Sage Computerised Accounting - Qp8

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| By Jackson Matthews
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Jackson Matthews
Community Contributor
Quizzes Created: 588 | Total Attempts: 690,098
Questions: 5 | Attempts: 184

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Sage Computerised Accounting - Qp8 - Quiz

Questions and Answers
  • 1. 

    Current assets are items that belong to the business but will be used up within 12 months (stock, debtors, bank).

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Current assets are indeed items that belong to the business and are expected to be used up or converted into cash within 12 months. Examples of current assets include inventory or stock, accounts receivable or debtors, and cash in the bank. Therefore, the statement "Current assets are items that belong to the business but will be used up within 12 months" is true.

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  • 2. 

    Fixed Assets and Depreciation is indicated with a nominal code 1000-1999.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because fixed assets and depreciation are not indicated with a nominal code in the range of 1000-1999. The correct range for indicating fixed assets and depreciation is typically in the range of 1500-1999.

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  • 3. 

    Purchases are indicated with a nominal code 5000-5999.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Purchases are indicated with a nominal code 5000-5999. This statement is true because nominal codes are used to categorize different types of transactions in accounting. In this case, the range of 5000-5999 is specifically designated for purchases. This allows for easy identification and tracking of purchases within the accounting system.

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  • 4. 

    Capital is the money invested by the owner and kept in the business.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Capital refers to the funds that are invested by the owner and retained within the business. It represents the owner's equity and is used to finance the operations and growth of the business. Therefore, the statement that capital is the money invested by the owner and kept in the business is true.

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  • 5. 

    Suspense and mispostings are indicated with a nominal code of 8000-8999.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The given statement is false. Suspense and mispostings are not indicated with a nominal code of 8000-8999. This means that there is another way to indicate suspense and mispostings, which is not specified in the given information.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 08, 2014
    Quiz Created by
    Jackson Matthews

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