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Model MCQ Paper for Gr8 Principles of accounts

Model MCQ Paper for Gr8 Principles of accounts

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Published by: josephreddy121980 on Feb 18, 2010
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02/14/2013

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PART-A
Under line the correct answer from the following
1
Which
 best
describes the assets of a business?
A
cash and items that should turn into cash in the near future
B
cash invested by the owner of the business
C
items bought for long term use by the business
D
items owing to or owned by the business
2
What
is
true of a computerised accounting system?
A
The computer 
will
automatically correct inaccurate input.
B
The data can be used for a number of different uses.
C
The design of the system cannot be modified.
D
The possibility of financial fraud
is
eliminated.
3
Which
is
recorded in the purchases ledger?
A
cash paid to a creditor
B
cash purchases
C
cheque received from a debtor 
D
 purchase of fixed assets
4
A business maintains a full set of books of 
 prime
entry.Which book 
is
written up from credit notes received?
A
 purchases journal
B
purchases returns journal
C
sales journal
D
sales returns journal
5
Khan bought goods for $220, less 20 % trade discount, on credit from Aziz. Khan later returnedhalf of these goods. Aziz entered the returns in his sales returns journal.
How
 
will
Aziz post this transaction to Khan’s ledger account?
A
credit $88
B
debit $88
C
credit $110
D
debit $1106A business keeps a three column cash book.
How
 
is
the total of the discount column on the debit side posted?
A
credit discount allowed account
B
credit discount received account
C
debit discount allowed account
D
debit discount received account
7
What
is
a trial balance?
A
a list of balances remaining on the books of a business on a certain date
B
a statement of the assets, liabilities and capital of a business on a certain date
C
a statement showing the profit made by a business for a financial period
D
a
summary
of the trading transactions of a business for a financial period
8
John’s financial year ends on 31 March. Wages paid during the year ended 31 March 2009. Amounted to$94000.
MS 2
nd
Term Test 2009/Principles of Accounts P-I Page
1
of 
6
 
Which journal entry shows the transfer to the profit and loss account for the year ended31 March 2009?Dr $Cr $AIncome statementwages91 00091 000BwagesIncome statement91 00091 000C
Income statementwages94 00094 000
DwagesIncome statement94 00094 000
9
Which does
not
appear in a purchases ledger control account?
A
bad debts
B
discount received
C
goods returned to creditors
D
interest charged by suppliers
10
10 The value of Wayne’s net assets on 31 December 2008
is
less than their value on 1 January 2008.Which term describes the difference in Wayne’s net assets?
A
gross loss
B
gross profit
C
net loss
D
net profit11A trader provides thefollowing information.What
is
her capital employed?
A
$2000
B
$10 000
C
$14 000
D
$22 000
12
The closing inventory of a business had a selling p
rice
of $30 000 and a cost price of $20 000.inventory costing $4000 was then found to be unsaleable.At what amount
will
the closing inventory be shown in the business’s balance sheet?
A
$14 000
B
$16 000
C
$24 000
D
$26 000
MS 2
nd
Term Test 2009/Principles of Accounts P-I Page
2
of 
6
$fixed assetscurrent assetscurrent liabilities12 0006 0004 000
 
13Helmuth provided thefollowing information.What was the gross profit for the year?
A
$33 000
B
$44 000
C
$48 000
D
$49 500
14
Which
will
be most suitable for a computer application?
A
maintaining highly confidential records
B
maintaining the payroll for a large company
C
recording credit sales for a
small
retailer 
D
recording stock withdrawn by partners
15
What
is
the accounting equation?
A
assets less liabilities equals capital
B
assets plus liabilities equals capital
C
capital less liabilities equals assets
D
capital plus assets equals liabilities
16
Which document
is
issued by a supplier when a customer returns goods?
A
credit note
 
B
debit note
C
invoice
D
statement
17
25 items are sold at $10 each with trade discount at 20 % and cash discount
is
2 % if accountsare settled within 7 days.
How
much would be recorded in the sales journal?
A
$196
B
$200
C
$245
D
$250
18
New
shop fittings are bought on credit for $4000.Where
is
this transaction entered first?
A
cash book 
B
general journal
C
 purchases journal
D
purchases ledger
19Which ledger entries record the purchase of a machine bought on credit?
A
debit creditors, credit machinery
B
debit creditors, credit purchases
C
debit machinery, credit creditors
 
MS 2
nd
Term Test 2009/Principles of Accounts P-I Page
3
of 
6
$opening inventory purchases for year closing inventory10 00032 5009 500

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