Computerised Accounting Quiz: Test!

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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: 959 | Questions: 10
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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.

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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... see moreinformation 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.
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2. 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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3. 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.

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4. 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

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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.

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6. 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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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.

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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.

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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.

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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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Which one of the following categories does the Rent account belong 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...
You are preparing a sales invoice and the goods totals come to...
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?
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