Day: February 24, 2024

Accounting Multiple Choice Question – 24 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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When preparing an extended trial balance what are the entries for the business’s profit?

Select ONE answer:

  1. Debit the statement of financial position column and the income statement column
  2. Credit the statement of financial position column and the income statement column
  3. Debit the statement of financial position column and credit the income statement column
  4. Debit the income statement column and credit the statement of financial position column

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

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