C&g Computerised Accounts - Level 2
You have completed the computerised accounts level 2 course. This is your end of the course review.
- 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
Questions: 10 | Attempts: 1091 | Last updated: Mar 21, 2022
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