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- Multiple ChoicePlease save your changes before editing any questions.
Choose 2 main roles you would expect someone undertaking a finance function to have?
Producing monthly bank statements
Producing Financial Statements
Ensuring the confidentiality of accounting information
Providing systems support to other departments
- Multiple ChoicePlease save your changes before editing any questions.
Pick any Policies and Procedures that someone working in a finance department should familiarise themselves with
Heavy Lifting Protocol
Research and Development Policy
Annual Leave Entitlement
Warehouse Despatch Procedures
Business Code of Conduct
- Multiple ChoicePlease save your changes before editing any questions.
Where would you put a total figure from a Purchase Return Day Book?
Debit Purchase Returns
Credit Purchase Returns
Debit PLCA
Credit PLCA
- Multiple ChoicePlease save your changes before editing any questions.
Does every figure in the SLCA and PLCA include VAT if a business is VAT registered?
Yes
No
- Multiple ChoicePlease save your changes before editing any questions.
A Trade Receivable has gone out of business owing you £100 plus VAT. What is the entry to remove the net amount owing?
Debit £100 in the SLCA
Credit £120 in the SLCA
Debit £100 in the Irrecoverable Debt Account
Credit £120 in the irrecoverable Debt Account
- Multiple ChoicePlease save your changes before editing any questions.
A £300 (no VAT) error of reversal exists for all accounts representing Commission Received. What entries will correct this error?
Debit Suspense £600, Credit Com Rec £600
Debit Bank £300, Credit Com Rec £300, Credit Bank £300, Debit Com Received £300
Debit Bank £300, Credit Com Rec £300, Debit Bank £300, Credit Com Rec £300
Credit Bank £300, Debit Com Rec £300, Credit Bank £300, Debit Com Rec £300
- Multiple ChoicePlease save your changes before editing any questions.
The Discount Received Day Book has a total figure of £100 instead of £150. What entry will correct the Suspense Account?
Credit £150
Debit £150
Debit £50
Credit £50
- Multiple ChoicePlease save your changes before editing any questions.
The SLCA has been found to be higher than the balance of the Sales Ledgers. Which answer could explain this?
A sale has been added to the SL account twice
A discount allowed has been duplicated in the SLCA
A sales return has been omitted from the SL's
A set off entry has been entered into the SLCA but not the SL's
- Multiple ChoicePlease save your changes before editing any questions.
Tick any answers that best describe FIFO?
Inventory is valued at the oldest price
Only FIFO is acceptable to meet accounting regulations
FIFO will result in a higher profit figure than LIFO
Issues are valued at the oldest price
- Multiple ChoicePlease save your changes before editing any questions.
What is CSR?
Corporate Standard Rates
Critical Social Responsibility
Casual Standard Rates
Corporate Social Responsibility
- Multiple ChoicePlease save your changes before editing any questions.
When calculating Wage Expense which figures should be added to Gross Wage?
Employees NI
Employers NI
Employees Pension Contribution
Employers Pension Contribution
Income Tax
- Multiple ChoicePlease save your changes before editing any questions.
If you are given wage expense in a question which of the options below should be taken away to get to the net wage?
All employers costs
All employees costs
All costs
- Multiple ChoicePlease save your changes before editing any questions.
If your Trial Balance shows Rent Received of £3000 but mistakes have been found and the corrections needed to the Rent Received account are £250 debit, £520 credit, how much should the new Rent Received figure be?
£2730
£3270
- Multiple ChoicePlease save your changes before editing any questions.
Which of these credit sales entries would cause a one sided error that would be noticed when completing the Trial Balance?
SLCA £240 debit, VAT £40 debit, Sales £200 credit
SLCA £240 credit, VAT £40 debit, Sales £200 debit
SLCA £240 debit, VAT £40 credit, Sales £200 credit
SLCA £200 debit, VAT £40 debit, Sales £240 credit
- Multiple ChoicePlease save your changes before editing any questions.
When you complete a Bank Reconciliation Statement you notice that the opening balance on the bank statement is £350 more than the Cash Book. What is the most likely explanation and action that should be taken?
A £350 cheque has been credited on the Cash Book but not yet reduced the bank statement. Add £350 to the debit side of the Cash Book.
A £350 cheque has been credited on the Cash Book but not yet reduced the bank statement. Add £350 to the credit side of the Cash Book.
A £350 cheque has been credited on the Cash Book but not yet reduced the bank statement. Ask the bank to reduce your balance by £350.
Reduce the opening bank balance by £350 on a bank reconciliation statement.
Reduce the closing bank balance by £350 on a bank reconciliation statement.