Bookkeeping 1 Recap

10 Questions | Total Attempts: 337

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Bookkeeping 1 Recap

AAT Level 2 Processing Bookkeeping Transactions recap quiz before starting control accounts, journals and banking procedures.


Questions and Answers
  • 1. 
    What is the current rate of VAT?
    • A. 

      5%

    • B. 

      15%

    • C. 

      17.5%

    • D. 

      20%

  • 2. 
    What is an individual trading as business on his/her own is known as?
    • A. 

      Private limited company

    • B. 

      Sole trader

    • C. 

      Partnership

    • D. 

      Public limited company

  • 3. 
    Which of these is NOT a capital transaction?
    • A. 

      Purchase of a car for the business

    • B. 

      Payment of wages

    • C. 

      Purchase of a new telephone system

    • D. 

      Payment for warehouse machinery

  • 4. 
    Which of these is NOT a cash transaction?
    • A. 

      A fuelling station sells petrol and is paid by cheque

    • B. 

      An office buys stationery and settles immediately by cash

    • C. 

      A cash and carry sells goods on account and is paid thirty days later

    • D. 

      A supermarket sells food to a customer who pays immediately by debit card

  • 5. 
    A "T" for an individual customer to process their invoices, credit notes and payments, can be found in which ledger?
    • A. 

      Sales ledger

    • B. 

      Purchase ledger

    • C. 

      General ledger

  • 6. 
    Which of the following is a CREDIT?
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Purchase

    • D. 

      Expense

  • 7. 
    Which of the following is a DEBIT?
    • A. 

      Rental income

    • B. 

      Capital introduced

    • C. 

      Bank overdraft

    • D. 

      Trade receivables

  • 8. 
    What is the correct formulas for the accounting equation?
    • A. 

      Assets + liabilities = capital

    • B. 

      Assets - liabilities = capital

    • C. 

      Assets = capital - liabilities

  • 9. 
    To record the entries of a purchase returns day book in the general ledger which accounts do you need?
    • A. 

      Purchases - VAT - Purchase Ledger Control

    • B. 

      Purchases - VAT - Purchase Returns

    • C. 

      Purchase Returns - VAT - Purchase Ledger Control

  • 10. 
    Which system can be used to top up the petty cash?
    • A. 

      Mobile phone top up

    • B. 

      A good one

    • C. 

      Invest

    • D. 

      Imprest