MCQ accounting paper 1

MCQ accounting paper 1

6th Grade

25 Qs

quiz-placeholder

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MCQ accounting paper 1

MCQ accounting paper 1

Assessment

Quiz

Professional Development

6th Grade

Hard

Created by

Vivian Ching

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which transaction will increase both assets and capital by the same amount?

A credit customer settled his account after deducting a cash discount.

Goods were sold for cash at a price higher than their cost price.

Rent received included an amount prepaid for the next accounting period.

The owner repaid a business loan from his personal bank account.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

On 1 June 2021, Sue’s capital account had a credit balance of $120 000. During the year ended 31 May 2022 she withdrew goods costing $1800. The loss for the year was $14 200. What was the credit balance on Sue’s capital account on 1 June 2022?

$104 000

$105 800

$107 600

$134 200

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bilal purchased goods on credit from Asim. Where should Asim record this transaction?

Cash book and nominal ledger

Cash book and sales ledger

Nominal ledger and purchases ledger

Nominal ledger and sales ledger

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Abdul sells goods to Rekha on credit. Some goods were damaged in transit. Which document would Rekha send to Abdul?

credit note

debit note

invoice

statement of account

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is not shown on an invoice?

amount of trade discount

date payment made

details of goods supplied

terms of payment

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

On 1 September, Peter sent a cheque to his credit supplier, John. This was correctly entered in John’s books. On 10 September, the cheque was returned unpaid due to lack of funds. Which entries should be made in John’s books on 10 September?

Dr. Bank
Cr. Irrecoverable debt

Dr. Bank
Cr. Peter

Dr. Irrecoverable debt
Cr. Bank

Dr. Peter
Cr. Bank

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which entries should be made to post the monthly totals of the discount allowed and discount received columns of the cash book?

A

B

C

D

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