C&g Computerised Accounts - Level 2

10 Questions | Total Attempts: 76

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C&g Computerised Accounts - Level 2 - Quiz

You have completed the computerised accounts level 2 course. This is your end of the course review.


Questions and Answers
  • 1. 
    You are preparing a sales invoice and goods totals comes to £500.00, If the VAT rate is 17.5%, what is the VAT amount to be added to the invoice?
    • A. 

      £87.50

    • B. 

      £90.60

    • C. 

      £82.60

    • D. 

      £117.50

  • 2. 
    Which one of the following documents must be issued for credit sales?
    • A. 

      Delivery Note

    • B. 

      Invoice

    • C. 

      Sales Order

    • D. 

      Cash Receipt

  • 3. 
    If your business is VAT registered, which one of the following is correct?
    • A. 

      You do not have to account for VAT to the HMRC

    • B. 

      You have to send a VAT return for your Sales and Purchases to HMRC

    • C. 

      You do not have pay VAT on your purchases

    • D. 

      You do not receive VAT from your customers

  • 4. 
    Select the correct Accounting Equation from the following options.
    • A. 

      Capital = Liabilities - Assets

    • B. 

      Assets - Liabilities = Capital

    • C. 

      Liabilites - Capital = Assets

    • D. 

      Assets + Liabilities = Capital

  • 5. 
    Which tax code is used for entering wages transactions in the Sage?
    • A. 

      T8

    • B. 

      T4

    • C. 

      T9

    • D. 

      T5

  • 6. 
    What type of tax is VAT?
    • A. 

      It is also known as Value And Taxation for business

    • B. 

      VAT is a tax on the business income

    • C. 

      VAT is a tax on consumer expenditure

    • D. 

      VAT is a tax on wages paid by the businesses

  • 7. 
    You make a cash sale for £200 (No VAT). Which of the following pairs of nominal accounts are affected?
    • A. 

      Rent Account and Bank Account

    • B. 

      Cash Account and Sales Account

    • C. 

      Sales Account and Trade Debtors Account

    • D. 

      Purchases Accounts and Bank Account

  • 8. 
    The accounts used to record double entries are called ?
    • A. 

      Profit and Loss accounts

    • B. 

      Nominal Accounts

    • C. 

      Sales Ledger

    • D. 

      Purchases Ledger

  • 9. 
    Which one of the following is the standard system used to record transactions?
    • A. 

      The Accounting equation

    • B. 

      Single entry

    • C. 

      Double entry

    • D. 

      Chart of Accounts

  • 10. 
    Which tax code is normally used for entering reduced rate transactions in the Sage software?
    • A. 

      T8

    • B. 

      T4

    • C. 

      T9

    • D. 

      T5

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