Bookkeeping 1 Recap
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Which of these is NOT a capital transaction?
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Purchase of a car for the business
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Payment of wages
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Purchase of a new telephone system
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Payment for warehouse machinery
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AAT Level 2 Processing Bookkeeping Transactions recap quiz before starting control accounts, journals and banking procedures.
Quiz Preview
- 2.
What is an individual trading as business on his/her own is known as?
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Private limited company
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Sole trader
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Partnership
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Public limited company
Correct Answer
A. Sole trader -
- 3.
Which of the following is a CREDIT?
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Asset
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Liability
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Purchase
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Expense
Correct Answer
A. Liability -
- 4.
Which of these is NOT a cash transaction?
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A fuelling station sells petrol and is paid by cheque
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An office buys stationery and settles immediately by cash
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A cash and carry sells goods on account and is paid thirty days later
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A supermarket sells food to a customer who pays immediately by debit card
Correct Answer
A. A cash and carry sells goods on account and is paid thirty days later -
- 5.
What is the correct formulas for the accounting equation?
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Assets + liabilities = capital
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Assets - liabilities = capital
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Assets = capital - liabilities
Correct Answer
A. Assets - liabilities = capital -
- 6.
Which of the following is a DEBIT?
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Rental income
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Capital introduced
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Bank overdraft
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Trade receivables
Correct Answer
A. Trade receivables -
- 7.
Which system can be used to top up the petty cash?
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Mobile phone top up
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A good one
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Invest
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Imprest
Correct Answer
A. Imprest -
- 8.
What is the current rate of VAT?
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5%
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15%
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17.5%
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20%
Correct Answer
A. 20% -
- 9.
To record the entries of a purchase returns day book in the general ledger which accounts do you need?
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Purchases - VAT - Purchase Ledger Control
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Purchases - VAT - Purchase Returns
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Purchase Returns - VAT - Purchase Ledger Control
Correct Answer
A. Purchase Returns - VAT - Purchase Ledger Control -
- 10.
A "T" for an individual customer to process their invoices, credit notes and payments, can be found in which ledger?
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Sales ledger
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Purchase ledger
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General ledger
Correct Answer
A. Sales ledger -
Quiz Review Timeline (Updated): Nov 11, 2014 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Nov 11, 2014Quiz Edited by
ProProfs Editorial Team -
Nov 11, 2014Quiz Created by
GGodfrey
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