Tag: KS3

Accounting Multiple Choice Question – 18 September 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 following balances have been extracted from Alex Ltd’s Trial Balance as at 31 December 2018.

                                                                                                                                                                                             Debit                  Credit

Retained profits as at 1 January 2018 £4,695,600
10% debentures issued in 2015 £1,300,000
Debenture interest paid £65,000

Operating profit for the year ended 31 December 2018 is £520,000. Corporation tax for the year has been estimated at £156,000.

What is the figure for retained profits in Alex’s SOFP as at 31 December 2018?

Select ONE answer:

  1. £4,929,600
  2. £4,994,600
  3. £5,059,600
  4. £5,215,600

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 1

  1. Correct – 4,695,600 + 520,000 – (130,000) – (156,000) = 4,929,600
  2. Not correct
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 16 September 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 Ltd uses the first-in, first-out (FIFO) method to value its stocks of finished goods.

As at 1 January there were stocks of 25 units that had cost £54 each.

During January, the following transactions occurred:

8 January – 10 units were sold for £62 each
15 January – 10 units were purchased for £55 each
22 January – 10 units were sold for £62 each

What was the value of Alex Ltd’s closing stock as at 13 January?

Select ONE answer:

  1. £815
  2. £810
  3. £825
  4. £820

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 – There are only (25 – 10 + 10 – 10) = 15 units in stock at the end of January. 10 of these are valued at £55, and the remainder at £54: (10 × £55) + ( 5 × £54) = £820

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Accounting Multiple Choice Question – 15 September 2024

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

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Non-current assets are equivalent to fixed assets?

Select ONE answer:

  1. False
  2. True
  3. Only for specific types of non-current assets relating to manufacturing
  4. It depends

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. Notcorrect
  2. Correct
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 14 September 2024

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

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Creditors falling due after more than one year are equivalent to current liabilities?

Select ONE answer:

  1. False
  2. True
  3. Only for specific types of financial current liabilities
  4. It depends

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 – 13 September 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

In the UK which of the following are responsible for the preparation of company annual financial statements?

Select ONE answer:

  1. The shareholders
  2. The board of directors
  3. The auditors
  4. The members

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. Notcorrect
  2. Correct – by law it is the board of directors which is responsible for preparing financial statements.
  3. Not correct
  4. Not correct

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