Essential Book Keeping - Qp11

10 Questions | By Jacksonmatthews | Updated: Mar 15, 2022 | Attempts: 90

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Questions and Answers

1.

Writing cheques and recording information on the counterfoil is historically referred to as nominal items.
- A.
  
  True
- B.
  
  False
2.

When companies deal with each other on a credit basis there is no need to issue a receipt, as a range of other documents are used to detail movements of goods and funds between the two trading companies.
- A.
  
  True
- B.
  
  False
3.

Every individual is entitled to earn an amount of money before paying any tax. This is known as your personal allowance.
- A.
  
  True
- B.
  
  False
4.

If an individual has an Annual salary of £26,000 Tax rate is 25% Tax Allowance is £8,000 the net pay is ______
- A.
  
  1591.67
- B.
  
  1691.67
- C.
  
  1791.67
- D.
  
  1891.67
5.

In the case of a salaried individual, no calculations need to be carried out to determine pay as the amount paid is the same each month.
- A.
  
  True
- B.
  
  False
6.

Any individual who earns under the basic minimum level for national insurance in a week, has to pay a national insurance contribution.
- A.
  
  True
- B.
  
  False
7.

Overtime is payment for working extra hours over and above the normal level.
- A.
  
  True
- B.
  
  False
8.

The Data Protection Act details some key principals that should help in formulating that policy which includes: (Select four)
- A.
  
  All information held must be obtained and processed lawfully and fairly.
- B.
  
  Personal data can be held only for lawful purposes that have been specified.
- C.
  
  Data held for a purpose can only be used or disclosed for that purpose.
- D.
  
  Data must be excessive or irrelevant for the purpose for which it is held.
- E.
  
  Data must be accurate and up to date.
- F.
  
  Data should be kept longer than is necessary.