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- 1. Multiple Choice
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
- 2. Multiple Choice
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
- 3. Multiple Choice
Where would you put a total figure from a Purchase Return Day Book?
Debit Purchase Returns
Credit Purchase Returns
Debit PLCA
Credit PLCA
- 4. Multiple Choice
Does every figure in the SLCA and PLCA include VAT if a business is VAT registered?
Yes
No
- 5. Multiple Choice
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
- 6. Multiple Choice
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
- 7. Multiple Choice
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
- 8. Multiple Choice
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
- 9. Multiple Choice
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
- 10. Multiple Choice
What is CSR?
Corporate Standard Rates
Critical Social Responsibility
Casual Standard Rates
Corporate Social Responsibility
- 11. Multiple Choice
When calculating Wage Expense which figures should be added to Gross Wage?
Employees NI
Employers NI
Employees Pension Contribution
Employers Pension Contribution
Income Tax
- 12. Multiple Choice
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
- 13. Multiple Choice
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
- 14. Multiple Choice
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
- 15. Multiple Choice
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.
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