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CSEC POA 2016 1-30

Total questions: 30

Worksheet time: 46mins

Name
Class
Date
1.
A non-trading organisation is MAINLY concerned with
a)
importing goods for resale
b)
trading only with wholesalers
c)
making maximum profit for the proprietor
d)
providing various services for its members
2.
The term 'Accounting' refers to the
a)
use of information in making business decisions
b)
use of special ways of recording business information
c)
recording, analysing and interpreting of business information
d)
journalising, posting and balancing of accounts in special books
3.
Which of the following accounts are nominal?
a)
Wages and rent
b)
Stock and debtors
c)
Machinery and plant
d)
Creditors and Fixtures
4.
How would you classify land and buildings in a Balance Sheet?
a)
Fixed assets
b)
Current Assets
c)
Current Liabilities
d)
Long term Liabilities
5.
Which group of assets below is recorded in the 'Order of liquidity
a)
Cash, Plant and Machinery, stock
b)
Cash, Stock, Buildings and Lands
c)
Vehicles, Cash, Buildings and Lands
d)
Furniture, vehicles, office supplies
6.

The value of TOTAL fixed assets is

a)

$12,000

b)

$14,600

c)

$15,350

d)

$19,650

7.

The summarised position of Foster and Scott at 6 March 2015 was: What was the capital of Foster and Scott Limited at 6 March 2015?

a)

$40,000

b)

$90,000

c)

$150,000

d)

$190,000

8.
If the following lists of assets were found on the Balance Sheet of a retail trader were to be arranged in order of liquidity, the sequence would be:
a)
Motor van, Building, Bank, Fixtures, Cash , Debtors
b)
Cash, Fixtures, Debtors, Bank, Buildings, Motor van
c)
Cash, Bank, Fixtures, Debtors, Motor van, Building
d)
Cash, Bank, Debtors, Motor van, Fixtures, Building
9.

From the information above, Mr. Jones' capital amount is

a)

$405

b)

$450

c)

$850

d)

$975

10.
A firm sold items at $80 each. Of these, 9 items were returned. Which of the follosing will the firm issue in respect of the items returned?
a)
Debit note for $720
b)
Credit note for $720
c)
Receipt for $720
d)
Invoice for $720
11.
A trade discount maybe described as an allowance given
a)
to attract buyers
b)
for quick payment of accounts
c)
when goods are of a poor quality
d)
to traders who buy in large quantities
12.

From the following information above, what is the correct closing total for the Sales Account?

a)

$47,000

b)

$49,000

c)

$55,000

d)

$59,000

13.
Which of the following would NOT appear in a Cash Book?
a)
Payment for goods $100
b)
Goods sold on credit $100
c)
Goods sold for cheque $100
d)
Goods bought for cash $100
14.
On 12 January 2015, a merchant purchased goods amounting to $120 on the following terms: 5% cash discount if paid within 30 days. He settled his debt on 28 February 2015. How much did he pay?
a)
$112
b)
$114
c)
$120
d)
$126
15.
When a proprietor withdraws cash or other assets from a business, what effect does it have on drawings or capital?
a)
Capital is decreased
b)
Capital is increased
c)
Drawings are decreased
d)
Neither drawings nor capital is affected
16.
On 2 March 2015, L.Lan bought goods on credit worth $630. He received a 3% trade discount on this amount. The invoice also stated 2% 20 days, net 30 days. How much would L. Lan pay for the goods on 8 March 2015?
a)
$595.00
b)
$598.88
c)
$611.10
d)
$661.12
17.

The ABC Company deposited a cheque for $300 received from Mr. Murray. How should this transaction be recorded in ABC's books?

I. Debit the Cash Account

II. Debit the Bank Account

III. Credit Murray;s Account

a)

I and II only

b)

I and III only

c)

II and III only

d)

I, II and III

18.
Which of the following is NOT a nominal account?
a)
Furniture
b)
Commission
c)
Carriage Inwards
d)
Discount Allowed
19.

When money is taken from cash and paid into a bank account, the recording is referred to as:

a)

The imprest

b)

A Contra Entry

c)

Cash takings

d)

Personal drawings

20.
An asset purchased for $1,000 is depreciated at the rate of 10% per annum using the reducing balance method. The book value of the asset at the beginning of the third year is
a)
$800
b)
$810
c)
$900
d)
$1,190
21.
A mechanic starts his business with $10,000 worth of tools. What entries should be made to record this transaction?
a)
Dr. Capital A/C; Cr. Bank A/c
b)
Dr. Bank A/c; Cr. Capital A/c
c)
Dr. Tools; Cr. Capital A/c
d)
Dr. Capital A/c; Cr Tools A/c
22.
Goods were sold on credit to John Brown. Which of the followiing is the correct double entry to record this transaction:
a)
Debit John Brown;s A/c; Credit Sales A/c
b)
Debit Sales A/c; Credir John Brown's A/c
c)
Debit John Brown's A/c; Credit Cash A/c
d)
Debit Cash A/c; Credit John Brown's A/c
23.

Mr. K. Trucking company received a cheque from Ms. Henry. How must this transaction be recorded in M.K. Trucking's books?

a)

I and III only

b)

I and IV only

c)

II and III only

d)

II and IV only

24.

What is the value of the inventory(stock)?

a)

$23,100

b)

$23,400

c)

$24,100

d)

$24,500

25.
An increase in drawings will result in
a)
an increase in long-term liabilities
b)
a decrease in capital
c)
a decrease in current liabilities
d)
an increase in capital
26.

What is the working capital?

a)

$20,000

b)

$25,000

c)

$50,000

d)

$70,000

27.
If $2,000 worth of stock is sold on credit at cost, what would be the new working capital?
a)
$20,000
b)
$25,000
c)
$50,000
d)
$70,000
28.
During the year, a company bought stationery for $220 and used $120 worth of it. What is the expenditure for staionery that would be posted to the Profit and Loss Account?
a)
$100
b)
$120
c)
$220
d)
$340
29.
A trader started with capital of $20,000 of it was used to purchase building and plant, the balance of $8,000 would be
a)
drawings
b)
total assets
c)
working capital
d)
current liabilities
30.
The formula for working capital is
a)
Total assets less total liabilities
b)
Fixed assets less current assets
c)
Fixed assets less current liabilities
d)
Current assets less current liabilities

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