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WorksheetsAccounting
Total questions: 40
Worksheet time: 20mins
For most transactions, where is the first entry made in the accounting records?
In the trial balance
In the ledger
In a book of prime entry
Which of the following is correct?
Capital = Assets + Liabilities
Capital = Assets - Liabilities
Capital = Liabilities - Assets
Which of the following will give cleared funds in the recipient's bank account on the same day as they are sent?
BACS payment
CHAPS payment
Cheque payment
Which one of the following is not correct?
An asset account will have a debit balance
A liability account will have a debit balance
An income will have a credit balance
The trial balance is:
A listing of all the balances of the accounts in the main ledger
A listing of some of the balances of the accounts in the main ledger.
A first attempt at balancing an account
When an invoice is posted to a customer's sales ledger account, which of the following would you not expect to see entered in the sales ledger?
Invoice date
Invoice number
Gross amount
Net amount
The Sales returns day book lists:
Items received back from customers by the stores department
Credit notes issued to customers
Reports of the profit made on sales for the month
Is the following statement True or False?
Suppliers' statements received can be ignored as the information should already be included in the purchases ledger.
True
False
How will a refund due to the buyer be acknowledged and documented?
By means of an invoice
By means of a credit note
How long are documents usually retained for?
At least 2 years
At least 6 years
At least 5 years
At least 3 years
The accounts of trade receivables are contained in:
Purchases ledger
Sales ledger
General ledger
Carrymatzon Ltd sells goods which have a total list price of £1,200. The following discounts are available to the buyer:
• 20% normal trade discount
• trade discount of 25% for purchases over £2,000
The net amount to be charged before VAT will be:
£900
£960
£930
If a business receives a remittance advice from a customer and there is an underpayment of the account, the reason could be one of the following situations. Choose the correct option.
The customer has paid a sales invoice twice in error
The customer has failed to take a sales credit note into account
There is a dispute over an invoice
The payment has been late
A purchase order should be checked by the buyer against:
The supplier’s account
The delivery note
The remittance advice
If a supplier duplicates a credit note for goods returned, the effect will be (choose the appropriate option):
An increase in the total amount owing shown on the statement of account
A decrease in the total amount owing shown on the statement of account
No effect at all
Which one of the following transactions will be recorded on the receipts side of the cash book?
Bank transfer of £10,000 to increase the owner’s capital
Credit card payment for office stationery of £585
Debit card payment to a trade payable for £450
BACS payment of wages to employees for £8,490
Which one of the following transactions will be recorded on the payments side of the cash book?
Cash sales of £125
BACS transfer from a trade receivable for £680
Bank charges of £35
Refund of bank charges of £35
When dealing with petty cash vouchers, which one of the following statements is true?
They are always authorised for payment by the petty cashier
They must have relevant documentation attached to show that the amount claimed is correct
They need to be completed only for amounts claimed above £25
They are used to draw cash from the bank to top-up the petty cash imprest amount
A firm’s petty cash book is operated on the imprest system. The imprest amount is £200. At the end of a particular period, the analysis columns are totalled as follows: VAT £19.86; postage £25.27; travel £33.54; stationery £52.22; cleaning £15.38. How much cash will be required to restore the imprest amount for the next period?
£200.00
£146.27
£253.73
£53.73
A petty cash control account has a balance b/d of £175 at the beginning of a month. During the month, payments are made from petty cash which total £122. Which one of the following transactions will restore the balance of petty cash control account to £175?
Debit bank £175; credit petty cash control £175
Debit petty cash control £53; credit bank £53
Debit petty cash control £122; credit bank £122
Debit bank £122; credit petty cash control £122
For most transactions, where is the first entry made in the accounting records?
In the trial balance
In the ledger
In a book of prime entry
Which of the following is correct?
Capital = Assets + Liabilities
Capital = Assets - Liabilities
Capital = Liabilities - Assets
Which of the following will give cleared funds in the recipient's bank account on the same day as they are sent?
BACS payment
CHAPS payment
Cheque payment
Which one of the following is not correct?
An asset account will have a debit balance
A liability account will have a debit balance
An income will have a credit balance
The trial balance is:
A listing of all the balances of the accounts in the main ledger
A listing of some of the balances of the accounts in the main ledger.
A first attempt at balancing an account
When an invoice is posted to a customer's sales ledger account, which of the following would you not expect to see entered in the sales ledger?
Invoice date
Invoice number
Gross amount
Net amount
The Sales returns day book lists:
Items received back from customers by the stores department
Credit notes issued to customers
Reports of the profit made on sales for the month
Is the following statement True or False?
Suppliers' statements received can be ignored as the information should already be included in the purchases ledger.
True
False
How will a refund due to the buyer be acknowledged and documented?
By means of an invoice
By means of a credit note
How long are documents usually retained for?
At least 2 years
At least 6 years
At least 5 years
At least 3 years
The accounts of trade receivables are contained in:
Purchases ledger
Sales ledger
General ledger
Carrymatzon Ltd sells goods which have a total list price of £1,200. The following discounts are available to the buyer:
• 20% normal trade discount
• trade discount of 25% for purchases over £2,000
The net amount to be charged before VAT will be:
£900
£960
£930
If a business receives a remittance advice from a customer and there is an underpayment of the account, the reason could be one of the following situations. Choose the correct option.
The customer has paid a sales invoice twice in error
The customer has failed to take a sales credit note into account
There is a dispute over an invoice
The payment has been late
A purchase order should be checked by the buyer against:
The supplier’s account
The delivery note
The remittance advice
If a supplier duplicates a credit note for goods returned, the effect will be (choose the appropriate option):
An increase in the total amount owing shown on the statement of account
A decrease in the total amount owing shown on the statement of account
No effect at all
Which one of the following transactions will be recorded on the receipts side of the cash book?
Bank transfer of £10,000 to increase the owner’s capital
Credit card payment for office stationery of £585
Debit card payment to a trade payable for £450
BACS payment of wages to employees for £8,490
Which one of the following transactions will be recorded on the payments side of the cash book?
Cash sales of £125
BACS transfer from a trade receivable for £680
Bank charges of £35
Refund of bank charges of £35
When dealing with petty cash vouchers, which one of the following statements is true?
They are always authorised for payment by the petty cashier
They must have relevant documentation attached to show that the amount claimed is correct
They need to be completed only for amounts claimed above £25
They are used to draw cash from the bank to top-up the petty cash imprest amount
A firm’s petty cash book is operated on the imprest system. The imprest amount is £200. At the end of a particular period, the analysis columns are totalled as follows: VAT £19.86; postage £25.27; travel £33.54; stationery £52.22; cleaning £15.38. How much cash will be required to restore the imprest amount for the next period?
£200.00
£146.27
£253.73
£53.73
A petty cash control account has a balance b/d of £175 at the beginning of a month. During the month, payments are made from petty cash which total £122. Which one of the following transactions will restore the balance of petty cash control account to £175?
Debit bank £175; credit petty cash control £175
Debit petty cash control £53; credit bank £53
Debit petty cash control £122; credit bank £122
Debit bank £122; credit petty cash control £122
