'Financial Accounting' Results For JOE BLOGGS. Financial Accounting. Summary

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'Financial Accounting' Results For JOE BLOGGS Financial Accounting Summary Name Financial Accounting Test Language English Started - Finished 13th Jan 2016 18:58:11-13th Jan 2016 19:14:06 Time

1 'Financial Accounting' Results For JOE BLOGGS Financial Accounting Summary Name Financial Accounting Test Language English Started - Finished 13th Jan :58:11-13th Jan :14:06 Time Available00:15:00 ( time taken 00:15:00 ) Completion Status Completed (Candidate ran out of time) Remote Test Yes Score 12.5 out of 25 Percentage 50% Worldwide Percentile Score 42nd Percentile - against 97 results Organisation Percentile Score Taken ID: th Percentile - against 5 results Breakdown Q1: Financial Accounting - 19 (QID:01749) {candidateforename}, match the accounting terms to the correct explanations. Ranks Error of omission Error of commission Error of principle Error of original entry Key Expected answer Maximum score Partial score Zero score 1 Where an item is entered in the wrong type of account. 2 Where a transaction is completely omitted from the books.

2 3 Where a correct amount is entered, but in the wrong person's account. 4 Where an item is entered, but both credit and debit entries are of the same amount. Views Time On Ranking Completed 1 00:00: out of 1 (50%) 0.5 out of 1 (50%) Q2: Financial Accounting - 24 (QID:01754) {candidateforename}, why can assets be revalued in a partnership change? It is a legal requirement. Inflation affects all values. It helps prevent injustice to some partners. It helps prevent injustice to some partners. Views Time On Score Completed 1 00:00:20 0 Q3: Financial Accounting - 5 (QID:01735) {candidateforename}, which of the following are Fixed Assets? A computer A calculator Repairs to a photocopier Computer software worth 20 A computer Views Time On Score Completed 1 00:00:40 1 Q4: Financial Accounting - 9 (QID:01739) Keywords: last in first out {candidateforename}, what does the abbreviation "LIFO" stand for? last in first out Views Time On Score Taken 1 00:00:09 1 Q5: Financial Accounting - 7 (QID:01737) {candidateforename}, over how many years, would you "likely" depreciate fixtures and fittings? Ten years Six years Five years Three years Five years Views Time On Score Completed 1 00:00:15 1

3 Q6: Financial Accounting - 14 (QID:01744) {candidateforename}, which of the following selections is the total charge for depreciation for the year end 31/12/x9 for furniture and fittings, if the following statements are true: Statement 1: Furniture and Fittings on the fixed asset register as at 31/12/x8 shows Statement 2: A desk was purchased on 15/09/x9 for 500. Statement 3: The company depreciates assets using the straight-line method at 20%, and does not account for depreciation in the month purchased or sold Views Time On Score Completed 1 00:01:10 0 Q7: Financial Accounting - 4 (QID:01734) {candidateforename}, which of the following selections will be the amount shown as prepaid rates on the 31st of December if the following statements are true: Statement 1: The Local Council invoices Company Ltd for rates for 1,200 per annum. Statement 2: Company Ltd has a Year End on the 31st of December. Views Time On Score Skipped 1 00:01:48 0 Q8: Financial Accounting - 17 (QID:01747) Keywords: debtor {candidateforename}, please complete the following sentence by typing the missing word or phrase: "A is a person who owes money to a business." debtor Views Time On Score Taken 1 00:00:08 1 Q9: Financial Accounting - 26 (QID:01756) {candidateforename}, what should happen to profits and losses where there is no partnership agreement? They should be shared equally after adjusting for interest on capital. They should be shared in the same proportion as capitals. They should be shared equally. They should be shared equally. Views Time On Score Completed 1 00:00:36 1

4 Q10: Financial Accounting - 11 (QID:01741) Ranks {candidateforename}, match the following options to the descriptions below. Asset Liability Expense Income Key Expected answer Maximum score Partial score Zero score 1 Rental Received 2 Bank Overdraft 3 Salaries and Wages 4 Computer Equipment Views Time On Ranking Completed 1 00:00:28 (100%) Answer (100%) Q11: Financial Accounting - 20 (QID:01750) "A bad debt is a debt that the business will be able to collect." Views Time On Score Taken 1 00:00:13 1 Q12: Financial Accounting - 22 (QID:01752) {candidateforename}, which of the terms below is used when referring to the net amount receivable when a fixed asset is put out of use by the business? Net realisable value Residual value Residual value Views Time On Score Completed 1 00:00:24 0 Q13: Financial Accounting - 10 (QID:01740) {candidateforename}, what is the total cost to the company for Heather, if Heather's payslip shows the following: 770 Gross Wages 1000 EE NI 100 ER NI 120 PAYE 150 Sub/Advance deduction 350 Net Pay ,000 1,100 1,120 1,120

