Tag: rights issue

Accounting Multiple Choice Question – 31 August 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 plc is preparing its financial statements for the year ended 31 December 2023.

Its initial trial balance shows the following balances:

Tax payable as at 1 January 2023 £2,091
Tax paid regarding 2022 in 2023 (as finally agreed with HMRC) £1,762

The estimated tax due for the year ended 13 December 2022 is £2,584.

In Alex plc’s income statement for the year ended 31 December 2023 the figure for tax expense will be?

Select ONE answer:

  1. £1,269
  2. £2,255
  3. £2,584
  4. £2,913

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 ==> Dr Bank Payments £1,762 + Bal c/d £2,584 = Total £4,386 – Cr Balance B/D £2,091 == > I/S £2,255
  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 – 30 August 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

Alex plc is preparing its financial statements for the 12-month reporting period ended 31 August 2023, having prepared an initial trial balance which includes the following balances:

Accruals as at 1 September 2022 £948
Interest paid £2,733

Of the accruals as at 1 September 2022, £362 related to interest payable.

As at 31 August 2023 accruals will include £419 related to interest payable.

In Alex plc’s income statement for the 12-month reporting period ended 13 August 2023 the finance costs will be?

Select ONE answer:

  1. £2,204
  2. £2,676
  3. £2,733
  4. £2,790

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 == > Dr Bank Payments £2,733 + Bal c/d £419 = Total £3,152 – Cr Balance B/D (reversed) £362 == > I/S £2,790

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

Accounting Multiple Choice Question – 29 August 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 plc is preparing its financial statements for the year ended 31 December 2023.

Its initial trial balance shows the following balances:

Tax payable as at 1 January 2023 £2,091
Tax paid regarding 2022 in 2023 (as finally agreed with HMRC) £1,762

The estimated tax due for the year ended 13 December 2022 is £2,584.

In Alex plc’s income statement for the year ended 31 December 2023 the figure for tax expense will be?

Select ONE answer:

  1. £1,269
  2. £2,255
  3. £2,584
  4. £2,913

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 ==> Dr Bank Payments £1,762 + Bal c/d £2,584 = Total £4,386 – Cr Balance B/D £2,091 == > I/S £2,255
  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 – 28 August 2024

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

Alex plc’s income statement for the year ended to 31 January 2024 shows tax expense of £42,560.

In its statement of financial position at that date the tax payable is £23,820.

During the year Alex plc paid the HMRC £40,000 in respect of tax for the year ended 31 January 2024, but subsequently received a refund from the HMRC for £2,680.

As at 1 February Alex plc’s tax opening payable balance in its statement of financial position was?

Select ONE answer:

  1. £18,580
  2. £23,700
  3. £23,940
  4. £29,060

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 == > Dr Bank Payments £40,000 + Bal C/D £23,820 = Total £63,820 – Cr HMRC Refund £2,680 + Tax Expense I/S £42,560 == > Opening Balance B/D £18,580
  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 – 27 August 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

As at 1 July 2023, Alex plc owed £524,925 to suppliers plus £9,653 to staff in respect of bonuses.

In the year to 30 June 2024, it paid trade suppliers £1,249,506, and £34,682 in staff bonuses.

Alex plc also posted £1,987,345 to its trade payables control account from the purchases journal, and received discounts of £12,824.

At the end of the period, it processed a contra with the receivables ledger of £8,236 and calculated that it owed staff bonuses of £12,762.

In its statement of financial position as at 30 June 2024, Alex plc will have a figure for trade and other payables of?

Select ONE answer:

  1. £1,267,352
  2. £1,241,704
  3. £1,258,176
  4. £1,283,824

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 ==> Dr Bank Payments £1,249,506 + Contra £8,236 + Discount Received £12,824 – Cr Balance B/D £524,925 + Purchases Journal £1,987,345 == > Balance C/D £1,241,704
  3. Not correct
  4. Not correct

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