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WorksheetsCSEC POA PRACTICE
Total questions: 25
Worksheet time: 16mins
Which of the following can be found on both the income statement and on the balance sheet?
Drawings
Net profit
Bank overdraft
Account Receivable
Which of the following is NOT a capital expenditure?
Replacement costs
Purchase costs
Delivery costs
Repair cost
The accounting entry for writing off a bad debt is
Dr Cash
Cr Bad debt
Dr Provision for bad debt
Cr Bad debt
Dr Bad debt
Cr Accounts payable
Dr Bad debt
Cr Accounts receivable
A business shows accounts receivable as $84 000 and the provision for doubtful debts as $5040. The business is therefore maintaining a provision for doubtful debts of
3%
5%
6%
8%
A motor vehicle which costs $150 000 is to be depreciated by 10% per annum. It is expected to remain in the business for 4 years.
Using the Reducing Balance Method, what is the provision for depreciation after 3 years?
$10,930
$12,150
$13,500
$15,000
Which of the following are items found in the cash book but not on the bank statement?
Direct debit
Standing order
Credit transfer
Unpresented cheques
All the following are internal users of accounting except:
potential investors
board of directors
employees
owners
Which of the following items will be recorded in the Returns Inwards Journal of L Cheng Ltd.?
Sale made for cash
Sales made on credit
Customer returns faulty goods to L Cheng Ltd
Faulty good return to a supplier by L Cheng Ltd.
Which of the following groups of accounts are found in the Purchases Ledger control A/C?
Total purchases, refunds, return inwards, discount allowed
Cash purchases, cash received, return inwards, discount received
Cheque purchases, cash received, return outwards, discount allowed
Credit purchases, cash payments, return outwards, discount received
When a transaction is credited in the bank column of the cash book what source of payment is used in this transaction?
Cash
Cheque
Debit card
Credit card
The process of recording, summarizing, analyzing and interpreting of financial data to make informed decisions is known as
accounting adjustments
accounting cycle
book-keeping
accounting
The source document entered in the Purchases Journal is a
purchases invoice
purchases receipt
credit note
debit note
Which of the following is NOT ethical principle of accounting:
due care
integrity
subjectivity
professional behaviour
Which of the following is LEAST likely to be a method of payment for employees:
cash
paypal
cheque
direct deposit
Which of the following is NOT considered to be an outflow?
Rent
Sales
Utilities
Wages and salaries
The total in the purchases book signifies total
cash and credit purchses
credit purchases
cash purchases
purchases
Which of the following is NOT entered in the partnership appropriation account?
Drawings
Interest on capital
Partnership salaries
Interest on drawings
Using the permanency method, the descending order in which current assets should be shown in a balance sheet is
cash, bank, accounts receivable, inventory
inventory, accounts receivable, bank, cash
inventory, bank, cash, accounts receivable
accounts receivable, inventory, bank, cash
Land, machinery, fixtures and fitting and inventory, are all examples of
liabilities account s
personal accounts
nominal accounts
real accounts
V Verano sold goods on credit to W Watson. In which ledger would the record of the transaction for W.Watson appear?
Purchases ledger
General ledger
Sales ledger
Cash ledger
Which of the following ratios determines the profitability of the business?
Capital ratio
Current ratio
inventory turnover
Return on investment
Which of the following is NOT an asset?
Cash
Premises
Inventory
Creditors
Which of the following can have its shares traded on the stock exchange?
A partnership
A public company
A private company
A co-operative society
Which of the following types of investment carries a fixed rate of interest whether profit is made or not?
Debentures
Preference shares
Cumulative preference
Participating preference
Which of the following are ALL components of the Income Statement?
Net sales, Cost of sales, Net profit
Non-current liabilities, Capital, Expenses
Net current assets, Gross profit, Cost of sales
Gross profit, Current assets, Current liabilities
