GCE O-Level · Principles of Accounts (7087)

Accounting information system and accounting cycle: Practice Questions

5 multiple-choice questions marked as you go, and 3 written questions with worked solutions. All on Accounting information system and accounting cycle.

8 questions15 marksFree, no account

Question 1

1 mark

Which of the following shows the correct order of the stages in the accounting cycle?

Question 2

1 mark

Which of the following errors will cause the total debits and total credits of a Trial Balance to be unequal?

Question 3

1 mark

A business issued an invoice for \$800 but mistakenly recorded it in both the sales journal and the trade receivable ledger account as \$880. Which of the following statements about the Trial Balance is correct?

Question 4

1 mark

What is the primary purpose of preparing a Trial Balance?

Question 5

1 mark

A business makes an electronic bank transfer to settle an outstanding balance with a supplier and sends an accompanying document detailing which specific invoices are being settled. What is this document called?

Question 6

2 marks

State the primary purpose of preparing a Trial Balance at the end of an accounting period.

Write your answer out first, then check it against the worked solution.

Question 7

3 marks

Name the source document issued by a seller to a buyer when goods previously sold on credit are returned, and identify which journal the seller records this transaction in.

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Question 8

5 marks

Explain why the equality of the debit and credit totals in a Trial Balance does not necessarily mean that the accounting records are completely free from errors.

Write your answer out first, then check it against the worked solution.

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