Tag: Bookkeeping

Accounting Multiple Choice Question – 10 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 is a VAT registered trader whose sales and purchases carry VAT at the standard rate of 20%.

Alex sells a customer goods on credit for £5,000 exclusive of VAT.

The double entry to record this transaction in Alex’s book is?

Select ONE answer:

  1. Debit Sales £5,000, Debit VAT £1,000 and Credit Receivables £6,000
  2. Debit Sales £4,000, Debit VAT £1,000 and Credit Receivables £5,000
  3. Debit Receivables £6,000 and Credit Sales £5,000, Credit VAT £1,000
  4. Debit Receivables £5,000 and Credit Sales £4,000, Credit VAT £1,000

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 – 9 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 Ltd enters into the following transactions in relation to Lucy Wholesalers Ltd, a supplier which is also a customer.

Lucy Wholesalers Ltd buys goods from Alex Trading Ltd on credit terms.

The Alex Trading Ltd agrees to make contra entries in Lucy Wholesalers Ltd ‘s personal accounts in its own accounting system.

Which of Alex Trading Ltd’s accounting records is affected by each of these transactions?

Select ONE answer:

  1. Sales daybook or Sales journal
  2. Purchase daybook or Purchase Journal
  3. General Journal
  4. Payables ledger

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 – 8 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 Ltd enters into the following transactions in relation to Lucy Wholesalers Ltd, a supplier which is also a customer.

Lucy Wholesalers Ltd buys goods from Alex Trading Ltd on credit terms.

Which of Alex Trading Ltd’s accounting records is affected by each of these transactions?

Select ONE answer:

  1. Sales daybook or Sales Journal
  2. Purchase daybook or Purchase Journal
  3. Payables ledger
  4. General Journal

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.

Accounting Multiple Choice Question – 7 February 2024

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 ONE of the following are source documents that are recorded in an entity’s books of original or prime entry?

Select ONE answer:

  1. Goods received note
  2. Invoice to a customer
  3. Purchase order to a supplier
  4. Delivery note to a customer

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 – 6 February 2024

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 business has the following payroll costs for a month:

  • Gross pay – £38,600
  • Income tax – £5,400
  • Employee’s national insurance – £3,100
  • Employer’s national insurance – £3,500

What is the wages cost to the business for the month?

Select ONE answer:

  1. £38,600
  2. £42,100
  3. £47,100
  4. £50,600

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

  1. Not correct
  2. Correct – 38,600 + 3,500 = £42,100
  3. Not correct
  4. Not correct

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