Halloween Mid-Term MCQ
If you'd like to see how you're getting on in Accounting, here's 20 multi-choice questions for you to have a go at. At the end of the test you'll get your score and see all the correct answers. Enjoy!
1. Goods with a retail selling price of €15,000 were returned to a supplier. The selling price was cost plus 20%. The supplier issued a credit note showing a restocking charge of 10% of cost price. What effect will this have on closing stock?
2. Goods withdrawn by the owner for private use during the year, with a retail value of €3,000, which is cost plus 25%, were omitted from the books. Which three figures in our account will be changed by this?
Stock, Purchases & Creditors
Sales, Stock & Purchases
Drawings, Stock & Purchases
Drawings, Purchases & Creditors
3. On January 31st we borrowed €24,000 at 5% interest per annum. One fifth of the loan, together with the interest on the repaid amount, is being paid at the end of June. How much will be paid at the end of June?
4. Rates prepaid on January 1st were €400. On May 1st we paid rates for 6 months of €1200. How much will appear in the Profit & Loss Account for rates from January 1st to June 30th?
5. Net Profit before interest is subtracted is €180,000. Interest in €20,000. What is the Interest Cover?
6. The price of a share is 90c. Dividend Per Share is 15c and Earnings Per Share are 10c. How long would it take one ordinary share to recover it's value based on present performance?
7. Kelly bought a business for €205,000. He got Assets of €180,000 and Liabilities of €25,000. What is the figure for Goodwill?
8. We paid rent of €900 this year and there is €300 rent due at the end of the year. One third of rent is for the private section of the Business. What figure should appear for rent in the Profit & Loss Expenses?
9. Fixed Costs are €4,800. Selling Price is €8 and Variable Cost per unit is €4. What is the Break Even Point?
10. Sales of our 'Jumbo' product are expected to be 2,500 units. Opening Stock of finished products is 300 units and we want our Closing Stock to be 10% less than this. How many Jumbo products should we produce this year?
11. We have €20,000 5% Investments on January 1st. There is €300 investment interest due on the same day. If we receive €700 investment income during the coming year, how much will still be due to us on December 31st?
12. We repaid a €50,000 loan on April 1st, together with 15 months interest. The total we repaid on this day was €65,000. How much would we have owed if we had repaid the loan three months earlier (on January 1st)?
13. Light & Heat paid this year was €1,000. Electricity Due on Jan 1st was €500. There is a stock of Heating Oil on Dec 31st worth €100. One quarter of the electricity used is for the family. What figure should appear for Electricity in the company accounts?
14. Buildings on January 1st cost €320,000 and had €20,000 of accumulated depreciation up till then. If we now decide to revalue the Buildings to €380,000 what will the Revaluation Reserve be?
15. Authorised Share Capital is 500,000 €1 Shares. Issued Share Capital is 440,000 Shares. If we receive €80,000 from the issue of the remaining shares, what figure will be added to Share Capital?
16. What type of Fixed Asset is 'Patents'?
It's Not A Fixed Asset
17. Stock is normally valued on a ………………… basis?
First In, First Out
First In, Last Out
Last In, First Out
Last In, Last Out
18. In a Club, a Levy Reserve Fund of €220,000 on January 1st is a…
19. Our Receipts & Payments Account shows income received during the year from our 5% Investments of €1,200. If there is investment income due of €300 at the end of the year, how much does this mean our actual Investments are?
20. In Club Accounts, the answer at the end of the Income & Expenditure Account is called…
The Accumulated Fund
The Net Profit or Loss
The Surplus of Income or Expenditure
The Capital Employed
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