Accounting Multiple Choice Question – 16 September 2019

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

The payment by a firm of its VAT liability for a taxable period should initially be recorded in its …

Select ONE answer:

  1. journal.
  2. cash book (or cheque payments book).
  3. sales daybook.
  4. None of the above.

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. Incorrect
  2. Correct – All cash/cheque payments, irrespective of what the payment relates to, are initially recorded in the cash book (or cheque payments book).
  3. Incorrect
  4. Incorrect

 

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