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Accounting Test 01 2021

Accounting Test 01 2021

Note
There is no time limit.
The test will remain available until midnight 30 May 2021.
The test total is 70 marks.
The test covers Ch 1 and 2 of AQA AS Accounting.

1. Name the ledgers. (3)
2. List 3 source documents. (3)
3. Name the financial statements. (2)
4. State the equation associated with each financial statement. (2)
5. Name the books of prime entry? (3)
6. Who uses the books of prime entry? (2)
7. What is an invoice? (3)
8. When is a credit note used? (2)
9. What is the difference between a journal and a ledger? (2)
10. Define an asset. (2)
11. What is the difference between a current and a fixed asset? (2)
12. Name three fixed assets. (3)
13. State the accounting concepts of
    1. business entity (3)
    2. money measurement (3)
14. Create the double-bookkeeping entries for Egdirrus Devices. (35)
    • 3 Feb starts a business with capital of £10,000 in the bank.
    • 4 Feb pays two people £200 for 3 days work.
    • 5 Feb buys office equipment for £2,500.
    • 7 Feb pays rent of £450 for office by cheque.
    • 10 Feb owner withdraws £180 for personal use.
    • 12 Feb buys a computer for £500.
    • 13 Feb receives commission of £100.
    • 16 Feb obtains a loan from Fred for £2000.
    • 17 Feb buys a shelf for £60

End of Accounting Test 01 2021.