Level 3 Tests

Which items would be a debit balance in a trial balance? please note that there may be more than one correct answer!!

Which item appears in a profit and loss statement

Recording the depreciation for the year. Which journal is the correct posting?

A sole trader, who has always been ‘in credit’ with the bank has balances brought down and carried down on her business account in respect of the year ended 31 December 20X2 of £4,536 and £3,827 respectively. If payments from this account amounted to a total of £62,888 during the year, what will be the amount of the bankings in the year?

Which of the following statements is true?

Yan is a partner in a partnership. On 1 January 20X1 he had a balance b/d on the credit side of his capital account of £42,000. His share of profit for the year ended 31 December 20X1 is £22,000, and he took out drawings of £18,000. During the year he put a cash injection of £10,000 into the partnership. What is the balance c/d on his capital account at 31 December 20X1?

How much of the input VAT can be reclaimed from a photography business which
operates the flat rate scheme?

3d human character that push a big percent symbol

A business provides book-keeping services to its clients and in the past twelve
months had an annual turnover of £205,000 including VAT. It has no plans to expand
and does not expect its turnover to increase in the foreseeable future. Is it eligible to join the following schemes?

You work in the accounts department of a local firm of solicitors.
You are processing some receipts that have been paid for out of the petty cash account.
One receipt for A4 files for the office does not have the VAT shown separately on the receipt.
The total amount paid for the 12 files that were purchased was £22.56.
The current rate of VAT is 20%.
What is the correct amount of VAT included in the gross amount?
Choose ONE answer.

What is the correct formula for calculation the reorder level?

What does the “E” stand for in the EOQ calculation?

What is the correct accounting entries for process ing the overheads incurred?

Which of the following is not a fundamental principle of ethics?

What does the abbreviation CPD stand for?

Offering someone a gift, money or preferential treatment in return for him/her doing something is known as the the following?