Tag: ACA

Accounting Multiple Choice Question – 24 November 2023

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 Supplies sells some of its inventory for £500 on credit to a customer.

The inventory originally cost £600.

What is the effect of this transaction on the statement of financial position?

Select ONE answer:

  1. current assets – decrease by £100 and owner’s capital – decrease by £100
  2. current assets – decrease by £100 and owner’s capital – increase by £100
  3. current assets – increase by £100 and owner’s capital – decrease by £100
  4. current assets – increase by £100 and owner’s capital – increase by £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 1

  1. Correct
  2. Not correct
  3. Not 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 – 23 November 2023

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

Who is most likely to use the payables ledger?

Select ONE answer:

  1. cashier
  2. credit controller
  3. trade payables
  4. purchases controller

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 – 20 November 2023

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

In preparing the income statement, only realised profits and not anticipated profits must be brought into account.

In addition, all possible losses must also be taken into account immediately.

Which accounting principle does this describe?

  1. accruals
  2. consistency
  3. going concern
  4. prudence

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.