Tag: Accounting

Which should be entered in the appropriation account of a partnership?

Select ONE answer:

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

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

How is capital employed calculated?

Select ONE answer:

1. current assets – current liabilities
2. non-current assets + current assets
3. owner’s capital + non-current liabilities
4. owner’s capital + total liabilities

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

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

Which statement below is correct?

Select ONE answer:

1. cost of goods sold – gross profit – sales returns = revenue
2. cost of goods sold – gross profit + sales returns = revenue
3. cost of goods sold + gross profit – sales returns = revenue
4. cost of goods sold + gross profit + sales returns = revenue

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

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

Which one of the group of businesses listed below contains only trading businesses?

Select ONE answer:

1. driving school, motor insurance agency, vehicle repair business
2. driving school, motor insurance agency, petrol station
3. motor parts shop, vehicle repair business, car dealership
4. motor parts shop, petrol station, car dealership

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 – all service businesses
2. Not correct – mixed service & trading businesses
3. Not correct – mixed service & trading businesses
4. Correct

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

Alex maintains a position for doubtful debts at 5% of the accounts receivables at the end of each financial year. On 1 April 2020 the accounts receivables amounted to £7,000 and the provision for doubtful debts was £350.

The income statement for the year ended 31 March 2020 was debited with £30 for the provision of doubtful debts.

How much did the trade receivables owe on 31 March 2020?

Select ONE answer:

1. £6,080
2. £6,400
3. £7,220
4. £7,600

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 – £30 / 0.05 = £600 so if £7,000 at 1 April then £7,600 at 31 March 2020

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