quiz of Accounts

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Carla Accounts - Accounts

Small quiz on accountancy

Tick the correct definition of a stakeholder

. A person who has any interest in a business in any way

. A person who invests shares in a business

Is a bank statement a form of accounts record?

. No

. Yes

. Don't Know

What is a sales day book?

. A book of original entry, recording credit sales invoices

. A list of all supplier invoices received

. A ledger containing all impersonal accounts

What type of errors are in the suspense account?

. Errors that can't be found

. Errors that can be found

What is an error of original entry?

. Where an amount is posted to an incorrect account of the right type

. Where one side of the transaction is posted to the wrong side of an account

. Where an error is made transferring an amount from the source document into the book of ___

What does the 'E' in DEAD CLIC stand for?

. Errors

. Egg

. Expenses

. Elephant

The importance of a trail balance is...

. To check the accuracy of bookkeeping

. To understand the limitations of a trail balance

What type of error is this: 'An invoice of received from a supplier for £654 was recorded in the purchases account as being for £564'

. Compensating

. Omission

. Reversal

. Princple

. Original Entry

. Commission

What is an unrepresented cheque?

. Cheques that have been drawn and entered into the cash book, but have not yet been presented to the bank for payment

. Bank deposits that have been recorded in the cash book but have not yet been processed by the bank

What is a standing order?

. Where authority is granted by the business to a third party for fixed or variable payments to be made at the request of the third party

. Where a fixed payment is made at regular intervals by the bank on the instructions of the business

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