Computerised Accounting Quiz: Test!

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| By Satpal Singh
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Satpal Singh
Community Contributor
Quizzes Created: 3 | Total Attempts: 1,657
| Attempts: 956
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  • 1/10 Questions

    Which one of the following categories does the Rent account belong to?

    • Assets
    • Liabilities
    • Expenses
    • Purchases
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About This 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, such as the internet. This quiz will provide you with assistance for learning about computerized accounting.

Computerised Accounting Quiz: Test! - Quiz

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  • 2. 

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

    • Rent Account and Bank Account

    • Cash Account and Sales Account

    • Sales Account and Trade Debtors Account

    • Purchases Account and Bank Account

    Correct Answer
    A. Cash Account and Sales Account
    Explanation
    You debit the cash account and credit the sales account.

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  • 3. 

    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?

    • £87.50

    • £90.60

    • £82.60

    • £117.50

    Correct Answer
    A. £87.50
    Explanation
    Working: 500 X 17.5 /100 = 87.50

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  • 4. 

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

    • You do not have to account for VAT to the HMRC

    • You have to send a VAT return for your Sales and Purchases to HMRC

    • You do not pay VAT on your purchases

    • You do not receive VAT from your customers

    Correct Answer
    A. You have to send a VAT return for your Sales and Purchases to HMRC
    Explanation
    VAT registered businesses are required by the law to account for all their sales and purchase transactions using VAT.

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  • 5. 

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

    • The Accounting Equation

    • Single Entry

    • Double Entry

    • Chart of Accounts

    Correct Answer
    A. Double Entry
    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?

    • Delivery note

    • Invoice

    • Sales order

    • Cash receipt

    Correct Answer
    A. Invoice
    Explanation
    An invoice must be issued by the seller.

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  • 7. 

    Select the correct Accounting Equation from the following options.

    • Capital = Liabilities - Assets

    • Assets - Liabilities = Capital

    • Liabilities - Capital = Assets

    • Assets + Liabilities - Capital

    Correct Answer
    A. Assets - Liabilities = Capital
    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?

    • Profit and Loss accounts

    • Nominal accounts

    • Sales ledgers

    • Purchase ledgers

    Correct Answer
    A. Nominal accounts
    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?

    • T8

    • T4

    • T9

    • T5

    Correct Answer
    A. T9
    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?

    • It is also known as Value And Taxation for business.

    • VAT is a tax on the business income

    • VAT is a tax on consumer expenditure

    • VAT is a tax on wages paid by the businesses

    Correct Answer
    A. VAT is a tax on consumer expenditure
    Explanation
    VAT is paid by the end-user of the products and services.

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  • Current Version
  • Aug 22, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 07, 2011
    Quiz Created by
    Satpal Singh
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