Accounting Multiple Choice Question – 22 August 2020

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

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Lucy issued an invoice, a credit note and a receipt.

What has happened?

Select ONE answer:

  1. Lucy purchased goods and paid the supplier immediately.
  2. Lucy purchased goods on credit, made returns to the supplier and paid the balance due.
  3. Lucy sold goods and received immediate payment from the customer.
  4. Lucy sold goods on credit, received returns from the customer and received the balance due.

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

  1. Correct – accrual
  2. Not correct
  3. Not correct
  4. Not correct

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