Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signatu re
I declare this is my own work.
A+level
Accounting 201 End Term Exam –
Questions and Solutions (Verified &
Accurate)
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.
EXAM/V/ST/V /E8
, a financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific
period of time - ✔✔income statement
amounts owed to creditors in the form of debts and other obligations - ✔✔liabilities
a section of the annual report that presents management's views on the company's ability to pay near-term obligations,
its ability to fund operations and expansion, and its results of operations - ✔✔management discussion and analysis
(MD&A)
the amount by which revenues exceed expenses - ✔✔net income
the amount by which expenses exceed revenues - ✔✔net loss
notes clarify information presented in the financial statements and provide additional detail - ✔✔notes to the financial
statements
a business owned by two or more persons associated as partners - ✔✔partnership
the amount of net income retained in the corporation - ✔✔retained earnings
a financial statement that summarizes the amounts and causes of changes in retained earnings for a specific time period
- ✔✔retained earnings statement
the increase in assets or decrease in liabilities resulting from the sale of goods or the performance of services in the
normal course of business - ✔✔revenue
regulations passed by Congress to reduce unethical corporate behavior - ✔✔Sarbanes-Oxley Act (SOX)
a business owned by one person - ✔✔sole proprietorship
Centre number Candidate number
Surname
Forename(s)
Candidate signatu re
I declare this is my own work.
A+level
Accounting 201 End Term Exam –
Questions and Solutions (Verified &
Accurate)
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.
EXAM/V/ST/V /E8
, a financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific
period of time - ✔✔income statement
amounts owed to creditors in the form of debts and other obligations - ✔✔liabilities
a section of the annual report that presents management's views on the company's ability to pay near-term obligations,
its ability to fund operations and expansion, and its results of operations - ✔✔management discussion and analysis
(MD&A)
the amount by which revenues exceed expenses - ✔✔net income
the amount by which expenses exceed revenues - ✔✔net loss
notes clarify information presented in the financial statements and provide additional detail - ✔✔notes to the financial
statements
a business owned by two or more persons associated as partners - ✔✔partnership
the amount of net income retained in the corporation - ✔✔retained earnings
a financial statement that summarizes the amounts and causes of changes in retained earnings for a specific time period
- ✔✔retained earnings statement
the increase in assets or decrease in liabilities resulting from the sale of goods or the performance of services in the
normal course of business - ✔✔revenue
regulations passed by Congress to reduce unethical corporate behavior - ✔✔Sarbanes-Oxley Act (SOX)
a business owned by one person - ✔✔sole proprietorship
