Q1

Using the same information, what is the net amount payable after 10% trade discount?

A : 2400 B : 2700 C : 3000 D : 3300

Q2

Paid electricity by cheque $850. Which account is debited?

A : Bank B : Cash C : Electricity D : Capital

Q3

Using the data provided, what is the total value of assets?

A : 1500 B : 1800 C : 2300 D : 3100

Q4

20 cases of juice at $150 each. What is the gross amount?

A : 2700 B : 3000 C : 3300 D : 4500

Q5

Using the sales ledger control account provided, what is the closing balance?

A : 16000 B : 18000 C : 20000 D : 36000

Q6

Which sequence correctly represents the accounting cycle before final accounts?

A : Posting then journalising then trial balance B : Journalising then posting then trial balance C : Trial balance then posting then journalising D : Posting then trial balance then journalising

Q7

Goods bought on credit should be recorded by

A : Debit purchases credit cash B : Debit purchases credit payables C : Debit inventory credit cash D : Debit inventory credit capital

Q8

The MAIN internal users of accounting information are

A : Investors B : Suppliers C : Managers D : Government agencies

Q9

Paid electricity by cheque $850. Which account is credited?

A : Cash B : Bank C : Electricity D : Drawings

Q10

Using the same data, what is the capital of the business?

A : 1100 B : 1500 C : 1900 D : 2300

Q11

Which financial statement shows the value of a business’s assets at a specific date?

A : Trading account B : Profit and loss account C : Balance sheet D : Cash flow statement

Q12

The closing balance on a sales ledger control account represents

A : Money owed by suppliers B : Cash sales C : Money owed by customers D : Credit purchases

Q13

Which of the following are benefits of using accounting software?

I. Faster processing

II. Immediate updating

III. Automatic detection of all errors

A : I and II only B : I and III only C : II and III only D : I, II and III

Q14

Which document is issued when goods are returned to a supplier?

A : Invoice B : Receipt C : Debit note D : Credit note

Q15

The purpose of preparing a trial balance is to

A : Calculate net profit B : Detect all errors C : Check arithmetical accuracy D : Prepare final accounts

CSEC Principles of Accounts