Accounting

Accounting MCQ

Final Result

Total 20.00

Mark 20.00

Result 20.00 / 20.00

Name of applicant
Q
 Accounting MCQ

1. The company's policy is to charge depreciation at 20% per year on the straight line basis, with appr
years of purshase and disposal. What would the depreciation charge be for the year ended 31 Dece

The plant and machinery account (at cost) of a business for the year end 31 december 20X5 was as f

Plant and Machinery at cost

20X5 20X5
$
1-Jan Balance 240,000.00 31-Mar Transfer disposal account
30-Jun Cash Purchase of pla 160,000.00 31-Dec Balance
400,000.00

A) 68,000.00
B) 64,000.00
C) 61,000.00
X 55,000.00

2. Bumbly CO extracted the trial balance for the year ended 31 December 20X7.The total of the debit
300$.
Which of the following could explain the Imbalance?

A) The bank ledger account did not agree with the bank stattement by a debit of 300$
X Discounts received of $150 extracted to the debit collum of the trail balance
C) Irrecovarable debts of $150 were credited to receivables
D) Sales of $300 were omitted from the sales day book

3. The following bank reconciliation statement has been prepared by a trainee accountant.

$
Overdraft per bank statement 3,860.00
Less: Unpresebted Cheques 9,160.00
5,300.00
Add: Oustanding lodgements 16,690.00
Cash at bank 21,990.00
 What should be the correct balance per the cash book?

X 3,670.00 Overdrawn
B) 11,390.00 Balance at bank
C) 3,670.00 Balance at bank
D) 21,990.00 Balance at bank as staded

4. Xena Co has the following working capital ratios

20X9 20X8
Current ratios 1.2:1 1.5:1
Receivable days 75 Days 50 Days
Payable days 30 Days 45 Days
Inventory turnover 42 Days 35 Days

Which of the following statement about Xena CO is Correct?

A) Xena is taking longer to pay suppliers in 20X9

B) Xena is suffering form a worsening liquidity position in 20X9
X Xena's liquidity and working capital has improved in 20x9
D) Xena is receiving cash from customer more quickly in 20x9 than in 20x8

5. Which of the following statement is TRUE?

A) Ther interpretation of an entity's financial statement using ratios is only useful for p
B) Ratios based on historical data can predict the future perfomance of an entity
The analysis of financial statements using ratios provides useful information when c
X previous performance or industry averages
D) An entity's management will not assess an entity's performance using financial ratio

6. Information relating to two processes ( F and G as follows):

Process Normal loss as % of Input (Litres) Output (Litres)

F 8 65,000.00 58,900.00
G 5 37,500.00 35,700.00

For each process was there an abnormal losss or an abnornal gain?

process F --> abnormal loss
process G --> abnormal gain
7. Identify wheater each of the following statements about the uses of big data analytics in organisati
TRUE or FALSE.

A) It helps to better understand customer behaviour and preferences

 B) It helps to analyse the effiency of business processes in real time

8. An organisation operates a piecework system of remuneration, but also guarantees its employee
pay which is based on $20 per hour for an eight hour working day.Three minutes is the standar
output.Piecework is paid at rate of $18 per standard.
If an employee produces 200 units in eight hours on a particular day, what is the employee's

A) 100
B) 120
X 180
D) 150

9. I bought a property, I sign today and will pay for it in one month, what are my double entries on th
balance sheet? You can choose more than one answer.

A) Debit Current Asset - Credit Current Liabilities

B) Credit Receivables - Debit Property Plant and Equipment
X Debit PP&E - Credit Current Liabilities
D) Debit Retained Earnings - Credit Accounts Payable

10. I take out a 10 Year loan for a $80,000 flat I decided to buy in Nice. I have $20,000 that I will use fo
down payment. What are my entries on the P&L and the Balance Sheet?

X Credit expenses- Credit to cash-Credit Long Term Debt- Debit Land

B) Credit Operating income- Debit Cash- Credit Long term Debt
C) Debit COGS - Credi Current Liabilities - Credit PP&E
D) Debit Expenses- Debit Cash - Credit Land
13. The exchanges of interest rate payments or foreign currencies are called
 Scoring

traight line basis, with approriate depreciation in the 2.00 /2

for the year ended 31 December 20X5?

31 december 20X5 was as follows

nd Machinery at cost

er disposal account 60,000.00

340,000.00
400,000.00

20X7.The total of the debit exceeded the credits by 2.00 /2

ttement by a debit of 300$

m of the trail balance

inee accountant. 2.00 /2

 2.00 /2

x9 than in 20x8

2.00 /2

ng ratios is only useful for potential investors

rfomance of an entity
s useful information when compared with

rmance using financial ratios

2.00 /2

data analytics in organisation is 2.00 /2

1 0
X
 X

so guarantees its employees 80% of a time based rate of 2.00 /2

hree minutes is the standard time allowed per unit of
of $18 per standard.
day, what is the employee's gross pay for that day?

are my double entries on the 2.00 /2

ve $20,000 that I will use for the 2.00 /2

?
Mark 2
Number of question 10.00
Total 20.00
Responses 20.00