ECZ PoA 7110 Practice Questions - Zambia School Certificate GCE - Principles of Accounts (7110) Exam - ECZ PoA 7110 Practice Questions - Zambia School Certificate GCE

Question 1

What is the main purpose of Principles of Accounts for a Lusaka sole trader?

To provide financial information that users can use to make decisions To advertise goods to customers To set the selling price of every item in the shop To replace the need for source documents

Correct Answer:

To provide financial information that users can use to make decisions

Question 2

Which group is an external user of a Kitwe retailer's accounting information?

The owner when reviewing weekly cash takings The shop supervisor preparing a staff rota A commercial bank deciding whether to grant an overdraft The book-keeper posting the cash book

Correct Answer:

A commercial bank deciding whether to grant an overdraft

Question 3

The business entity concept requires that a Ndola grocer:

Treats the business as separate from the owner and records only business transactions in its books Records the owner's private school fees as a business expense Values inventory at selling price so the owner can see wealth Ignores amounts the owner withdraws for personal use

Correct Answer:

Treats the business as separate from the owner and records only business transactions in its books

Question 4

The going concern concept assumes that a Chipata hardware shop will:

Continue operating for the foreseeable future, so assets are not valued on a break-up basis Be sold next month and should therefore value all assets at forced-sale prices Always make a profit Never buy non-current assets on credit

Correct Answer:

Continue operating for the foreseeable future, so assets are not valued on a break-up basis

Question 5

Applying the prudence concept, a Livingstone outfitter should:

Anticipate a possible future profit on unsold dresses and include it in this year's profit Ignore a known bad debt until cash is received from another customer Not overstate assets or profit, and recognise known losses such as irrecoverable debts Record inventory at selling price because that figure is larger than cost

Correct Answer:

Not overstate assets or profit, and recognise known losses such as irrecoverable debts

Exam overview

About this Exam

Prepare with the ECZ PoA 7110 Practice Questions - Zambia School Certificate GCE - Principles of Accounts (7110) Exam practice quiz. This question bank includes 100 questions covering year, capital, cash, sales, and profit. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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ECZ PoA 7110 Practice Questions - Zambia School Certificate GCE - Principles of Accounts (7110) Exam

This practice set contains 100 questions from the matching question bank and focuses on year, capital, cash, sales, and profit. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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About this Exam

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ECZ PoA 7110 Practice Questions - Zambia School Certificate GCE - Principles of Accounts (7110) Exam

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