Accounting Multiple Choice Question – 16 February 2019

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

Which of the following summarised balance sheets (statement of financial position) is correct?

Table 49

Select ONE answer:

  1. Business 1
  2. Business 2
  3. Business 3
  4. Business 4

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

  • In accordance with the accounting question, Capital = Assets – Liabilities. The Balance Sheet of Business 3 is the only one where the figure for Capital equals the difference between the total of the assets and the total of the liabilities.
  • £719 = (£2,781 + £812) – (£950 + £1,924)

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Accounting Multiple Choice Question – 15 February 2019

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

Which of the following summarised balance sheets (statement of financial position) is correct?

Table 48

Select ONE answer:

  1. Business 1
  2. Business 2
  3. Business 3
  4. Business 4

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

  • In accordance with the accounting question, Capital = Assets – Liabilities. The Balance Sheet of Business 3 is the only one where the figure for Capital equals the difference between the total of the assets and the total of the liabilities.
  • £1,068 = (£1,100 + £440) – (£472 + £NIL)

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Accounting Multiple Choice Question – 14 February 2019

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

Which of the following summarised balance sheets (statement of financial position) is correct?

Table 47

Select ONE answer:

  1. Business 1
  2. Business 2
  3. Business 3
  4. Business 4

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

  • In accordance with the accounting question, Capital = Assets – Liabilities. The Balance Sheet of Business 2 is the only one where the figure for Capital equals the difference between the total of the assets and the total of the liabilities.
  • £2,000 = (£9,456 + £2,398) – (£8,354 + £1,500)

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Accounting Multiple Choice Question – 13 February 2019

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

Which of the following summarised balance sheets (statement of financial position) is correct?

Table 46

 

Select ONE answer:

  1. Business 1
  2. Business 2
  3. Business 3
  4. Business 4

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

  • In accordance with the accounting question, Capital = Assets – Liabilities. The Balance Sheet of Business 1 is the only one where the figure for Capital equals the difference between the total of the assets and the total of the liabilities.
  • £2,000 = (£2,517 + £1,298) – (£1,315 + £500)

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Accounting Multiple Choice Question – 12 February 2019

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

The following information relates to a sole trader

  • Total of all assets at 1 August – £7,300
  • Total of all liabilities at 1 August- £6,500
  • Net profit earned during August – £3,000
  • Capital introduced during August- £4,500
  • Drawings during August – £2,700

Select ONE answer:

  1. £5,000
  2. £5,100
  3. £5,600
  4. £5,900

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

  • Capital = Assets – Liabilities (as per the Accounting Equation)
  • Capital at 1 June = Total Assets at 1 August + Total Liabilities at 1 August i.e. £800 = £7,300 + (-£6,500)
  • Capital at 30 June = Capital at 1 August + Capital introduced during August + Net profit earned during August – Drawing during August i.e. £800 +£4,500 + £3,000 – £2,700 = £5,600

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Accounting Multiple Choice Question – 11 February 2019

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

The following information relates to a sole trader

  • Total of all assets at 1 July – £3,300
  • Total of all liabilities at 1 July – £4,500
  • Net profit earned during July – £2,000
  • Capital introduced during July – £5,000
  • Drawings during July – £1,700

Select ONE answer:

  1. £4,000
  2. £4,100
  3. £4,500
  4. £4,600

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 2

  • Capital = Assets – Liabilities (as per the Accounting Equation)
  • Capital at 1 July = Total Assets at 1 July + Total Liabilities at 1 July i.e. -£1,200 = £3,300 + (-£4,500)
  • Capital at 31 July = Capital at 1 July + Capital introduced during July + Net profit earned during June – Drawing during July i.e. -£1,200 +£5,000 + £2,000 – £1,700 = £4,100

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Accounting Multiple Choice Question – 10 February 2019

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

The following information relates to a sole trader

  • Total of all assets at 1 June – £2,300
  • Total of all liabilities at 1 June – £2,500
  • Net profit earned during June – £1,000
  • Capital introduced during June – £5,000
  • Drawings during June – £700

Select ONE answer:

  1. £5,100
  2. £5,300
  3. £5,500
  4. £5,600

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 1

  • Capital = Assets – Liabilities (as per the Accounting Equation)
  • Capital at 1 June = Total Assets at 1 June + Total Liabilities at 1 June i.e. -£200 = £2,300 + (-£2,500)
  • Capital at 30 June = Capital at 1 June + Capital introduced during June + Net profit earned during June – Drawing during June i.e. -£200 +£5,000 + £1,000 – £700 = £5,100

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