Month: February 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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Accounting Multiple Choice Question – 23 February 2024

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

apple devices books business coffee
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Which of the following would be classified as a non-current asset?

Select ONE answer:

  1. Cash
  2. Prepayments
  3. Land
  4. Receivables

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 3

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

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

Accounting Multiple Choice Question – 22 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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The following are all current assets

  • trade receivables, inventories, prepaid expenses and cash at bank

Which of them is the least liquid?

Select ONE answer:

  1. Trade receivables
  2. Inventories
  3. Prepaid expenses
  4. Cash at bank

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 – 21 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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Alex Trading is registered for VAT and received the following invoice from one of its VAT registered suppliers:

20 December 2023

Goods: 100 @£10 = £1,000
Less: Trade discount (£50)
Total: £950

A further discount of £50 will be allowed if payment is received within 14 days.

What amount of VAT should have been charged on the invoice?

Select ONE answer:

  1. £157.50
  2. £166.25
  3. £175.00
  4. £183.75

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 – (950 – 50) x 17.5% = £157.50. Remember that for VAT discount will be claimed back.
  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 – 20 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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What is the correct double entry for discounts allowed?

Select ONE answer:

  1. Debit Discounts allowed & Bank, Credit Receivables
  2. Debit Discounts allowed & Bank, Credit Payables
  3. Debit Receivables, Credit Discounts allowed & Bank
  4. Debit Payables, Credit Discounts allowed & Bank

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.