Tag: Topic 3

Accounting Multiple Choice Question – 14 November 2023

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

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A vehicle cost £30,000. 

The vehicle was later sold for £9,000 and the profit on disposal was £1,500.

What was the accumulated depreciation of the vehicle on disposal?

Select ONE answer:

  1. £7,500
  2. £9,000
  3. £21,000
  4. £22,500

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 – £30k – (£9k – £1.5k) = £22.5k

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Accounting Multiple Choice Question – 8 October 2023

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

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Alex Trading Ltd has the following assets and liabilities:

  • short-term investment – £6,000
  • loan interest owing – £1,500
  • loan repayable within one year – £12,000
  • deposits from customers for orders – £4,500
  • Trade payables – £27,000
  • Trade receivables – £39,000
  • pre-payments – £3,500

What is the amount of net current assets?

Select ONE answer:

  1. £3,500
  2. £4,500
  3. £8,000
  4. £15,500

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 == > £6K + £39k + £3.5k – £1.5k – £12k – £4.5k – £27k
  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 -5 October 2023

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

Which transaction would appear in BOTH the receipts and payments account and the income and expenditure account of Milford cricket club?

Select ONE answer:

  1. the club bank balance
  2. the depreciation of the club pavilion
  3. the purchase of a motorised lawn mower
  4. the rent of the cricket ground

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 -4 October 2023

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 Trading sells some of its inventory for £100 on credit to a customer.

The inventory originally cost £50.

Which statement below reflects the effect of this transaction on the statement of financial position?

Select ONE answer:

  1. current assets: decrease by £50 AND owner’s capital: decreases by £50
  2. current assets: decrease by £50 AND owner’s capital: increases by £50
  3. current assets: increase by £50 AND owner’s capital: decreases by £50
  4. current assets: increase by £50 AND owner’s capital: increases by £50

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

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

Accounting Multiple Choice Question – 2 October 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

How can net profit be calculated?

Select ONE answer:

  1. Closing Capital + Drawings – Additional Capital – Opening Capital
  2. Closing Capital – Drawings + Additional Capital – Opening Capital
  3. Opening Capital + Drawings – Additional Capital – Closing Capital
  4. Opening Capital – Drawings – Additional Capital – Closing Capital

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.