CSEC POA PAPER 1

1. Which of the following financial statements

shows the value of a business' assets?

• Balance sheet

• Trading account

• Cash flow statement

• Profit and loss account

The MAIN internal users of accounting

information are

• managers

• competitors

• local communities

• government agencies

Which of the following features are

benefits of using accounting software?

I. Integrated analysis of information

II. Almost immediate updating of

records

Ill. Programmable to recognize

irregular entries

• I and II only

• I and III only

• II and III only

• l, II and III

Which of the following lists of activities

shows the correct order of the stages in the

accounting cycle, before final accounts?

• Posting to ledger, journalizing, trial

  balance

• Posting to ledger, trial balance,

  journalizing

• Journalizing, posting to ledger, trial

  balance

• Journalizing, trial balance, posting

  to ledger

The following information refers to the

assets and liabilities of Mr. Jones.

Cash at bank $ 800

Inventory 400

Payables 600

Receivables 125

Bank overdraft 250

Cash in hand 500

From the information above, Mr. Jones'

capital amount is

• $405

• $450

• $850

• $975

Which of the following is usually used to

complete a General Journal entry?

• Narration

• Description of assets

• Description of liabilities

• Name of book to which entry must

  be posted

Refer to the information in the table and calculate:

What is the total value of the fixed assets?

• $11 200

• $14 500

• $20 000

• $23 300

Using the information in the table answer the following;

The closing capital is

• $20 000

• $20 700

• $21 800

• $22 800

Refer to the information in the the table and calculate:

The working capital is

• $2 6OO

• $5 500

• $6 200

• $6 800

In order to avoid writing numerous cheques

for small amounts, a firm may set up a

• bank draft

• petty cash fund

• general journal

• bank standing order