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WorksheetsCSEC POA Past Paper Questions
Total questions: 35
Worksheet time: 26mins
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
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 charged in year 3?
$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
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
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
Which of the following ratios determines the profitability of the business?
Capital ratio
Current ratio
inventory turnover
Return on investment
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
Which group of assets below is recorded in the 'Order of liquidity?
Cash, Plant and Machinery, stock
Cash, Stock, Buildings and Lands
Vehicles, Cash, Buildings and Lands
Furniture, vehicles, office supplies
The value of TOTAL fixed assets is
$12,000
$14,600
$15,350
$19,650
The summarised position of Foster and Scott at 6 March 2015 is shown in the picture: What was the capital of Foster and Scott Limited at 6 March 2015?
$40,000
$90,000
$150,000
$190,000
From the information above, Mr. Jones' capital amount is
$405
$450
$850
$975
From the following information above, what is the correct closing total for the Sales Account?
$47,000
$49,000
$55,000
$59,000
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
I and II only
I and III only
II and III only
I, II and III
When money is taken from cash and paid into a bank account, the recording is referred to as:
The imprest
A Contra Entry
Cash takings
Personal drawings
What is the working capital?
$20,000
$25,000
$50,000
$70,000
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
Land, machinery, fixtures and fitting and inventory, are all examples of
liabilities account s
personal accounts
nominal accounts
real accounts
Q. Baine is employed by a construction company at a rate of $7 per hour. During the week of 6 April 2015, he worked his basic week of 40 hours. The income tax due on his pay is $20, and he is also liable to pay social security contributions of 5% of his gross pay. What is Q. Baine's net pay?
$246
$260
$266
$280
P. Hawk has a manufacturing business. The cost of his raw materials was $1,900. Rates and rent totalled $2,000, and factory wages amounted to $2,500. The number of units produced was 640. What was the cost of ONE unit?
$4
$6
$10
$13
Which of the following items can be used to adjust the Cash Book balance before preparing a Bank Reconciliation Statement?
Direct transfers and bank lodgements
Direct transfers and dishonoured cheques
Bank lodgements and unpresented cheques
Dishonoured cheques and unpresented cheques
How does an increase in bad debt affect a sole trader's financial statements?
Decrease the gross profit
Increase the gross profit
Decrease the net profit
lncrease the net profit
The amount to be shown as a set-off in the Debtors Ledger Control Account is
$200
$700
$900
$1,100
