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poa quiz

Total questions: 49

Worksheet time: 25mins

Name
Class
Date
1.

Accounting is the process of

I. gathering and recording information

ii. raising of funds for a business

iii. providing information which influences decisions

a)

I and II only

b)

I and III only

c)

II and III only

d)

I, II and III

2.

Which of the following groups of persons may be LEAST interested in using accounting information to determine how well businesses are managed?

a)

Owners

b)

Investors

c)

Employees

d)

Customers

3.

Which of the following states the correct order of the stages in the accounting cycle, before Final Accounts?

a)

Posting to ledger, journalizing, trial balance

b)

Journalizing, trial balance, posting to ledger

c)

Journalizing, posting to ledger, trial balance

d)

Post to ledger, trial balance, journalizing

4.

Which of the following terms is described in documents showing exchanges of goods and services?

a)

Journal

b)

Transaction

c)

Balance Sheet

d)

Trial Balance

5.

A balance sheet serves the purpose of

a)

showing the values of assets, liabilities and capital

b)

calculating the profits and losses made

c)

showing the value of the closing stock in hand

d)

determinining the available cash balance

6.

Which of the following are examples of Current Liabilities?
I. Mortgages
II. Accounts Payable
III. Accrued Wages

a)

I and II only

b)

I and III only

c)

II and III only

d)

I, II and III

7.

Which of the following accounts is made up of real accounts ONLY?

a)

Plant, machinery, inventory, receivables

b)

Equipment, furniture, vehicles, plant

c)

Vehicle, capital, building, preypayments

d)

Cash, inventory, building, receivables

8.

Which of the following lists of current assets is arranged in order of liquidity from least to most liquid?

a)

Accounts receivable, prepayments, inventory, cash, bank

b)

Prepayments, accounts receivables, cash, bank, inventory

c)

Cash, bank, prepayments, accounts, receivables, invnetory

d)

Inventory, accounts receivables, prepayments, bank, cash

9.

The cash book is BEST used for recording

a)

good sold for cash

b)

goods returned for cash

c)

goods purchased for cash

d)

cash receipts and cash payments

10.

A. Portap bought goods for $500 on credit. In which book of prime entry will this be recorded?

a)

Purchases journal

b)

Sales journal

c)

General journal

d)

Cash book

11.

A businessman offers a discount for prompt payment for goods purchased. Under which column in his Three-Column Cash Book would this be entered?

a)

Bank

b)

Cash

c)

Discount allowed

d)

Discount received

12.

R. Stevens a petty cashier receives a float of $350. He spends $320 out of this and requests that his float be increased to S400. If his request is granted, how much will he receive?

a)

320

b)

350

c)

370

d)

400

13.

An article is subject to a 20% trade discount. Its list price is $600. What is its sale price?

a)

120

b)

480

c)

580

d)

720

14.

The total credit of the bank column of a Three-Column Cash Book is greater than the total debit. The MOST likely result for this situation is that

a)

there was an overdraft

b)

transactions were omitted from the debit side

c)

some figures were overstated on the credit side

d)

the incorrect transactions were entered on the credit side

15.

Any expenditure which is written off entirely to the Income Statement is known as

a)

liabilities

b)

purchases

c)

revenue expenditure

d)

capital expenditure

16.

Which of the following BEST describes the 'double entry'system of accounting?

a)

a ledger account must have two sides

b)

an account must be written twice in the ledger

c)

each transaction must be written in two subsidiary books

d)

each transaction must have a debit and credit entry

17.

A businessman incurred the following expenses.

Factory repairs: 6000

Machine repairs: 2000

New machine: 3000

New vehicle: 7000
What is the total capital expenditure?

a)

6000

b)

7000

c)

8000

d)

10000

18.

Mr Abel and Mr Blue purchased goods valued at $50 and $75 respectively from MrKane, on credit. Another customerpaid cash for goods amounting to $550. Mr Kane took goods at cost for himself amounting to $500. Which of the following figures represents the total in Mr Kane's Sales Account?

a)

125

b)

425

c)

675

d)

1175

19.

Which of the following accounts are usually transferred to the Income Statement?

a)

Rent, premises, drawings

b)

Drawings, rent, purchases

c)

Purchases, furniture, commission received

d)

Commision received, rent, purchases

20.

When current liabilities are subtracted from current assets, the result is termed

a)

cash balance

b)

capital owned

c)

working capital

d)

capital employed

21.

K. Khan, a debtor ofA and B Enterprises, settles his debt of $120 less 2%%o discount by cheque. How should the double entry be recorded in the books of A and B Enterprises?

a)

A

b)

B

c)

C

d)

D

22.

