Month: January 2024

Accounting Multiple Choice Question – 31 January 2024

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

Photo by Pixabay on Pexels.com

When a purchase invoice is received from a supplier which of the following documents would the invoice be normally checked to by a business?

Select ONE answer:

  1. Purchase order
  2. Remittance or payments advice
  3. Sales order
  4. Credit note

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

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 30 January 2024

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

Photo by Nataliya Vaitkevich on Pexels.com

The following data has been extracted from the payroll records of Alex Trading Ltd for the month of December 2023.

  • PAYE – £17,000
  • Employer’s NIC – £7,500
  • Employees’ NIC – £6,000
  • Cash paid to employees – £50,000

The wage expense for the month is?

Select ONE answer:

  1. £50,000
  2. £56,000
  3. £74,500
  4. £80,500

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. Not correct
  2. Not correct
  3. Not correct
  4. Correct – 50,000 + 17,000 + 7,500 + 6,000 = £80,500

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 29 January 2024

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

Photo by Olya Kobruseva on Pexels.com

Which of the following is a book of prime or original entry?

Select ONE answer:

  1. Nominal ledger
  2. General Journal or Journal
  3. Receivables ledger
  4. Asset register

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

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 28 January 2024

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

Photo by Olya Kobruseva on Pexels.com

Which of the following best explains the imprest (set amount) system of petty cash?

Select ONE answer:

  1. Each month an equal amount of cash is transferred into petty cash
  2. The exact amount of petty cash expenditure is reimbursed at intervals to maintain a fixed float
  3. Petty cash must be kept under lock and key
  4. The petty cash total must never fall below the imprest amount

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

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 27 January 2024

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

Photo by Nataliya Vaitkevich on Pexels.com

Two statements are made below:

Statement 1 – Books of prime or original entry in a standard double entry bookkeeping system are used to list similar transactions with the totals being posted to the nominal ledger.

A True
B False

Statement 2 – The sales journal or sales daybook is the book of prime or original entry for discount allowed to customers.

C True
D False

Which combination of the two statements is correct?

Select ONE answer:

  1. A & C
  2. B & C
  3. B & D
  4. A & D

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. Not correct
  2. Not correct
  3. Not correct
  4. Correct – (the cash book is the book of original entry for discounts)

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.