
AS Revision Quiz
Authored by Ross Cornes
Other, Business
12th Grade - University
Used 3+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business’s year end is 31 March. On 31 March 2016 the business received an order from a credit customer. The goods were not sent to the customer until 5 April 2016. This sale was notincluded in the financial statements for the year ended 31 March 2016.
Which accounting concept(s) are being applied?
1 business entity
2 realisation
3 substance over form
1 and 2
1 only
2 and 3
2 only
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does a business charge depreciation on its non-current assets?
to retain profits for the replacement of worn out assets
to show the value of the assets in the statement of financial position
to show when an asset needs replacing
to spread the cost of the assets over their useful lives
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is depreciation calculated using the straight-line method?
as a fixed percentage of the asset’s net book value
as a fixed percentage of the asset’s original cost
as a variable percentage of the asset’s net book value
as a variable percentage of the asset’s original cost
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A business depreciates its machinery at 10% per annum using the straight-line method on a month-by-month basis. The business’s financial year end is 30 June.
Machinery which had cost $6600 on 1 April 2014 was sold on 30 November 2015. The profit on sale was $350.
What were the sale proceeds?
$5150
$5425
$5850
$6125
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The table shows information relating to the non-current assets of a business.
$
net book value at beginning of year 28 000
net book value at end of year 25 000
depreciation charge for the year 4 000
disposals at net book value 9 000
What is the cost of the additions in the year?
$2000
$6000
$10 000
$16 000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A purchases ledger control account has been reconciled with the purchases ledger balances as follows.
balance of the control account $70 000
total of a page in the purchases journal not posted to general ledger $2 000
discount allowed by trade payables not posted to the purchases ledger $1 500
total of balances in the purchases ledger $73 500
Which value for trade payables should be shown in the statement of financial position?
$68 000
$70 500
$72 000
$73 500
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Trade receivable balances at the start of a period were $30000 and were $38000 at the end. During that period:
credit sales $60 000
irrecoverable debt written off $1 000
customer discounts allowed $2 000
How much did the company receive from its customers in the period?
$49 000
$52 000
$65 000
$68 000
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