Accounting Multiple Choice Question – 22 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

An error of principle arises when ……. ?

Select ONE answer:

  1. either the debit entry or the credit entry for a particular transaction is recorded in the wrong class of ledger account
  2. a transaction is not entered at all in the general (nominal) ledger double-entry accounting records
  3. a correct figure is entered in the double-entry accounting records, once in the correct ledger account and once in the wrong person’s account
  4. two errors are made, one of which cancels out the other

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 1
2 – is an error of omission
3 – is an error of commission
4 – is a compensating error

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Accounting Multiple Choice Question – 21 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

An error of commission arises when ……. ?

Select ONE answer:

  1. either the debit entry or the credit entry for a particular transaction is recorded in the wrong class of ledger account
  2. a transaction is not entered at all in the general (nominal) ledger double-entry accounting records
  3. a correct figure is entered in the double-entry accounting records, once in the correct ledger account and once in the wrong person’s account
  4. two errors are made, one of which cancels out the other

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3
1 – is an error of principle
2 – is an error of omission
4 – is a compensating error

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Accounting Multiple Choice Question – 20 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

An error of omission arises when ……. ?

Select ONE answer:

  1. either the debit entry or the credit entry for a particular transaction is recorded in the wrong class of ledger account
  2. a transaction is not entered at all in the general (nominal) ledger
  3. a correct figure is entered in the double-entry accounting records, once in the correct ledger account and once in the wrong person’s account
  4. two errors are made, one of which cancels out the other

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 2
1 – is an error of principle
3 – is an error of commission
4 – is a compensating error

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Accounting Multiple Choice Question – 19 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The debit and credit totals of a trial balance ……. ?

Select ONE answer:

  1. need not always agree, as there are sometimes legitimate reasons why they should differ
  2. should agree in all cases except when the trial balance is prepared at the end of an accounting period
  3. should always agree
  4. need not always agree, because the trial balance is not the same as a balance sheet

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3 – the total of the debit balances brought down in its nominal or general ledger should always equal that of the credit balances brought down

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Accounting Multiple Choice Question – 18 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The purpose of a firm preparing a trial balance is to establish whether ……. ?

Select ONE answer:

  1. the total of the debit balances brought down in its nominal or general ledger equals that of the credit balances brought down
  2. the double-entry record it has made for all transactions is correct
  3. its bank balance is correct
  4. it has earned a profit or incurred a loss

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 1 – 2 a balanced trial balance does not prove that the double-entry record for all transactions is correct; 3 the trial balance does not prove that the balance on any individual ledger account is correct; 4 a profit and loss account determines whether the business has made a profit or a loss.

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Accounting Multiple Choice Question – 17 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A business’s trial balance ……. ?

 

Select ONE answer:

  1. shows its financial position
  2. establishes whether its accounting records are correct
  3. list all of the entries in its double-entry accounting records
  4. is a list of all of the balances brought down in its double-entry accounting records

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 4 – 1 is the balance sheet; 2 even if the trial balance balances does not mean that it is free of accounting errors such as omission, compensating errors etc; 3 these are shown in the ledger accounts whereas the balances are in the TB.

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Business Studies Multiple Choice Question – 16 January 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Which ONE of the following is an example of a change that could be made to the marketing mix of a small business?

Select ONE answer:

  1. Introducing new items for sale
  2. Employing additional marketing staff
  3. Conducting secondary market research
  4. Producing a marketing budget

 

Show the workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Business Studies KS4 & KS3 classes

The answer is 1:

  1. Introducing new items for sale – is correct because product is part of the marketing mix.
  2. Employing additional marketing staff – is not correct because it is not part of the marketing mix.
  3. Conducting secondary market research – is not correct because it is not part of the marketing mix.
  4. Producing a marketing budget – is not correct because it is not part of the marketing mix.

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