Year 11 Revision - Errors

Year 11 Revision - Errors

11th Grade

10 Qs

quiz-placeholder

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Year 11 Revision - Errors

Year 11 Revision - Errors

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

Ross Cornes

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of accounts are found in the receivables ledger?

supplier

customer

purchases

sales

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the effect on the statement of financial position of a business paying creditors in full?

decrease in capital

Increase in capital

decrease in liabilities

increase in liabilities

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A business purchases new office machinery on credit from PH Ltd.

How would this transaction be shown in the ledger?

Account to be debited purchases

Account to be credited office equipment

Account to be debited PH Ltd

Account to be credited office equipment

Account to be debited office equipment

Account to be credited purchases

Account to be debited office equipment

Account to be credited PH Ltd

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In which book of original entry would bad/ irrecoverable debts written off be entered?

cash book

journal

purchases book

sales book

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What would be recorded on the credit side of the trade payables ledger control account?

credit purchases

discount received

payment to creditors

returns outwards

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A business records the purchase of a motor vehicle in the motor vehicle repairs

account. What type of error is this?

commission

original entry

principle

reversal

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which accounting concept is described in the statement ‘the business will continue in

existence for the foreseeable future’?

business entity

consistency

going concern

prudence

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