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The document sets assessment rules including a 2-hour time limit, 50 compulsory multiple-choice questions, and instructions on how to record selected answers. The questions assess core accounting knowledge such as capital expenditure, receivables and payables ledger control accounts, common payment methods, corrective journal entries, discounts, trial balance error detection, and basic reconciliation effects.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/foundations-in-accountancy-recording-financial-transactions-pilot-paper/638629/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/foundations-in-accountancy-recording-financial-transactions-pilot-paper/638629.png","ImageObject",300,407,{"name":92,"@type":93},"noah","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-26","2026-10-22",true,{"@type":102,"interactionType":103,"userInteractionCount":14},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What are the examination rules stated for this pilot paper?","Question",{"text":112,"@type":113},"The pilot paper allows 2 hours, contains 50 compulsory questions that must all be attempted, and must not be opened until instructed by the supervisor. The candidate must indicate chosen answers in the provided space in the Candidate Answer Booklet.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What is a capital expenditure example according to the questions?",{"text":117,"@type":113},"An example given is paying for refurbishment as part of upgrading a building.",{"name":119,"@type":110,"acceptedAnswer":120},"How does the paper test understanding of ledger control accounts?",{"text":121,"@type":113},"It asks how errors affect the total of balances on a receivables ledger after correcting items, and what figure the payables ledger control account should equal in the accounting system. It also includes reconciliation and adjustment scenarios for purchase ledger control.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},638629,1793031138,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},1099529839121,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","FOUNDATIONS IN ACCOUNTANCY  \nRecording Financial Transactions  \nPilot Paper  \nTime allowed: 2 hours  \nALL 50 questions are compulsory and MUST be attempted.  \nDo NOT open this paper until instructed by the supervisor.  \nThis question paper must not be removed from the examination hall.  \nThe Association of Chartered Certified Accountants  \nPape r FA 1  \nALL 50 questions are compulsory and MUST be attempted  \nPlease use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.  \nEach question is worth 2 marks.  \n1 Which of the following is an example of capital expenditure?  \nA Paying for refurbishment as part of upgrading a building  \nB Paying carriage outwards in respect of selling goods  \nC Paying legal fees in order to recover customer debts  \nD Paying bonuses to production operatives  \n2 Vic’s receivables ledger balances total $50,000, which does not agree with his trade receivables control account. The following errors were found:  \n(1) A credit note for $750 was not recorded in the receivables ledger  \n(2) A contra entry of $2,000 was entered in the control account but not in the receivables and payables ledgers.  \nWhat should be the total of the balances on his receivables ledger after correcting the following errors?  \nA $52,750  \nB $50,000  \nC $49,250  \nD $47,250  \n3 Christa pays her mortgage by instructing her bank to make monthly payments of a fixed amount from her current account. When the mortgage rate changes she issues revised instructions to the bank.  \nWhich method of payment is Christa using?  \nA Standing Order  \nB Payable Order  \nC Direct Debit  \nD Crossed cheque  \n4 A firm has a credit facility with a local trade supplier. An invoice for purchases has been credited to the supplier’s account and debited to the sales account.  \nWhich of the following journal entries will correct the error?  \nA  \nB  \nC  \nD  \nDr Sales account  \nDr Supplier account  \nDr Purchases account  \nDr Sales account  \nCr Supplier account  \nCr Sales account  \nCr Sales account  \nCr Bank account  \n5 Which of the following would be on the credit side of the receivables ledger control account?  \n(1) Cash received  \n(2) Irrecoverable debts  \n(3) Discounts allowed  \n(4) Sales  \nA 1, 2 and 3 only  \nB 2 and 4 only  \nC 1 and 4 only  \nD 1, 2, 3 and 4  \n6 The following is a summary of the petty cash transactions for a week:  \nIncome $ Expenditure $  \nOpening balance 500 Travelling expenses 150  \nSale of stamps 10 Subsistence expenses 250  \nSale of paper 50  \nPetty cash is maintained using the imprest system.  \nWhat sum should be reclaimed by the cashier at the end of the week?  \nA $160  \nB $340  \nC $400  \nD $500  \n7 The balance on the payables ledger control account should be equal to which other figure in the accounting system?  \nA The total of the balances on the individual customers’ accounts  \nB The total of the balances on the individual suppliers’ accounts  \nC The unreconciled balance on the receivables ledger control account  \nD The balance on the receivables ledger control account reconciled for items in transit  \n8 Louise introduces her car into her business.  \nWhich parts of the business’ accounting equation will change?  \nA Assets and capital  \nB Capital and profit  \nC Liabilities and assets  \nD Capital and liabilities  \n9 Freya started in business on 1 September. During September she made cash sales of $6,400 and issued credit sales invoices for $10,200 of which $8,600 had been paid.  \nWhat would be the balance of the sales account in the general ledger at the end of September?  \nA $6,400  \nB $10,200  \nC $8,000  \nD $16,600  \n10 Which of the following journal entries correctly records the credit purchase of plant and equipment?  \nA Dr Purchase ledger control account Cr Plant and Equipment  \nB Dr Cash Cr Plant and Equipment  \nC Dr Plant and Equipment Cr Purchase ledger control account  \nD Dr Plant and Equipment Cr Cash  \n11 Marvin has a balance of $3,350 on his sa","cbCaiv2Jez15KDG5","https://ap.wps.com/l/cbCaiv2Jez15KDG5","pdf",120783,14,"English","# Recording Financial Transactions\n## Multiple-choice questions (Pilot Paper)\n## Ledger controls and reconciliation","[{\"question\":\"What are the examination rules stated for this pilot paper?\",\"answer\":\"The pilot paper allows 2 hours, contains 50 compulsory questions that must all be attempted, and must not be opened until instructed by the supervisor. The candidate must indicate chosen answers in the provided space in the Candidate Answer Booklet.\"},{\"question\":\"What is a capital expenditure example according to the questions?\",\"answer\":\"An example given is paying for refurbishment as part of upgrading a building.\"},{\"question\":\"How does the paper test understanding of ledger control accounts?\",\"answer\":\"It asks how errors affect the total of balances on a receivables ledger after correcting items, and what figure the payables ledger control account should equal in the accounting system. It also includes reconciliation and adjustment scenarios for purchase ledger control.\"}]","FOUNDATIONS IN ACCOUNTANCY - Recording Financial Transactions - Pilot Paper | PDF",1792690697,35]