Tag: KS3

Accounting Multiple Choice Question – 13 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 following information relates to the annual membership subscriptions of the Cannock Chase cricket club for the year ended 31 December 2022.

1 January
subscriptions in arrears – £7,200
subscriptions paid in advance – £2,800

31 December
subscriptions in arrears – £7,800
subscriptions paid in advance – £4,200

Cash received during the year for subscriptions totalled £81,000.

Which amount should be shown in the income and expenditure account for membership subscriptions for the cricket club?

Select ONE answer:

  1. £80,200
  2. £81,000
  3. £81,600
  4. £81,800

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 – £81,000 + (£7,800 – £7,200) + (£2,800 – £4,200)
  2. Not correct
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 11 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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Partnership capitals is respectively £60K for Alex and £90k for Lucy.

The partnership agreement provides for interest on capital at 10% per annum, but makes no other financial provisions

Profits for the current year is shown as £75k in the Income Statement.

How will the total profits be divided between the partners Alex and Lucy?

Select ONE answer:

  1. Alex £30.0k and Lucy £45.0k
  2. Alex £36.0k and Lucy £39.0k
  3. Alex £37.5k and Lucy £37.5k
  4. Alex £39.0k and Lucy £36.0k

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 correc
  2. Correct – If a partnership agreement allows interest on capitals but makes no other financial provisions, then under the Partnership Act the balance of profits is shared equally by the partners. Therefore, £75k – £15k (£150k * 10%) = £60k / 2 = £30k each then Alex £30k = £6k = £36k and Lucy £30k + £9k = £39k
  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 – 8 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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In the books of a sole trader, discounts received of £1,400 have been posted correctly in the suppliers’ accounts but debited in the discounts allowed account.

What are the correcting entries?

Select ONE answer:

  1. Dr suspense £2,800  and  Cr discounts allowed £1,400 + discounts received £1,400
  2. Dr discounts allowed £1,400 + discounts received £1,400  and  Cr suspense £2,800
  3. Dr discounts allowed £1,400  and  discounts received £1,400
  4. Dr discounts received £1,400  and  discounts allowed £1,400

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 – 6 June 2023

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 buys a stapler for his business at a cost of £10 and the retailer estimates that it has a useful life of 5 years.

The bookkeeper has decided to treat the purchase of the calculator as revenue expenditure instead of capital expenditure.

Which accounting principle / concept has been applied?

Select ONE answer:

  1. accruals
  2. materiality
  3. prudence
  4. Money Measurement

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

Accounting Multiple Choice Question – 5 June 2023

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

Photo by Pixabay on Pexels.com

What is the purpose of providing for depreciation?

Select ONE answer:

  1. To apply the accruals or matching principle.
  2. To ascertain the true value of non-current assets.
  3. To ensure that money is available for repair of non-current assets.
  4. To provide cash in the business for replacement.

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.