Day: September 25, 2023

Accounting Multiple Choice Question – 25 September 2023

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

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Interest receivable account shows interest of £17,500 was received during the year.

Interest receivable of £1,600 is due at the year-end.

How will this be shown in the final accounts?

Select ONE answer:

  1. Income Statement Additional Income Credit £17,500 AND Statement of Financial Position Debit Current Assets £1,600
  2. Income Statement Additional Income Credit £19,100 AND Statement of Financial Position Debit Current Assets £1,600
  3. Income Statement Additional Income Credit £17,500 AND Statement of Financial Position Debit Current Liabilities £1,600
  4. Income Statement Additional Income Credit £17,500 AND Statement of Financial Position Debit Current Liabilities £1,600

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. Not correct
  2. Correct
  3. Not correct
  4. Not correct

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