CSEC POA PRACTICE

Which of the following can be found on both the income statement and on the balance sheet?

• Drawings

• Net profit

• Bank overdraft

• Account Receivable

Which of the following is NOT a capital expenditure?

• Replacement costs

• Purchase costs

• Delivery costs

• Repair cost

The accounting entry for writing off a bad debt is

• Dr Cash

  Cr Bad debt

• Dr Provision for bad debt

  Cr Bad debt

• Dr Bad debt

  Cr Accounts payable

• Dr Bad debt

  Cr Accounts receivable

A business shows accounts receivable as $84 000 and the provision for doubtful debts as $5040. The business is therefore maintaining a provision for doubtful debts of

• 3%

• 5%

• 6%

• 8%

A motor vehicle which costs $150 000 is to be depreciated by 10% per annum. It is expected to remain in the business for 4 years.

Using the Reducing Balance Method, what is the provision for depreciation after 3 years?

• $10,930

• $12,150

• $13,500

• $15,000

Which of the following are items found in the cash book but not on the bank statement?

• Direct debit

• Standing order

• Credit transfer

• Unpresented cheques

All the following are internal users of accounting except:

• potential investors

• board of directors

• employees

• owners

Which of the following items will be recorded in the Returns Inwards Journal of L Cheng Ltd.?

• Sale made for cash

• Sales made on credit

• Customer returns faulty goods to L Cheng Ltd

• Faulty good return to a supplier by L Cheng Ltd.

Which of the following groups of accounts are found in the Purchases Ledger control A/C?

• Total purchases, refunds, return inwards, discount allowed

• Cash purchases, cash received, return inwards, discount received

• Cheque purchases, cash received, return outwards, discount allowed

• Credit purchases, cash payments, return outwards, discount received

When a transaction is credited in the bank column of the cash book what source of payment is used in this transaction?

• Cash

• Cheque

• Debit card

• Credit card