Edexcel A level Principles of Accounting -
ATT - CBE 2024 Exam Questions and
Answers
Income received in advance (deferred income) does what to the
profit for the year? - Answer>>decreases it
A prepayment will do what to the profit for the year? -
Answer>>increases it
Development expenditure will always be capitalised in the
accounts - Answer>>false
Research expenditure will never be capitalise in the accounts -
Answer>>true
A capital grant should be recognised when the asset it is
subsidising is purchased under the accrual model -
Answer>>false
A capital grant should initially be recognised as deferred income
under the accrual model - Answer>>true
An increase in closing stock will do what to the gross profit and
net assets of a business? - Answer>>increase it
When is the 'going concern' of a company assessed from? -
Answer>>12 months from the date of the accounts
A provision should be recognised when an outflow of economic
benefits is possible - Answer>>true
a contingent liability is only ever disclosed, never recognised -
Answer>>false
, a contingent asset should be recognised when an inflow of
economic benefit is probable - Answer>>false
a contingent liability is not disclosed if there is only a remote
chance that it will lead to outflow of economic benefit -
Answer>>true
Does Share capital appear in a company's financial statements,
sole trader's account or either - Answer>>company
Does accrued interest appear in a company's financial
statements, sole trader's account or either - Answer>>either
overprovision for corporation tax in the previous period goes on
which side of the Corporation tax creditor T account? -
Answer>>debit
Corporation tax paid goes on which side of the Corporation Tax
creditor T account? - Answer>>Debit
Corporation tax charge for the current period goes on which side
of the Corporation Tax creditor T account? - Answer>>Credit
Companies withhold basic rate income tax when making which
payments to individuals? - Answer>>Interest and royalties
Net Cash from Operating activities - Depreciation is ... -
Answer>>added back
Net Cash from Operating activities - Increase in debtors is... -
Answer>>deducted
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