Month: February 2024

Accounting Multiple Choice Question – 29 February 2024

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

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Which of the following statements concerning the extended trial balance is correct?

Select ONE answer:

  1. If the initial trial balance balances an error may still have been made
  2. The closing inventories balance is included in the initial trial balance
  3. The owner’s drawings taken in the period are shown in the adjustments columns of the extended trial balance
  4. Non-current assets appear in the credit column of the statement of financial position

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

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Accounting Multiple Choice Question – 28 February 2024

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

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Which of the following would be a credit balance in the trial balance?

Select ONE answer:

  1. Bank overdraft
  2. Drawings
  3. Discounts allowed
  4. Carriage outwards

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 – 27 February 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

Which ONE of the following types of account would normally appear on the debit side of the trial balance?

Select ONE answer:

  1. Liability
  2. Income
  3. Capital
  4. Expense

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

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

Accounting Multiple Choice Question – 26 February 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

Alex the sole trader had receivables of £2,700 as at 1 December and during December made cash sales of £7,200, credit sales of £16,500 and received £15,300 from his credit customers.

The balance on Alex’s receivables account at the end of December was?

Select ONE answer:

  1. £1,500
  2. £3,900
  3. £8,700
  4. £11,100

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 – Bal b/d £2,700 + £16,500 credit sales – £15,300 payments = £3,900
  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 – 25 February 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

Which of the following statements concerning preparation of financial statements is true?

Select ONE answer:

  1. The balances on income and expense accounts are brought down at the end of the accounting period to be carried forward to the next accounting period
  2. The balances on asset and liability accounts are summarised in an additional ledger account known as the statement of financial position ledger account
  3. The profit and loss ledger account is a list of all the balances extracted from the business’s accounts
  4. A net loss is a credit entry in the profit and loss ledger account

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

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