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WorksheetsAAT Synoptic- Back to Basics
Total questions: 17
Worksheet time: 12mins
Name
Class
Date
1.
When we take a prompt payment discount from a supplier, what financial document should we expect
to receive?
a)
Remittance advice
b)
Statement of account
c)
Credit note
d)
Delivery note
2.
Payment has been made to a supplier; we paid the VAT invoice promptly so received a £60 discount
off the invoice total of £1,200. How will this be recorded in our accounts?
a)
Dr Purchases £1,200 Cr Bank £1,140 Cr Discounts received £60
b)
Dr Purchases ledger control account £1,200 Cr Bank £1,140 Cr Discounts received £50 Cr VAT control £10
c)
Dr Bank £1,140 Cr Purchase ledger control account £1,140 Cr Discounts received £60
3.
Indirect costs are costs that can be directly identified with the units of output produced.
a)
True
b)
False
4.
Which of the following is NOT included in the petty cash book?
a)
Payment to the window cleaner
b)
Sandwiches for a business meeting
c)
Supervisors salary
d)
Postage of a letter via special delivery
5.
MGB Office supplies are ready to submit their first VAT return to HMRC. The VAT amounts to be
entered are Sales £8,880, Purchases £5,448, Purchase returns £148, Petty cash £10, Cash sales of
£1,050, Irrecoverable debts £296 and Computer equipment of £425.
The balance carried down on the VAT control account is:
a)
£6,179
b)
£4,175
c)
£3,899
d)
£3,474
6.
Denby Deliveries is a business that provides transport and delivery services to other businesses.
Which of the following costs could be classified as direct costs of the business?
a)
Rent for the administration office
b)
Road tax for the delivery vehicles
c)
Fuel for the delivery vehicles
d)
Administrators salary
7.
The balance on the sales ledger control at the 1 April 20X8 was £74,345. The total of the sales ledger
was £74,050. The difference is £295.
Which one of the following may have caused the difference?
a)
A credit note was omitted in the sales ledger
b)
An invoice was omitted in the sales ledger control
c)
A credit note was not entered in the sales ledger control
8.
How will the following transaction affect accounting equation? The owner deposited
£12,000 of her own
money into the bank
a)
Asset Increase liabilities decrease capital is the same
b)
Asset increase, liabilities unchanged, capital increase
c)
assets stay the same, liabilities increase, capital increases
d)
Assets decrease, Liabilities increase, Capital increases
9.
Classify the following transaction- Payment of maintenance
charges
a)
Capital income
b)
Capital Expenditure
c)
Revenue income
d)
Revenue expenditure
10.
Which one of the following payment methods will cause an immediate reduction to the bank balance?
a)
A debit card payment
b)
Cheque paid in at a different bank
c)
A credit card payment
d)
Cheque paid in the bank branch of the issuer
11.
In the manufacturing account which of the following is the calculation for the manufacturing cost?
a)
Direct materials used + Direct labour + Manufacturing overheads + Opening working progress - Closing working progress.
b)
Opening inventory of raw materials + Purchases of raw materials - Closing inventory of raw materials + Direct labour + Manufacturing overheads
c)
Direct materials used + Direct labour + Manufacturing overheads + Cost of good manufactured.
d)
Opening inventory of raw materials + Purchases of raw materials - Closing inventory of raw materials + Direct labour - Manufacturing overheads
12.
The last bank statement shows a balance of £215,680 on the 5 April. A CHAPS payment was made
for £120,000 on 6 April; the CHAPS payment will-
a)
decrease the bank balance
b)
increase the bank balance
c)
not affect the bank balance
13.
A BACS remittance
was received for £23,000 and this will-
a)
Increase the bank balance
b)
Decrease the bank balance
c)
Not affect the bank balance
14.
Julian runs a small engineering company and is currently looking at the costs of producing product
EXO. The total cost of producing 1,100 units of EXO is £20,500 and the total cost of producing 2,200
units is £39,750. Using the high-low method, calculate the total cost of producing 2,000 units of EXO.
a)
£36,515
b)
£36,250
c)
£36,258
d)
£37,273
e)
£36,136
15.
On the 31/1/X7 the opening balance on the petty cash book was £500. A number of petty cash
vouchers had not been recorded. These were a taxi to the station for £10 (including VAT); stamps
costing £4.00 (no VAT); purchase of flowers costing £12.50 (excluding VAT) and marker pens for
£3.50 (including VAT).
The total amount of receipts is £__________,
a)
£32.50
b)
£32.55
c)
£32.57
d)
£33.50
e)
£33.55
16.
On the 31/1/X7 the opening balance on the petty cash book was £500. A number of petty cash
vouchers had not been recorded. These were a taxi to the station for £10 (including VAT); stamps
costing £4.00 (no VAT); purchase of flowers costing £12.50 (excluding VAT) and marker pens for
£3.50 (including VAT).the balance c/d will be £__________.
a)
£467.05
b)
£467.00
c)
£467.50
d)
£467.60
e)
£460.50
17.
Sven is calculating the cost of two products. He has decided to absorb overheads based on machine
hours. Each unit of Product X takes 24 minutes to produce and each unit of Product Y takes 1 hour.
Budgeted overheads for the month are £18,200 and Sven expects to produce 2,600 units of Product
X and 2,460 units of Product Y. How much overhead will be absorbed into each unit of Product A and each unit of Product B?
a)
£3.60 per unit of each product
b)
Product X £2.08 per unit Product Y £5.20 per unit
c)
Product X £5.20 per unit Product Y £2.08 per unit
d)
Product X £1.42 per unit Product Y £5.90 per uni
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