AQA
A-level
ACCOUNTING
7127/1
Paper 1 Financial Accounting
Version: 1.0 Final
*jun237127101*
IB/G/Jun23/E14 7127/1
A-level
ACCOUNTING
Paper 1
... [Show More] 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.
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
For Examiner’s Use
Section Mark
A
B
C
TOTAL
2
*02*
IB/G/Jun23/7127/1
Do not write
outside the
Section A box
Answer all questions in this section.
Only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
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 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
0 2 Which of the following is an example of an error of principle?
[1 mark]
A An invoice for machinery repairs posted to the machinery
cost account.
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.
CORRECT METHOD WRONG METHODS
3
*03*
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IB/G/Jun23/7127/1
Do not write
outside the
box 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
4
*04*
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Do not write
outside the
box 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
5
*05*
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IB/G/Jun23/7127/1
Do not write
outside the
box 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
0 8 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
6
*06*
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Do not write
outside the
box 0 9 The motor vehicles provision for depreciation account for the year ended
31 December 2022 contains the entries:
£
Balance at 1 January 2022 40 512
Balance at 31 December 2022 22 293
Depreciation charge for the year 7 922
On 31 October 2022 a motor vehicle was sold. There were no other additions or
disposals of motor vehicles during the year.
What entry will be made in the motor vehicles provision for depreciation account to
record the depreciation on the motor vehicle sold?
[1 mark]
A £10 297 Credit
B £10 297 Debit
C £26 141 Credit
D £26 141 Debit
7
*07*
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Do not write
outside the
box 1 0 The following information is available for the year ended 31 January 2023.
£
Provision for doubtful debts account at 1 February 2022 5 942
Trade receivables at 31 January 2023 148 700
A provision for doubtful debts of 3% is required at the year end.
What is the income statement entry for doubtful debts for the year ended
31 January 2023?
[1 mark]
A Expense of £1 481
B Other income of £1 481
C Expense of £4 461
D Other income of £4 461
1 1 A bookkeeper received a purchase invoice that has not been recorded in
the accounts.
Explain why this error might not be discovered.
[3 marks]
Turn over for the next question
8
*08*
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Do not write
outside the
box 1 2 The following information has been extracted from the books of account for
Peter for the year ended 31 January 2023.
£
Inventory at 1 February 2022 34 195
Inventory at 31 January 2023 2 [Show Less]