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IGCSE Accounting

Quiz by Mark Edwards

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21 questions
Show answers
  • Q1
    Carriage inwards is charged to the trading account because:
    It is not part of motor expenses
    It is not a balance sheet item
    Sales returns also goes in the trading account
    It is basically part of the cost of buying goods
    30s
  • Q2
    Given the figures showing Sales £28,500, Opening Stock £4,690, Closing Stock £7,240, Carriage Inwards £570 and Purchases £21,360, the cost of goods sold figure is:
    £19,380
    £19,830
    Another figure
    £18,810
    30s
  • Q3
    In the trading account, the sales returns should be:
    Deducted from purchases
    Added to sales
    Added to cost of goods sold
    Deducted from sales
    30s
  • Q4
    The value of the business's stock at the end of the financial year is found by:
    Deducting the total purchases from the total sales for the year
    Taking the figure from the stock account in the general ledger
    Deducting the cost of sales from the total sales for the year
    Stocktaking
    30s
  • Q5
    Assuming there is no other income, net loss will result if:
    Total expenses are less that the gross profit
    Total expenses equal the gross profit
    None of the above
    Total expenses exceed the gross profit
    30s
  • Q6
    The straight line method of depreciation consists of:
    Reducing amounts of depreciation each year
    Unequal amounts of depreciation each year
    Increasing amounts of depreciation each year
    Equal amounts of depreciation each year
    30s
  • Q7
    Depreciation is:
    The part of the cost of a fixed asset consumed during its period of use by a business
    The cost of a replacement for a fixed asset
    The cost of a current asset wearing away
    The salvage value of a fixed asset plus its original cost
    30s
  • Q8
    A business bought a machine for £50,000. It is expected to be used for 6 years then sold for £5,000. What is the annual amount of depreciation if the straight line method is used?
    £7,500
    £6,750
    £7,000
    £8,000
    30s
  • Q9
    A business has total fixed assets which cost £100,000. The total depreciation charge to date is £65,000. The net book value of the assets is:
    £100,000
    £35,000
    £165,000
    £65,000
    30s
  • Q10
    A business has total fixed assets which cost £400,000. The total depreciation, to date, amounts to £160,000. If depreciation is charged at a rate of 20% per annum, using the straight line method, the depreciation charge in the profit and loss account for the current accounting period is:
    £64,000
    £80,000
    £48,000
    £320,000
    30s
  • Q11
    When a separate provision for depreciation account is in use, then book-keeping entries for the year's depreciation are:
    Debit: profit and loss; Credit: provision for depreciation account
    Debit: profit and loss; Credit: the balance sheet
    Debit: asset account; Credit: provision for depreciation account
    Debit: profit and loss; Credit: asset account
    30s
  • Q12
    In a trial balance, the balance on the provision for depreciation account is:
    Not shown, as it is part of depreciation
    Sometimes shown as debit, sometimes shown as credit
    Shown as a debit item
    Shown as a credit item
    30s
  • Q13
    A motor vehicle which cost £20,000 is depreciated at 20% per annum using the reducing balance method. The depreciation charge for the second year would be:
    £8,000
    £7,200
    £13,800
    £3,200
    30s
  • Q14
    A business buys equipment costing £18,000 and depreciates it using the reducing balance method at 20% per annum. Three years later it was sold for £10,000. The profit or loss on the transaction was:
    A profit of £8,784
    A loss of £784
    Neither a profit or a loss
    A profit of £784
    30s
  • Q15
    A provision for doubtful debts is created:
    When debtors cease to be in business
    To provide for possible bad debts
    To write off bad debts
    When debtors become bankrupt
    30s

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