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Topic …. Accounting
ACCOUNTING
1 Which of the following statements is incorrect?
Assets - Capital = Liabilities
Debtors
Cash balance
3 Which of the following is a liability?
Motor Vehicles
Machinery
Creditors for
goods
Cash at Bank
4 Which of the following is incorrect?
(A)
(B)
(C)
(D
)
5 Which of the following statements is correct?
(A)
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Topic …. Accounting
(B)
(C)
(D
)
6 Which of the following are correct?
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Topic …. Accounting
9 Which of the following best describes the meaning of ‘Purchases’?
Goods bought on credit
Items bought
10 Which of the following should not be called ‘Sales’?
Goods sold for cash
(iv) only
(iii) only
£21,400
£21,600
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Topic …. Accounting
£32,400
14 Which of the following is correct?
Profit reduces capital
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Topic …. Accounting
It is a special account
20 Is it true that the trial balance totals should agree?
No, there are sometimes good reasons why they differ
Yes, always
Yes, except where the trial balance is extracted at the year end
Balance sheet
Trial balance
Trading account
23 To find the value of closing stock at the end of a period we
do this by stocktaking
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Topic …. Accounting
24 The credit entry for net profit is on the credit side of:
The trading account
A listing of balances
Are of long life and are not bought specifically for resale
28 Carriage inwards is charged to the trading account because:
Carriage outwards goes in the profit and loss account
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Topic …. Accounting
Another
figure
£6,200
£6,800
£7,000
30 The costs of putting goods into a saleable condition should be charged to:
Trading account
Balance sheet
None of these
31 Suppliers’ personal accounts are found in the:
Sales ledger
Nominal ledger
Purchases ledger
General ledger
32 The Sales Day Book is best described as:
Containing customers’ accounts
The banker
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Topic …. Accounting
The drawer
The creditor
35 If you want to make sure that your money will be safe if Cheques sent are lost in the
post, you should:
Always pay by cash
A cheque book
A cash book
A paying-in slip
37 A debit balance of £100 in a cash account shows that:
There was £100 cash in hand
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Topic …. Accounting
None of these
43 The total of the ‘Discounts Allowed’ column in the Cash Book is posted to:
The debit of the Discounts Received account
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Topic …. Accounting
£260
£280
£285
None of these
47 An alternative name for a Sales Journal is:
Sales Day Book
Sales Ledger
Sales Invoice
Daily Sales
48 Entered in the Purchases Journal are:
Discounts received
Purchases invoices
Payments to suppliers
Trade discounts
49 The total of the Purchases Journal is transferred to the:
Credit side of the Purchases Account
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Topic …. Accounting
now returns 4 of them to us. What is the amount of credit note to be issued?
£36
£30
£32
£48
53 Depreciation is:
The salvage value of a fixed asset
The part of the cost of the fixed asset consumed during its period of use by the
firm
The amount spent to buy a fixed asset
54 A firm bought a machine for £3,200. It is to be depreciated at a rate of 25 per cent using
the Reducing Balance Method. What would be the remaining book value after 2 years?
£2,400
£1,800
£1,600
£3,100
£3,200
£3,000
56 At the balance sheet date the balance on the Accumulated Provision for Depreciation
Account is:
Transferred to Depreciation Account
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Topic …. Accounting
Credit Provision for Depreciation Account, debit Profit and Loss Account
Credit Profit and Loss Account, debit Provision for Depreciation Account
59 When the final accounts are prepared, the Bad Debts Account is closed by a transfer to
the:
Trading Account
Balance Sheet
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Topic …. Accounting
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Topic …. Accounting
A dishonored cheque
An un-presented cheque
A standing order
69 A Bank Reconciliation Statement is a statement:
Sent by the bank when we have made an error
Drawn up by us to verify our cash book balance with the bank statement balance
70 Which of the following are not true? A Bank Reconciliation Statement is
(i) Part of the double entry system
(ii) Not part of the double entry system
(iii) Sent by the firm to the bank
(iv) Posted to the ledger accounts.
(i), (ii) and (iv)
(iii) and
(iv)
(ii) and (iii)
72 The Journal is:
Used when other journals have been mislaid
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Topic …. Accounting
£53
£146
£254
£200
74 When a petty cash book is kept there will be:
No entries made at all in the general ledger for items paid by petty cash
(iii) and
(iv)
76 Which of the following are not errors of principle?
(i) Motor expenses entered in Motor Vehicles account
(ii) Purchases of machinery entered in Purchases account
(iii) Sale of £250 to C Phillips completely omitted from books
(iv) Sale to A Henriques entered in A Henry’s account.
(iii) and
(iv)
(ii) and (iii)
It is much easier to do
78 Which of these errors would be disclosed by the trial balance?
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Topic …. Accounting
A Nominal Account
A Suspense Account
80 What should happen if the balance on a Suspense Account is of a material amount?
Write it off to Profit and Loss Account
£83,500
£18,500
£8,500
82 In a Sales Ledger Control Account the Bad Debts written off should be shown in the
account:
As a credit
As a debit
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Topic …. Accounting
(iii) and
(iv)
(ii) and (iv)
84 Given cost of goods sold £16,000 and margin of 20 per cent, then sales figure is:
£21,000
£20,000
£13,600
£20,160
85 If opening stock is £3,000, closing stock £5,000, sales £40,000 and margin 20 per cent, then
stock turn is:
7 ½ times
8 times
5 times
6 times
86 If creditors at 1 January 20X3 were £2,500, creditors at 31 December 20X3 £4,200 and
payments to creditors £32,000, then purchases for 20X3 are:
£31,600
£38,700
£33,700
£30,300
87 Given opening capital of £16,500, closing capital as £11,350 and drawings were £3,300,
then:
Profit for the year was
£8,450
Loss for the year was £8,450
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Topic …. Accounting
Work in progress
Office rent
Direct materials
91 In the Manufacturing Account is calculated:
The production costs paid in the year
None of these
94 If it is required to maintain fixed capitals then the partners’ shares of profits must be:
Credited to capital accounts
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Topic …. Accounting
(ii) and
(iv)
99 The Issued Capital of a company is:
Always the same as the Authorized Capital
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Topic …. Accounting
60 per cent
10 per cent
20 per cent
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