Tag: Share Capital

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

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

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

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

As at 1 July 2023 Alex plc owed £524,925 to suppliers plus £96,53 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 journals and received discounts of £12,824. 

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

What is the amount for staff bonuses will be included in Alex plc’s administrative expenses for the year ended 30 June 2024?

Select ONE answer:

1. £12,267
2. £31,573
3. £37,791
4. £57,097

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 == > Dr Bank Payments £34,682 + Bal c/d £12,762 = Total £47,444 – Cr Balance B/D £9,653 == > I/S £37,791
4. Not correct

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