Tag: KS3

Accounting Multiple Choice Question – 2 March 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 plc purchased a machine for which the supplier’s list price is £28,000.

Alex Trading paid £23,000 in cash, and traded in an old machine, which has a carrying amount of £8,000.

It is the company’s policy to depreciate machines at the rate of 10% per annum on cost.

What is the carrying amount of the machine after one year?

Select ONE answer:

  1. £18,000
  2. £20,700
  3. £22,200
  4. £25,200

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 – The cost of the machine is £28,000. Alex Trading plc paid £23,000 in cash and agreed a trade-in value of £5,000 for the old machine. (The old asset’s carrying amount is irrelevant.) After one year, the carrying amount of the new machine is 90% of £28,000 = £25,200.

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Accounting Multiple Choice Question – 29 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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Which of the following statements concerning the extended trial balance is correct?

Select ONE answer:

  1. If the initial trial balance balances an error may still have been made
  2. The closing inventories balance is included in the initial trial balance
  3. The owner’s drawings taken in the period are shown in the adjustments columns of the extended trial balance
  4. Non-current assets appear in the credit column of the statement of financial position

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

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

Accounting Multiple Choice Question – 28 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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Which of the following would be a credit balance in the trial balance?

Select ONE answer:

  1. Bank overdraft
  2. Drawings
  3. Discounts allowed
  4. Carriage outwards

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

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

Accounting Multiple Choice Question – 27 February 2024

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

Photo by Nataliya Vaitkevich on Pexels.com

Which ONE of the following types of account would normally appear on the debit side of the trial balance?

Select ONE answer:

  1. Liability
  2. Income
  3. Capital
  4. Expense

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 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

Alex the sole trader had receivables of £2,700 as at 1 December and during December made cash sales of £7,200, credit sales of £16,500 and received £15,300 from his credit customers.

The balance on Alex’s receivables account at the end of December was?

Select ONE answer:

  1. £1,500
  2. £3,900
  3. £8,700
  4. £11,100

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 – Bal b/d £2,700 + £16,500 credit sales – £15,300 payments = £3,900
  3. Not correct
  4. Not correct

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