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Accounting Test 4

Accounting Test 4

Note
There is no time limit.
The test will remain available until midnight today 27 July 2020.
The test examines the contents of chapters 1 of AS Accounting.
The test total is 100 marks.

Number	Question	Marks
1	What does financial accounting involves?	(6)
2	Name 4 stakeholders in a business.	(4)
3	Name and explain 2 practical purposes for recording transactions in the financial accounting system.	(4)
4	Name the books of prime entry.	(6)
5	Draw a diagram showing the components of the financial accounting system with detail.	(10)
6	Name two real accounts.	(2)
7	Name the three practical qualities that financial accounts must have.	(3)
8	Who prepares a sales invoice and for whom is it prepared?	(3)
9	Name the books of prime entry.	(6)
10	Explain each term a credit note a bank transfer a cheque counterfoil	(6)
11	Name the ledger where credit sales are recorded. What is a credit sale? What is cash in accounting terms? Name two nominal accounts.	(8)
12	What is double entry accounting.	(4)
13	Name each ledger and describe what each contains.	(10)
14	State the business entity concept.	(3)
15	Name each financial statement with its associated equation.	(8)
16	State the money measurement concept.	(3)
17	What is the difference between bookkeeping and accounting?	(6)
18	Distinguish between assets and liabilities trade receivables and trade payables	(8)

End of Accounting Test 4.