Official June 2024 AQA A-LEVEL ACCOUNTING 7127/1 Paper 1 Financial Accounting Merged Question Paper + Mark Scheme Ace your Mocks!!! *jun247127101* IB/M/Jun24/G4004/V6 7127/1 A-level ACCOUNTING Paper 1 Financial Accounting Thursday 23 May 2024 Afternoon 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/M/Jun24/7127/1 Do not write outside the Section A box Answer all questions in this section. For multiple-choice questions 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 of the following correctly lists items to be shown as debit entries in an income statement? [1 mark] A Carriage inwards; carriage outwards; returns inwards B Carriage inwards; carriage outwards; returns outwards C Carriage inwards; returns inwards; returns outwards D Carriage outwards; returns inwards; returns outwards 0 2 Which of the following is not shown on a statement of changes in equity? [1 mark] A Bonus issue of ordinary shares B Debenture interest paid C Dividends paid D Rights issue of ordinary shares CORRECT METHOD WRONG METHODS 3 *03* Turn over ► IB/M/Jun24/7127/1 Do not write outside the 0 3 A business owner box records goods taken for their own use as drawings. Which accounting concept is being applied? [1 mark] A Business entity B Consistency C Money measurement D Realisation 0 4 What is the correct formula for the capital gearing ratio? [1 mark] A Non-current liabilities Issued share capital + current liabilities × 100 B Non-current liabilities Issued share capital + non-current liabilities × 100 C Non-current liabilities Issued share capital + reserves + current liabilities × 100 D Non-current liabilities Issued share capital + reserves + non-current liabilities × 100 Turn over for the next question