Synoptic AAT Level 2 Quiz

Choose 2 main roles you would expect someone undertaking a finance function to have?

• Producing monthly bank statements

• Producing Financial Statements

• Ensuring the confidentiality of accounting information

• Providing systems support to other departments

Pick any Policies and Procedures that someone working in a finance department should familiarise themselves with

• Heavy Lifting Protocol

• Research and Development Policy

• Annual Leave Entitlement

• Warehouse Despatch Procedures

• Business Code of Conduct

Where would you put a total figure from a Purchase Return Day Book?

• Debit Purchase Returns

• Credit Purchase Returns

• Debit PLCA

• Credit PLCA

Does every figure in the SLCA and PLCA include VAT if a business is VAT registered?

• Yes

• No

A Trade Receivable has gone out of business owing you £100 plus VAT. What is the entry to remove the net amount owing?

• Debit £100 in the SLCA

• Credit £120 in the SLCA

• Debit £100 in the Irrecoverable Debt Account

• Credit £120 in the irrecoverable Debt Account

A £300 (no VAT) error of reversal exists for all accounts representing Commission Received. What entries will correct this error?

• Debit Suspense £600, Credit Com Rec £600

• Debit Bank £300, Credit Com Rec £300, Credit Bank £300, Debit Com Received £300

• Debit Bank £300, Credit Com Rec £300, Debit Bank £300, Credit Com Rec £300

• Credit Bank £300, Debit Com Rec £300, Credit Bank £300, Debit Com Rec £300

The Discount Received Day Book has a total figure of £100 instead of £150. What entry will correct the Suspense Account?

• Credit £150

• Debit £150

• Debit £50

• Credit £50

The SLCA has been found to be higher than the balance of the Sales Ledgers. Which answer could explain this?

• A sale has been added to the SL account twice

• A discount allowed has been duplicated in the SLCA

• A sales return has been omitted from the SL's

• A set off entry has been entered into the SLCA but not the SL's

Tick any answers that best describe FIFO?

• Inventory is valued at the oldest price

• Only FIFO is acceptable to meet accounting regulations

• FIFO will result in a higher profit figure than LIFO

• Issues are valued at the oldest price

What is CSR?

• Corporate Standard Rates

• Critical Social Responsibility

• Casual Standard Rates

• Corporate Social Responsibility