➡️QUESTION⬅️
Which statements about book-keeping and accounting are correct?
1 Accounting is performed periodically rather than daily.
2 Accounting relies on having accurate book-keeping records.
3 Book-keeping includes the preparation of financial statements.
4 Book-keeping involves the recording of financial transactions.
A 1,2and4
B 1and3
C 2,3 and4
D 2and4
ANSWER A
➡️QUESTION⬅️
What is the main function of book-keeping?
A communicating information
B interpreting information
C recording information
D summarising information
ANSWER C
➡️QUESTION⬅️
What would be recorded by a debit entry in a ledger account?
A adecrease in an asset
Ban increase in a liability
C anincrease in an asset
D anincrease in capital employed
ANSWER C
➡️QUESTION⬅️
Which task would be carried out by a book-keeper?
A comparison of financial statements between years
B preparation of financial statements
C provision of information for decision-making
D recording financial transactions
ANSWER D
➡️QUESTION⬅️
Omar returned faulty goods to Yasmin, the supplier.
Which document did Omar send to Yasmin?
A credit note
B debit note
C invoice
D statement of account
ANSWER B
➡️QUESTION⬅️
What are examples of revenue receipts?
1 acheque received from the sale of a non-current asset at book value
2 a profit made on the sale of a non-current asset
3 a loan from a bank that is repayable in 2020
4 discounts received from credit suppliers for prompt payment
A 1and3
B tand4
C 2and3
D 2and4
ANSWER D
➡️QUESTION⬅️
Which document is used to inform employees of their social security/national insurance
contributions?
A clock card
B payroll register
C payslip
D time sheet
ANSWER C
➡️QUESTION⬅️
In April Meena sent Ralph invoices for $170, $240, $125 and a credit note for $63. In the same month Ralph sent Meena a debit note for $70 and a cheque for $107.
What was the balance on Meena’s account in Ralph's books on 1 May?
A $295 credit
B $295 debit
C $365 credit
D $365 debit
ANSWER C
➡️QUESTION⬅️
Which document shows employees the details of deductions made from their wages?
A clock card
B payslip
C time sheet
D wages sheet
ANSWER A
➡️QUESTION⬅️
A factory employee records his time of arrival and departure each day.
Which document is used for recording his hours of work?
A clock card
B payroll register
C time sheet
D wages sheet
ANSWER A
➡️QUESTION⬅️
Which document will a customer issue to inform a supplier of an overcharge?
A credit note
B debit note
C invoice
D statement of account
ANSWER B
➡️QUESTION⬅️
After receiving her bank statement Lyn updated her cash book.
Which items would reduce the overdrawn balance in the cash book?
1 bank interest received
2 credit transfer received
3. direct debit payment
A 1and2only
B 1and3only
C 1,2and3
D 2and3
ANSWER A
➡️QUESTION⬅️
Which transaction is recorded in the general journal?
A payment of cash into a business bank account
B purchase of a motor vehicle on credit
C receipt of a cheque from a customer
D sale of goods on credit
ANSWER B