C&g Computerised Accounts - Level 2

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| By Satpal Singh
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Satpal Singh
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Quizzes Created: 3 | Total Attempts: 1,657
| Attempts: 97
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  • 1/10 Questions

    You are preparing a sales invoice and goods totals comes to £500.00, If the VAT rate is 17.5%, what is the VAT amount to be added to the invoice?

    • £87.50
    • £90.60
    • £82.60
    • £117.50
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About This Quiz


You have completed the computerised accounts level 2 course. This is your end of the course review.

C&g Computerised Accounts - Level 2 - Quiz

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  • 2. 

    If your business is VAT registered, which one of the following is correct?

    • You do not have to account for VAT to the HMRC

    • You have to send a VAT return for your Sales and Purchases to HMRC

    • You do not have pay VAT on your purchases

    • You do not receive VAT from your customers

    Correct Answer
    A. You have to send a VAT return for your Sales and Purchases to HMRC
    Explanation
    VAT registered businesses are required by the law to account for their Sales and Purchases transactions using VAT.

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  • 3. 

    You make a cash sale for £200 (No VAT). Which of the following pairs of nominal accounts are affected?

    • Rent Account and Bank Account

    • Cash Account and Sales Account

    • Sales Account and Trade Debtors Account

    • Purchases Accounts and Bank Account

    Correct Answer
    A. Cash Account and Sales Account
    Explanation
    You debit the cash account and Credit the Sales account

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  • 4. 

    Which one of the following is the standard system used to record transactions?

    • The Accounting equation

    • Single entry

    • Double entry

    • Chart of Accounts

    Correct Answer
    A. Double entry
    Explanation
    A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts.

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  • 5. 

    Which one of the following documents must be issued for credit sales?

    • Delivery Note

    • Invoice

    • Sales Order

    • Cash Receipt

    Correct Answer
    A. Invoice
    Explanation
    An invoice must be issued by the seller

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  • 6. 

    Which tax code is used for entering wages transactions in the Sage?

    • T8

    • T4

    • T9

    • T5

    Correct Answer
    A. T9
    Explanation
    Payment for wages is out of the scope of VAT. Sage Line 50 uses T9 for these transactions

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  • 7. 

    The accounts used to record double entries are called ?

    • Profit and Loss accounts

    • Nominal Accounts

    • Sales Ledger

    • Purchases Ledger

    Correct Answer
    A. Nominal Accounts
    Explanation
    Nominal accounts are part of the main ledger where all business transactions are recorded using double entry system.

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  • 8. 

    Which tax code is normally used for entering reduced rate transactions in the Sage software?

    • T8

    • T4

    • T9

    • T5

    Correct Answer
    A. T5
    Explanation
    Transactions for domestic fuel such as Gas and eletricity use 5% VAT rate. Code T5 is normally setup for these transactions in Sage.

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  • 9. 

    Select the correct Accounting Equation from the following options.

    • Capital = Liabilities - Assets

    • Assets - Liabilities = Capital

    • Liabilites - Capital = Assets

    • Assets + Liabilities = Capital

    Correct Answer
    A. Assets - Liabilities = Capital
    Explanation
    Accounting equation informs about the status of the business. The Balance Sheet reprot is prepared using this accounting principles.

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  • 10. 

    What type of tax is VAT?

    • It is also known as Value And Taxation for business

    • VAT is a tax on the business income

    • VAT is a tax on consumer expenditure

    • VAT is a tax on wages paid by the businesses

    Correct Answer
    A. VAT is a tax on consumer expenditure
    Explanation
    VAT is paid by the end user of the products and services.

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  • Current Version
  • Jul 10, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 13, 2011
    Quiz Created by
    Satpal Singh
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