Computerised Accounting Quiz: Test!

  • IFRS
  • GAAP
  • SOX
Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Satpal Singh
S
Satpal Singh
Community Contributor
Quizzes Created: 3 | Total Attempts: 1,673
| Attempts: 959 | Questions: 10 | Updated: Aug 22, 2025
Quiz Flashcard
Please wait...
Question 1 / 10
0 %
0/100
Score 0/100
1. Which one of the following categories does the Rent account belong to?

Explanation

Rent is an overhead for the business, hence in the expenses category.

Submit
Please wait...
About This Quiz
Computerised Accounting Quiz: Test! - Quiz

Have you ever heard of computerized accounting? Computerized accounting system is made up of diverse controls, activities, and methods for the summarization, classification, recording, and assembly of financial information to help with businesses, governments, and other institutions. They are often discovered on a company’s computer, network server, or remote access,... see moresuch as the internet. This quiz will provide you with assistance for learning about computerized accounting.
see less

2.
You may optionally provide this to label your report, leaderboard, or certificate.
2. You are preparing a sales invoice and the goods totals come 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

Submit
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.

Submit
4. 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 all their sales and purchase transactions using VAT.

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

Explanation

Double entry is the standard system used to record transactions in accounting. This system follows the principle that every transaction has two aspects - a debit and a credit. Each transaction is recorded in at least two accounts, with one account debited and another account credited. This ensures that the accounting equation (Assets = Liabilities + Equity) remains in balance. Double entry provides a more accurate and complete record of financial transactions, allowing for better analysis and reporting of a company's financial position and performance.

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

Explanation

An invoice must be issued by the seller.

Submit
7. Select the correct Accounting Equation from the following options.

Explanation

The accounting equation informs about the status of the business. The balance sheet report is prepared using this accounting principle.

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

Explanation

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

Submit
9. Which tax code is used for entering wage transactions in the Sage?

Explanation

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

Submit
10. What type of tax is VAT?

Explanation

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

Submit
×
Saved
Thank you for your feedback!
10.
Your input helps us improve, and you’ll get your detailed results next.
View My Results
Cancel
  • All
    All (10)
  • Unanswered
    Unanswered ()
  • Answered
    Answered ()
Which one of the following categories does the Rent account belong to?
You are preparing a sales invoice and the goods totals come to...
You make a cash sale for £200 (No VAT). Which of the following...
If your business is VAT registered, which one of the following is...
Which one of the following is the standard system used to record...
Which one of the following documents must be issued for credit sales?
Select the correct Accounting Equation from the following options.
The accounts used to record double entries are called?
Which tax code is used for entering wage transactions in the Sage?
What type of tax is VAT?
Alert!

Advertisement