O3 Accounting Test

A creative illustration of accounting concepts such as financial statements, calculators, and a person analyzing data with a concerned expression, in a modern office setting.

O3 Accounting Challenge

Test your accounting knowledge with our engaging O3 Accounting Test! This quiz features a variety of questions that will challenge your understanding of essential accounting principles. Perfect for students, educators, and anyone looking to brush up on their skills.

9 Thought-provoking Questions
Designed for Intermediate to Advanced Learners
Great for Self-Assessment and Practice

9 Questions2 MinutesCreated by CalculatingTree45

A trader’s purchases on credit for April amounted to $2000. These purchases were subject to a trade discount of 10% and also a cash discount of 5% for accounts paid within 30 days. How much was entered in the purchases journal?

Tracey runs a clothing store. She sold a computer with a net book value of $2000 for $1800. Cash was received but no entries had been made in any accounts. What is the net effect of correcting this error on Assets? (Write your answer in the form: decrease by $__ or increase by $__)

The bank statement of a business showed a credit balance of $1640 on 1 October 2017. At that date there were uncredited deposits of $380 and unpresented cheques of $460. What was the cash book balance on 1 October 2017?

What was the purchases ledger control account balance on 31 March?

Ryan bought a computer, cost $800, and some ink cartridges, cost $50, for use in the business. Both of these amounts were debited to the purchases account. What would be the impact of this error on profit? (Write your answer in the form: undercast by $__ or overcast by $__)

The total of the discount allowed column in the cash book, $15, had been credited to the discount allowed account. What would be the journal entry to correct the error? (Write your answer in the form: debit Account's name $__ and credit Account's name $__)

What would be the balance in the account of Lohit on 1 September 2018?

Which business document is issued when payment is received by the business?

{"name":"O3 Accounting Test", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"Test your accounting knowledge with our engaging O3 Accounting Test! This quiz features a variety of questions that will challenge your understanding of essential accounting principles. Perfect for students, educators, and anyone looking to brush up on their skills.9 Thought-provoking QuestionsDesigned for Intermediate to Advanced LearnersGreat for Self-Assessment and Practice","img":"https:/images/course8.png"}