Sage Computerised Accounting - Qp1

12 Questions | Total Attempts: 331

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Sage Computerised Accounting - Qp1

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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