsible for all losses and debts of the business
Bankruptcy - Answer>>when someone is judged to be unable to
pay their liabilities
Capital/Equity - Answer>>A owner's financial investment in a
business
Deed of partnership - Answer>>formal agreement to begin a
partnership
limited partnership - Answer>>partnership in which the partner
is only responsible for the partnerships debts only up to the
amount they originally invested
Drawings - Answer>>The money taken from the business by
the owner(s) for personal use.
auditor - Answer>>a qualified accountant who inspects the
accounting records and practices of a business or other
organization
,Income Statement - Answer>>A financial statement showing
the revenue and expenses for a specific period.
Statement of Financial Position - Answer>>Shows the value of
a business on a particular date
how can you protect financial information on your computer -
Answer>>antivirus software
complicated passwords
3 advantages of ICT in accounting - Answer>>you can save
your work
easy to share
calculations and templates are ready to use
3 disadvantages of ICT in accounting - Answer>>hacking
failure in technology
expensive
3 examples of financial statements - Answer>>income
statement
statement of financial position
statement of cash flows
example of accountant being objective - Answer>>unbiased
valuation of business's assets
What is confidentiality? - Answer>>not talking about the
company's financial information.
what is public interest? - Answer>>accountants must present
accounts in true & fair view
3 roles of an accountant - Answer>>payroll
, book keeping
auditing accounts
which business document contains details of purchase, returns
and payments occurring during a trading period -
Answer>>statement of account
what is sent when goods are sold to another business on credit -
Answer>>invoice
when does a business issue a credit note - Answer>>when
goods have been returned
Books of original entry - Answer>>a journal in which a
transaction is first recorded
types of books of original entry - Answer>>sales day book
purchases day book
sales returns day book
purchases returns day book
cash book
petty cash book
journal
Posting - Answer>>transferring information from a journal entry
to a ledger account
Types of Ledgers - Answer>>receivables ledger
payables ledger
nominal ledger - assets/equity/expenses/income
Types of Accounts - Answer>>Personal & Impersonal
