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GCE Advanced Level Accounting

Sample quiz, 10 questions, graded instantly.

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  1. Q1

    The following information relates to the trade debtors of a sole trader.

    • Trade debtors balance as at 31.03.2024 was Rs. 420,000.
    • A debtor of Rs. 20,000 was identified as a bad debt and needs to be written off.
    • The balance of the provision for doubtful debts account as at 01.04.2023 was Rs. 15,000.
    • The firm decided to maintain the provision for doubtful debts at 5% of the remaining trade debtors balance as at 31.03.2024. The total expense recognized for the year ending 31.03.2024 for bad debts and provision for doubtful debts, and the carrying amount of trade debtors as at 31.03.2024 are:
  2. Q2

    A company manufactures a single product which is sold for Rs. 1 500 per unit. The variable cost of production is Rs. 900 per unit. What is the contribution per unit?

  3. Q3

    A consulting firm provides services to a client in December 2022 and invoices the client for Rs. 50,000. The firm pays its consultants Rs. 30,000 in January 2023 for the work done on this project in December 2022. If the financial year ends on 31st December 2022, how should these transactions be recorded to comply with the matching concept?

  4. Q4

    Which of the following items is recorded on the debit side of a Creditors Control Account?

  5. Q5

    Which of the following costs is considered a relevant cost when evaluating a capital investment project?

  6. Q6

    Which of the following conditions is not required to recognise a provision under LKAS 37?

  7. Q7

    The concept of "time value of money" implies that:

  8. Q8

    Which of the following is the correct formula to calculate the Maximum Stock Level?

  9. Q9

    Beta PLC has 500,000 ordinary shares in issue. The company declared a total dividend of Rs. 800,000, out of which Rs. 150,000 was paid to preference shareholders. What is the Dividends Per Share (DPS) for ordinary shares?

  10. Q10

    Some balances of Saman PLC as at 01.04.2023 are given below.

    • Stated Capital (100 000 ordinary shares): Rs. 5 000 000
    • Retained Earnings: Rs. 2 500 000

    On 01.10.2023, the company capitalized a portion of its retained earnings by issuing one bonus share for every four shares held on that date at Rs. 60 per share. The profit for the year ended 31.03.2024 was Rs. 1 800 000. An interim dividend of Rs. 400 000 was paid during the year.

    What is the retained earnings balance of the company as at 31.03.2024?