WorksheetsT Level Accounting Quiz 1
Total questions: 20
Worksheet time: 11mins
Which one of these accounts has a credit balance b/d?
Rent received
Bank Account
Irrecoverable debts
Receivables
What is the double entry for irrecoverable debts?
Dr Irrecoverable debts
Cr Bank
Dr Bank
Cr Irrecoverable debts
Dr Irrecoverable debts
Cr Receivables
Dr Receivables
Cr Irrecoverable debts
What is the depreciation charge for the year:
The cost of the asset is £7,500, the residual value is £300 and useful life of 4 years.
£1,575
£1,950
£1,800
£2,175
Which of these is not a book of original entry?
Subsidiary
Sales ledger
Journal
Sales Day Book
Sales Returns Day Book
Which one of these is the accounting equation?
Capital - Liabilities
= Assets
Assets - Liabilities = Capital
Assets + Liabilities = Capital
Capital + Assets
= Liabilities
Sales is classified as
An Asset
A Liability
Capital
Revenue
How do drawings affect the accounting equation?
Decreases
Expenses
Decrease
Capital
Increases
Capital
Increases
Expenses
Cost of goods sold is calculated as:
Opening inventory
+ purchases
+ carriage in
- closing inventory
Opening inventory
+ purchases
- carriage in
- closing inventory
Opening inventory
- purchases
- carriage in
- closing inventory
Opening inventory
+ purchases
+ carriage in
+ closing inventory
Which one is not a concept or principle?
Prudence
Depreciation
Accruals
Going concern
What of these is the calculation for straight line depreciation?
(Cost - useful life)/residual value
(Cost - residual value)/useful life
(Cost + residual value)/ useful life
Cost/(residual value + useful life)
Which IAS deals with Property, Plant and Equipment
IAS 6
IAS 2
IAS 1
IAS 16
Which one of these is not capital expenditure?
Testing costs
Delivery costs
Maintenance costs
Set up costs
What is the depreciation charge for the year if the cost is £21,000, Accumulated Depreciation is £6,300 and it is depreciated at 30% diminishing balance
£8,190
£6,300
£4,410
£1,890
What is the 'financed by' section on the Statement of Financial Position
Opening capital
+ loss
+ drawings
= closing capita
Opening capital
- loss
- drawings
= closing capital
Opening capital
+ profit
+ drawings
= closing capital
Opening capital
- profit
- drawings
= closing capital
What is the depreciation charge for the year for:
Cost of the asset is £42,000, the residual value is £2,000 and the depreciation is 20% straight line per annum in equal instalment for every full month owned.
It was bought on 1 March and the year end is 31 December
£6.667
£7,333
£8.000
£6,000
Which one is not an enhancing qualitive characteristic
Comparability
Verifiability
Understandability
Relevance
Which one of the following is not an Ethical Principle?
Confidentiality
Professional
Behaviour
Intimidation
Integrity
What is the double entry for closing inventory?
Dr Closing inventory (SPL)
Cr Closing inventory (SFP)
Dr Closing inventory
Cr Purchases
Dr Closing inventory (SFP)
Cr Closing inventory (SPL)
Dr Closing inventory
Cr Bank
