Accounting - Test 1

Accounting - Test 1

1st - 10th Grade

5 Qs

quiz-placeholder

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Accounting - Test 1

Accounting - Test 1

Assessment

Quiz

Fun

1st - 10th Grade

Practice Problem

Medium

Created by

Thai Nguyen

Used 2+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which groups of people are most likely to be interested in the financial statements of a sole trader?

1 Shareholders of the company

2 The business’s bank manager

3 The tax authorities

4 Financial analysts

1 and 2 only

2 and 3 only

2, 3 and 4 only

1, 2 and 3 only

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which accounting concept should be considered if the owner of a business takes goods from inventory

for his own personal use?

The fair presentation concept

The accruals concept

The going concern concept

The business entity concept

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The following totals appear in the day books for March 20X8.

$

Sales day book 40,000

Purchases day book 20,000

Returns inwards day book 2,000

Returns outward day book 4,000

Opening and closing inventories are both $3,000. What is the gross profit for March 20X8?

$22.000

$24.000

$20.000

$18.000

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An inventory record card shows the following details.

February 1 50 units in stock at a cost of $40 per unit

7 100 units purchased at a cost of $45 per unit

14 80 units sold

21 50 units purchased at a cost of $50 per unit

28 60 units sold

What is the value of inventory at 28 February using the FIFO method?

$2,450

$2,700

$2,950

$3,000

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which one of the following would be an error of principle?

Plant and machinery purchased was credited to a non-current assets account.

Plant and machinery purchased was debited to the purchases account.

Plant and machinery purchased was debited to the equipment account.

Plant and machinery purchased was credited to the equipment account.