What does the $529 800 represent?

a)

Total sales

b)

Gross profit

c)

Cost of sales

d)

Total purchases

23.

185 530 represents

a)

total sales

b)

gross profit

c)

cost of sales

d)

total purchases

24.

The above balances appeared in the ledger of Mrs G. Dalton. What is the total of the trial balance?

a)

5000

b)

6000

c)

7000

d)

8000

25.

The working capital of A. Young and Sons is $15 500. The total amount of current assets is $16 500. What is the total amount of current liabilities?

a)

1000

b)

15500

c)

16500

d)

32000

26.

What is the cost of good sold?

a)

49742

b)

50653

c)

51415

d)

53103

27.

What is the gross profit?

a)

31645

b)

33215

c)

34023

d)

80025

28.

in the balance sheet, expenses owing will be listed as

a)

fixed assets

b)

current assets

c)

current liabilities

d)

long term liabilities

29.

A debt is considered a 'bad debt' if the debtor

a)

pays late

b)

fails to pay

c)

clears the debt in parts

d)

does not use money to pay

30.

How does an increase in bad debts affect a sole trader's financial statements?

a)

increases the net profit

b)

decreases the net profit

c)

increases the gross profit

d)

decreeases the gorss profit

31.

The gross profit of a firm is $7200. Bad debts are $200. Insurance paid is $1240, which includes a prepayment of $40. What is the net profit of the firm?

a)

5720

b)

5760

c)

5800

d)

7000

32.

Control Accounts are needed to

a)

locate errors

b)

calculat eratios

c)

calculate profits

d)

record opening entries

33.

Which of the following is a type of Control Account?

a)

cash book

b)

balance sheet

c)

general journal

d)

suspense account

34.

Cash Sales were not entered in the books. This is an error of

a)

omission

b)

principle

c)

commission

d)

complete reversal

35.

What is kay's credit sales for the month of may?

a)

6800

b)

8800

c)

11800

d)

14800

36.

At the end of the year the capital of a business was $33 000. Atthe beginning of the year the capital was $28 000. During the year the owner withdrew $2000 for personal use. What is his net profit for the year?

a)

5000

b)

7000

c)

30000

d)

61000

37.

What is the inventory at the end of january?

a)

300

b)

500

c)

700

d)

1300

38.

Which of the following accounts are nominal?

a)

Wages and rent

b)

Stock adn debtors

c)

Machinery and plant

d)

Creditors and fixtures

39.

A customer who owed $20 000 retumed goods valued at $3 OO0. He then settled his outstanding balance by paying $ 15 300- The discount allowed to this customer is

a)

7700

b)

4700

c)

3000

d)

1700

40.

The purpose of an appropriation account is to

a)

show how the net profit is distributed in a partnership or co operative

b)

change capital expenditure as agreed upon in the articles of association

c)

enter all capital and revenue expenditure as stipulated in the partnership act

d)

make appropriate changes related to net profit as agreed upon in the articles of association

41.

41. Which two of the following items are NOT recorded in the Appropriation Account?

I. Interest.on loans from partners

II. Interest on capital

III. Interest on drawings

IV. Withdrawals by partners

a)

I and III only

b)

I and IV only

c)

II and III only

d)

II and IV only

42.

Interest on drawings is

a)

I and III only

b)

I and IV only

c)

II and III only

d)

II and IV Only

43.

Interest on capital

a)

I AND III only

b)

I and IV only

c)

II and III only

d)

II and IV only

44.

Which of the following features is associated with private limited companies?

a)

family owned

b)

shares not sold publicly

c)

financial statements published

d)

government agencies purchase shares

45.

A company eamed a net profit of $60 000 for the year ending 30 September 2016- Proposed dividends were: ordinary shares $10 000 and preference shares Sl5 000. The company decided to transfer $8000 to a general reserve. The retained earnings on 30 September 2016 were

a)

27000

b)

33000

c)

35000

d)

93000

46.

When a company declares a dividend of l5%o, the dividend warrant sent to a shareholder who owns 1500 ordinary $l shares is

a)

100

b)

225

c)

1500

d)

1515

47.

Which of the following is an example of a co operative?

a)

A bank

b)

A sports club

c)

A corporation

d)

A credit union

48.

An example of a capital expenditure is money spent for

a)

paying rent

b)

paying wages

c)

purchasing goods

d)

purchasing a new building

49.

The accumulated fund is

a)

5000

b)

15000

c)

20000

d)

25000

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