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Sample Questions
The following are a random sample
of the type of questions you could expect in the test papers.
| TEST: RT033 Trainee
Accountant (3)... Double Entry… |
| Q1 |
An owned company
vehicle is written off in an accident and a small
value is received for scrap. The vehicle was purchased
for cash two years earlier. How is the recent
event accounted for (excluding recognition of
the cash for scrap)? |
A |
Dr Accumulated Depreciation, Cr Fixed Asset
cost, Dr balance to Profit/Loss on disposal. |
B |
Cr Accumulated Depreciation, Dr Fixed Asset
cost, Cr balance to Profit/Loss on disposal. |
C |
Dr Fixed Asset cost, Cr Profit/Loss on disposal. |
D |
Cr Fixed Asset cost, Dr Profit/Loss on disposal. |
|
| TEST: RT043 Qualified
Accountant (<1yr PQE) (3)... Shareholder Value… |
| Q2 |
What is the most
appropriate rate for a shareholder to discount
cashflows for a proposed project? |
A |
The Bank of England base rate. |
B |
The rate at which the company can borrow money
from the bank. |
C |
The weighted average cost of capital. |
D |
The dividend rate (over market value of the
shares). |
|
| TEST: RT053 Qualified
Accountant (>1yr PQE) (3)… Double Entry… |
| Q3 |
What would a typical
payroll journal look like (Cr = Credit, Dr = Debit)
? |
A |
Cr Gross Pay, Dr PAYE, Dr NI, Dr Net Pay, Dr
Pension (all) Cr Employers NI (P&L), Cr Employers
Pension (P&L). |
B |
Dr Gross Pay, Cr PAYE, Cr NI, Cr Net Pay, Cr
Pension (all) Cr Employers NI (P&L), Cr Employers
Pension (P&L). |
C |
Dr Gross Pay, Cr PAYE, Cr NI, Cr Net Pay, Cr
Pension (all) Dr Employers NI (P&L), Dr Employers
Pension (P&L). |
D |
Dr Gross Pay, Dr PAYE, Dr NI, Dr Net Pay, Dr
Pension (all) Cr Employers NI (P&L), Cr Employers
Pension (P&L). |
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| TEST: RT013 Purchase
Ledger (3)… VAT… |
| Q4 |
Which of the following
statements about VAT is usually correct? |
A |
VAT is another company tax that reduces the
profit of a company. |
B |
VAT is only a cost to a company if employees
don't provide VAT receipts for company expenses. |
C |
The amount of VAT payable is determined by reference
to a companies profit. |
D |
VAT receipts are NOT required to reclaim VAT. |
|
| TEST: RT023 Payroll
Administrator (3)… Tax rates… |
| Q5 |
What tax rate should
an employee pay if they have an additional job? |
A |
Basic rate tax on the second job and have the
allowances allocated against the main job. |
B |
Basic rate tax on both jobs and no allowances
until the end of the tax year. |
C |
Basic rate tax on the 1st job and higher rate
tax and allowances on both jobs. |
D |
Higher rate tax and allowances on both jobs. |
|
| TEST: RT073 Numerical
Reasoning (3)… |
| Q6 |
How many minutes
is it before 12 noon, if 70 minutes ago it was
four times as many minutes past 9am? |
A |
22 minutes |
B |
23 minutes |
C |
24 minutes |
D |
25 minutes |
|
| TEST: RT103 Verbal
Reasoning (3)… Grammar… |
| Q7 |
Which of the following
sentences is grammatically correct? |
A |
I'm not sure if he and his wife will certainly
be in. |
B |
It is important for you to keep your credit
card in a safe place. |
C |
Fred, the accountant is getting a bit of difficulty
with putting a bill payment through. |
D |
She looks at his body piercing and was surprised that he had had it done. |
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| TEST: RT083 Financial
Accounting & Tax (3)… Corporation Tax… |
| Q8 |
For larger companies,
at what point is corporation tax payable? |
A |
14th day of the 7th, 10th , 13th and 16th months
after the start of a 12-month accounting period.
Balance paid nine months and one day following
the end of the accounting period. |
B |
14th day of the 6th, 9th , 12th and 15th months
after the start of a 12-month accounting period.
Balance paid nine months and one day following
the end of the accounting period. |
C |
14th day of the 5th, 8th , 11th and 14th months
after the start of a 12-month accounting period.
Balance paid nine months and one day following
the end of the accounting period. |
D |
14th day of the 4th, 7th , 10th and 13th months
after the start of a 12-month accounting period.
Balance paid nine months and one day following
the end of the accounting period. |
|
| TEST: RT093 Management
Accounting (3)… Project evaluation… |
| Q9 |
What is the purpose
of a Net Present Value Calculation? |
A |
To calculate the cost of interest to fund a
project. |
B |
To calculate the net cash inflow or outflow
of a project at the value of money at a fixed
point in time |
C |
To assess the market value of a companies assets
net of estimated sale costs. |
D |
To estimate the inflation effect on a project. |
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