5 Views Time On Score Completed 1 00:00:43 1 Q14: Financial Accounting - 15 (QID:01745) Keywords: 5680, , 5,680, 5, {candidateforename}, what will be shown on the balance sheet as at 31/12/x9 for bank overdraft? Ted Ltd's cashbook shows a balance overdrawn of 6530 as at 31/12/x9. The following items were not recorded in the cash book: Bank charges of 100 Overdraft interest of 50 Credit transfer from a customer of 2000 A direct debit to a supplier of 1000 The following items have been recorded in the cash book but not in the bank statements: Cheques received from customers 1900 Cheques drawn in favour of suppliers Views Time On Score Taken 1 00:01:49 0 Answer Q15: Financial Accounting - 18 (QID:01748) "The 'Garner v Murray' rule is the term used when one partner is unable to make good a deficit on his capital account, the remaining partners will not share the loss in proportion to their last agreed capitals, not in the profit/loss sharing ratio." Views Time On Score Taken 1 00:01:25 1 Q16: Financial Accounting - 6 (QID:01736) {candidateforename}, which of the following selections will be the amount of unpresented cheques at 21/12/x5 if the following statements are true: Statement 1: The balance as per the Cashbook on 31/12/xx is 100. Statement 2: The balance as per the Bank Statement on 31/12/x5 is 350. Statement 3: There are no outstanding bank deposits as at 21/12/x Views Time On Score Completed 1 00:01:13 0 Q17: Financial Accounting - 8 (QID:01738) Keywords: first in first out {candidateforename}, what does the abbreviation "FIFO" stand for? first in first out Views Time On Score Taken 1 00:00:09 1

6 Q18: Financial Accounting - 27 (QID:01757) {candidateforename}, which of the following is shown in the "Appropriation Account" of a limited company? Interim dividend paid. Transfer of reserves. Debenture interest. Transfer of reserves. Views Time On Score Completed 1 00:00:17 0 Answer Q19: Financial Accounting - 16 (QID:01746) "Amortisation is a term used instead of depreciation when intangible assets are used up simply because of the passing of time." True True Views Time On Score Taken 1 00:00:09 1 Q20: Financial Accounting - 23 (QID:01753) {candidateforename}, what is a "Receipts and Payments" account? An account which is accompanied by a balance sheet. An account in which the surplus of income over expenditure is calculated. An account in which the company's net worth is measured An account in which the opening and closing of cash balances are shown. An account in which the opening and closing of cash balances are shown. Views Time On Score Completed 1 00:00:38 0 Q21: Financial Accounting - 28 (QID:01758) "A debenture is the traditional name given to a loan agreement where the lender is a company." Answer True Views Time On Score Taken 1 00:00:24 0 Q22: Financial Accounting - 1 (QID:01731) {candidateforename}, which of the following is not an asset? Computer equipment Share capital Loan to Mr B Cash in the bank

7 Loan to Mr B Views Time On Score Completed 1 00:00:18 0 Q23: Financial Accounting - 12 (QID:01742) {candidateforename}, the following items are put into debit and credit columns on a Trial Balance. What value is shown as the total of the debit column and the total of the credit column if the following balances exist in a set of accounts: Sales of 4500 Furniture and Fittings cost of 2300 Furniture and Fittings depreciation of 1150 Cost of sales of 3200 Bank overdraft of 350 Salaries and Wages of 300 Petty Cash of 200 6,000 6,500 6,900 6,950 6,950 Views Time On Score Completed 1 00:01:14 0 Q24: Financial Accounting - 25 (QID:01755) {candidateforename}, what is calculated in the "Manufacturing Account"? The gross profit on goods sold. The production costs of goods completed. Value of stock held The production costs of goods completed. Views Time On Score Completed 1 00:00:04 1 Q25: Financial Accounting - 13 (QID:01743) {candidateforename}, which of the following selection is the VAT element of this transaction: "Stationery to the value of inclusive of VAT was purchased." Views Time On Score Not Taken 0 00:00:00 0

CBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that

CBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that CBA Model Question Paper CO2 Question 1 The difference between an income statement and an income and expenditure account is that A an income and expenditure account is an international term for a Income