Bookkeeping 1 Recap
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AAT Level 2 Processing Bookkeeping Transactions recap quiz before starting control accounts, journals and banking procedures.
- 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
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