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AQA A-Level Accounting 3.1 Financial accounting overview quiz quiz

10questions. Pick an answer and you'll see why right away.

  1. Which statement correctly gives the accounting equation?

  2. Under the rules of double entry, which accounts are increased by a debit?

  3. Which of these errors would NOT be revealed by the trial balance?

  4. Opening inventory is 7,000,purchasesare7,000, purchases are 55,000 and closing inventory is $9,000. What is cost of sales?

  5. A machine costs 40,000witha40,000 with a 4,000 residual value and a four-year life. What is the straight-line depreciation charge per year?

  6. Insurance of 9,000waspaidintheyear,but9,000 was paid in the year, but 1,500 of it relates to the following year. What is the income statement charge?

  7. After writing off bad debts, receivables are $60,000. A 5% provision for doubtful debts is required. What is the provision?

  8. In a partnership appropriation account, how are partners' salaries treated?

  9. When a company issues 1ordinarysharesfor1 ordinary shares for 1.40 each, where is the extra $0.40 per share recorded?

  10. A business has operating profit of 45,000andcapitalemployedof45,000 and capital employed of 225,000. What is its return on capital employed (ROCE)?