Tag: Cambridge Assessment

Accounting Multiple Choice Question – 11 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 transaction is represented by the double-entry:

  • debit rent (expense) and credit landlord (current liability)?

Select ONE answer:

  1. The receipt of rental income by the business
  2. The issue of an invoice for rent to a tenant
  3. The receipt of an invoice for rent payable by the business
  4. The payment of rent by the business

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 – 10 February 2024

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

apple devices books business coffee
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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

Creative Commons License
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 – 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.