Sage Computerised Accounting - Qp8

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Jackson Matthews
J
Jackson Matthews
Community Contributor
Quizzes Created: 588 | Total Attempts: 706,902
| Attempts: 186
SettingsSettings
Please wait...
  • 1/5 Questions

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

    • True
    • False
Please wait...
Business Quizzes & Trivia
About This Quiz

Sage Computerised Accounting - QP8 assesses knowledge on asset management, accounting principles, and nominal codes. It evaluates understanding of current assets, fixed assets, purchases, capital, and accounting errors. Ideal for learners aiming to master practical accounting skills in a computerised environment.


Quiz Preview

  • 2. 

    Purchases are indicated with a nominal code 5000-5999.

    • True

    • 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.

    Rate this question:

  • 3. 

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

    • True

    • 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.

    Rate this question:

  • 4. 

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

    • True

    • False

    Correct Answer
    A. 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.

    Rate this question:

  • 5. 

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

    • True

    • False

    Correct Answer
    A. 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.

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 08, 2014
    Quiz Created by
    Jackson Matthews
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.