Tag: Books Of Prime Entry

Accounting Multiple Choice Question – 17 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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What is the correct double entry for the posting of the discounts received column in the cash payments book / cashbook?

Select ONE answer:

  1. Debit Discounts received, Credit Receivables
  2. Debit Payables, Credit Discounts received
  3. Debit Receivables, Credit Discounts received
  4. Debit Discounts received, Credit Payables

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

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Accounting Multiple Choice Question – 16 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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In relation to books of original or prime entry and double entry bookkeeping for an entity which is registered for VAT, which one of the following statements is correct?

Select ONE answer:

  1. The payables ledger column in the cash payments book is debited to the purchases account in the nominal ledger
  2. Purchases and VAT in the purchases daybook are recorded in the nominal ledger as debit entries to the purchases and VAT accounts respectively and as a credit entry in the payables control account
  3. The cash receipt recorded in the petty cash book when the petty cash is topped up is recorded as a debit entry in the main cash book
  4. VAT recorded in the cash book in respect of purchases is credited to the VAT account

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 – 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 – 5 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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The petty cash float of Alex Trading has an imprest (set) amount of £200.

At the end of December 2023 vouchers in the petty cash box totalled £136 and the amount of cash remaining in the box was only £54.

Which of the following explains the difference?

Select ONE answer:

  1. A petty cash voucher for £10 or £10 is missing
  2. An employee was given £10 too little when making a petty cash claim
  3. An employee reimbursed petty cash with £10 in respect of postage stamps used, but no voucher was prepared
  4. A voucher for £10 was put in the box but no payment was made to the employee

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.