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\nCONTENTS  \nPage  \n\n| Index to questions and answers | P.7 |\n| --- | --- |\n| Syllabus and revision guidance | P.9 |\n| The exam | P.14 |\n\nSection  \n\n| 1 | Study support questions | 1 |\n| --- | --- | --- |\n| 2 | Multiple‐choice questions | 33 |\n| 3 | Answers to study support questions | 113 |\n| 4 | Answers to multiple‐choice questions | 137 |\n| 5 | Mock Exam Questions | 185 |\n| 6 | Mock Exam Answers | 197 |\n| 7 | Specimen Exam Questions | 205 |\n| 8 | Answers to Specimen Exam Questions | 221 |\n\nQuality and accuracy are of the utmost importance to us so if you spot an error in any of our products, please send an email to [mykaplanreporting@kaplan.com](mykaplanreporting@kaplan.com) with full details.  \nOur Quality Co‐ordinator will work with our technical team to verify the error and take action to ensure it is corrected in future editions.  \nINDEX TO QUESTIONS AND ANSWERS  \nPage number Question Answer  \n\n| STUDY SUPPORT QUESTIONS |\n| --- |\n| Business transactions and documentation |\n| 1 Cash or credit 1 115\u003Cbr>2 Documents 1 115\u003Cbr>3 Debit/credit notes 2 115 |\n| Double‐entry bookkeeping |\n| 4 Terminology 2 116\u003Cbr>5 Classifying transactions and balances 2 116\u003Cbr>6 Bao Smith – accounting equation 3 116\u003Cbr>7 Samin’s books – ledger accounts 4 118\u003Cbr>8 Chris Findlay – ledger accounts 4 118\u003Cbr>9 Jay Fry – ledger accounts and balancing 6 120\u003Cbr>10 Assets or liabilities? 7 121 |\n| Banking and petty cash |\n| 11 Petty cash practice 8 122\u003Cbr>12 Imprest system 11 123\u003Cbr>13 Banking services 11 123\u003Cbr>14 Parties to a cheque 12 123\u003Cbr>15 Banking money 12 124\u003Cbr>16 Mainstream Co – checking correctness of remittances 13 124\u003Cbr>17 Yanlin Dempster – bank ledger 14 125 |\n| Sales and sales records |\n| 18 Sales tax 15 125\u003Cbr>19 Vico Ltd – posting sales transactions 16 127\u003Cbr>20 Credit limits 20 129\u003Cbr>21 Lancing Ltd – aged receivables analysis 20 130 |\n| Purchases and purchase records |\n| 22 Posting credit transactions 22 130\u003Cbr>23 Settlement discounts 22 131\u003Cbr>24 Geer & Co – posting purchases transactions 23 131\u003Cbr>25 Returning goods 26 133 |\n\nSection 1  \nSTUDY SUPPORT QUESTIONS  \nBUSINESS TRANSACTIONS AND DOCUMENTATION  \n1 CASH OR CREDIT  \nGiven below are a number of transactions. For each transaction, tick the relevant box to indicate whether it is a cash transaction or a credit transaction.  \nTRANSACTION CASH CREDIT  \n(a) Receipt of goods costing $140.59 from a supplier together with an invoice for that amount.  \n(b) Payment of $278.50 by cheque for a purchase at the till.  \n(c) Receipt of a deposit of $15.00 for goods.  \n(d) Sending of an invoice for $135.00 to the payer of the deposit for the remaining value of the goods.  \n(e) Sale of goods for $14 .83, payment received by credit card.  \n(5 marks)  \n2 DOCUMENTS  \nFill in the boxes to give the names of the various documents used at the following stages of the process of purchasing goods by means of cash or on credit.  \n(a) Request to supplier to supply goods.  \n(b) Notification by supplier of the amount due to be paid for the goods.  \n(c) Notification by purchaser to the supplier of the amount enclosed as payment.  \n(d)  \n(e)  \nCancellation of an amount due to a supplier.  \nRecord of a cash sale given to a customer.  \n(5 marks)  \nKAPLAN PUBLISHING 1  \n3 DEBIT/CREDIT NOTES  \nFill in the gaps in the following sentences, which explain the difference between a debit note and a credit note.  \nA credit note is a document produced by the   and sent to the   . which cancels all or part of    \nA debit note, on the other hand, is raised by the   .. and sent to the   requesting a   Not all businesses employ a formal debit note for this purpose; many rely on a letter or telephone call only. (6 marks)  \nDOUBLE ENTRY BOOKKEEPING  \n4 TERMINOLOGY  \nFill in the gaps to identify the following terms:  \n(a) An   is a present resource controlled by the   as a result of a past ……..………  \n(b) A   is an ","cbCaibkkA0qg9Rc6","https://ap.wps.com/l/cbCaibkkA0qg9Rc6","pdf",248425,"English","# Index to questions and answers\n## Syllabus and revision guidance\n## The exam\n# Study support questions\n## Business transactions and documentation\n### Cash or credit\n### Documents\n### Debit/credit notes\n### Terminology\n### Classifying transactions and balances","[{\"question\":\"What topics are covered in the study support questions for FA1?\",\"answer\":\"They cover business transactions and documentation, double-entry bookkeeping terminology, banking and petty cash, sales and sales records, and purchases and purchase records.\"},{\"question\":\"How are cash and credit transactions practiced in the kit?\",\"answer\":\"Students are given several transactions and must indicate for each item whether it is a cash transaction or a credit transaction.\"},{\"question\":\"What do the debit/credit note questions focus on?\",\"answer\":\"They ask learners to fill gaps explaining the difference between a credit note and a debit note, including what each one cancels and who issues it.\"}]","Recording Financial Transactions - Exam Kit | PDF",1792690706,15]