C&g Computerised Accounts - Level 2

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| By Satpal Singh
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Satpal Singh
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Quizzes Created: 3 | Total Attempts: 1,673
| Attempts: 97 | Questions: 10
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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?

Explanation

Working: 500 X 17.5/100 = 87.50

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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.

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2. If your business is VAT registered, which one of the following is correct?

Explanation

VAT registered businesses are required by the law to account for their Sales and Purchases transactions using VAT.

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

Explanation

You debit the cash account and Credit the Sales account

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4. Which one of the following is the standard system used to record transactions?

Explanation

A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts.

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5. Which one of the following documents must be issued for credit sales?

Explanation

An invoice must be issued by the seller

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6. Which tax code is used for entering wages transactions in the Sage?

Explanation

Payment for wages is out of the scope of VAT. Sage Line 50 uses T9 for these transactions

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7. The accounts used to record double entries are called ?

Explanation

Nominal accounts are part of the main ledger where all business transactions are recorded using double entry system.

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

Explanation

Transactions for domestic fuel such as Gas and eletricity use 5% VAT rate. Code T5 is normally setup for these transactions in Sage.

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9. Select the correct Accounting Equation from the following options.

Explanation

Accounting equation informs about the status of the business. The Balance Sheet reprot is prepared using this accounting principles.

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10. What type of tax is VAT?

Explanation

VAT is paid by the end user of the products and services.

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You are preparing a sales invoice and goods totals comes to £500.00,...
If your business is VAT registered, which one of the following is...
You make a cash sale for £200 (No VAT). Which of the following pairs...
Which one of the following is the standard system used to record...
Which one of the following documents must be issued for credit sales?
Which tax code is used for entering wages transactions in the Sage?
The accounts used to record double entries are called ?
Which tax code is normally used for entering reduced rate...
Select the correct Accounting Equation from the following options.
What type of tax is VAT?
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