Zhonghua POA 2024 5N Prelim Paper 1

1 ZHONGHUA SECONDARY SCHOOL PRELIMINARY EXAMINATION 2024 SECONDARY 5 NORMAL ACADEMIC Candidate Name Class Register Number PRINCIPLES OF ACCOUNTS 7087/01 Paper 1 28 August 2024 1 hour READ THESE INSTRUCTIONS FIRST Write your name, class and register number on all the work you hand in. Write in dark blue or black pen on both sides of the paper. You may use a soft pencil for any rough working. Do not use paper clips, glue or correction fluid. Answer all questions. You may use a calculator. The businesses mentioned in this question paper are entirely fictitious. Where the columnar format is used, the running balance column should be updated for the first and last entries. Where applicable, the balance should be brought down to the next financial year. At the end of the examination, fasten all your work securely together. The number of marks is given in brackets [ ] at the end of each question or part question. Setter: Mr John Kok Vetters: Ms Teo Jing Zhi & Ms Destiny See This question paper consists of 8 printed pages (including this cover page) [Turn over For examiner’s Use: Question Score 1 / 15 2 / 9 3 / 16 Total / 40

2 Answer all questions. 1 Tylo Ltd buys and sells sunglasses. Its financial year ends on 31 March. REQUIRED (a) State the first step in the manual accounting information system. ………………………………………………………………………………………………………… ……………………………………………………………………………………………………….[1] (b) State and explain the accounting concept that makes the first step of the accounting information system a requirement. ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………. [2] (c) Tylo Ltd, being the pioneer in the industry, wants to record its reputation as an asset, as people associate Tylo Ltd with sunglasses. As an accountant of Tylo Ltd, state and explain , with reference to an accounting theory why this should not be done. ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………… ………………………………………………………………………………………………………. [2]

3 After preparing the statement of financial performance for the year ended 31 March 2024, the accountant of Tylo Ltd found the following errors. 1 Cheques paid to Jackson LLP was debited to Jason Ltd amounting to $2 000. 2 A cheque of $400 was received from Lim Pte Ltd in full settlement of an outs