Sage Computerised Accounting - Qp1
12 Questions
| Total Attempts: 331
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
Questions: 8 | Attempts: 179 | Last updated: Oct 9, 2015
-
Sample QuestionThe purpose of using computerised accounting is to save time, increase accuracy and enhance security.
Questions: 8 | Attempts: 158 | Last updated: Oct 9, 2015
-
Sample QuestionComputerised accounting helps the company to have control of their credit management and to be aware of what money each customer should be paying and when to expect their payment.
Questions: 8 | Attempts: 135 | Last updated: Oct 9, 2015
-
Sample QuestionThe Nominal Ledger contains numerous accounts and may be described as the central system of the double entry bookkeeping procedure.
Hunter x Hunter Nen Test: What is Your Nen Personality?
Hunter x Hunter Nen Test: What is Your Nen Personality?
What is The Perfect Gift for Your Best Friend Quiz
What is The Perfect Gift for Your Best Friend Quiz
Which U.S. City Is Suitable for Your Personality Type? Quiz!
Which U.S. City Is Suitable for Your Personality Type? Quiz!
Back to top