Tag: GCSE

Accounting Multiple Choice Question – 2 July 2023

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

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The amount shown on the cash flow statement of Alex plc for 2022 as taxation paid amounts to £96,000.

The extract of the Income Statement for Alex plc for 2022 and 2021 is as follows:

  • operating profit for the year – 2022 £350k and 2021 £336k
  • provision for taxation – 2022 (£110k) and 2021 (£104k)
  • profit after taxation – 2022 £240k and 2021 £232k

The liability for taxation at the 2021 year end was £100k.

What is the total tax provision disclosed in the statement of financial position of Alex plc for 2022?

Select ONE answer:

  1. £14,000
  2. £110,000
  3. £114,000
  4. £210,000

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 – £100k + £110k – £96k = = > £114k
  4. Not correct

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Accounting Multiple Choice Question – 1 July 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 a cash flow statement, which item is a cash outflow?

Select ONE answer:

  1. a decrease in stock
  2. a decrease in trade debtors
  3. a decrease in trade creditors
  4. an issue of bonus shares

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 – 30 June 2023

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

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The table shows figures for a week’s production of The Milford.

  • expected production – 10,000 units
  • expected production overhead – £50,000
  • actual production overhead – £60,000
  • under-absorption of overhead – £5,000

What is the actual amount of production in the week of The Milford?

Select ONE answer:

  1. 9,000 units
  2. 9,167 units
  3. 11,000 units
  4. 13,000 units

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 – £50,000 / 10,000 = £5 per unit = = > Actual production overhead £60,000 means a difference of £10,000 but and under-absorption of £5,000. Therefore £5,000 difference / £5 = 1,000 extra units of actual production.
  4. Not correct

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Accounting Multiple Choice Question – 29 June 2023

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

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Alex plc manufactures a product called The Milford.

Information for the last two years on The Milford is as follows:

Year 1

  • variable unit costs £6.00
  • fixed overheads per annum £24,000
  • unit sales price £10

Year 2

  • variable unit costs £7.00
  • fixed overheads per annum £25,200
  • unit sales price £10

In both years, production of the Milford has been at break-even level.

What is the increase in production in year 2 compared with year 1 of the Milford?

Select ONE answer:

  1. £0.50
  2. £0.83
  3. £1.00
  4. £1.50

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 – Y1 £24k / (£10 – £6) – – > Y2 £25.2k / £10 – £7 = 2,400 extra units
  2. Not correct
  3. Not 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 – 28 June 2023

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

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The total cost of making product X is shown on the graph.

What is the variable cost per unit?

Select ONE answer:

  1. £0.50
  2. £0.83
  3. £1.00
  4. £1.50

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 – £1,500 – £1,000 FC = £500 / 1,000 units = £0.50 per unit
  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.