Tag: Topic 4

Accounting Multiple Choice Question – 9 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 bank statement of a business shows an overdraft of £250 at the year end.

There are cheques written but not yet cleared by the bank amounting to £140.

Lodgements not yet credited by the bank amount to £220.

How would the balance in the cash book be shown in the balance sheet?

Select ONE answer:

  1. 1.current asset £170
  2. 2.current asset £330
  3. 3.current liability £170
  4. 4.current liability £330

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 – (£250) – £140 + £220
  4. Not correct

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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

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