This is a ZAI Quiz based on ACCA FA2 – Maintaining Financial Records. The quiz consists of 10 multiple-choice questions. Each question has four options, and the correct answers are listed at the bottom.
📘 ZAI Quiz – ACCA FA2: Maintaining Financial Records
1. Which book of prime entry is used to record credit purchases of goods?
A. Sales Day Book
B. Purchases Day Book
C. Sales Returns Book
D. Petty Cash Book
2. What is the purpose of a trial balance?
A. To detect all errors in accounting
B. To ensure bank statements match the ledger
C. To check that total debits equal total credits
D. To prepare the statement of financial position
3. What type of account is “Inventory”?
A. Income
B. Expense
C. Liability
D. Asset
4. Which of the following is a characteristic of the accruals concept?
A. Recording income only when cash is received
B. Recording expenses when paid
C. Recording income and expenses in the period they relate to
D. Recording transactions only at year-end
5. What is double-entry for a business paying rent in cash?
A. Dr Rent Expense, Cr Bank
B. Dr Bank, Cr Rent Expense
C. Dr Cash, Cr Rent Expense
D. Dr Rent Expense, Cr Sales
6. Which document is usually issued by a supplier when goods are returned?
A. Sales Invoice
B. Debit Note
C. Credit Note
D. Delivery Note
7. What is the normal balance of a liability account?
A. Debit
B. Credit
C. Zero
D. Varies with the account type
8. If an invoice for goods purchased is entered twice, what type of error is it?
A. Omission
B. Principle
C. Commission
D. Error of duplication
9. Which of the following is recorded in the petty cash book?
A. Sale of goods
B. Purchase of a fixed asset
C. Small office expenses like postage
D. Payment of large utility bills
10. In the ledger, which account is credited when a business receives a loan from a bank?
A. Cash
B. Bank Loan
C. Capital
D. Interest Expense
✅ Answers
- B — Purchases Day Book
- C — To check that total debits equal total credits
- D — Asset
- C — Recording income and expenses in the period they relate to
- A — Dr Rent Expense, Cr Bank
- C — Credit Note
- B — Credit
- D — Error of duplication
- C — Small office expenses like postage
- B — Bank Loan
