Accounting Concepts and the Accounting Cycle · CSEC Principles of Accounts

16 past-paper questions on Accounting Concepts and the Accounting Cycle, part of Section 2: Accounting as a System, from every CSEC Principles of Accounts paper on Quelpr.

1. 7(a)(i)1 mark· CSEC Principles of Accounts · January 2011 · Paper 2Using a phrase or sentence, state the accounting concept NOT being followed: At the end of the year, Mrs Chin Lee owes $2 000 in wages to an employee. She made no entry for the amount owing.
2. 7(a)(ii)1 mark· CSEC Principles of Accounts · January 2011 · Paper 2Using a phrase or sentence, state the accounting concept NOT being followed: Mr Harris, a long-standing customer, promised to make a purchase of $5 000 early in the next year. This amount was included in sales.
3. 7(a)(iii)1 mark· CSEC Principles of Accounts · January 2011 · Paper 2Using a phrase or sentence, state the accounting concept NOT being followed: Mrs Chin Lee uses the straight line method of depreciation on a yearly basis and provides…
4. 7(a)(iv)1 mark· CSEC Principles of Accounts · January 2011 · Paper 2Using a phrase or sentence, state the accounting concept NOT being followed: Mrs Chin Lee paid insurance on her house amounting to $7 500 and recorded it as a business expense.
5. 7(a)(v)1 mark· CSEC Principles of Accounts · January 2011 · Paper 2Using a phrase or sentence, state the accounting concept NOT being followed: Mrs Chin Lee changes her stock valuation method every year.
6. 7(a)(i)3 marks· CSEC Principles of Accounts · January 2014 · Paper 2Fill in the steps of the accounting cycle in the correct sequence on the flow chart provided.
7. 7(a)(ii)2 marks· CSEC Principles of Accounts · January 2014 · Paper 2State ONE purpose for EACH of the following steps in the accounting cycle: • Trial balance • Source documents
8. 6(d)2 marks· CSEC Principles of Accounts · January 2016 · Paper 2List any four steps in the accounting cycle.
9. 4(a)(ii)1 mark· CSEC Principles of Accounts · January 2017 · Paper 2Name the accounting principle that was NOT being followed by the company.
10. 3(a)(i)2 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2State TWO limitations of single entry records.
11. 7(c)(i)1 mark· CSEC Principles of Accounts · May/June 2010 · Paper 2State the accounting concept or principle violated when credit sales made in March of 2010 were not recorded until the money was received in May 2010.
12. 7(c)(ii)1 mark· CSEC Principles of Accounts · May/June 2010 · Paper 2State the accounting concept or principle violated when management refuses to write off an uncollectible debt of $20 000 from a bankrupt debtor or create a provision for bad debts.
13. 7(c)(iii)1 mark· CSEC Principles of Accounts · May/June 2010 · Paper 2State the accounting concept or principle violated when management changes from straight line depreciation to reducing balance method in order to report higher profits.
14. 7(c)(iv)1 mark· CSEC Principles of Accounts · May/June 2010 · Paper 2State the accounting concept or principle violated when the owner pays insurance for his private house and records it as a business expense.
15. 7(d)7 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2Draw a labelled diagram of the six (6) stages of the accounting cycle.
16. 3(d)3 marks· CSEC Principles of Accounts · May/June 2016 · Paper 2Identify the accounting concept or principle violated in each of the three given situations.