Tag: Statement Of Financial Position

Accounting Multiple Choice Question – 23 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 classified as a non-current asset?

Select ONE answer:

  1. Cash
  2. Prepayments
  3. Land
  4. Receivables

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
  4. Not correct

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Accounting Multiple Choice Question – 22 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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The following are all current assets

  • trade receivables, inventories, prepaid expenses and cash at bank

Which of them is the least liquid?

Select ONE answer:

  1. Trade receivables
  2. Inventories
  3. Prepaid expenses
  4. Cash at bank

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 – 1 January 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 purpose of the financial statement that lists a business’s total assets and total capital/liabilities is to show?

Select ONE answer:

  1. A credit customer paying by cheque
  2. Raw materials being purchased on credit
  3. Non-current assets being purchased on credit
  4. A personal petrol expense of Alex being paid for out of the business’s petty cash

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 – 25 December 2023

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

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Information about a business’s financial position is primarily provided in which financial statement?

Select ONE answer:

  1. The statement of profit or loss
  2. The statement of financial position
  3. The statement of equity and retained earnings
  4. The statement of cash flows

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

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

Accounting Multiple Choice Question – 1 December 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 directors of Alex Ltd provide the following information to you.

  • bank overdraft – £1,200
  • equipment – £12,000
  • long term loan – £8,000
  • petty cash – £900
  • Inventory – £2,500
  • trade payables – £3,000
  • Trade receivables – £2,000

What is the amount of the net current assets?

Select ONE answer:

  1. £1,200
  2. £2,400
  3. £3,600
  4. £5,200

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 1

  1. Correct – £2,500 + £2.000 + £900 – £3,000 – £1,200
  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.