ICAEW CFAB - Accounting - Chapter 3 Quiz

‘Transactions are processed in the computerised accounting system at the point at which they occur’ is a description of ‘batch processing’ in a computerised accounting system.

Requirement

Is this statement true or false?

• A True

• B False

Sales orders are source documents that are recorded in the accounting system.

Requirement

Is this statement true or false?

• A True

• B False

When an entity returns goods to a supplier it will expect to receive which of the following documents from the supplier:

• A An invoice

• B A credit note

• C A purchase order

• D A goods received note

Which of the following are source documents for credit purchases?

• A Suppliers’ invoices and credit notes

• B Invoices and credit notes to customer

• C Delivery notes

• D Goods received notes

Which of the following documents would be issued by a supplier if it was discovered it had overcharged its customer by £400?

• A A remittance advice

• B A debit note

• C A credit note

• D A supplier invoice

Sepi downloads a report of her bank transactions for the day. The report shows a deposit of £150 which the computerised accounting system has not been able to match to a transaction.

Requirement

Which of the following transactions may have resulted in the cash receipt?

• A A direct debit payment in respect of telephone expenses

• B A receipt from a customer who had purchased goods on credit

• C The purchase of a new office chair

• D The payment of a supplier invoice

Petty cash is controlled under an imprest system. The imprest amount is £100. During a period, payments totalling £53 have been made.

Requirement

How much needs to be reimbursed at the end of the period to restore petty cash to the imprest account?

• A £100

• B £53

• C £47

• D £50

The cost of employer’s NI contributions is part of a company’s:

• A Net pay

• B Gross pay

• C Wages and salaries cost

• D Income tax charge

Expenditure that has been incurred via petty cash does not need to be recorded in the accounting system.

Requirement

Is this statement true or false?

• A True

• B False