Computerised Accounting Quiz: Test!

10 Questions | By Ssingh26 | Updated: Mar 22, 2022 | Attempts: 495

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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, such as the internet. This quiz will provide you with assistance for learning about computerized accounting.

Questions and Answers

1.

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 Account and Bank Account
2.

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
3.

Which one of the following categories does the Rent account belong to?
- A.
  
  Assets
- B.
  
  Liabilities
- C.
  
  Expenses
- D.
  
  Purchases
4.

The accounts used to record double entries are called?
- A.
  
  Profit and Loss accounts
- B.
  
  Nominal accounts
- C.
  
  Sales ledgers
- D.
  
  Purchase ledgers
5.

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 pay VAT on your purchases
- D.
  
  You do not receive VAT from your customers
6.

Select the correct Accounting Equation from the following options.
- A.
  
  Capital = Liabilities - Assets
- B.
  
  Assets - Liabilities = Capital
- C.
  
  Liabilities - Capital = Assets
- D.
  
  Assets + Liabilities - Capital
7.

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
8.

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?
- A.
  
  £87.50
- B.
  
  £90.60
- C.
  
  £82.60
- D.
  
  £117.50
9.

Which tax code is used for entering wage transactions in the Sage?
- A.
  
  T8
- B.
  
  T4
- C.
  
  T9
- D.
  
  T5
10.

Which one of the following documents must be issued for credit sales?
- A.
  
  Delivery note
- B.
  
  Invoice
- C.
  
  Sales order
- D.
  
  Cash receipt