IGCSE Accounting
Quiz by Mark Edwards
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22 questions
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- Q1A cheque given to you by a customer and banked by you, but for which he has proved not to have enough funds to meet it, is known as:A bank errorA debit transferA standing orderA dishonoured cheque30s
- Q2A bank reconciliation statement is:Sent by the customer to their bankIs sent by the bank to any of their customers who exceed the agreed credit limitA statement drawn up to explain the difference between the cash book balance with the bank statement balanceNone of the above30s
- Q3A cheque that has been issued by a business and sent to one of its creditors but has not yet appeared on the firm's bank statement is known as:A credit transferAn unpresented chequeA direct transferA dishonoured cheque30s
- Q4A direct debit is:Instructs the bank to allow someone else to take a certain amount of money from one's account on a certain dateInforms the bank to pay someone else a certain amount of money at regular intervalsA direct payment into another person's bank accountSimilar to bank charges30s
- Q5The journal is:Part of the double entry systemA form of diaryA form of sales day bookA supplement to the balance sheet30s
- Q6which of the following transactions would be recorded in the journal?Cheque paid to a supplierFaulty goods returned to us by a customerBad debts written offCredit sale of goods to a customer30s
- Q7When the trial balance totals do not agree, the difference is entered in:An errors accountThe balance accountA suspense accountThe profit and loss account30s
- Q8Which of these errors would be disclosed by the trial balance?Overcast of total on sales accountPurchases from T Morgan entered in C Morgan's accountError on a purchase invoiceCarriage inwards debited on the sales account30s
- Q9The balance carried forward in the sales ledger control account is:The total sales for the monthThe total debtors due at the end of the periodThe total credit sales for the monthThe total creditors outstanding at the end of the period30s
- Q10The balance carried forward in the purchase ledger control account is:The total purchases for the monthThe total credit purchases for the monthThe total debtors for the monthThe total of the individual balance in the Purchase Ledger30s
- Q11Information for the control accounts is obtained from the:The ledgerBank statementsThe bank statementBooks of original entry30s
- Q12A contra item should be set-off in the control accounts as follows:Set-offs should only be made in the control accountNone of the aboveDebit: Purchase Ledger Control Account; Credit: Sales Ledger control AccountDebit: Sales Ledger Control Account; Credit Purchase Ledger Control Account30s
- Q13Bad debts written off are entered as follows:The debit side of the sales ledger control accountThe credit side of the sales ledger control accountThe credit side of the purchase ledger control accountThe debit side of the purchase ledger control account30s
- Q14Which of these following statements is incorrect?Drawings decrease capitalProfit is another word for capitalProfit increases capitalA loss decreases capital30s
- Q15Gross profit is:Excess of cost of goods sold over salesPurchases + SalesNet profit less expensesExcess of sales over cost of goods sold30s