Sage Computerised Accounting - Qp1
12 Questions
| Attempts: 499
Questions and Answers
- 1.‘Accounting’ is simply accounting for all of the money that leaves your business and enters your business.
- A.
True
- B.
False
- 2.The purpose of following an accounting framework is to produce a true and fair view of the business.
- A.
True
- B.
False
- 3.Accounting information must be: (Select three)
- A.
Reliable
- B.
Relevant
- C.
Compatible
- D.
Consistent
- 4.The Profit and Loss Account is concerned with only the sales made during that year.
- A.
True
- B.
False
- 5.A source document is proof that a transaction has occurred.
- A.
True
- B.
False
- 6.The Day Books are sometimes called the Books of Secondary Entry.
- A.
True
- B.
False
- 7.Within the _______ are separate accounts for everything else, i.e. accounts that do not relate to an individual.
- A.
Sales Ledger
- B.
Purchase Ledger
- C.
Nominal Ledger
- 8.At the end of a financial year, all accounts within the Ledgers are balanced so that the yearend figures are produced called ‘balances’.
- A.
True
- B.
False
- 9.The ______ informs the user of how well the organisation has performed within the last financial year.
- A.
Profit and Loss Account
- B.
Balance Sheet
- C.
Trial Balance
- 10.The gross profit is calculated by taking the sales and deducting the cost of sales. Expenses are then deducted from this amount and a net profit figure is produced.
- A.
True
- B.
False
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