Tag: Bookkeeping

Accounting Multiple Choice Question – 28 December 2023

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

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In relation to the business of a sole trader, which two of the following items does the government and its agencies need to be able to most do?

  • A  Establish levels of tax revenue
  • B  Assess whether the business will continue in existence
  • C  Produce national statistics
  • D  Assess the owner’s stewardship
  • E  Take decisions about their investment

Select ONE answer:

  1. A and B
  2. B and C
  3. C and D
  4. A and C

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

Accounting Multiple Choice Question – 26 December 2023

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

Photo by Olya Kobruseva on Pexels.com

Which of the following items should be treated as capital expenditure in the financial statements of a sole trader?

Select ONE answer:

  1. £500 taken by the proprietor to buy himself a hi-fi music system for his family home
  2. £400 spent on purchasing a new PC to replace his secretary’s old one
  3. £2,000 on purchasing a machine for resale to his customers
  4. £150 paid to a painter for redecorating his office

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 – 25 December 2023

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

Photo by Olya Kobruseva on Pexels.com

Information about a business’s financial position is primarily provided in which financial statement?

Select ONE answer:

  1. The statement of profit or loss
  2. The statement of financial position
  3. The statement of equity and retained earnings
  4. The statement of cash flows

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 – 24 December 2023

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

Photo by Olya Kobruseva on Pexels.com

A loan due for repayment in 20 months’ time has been included as a current liability.

What will be the effect when this is corrected?

Select ONE answer:

  1. increase net assets
  2. increase net current assets
  3. no effect on net current assets
  4. reduce net current assets

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.