Explain which error has occurred
A Level Accounting Retrieval Practice 1

Quiz
•
Business
•
12th Grade
•
Hard

David Urquhart
Used 3+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Compensation
Omission
Commission
Principle
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these answers will be incorrect?
The preparation of the trial balance would not discover this error as it an error of omission
The error might not be discovered because the total of the trade payables balances and the purchase ledger control account balances agree
The double entry will still be correct
The error might not be discovered because the total of the trade receivables balances and the Sales ledger control account balances agree
3.
OPEN ENDED QUESTION
10 mins • 1 pt
The answer to this part of the question is (550). In the comment box explain how to get that figure. (Hint - You need to work out the revenue you can make off the items after replacing the damaged packaging. Then subtract the original cost of the items to get a figure)
Evaluate responses using AI:
OFF
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much did the goods originally cost? State which is correct
£2 800 × 100/125 = £2 240
£2 800 × 100/25 = £11 200
£2 800 × 25% = £700
£2 800 - £700 = £2 100
£2 800 × 125/100= £3 500
5.
FILL IN THE BLANK QUESTION
15 mins • 1 pt
Using the Cost of Sales Formula work out the Cost of Sales figure. (Do not include the £ sign or put in any gaps)
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Calculate the amount of Shares that have been issued (Remember the formula - Share capital/Nominal Value of each share)
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A bonus issue of 2 new shares for every 5 shares held was made. What is the Bonus Issued amount? (Do not include the £ sign or any gaps in the number provided)
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