Accounting edexcel quiz

Which document should a business issue on receipt of returned goods?

• Credit Note

• debit note

• purchase invoice

• receipt

Which type of accounts are found in the purchases ledger?

• Creditors or trade payable

• Debtors or Trade receivable

• Purchases

• Sales

Bad debts written off would be entered in which book of original entry?

• Cash book

• Journal

• Purchase book

• Sales Book

Where is the balance of the bad debts account transferred to at the end of the year?

• Profit and loss Account

• Purchase Ledger Control Account

• Sales Ledger Control account

• Trading account

Which is not recorded on the debit side of a purchases ledger control account?

• Discount Received

• Interest charged

• Returns outwards

• Sales Ledger set off

A business decides to include the cost of small items of office equipment as expenses in the profit and loss account. Which accounting concept is being applied?

• Accurals

• Business Entity

• Materiality

• Prudence

In a manufacturing business, which of the following is a factory overhead?

• Carriage inwards on raw materials

• Factory Supervisor's salary

• hiring of special machinery

• Manufacturing wages

A manufacturing company provided the following information: Closing Work in Progress £ 3000; Factory overheads £ 83000 Opening work in progress £ 2000 Prime cost £ 121000 What is production cost

• £ 203300

• £ 204000

• £ 204700

• £ 209900

How is interest on drawings treated in the final accounts of a partnership? Account to be debited ____________ and Account to be credited _________________________

• Appropriation of Profit and loss and Current Account

• Current account and appropriation of profit and loss account

• Current and Profit and loss account

• Profit and loss account and current account

Tom and Jerry are in partnership sharing profits and losses in the ratio of 3:2. Their partnership provides a salary for Tom of £5 000 per annum. During the year their net profit was £25 000. What would Tom’s share of the profit be?

• £ 10000

• £12000

• 12500

• 18000