AAT L2 Using Accounting Software 2

Question 1

When entering opening balances in accounting software at the start of a new financial year, the balancing figure should be posted to:

Accepted Answer

The capital or retained earnings account

Answer

The profit and loss account

Answer

The suspense account

Answer

The bank account

Question 2

A credit note from a supplier should be entered in accounting software as:

Accepted Answer

A purchase credit note

Answer

A sales credit note

Answer

A bank payment

Answer

A journal entry only

Question 3

Which report from accounting software shows the financial position of the business at a specific date?

Accepted Answer

Statement of financial position (balance sheet)

Answer

Trial balance

Answer

Statement of profit or loss

Answer

Aged receivables report

Question 4

Bank receipts in accounting software are recorded by:

Accepted Answer

Using the bank receipts function and selecting the appropriate ledger account

Answer

Entering them in the sales module

Answer

Creating a supplier invoice

Answer

Deleting the previous bank payment

Question 5

The aged payables report shows:

Accepted Answer

How much the business owes each supplier, analysed by age

Answer

How much customers owe the business

Answer

The profit for the period

Answer

The bank balance

Question 6

When a VAT return is run in accounting software, it calculates:

Accepted Answer

The difference between output VAT and input VAT for the return period

Answer

The total sales for the period

Answer

The total expenses for the period

Answer

The net profit after tax