The Test
The Tax Accounting course is assessed across 1. You will receive 1 certificate on successful completion of the exam.
Testing Areas
The Final Assessment will contribute to 100% of your final grade awarded for that particular level of the course.
Each question will have a different format to it, from multiple-choice questions to questions selected from a word bank. Read each question carefully and answer to the best of your knowledge.
Scoring
The pass mark at each level are identified below:
Fail – 0 – 69%
Pass – 70% or more
- Marks will not be awarded for omitted answers.
- Marks will not be deducted for incorrect or omitted answers as only positive marks are awarded for the test.
- The final score will be the total of answers awarded for the thirty questions.
- Answers will be marked according to accuracy, completeness and relevance.
Test instructions
Read each question very carefully – There may be questions asking you to select the option that is incorrect and/or more than one answer to a question.
Answer each question – Do not leave any question blank as you will not be awarded any marks; however, you have a 1 in 4 chance of answering correctly if you at least attempt the question.
Work by process of elimination – If you are unsure of the answer to a question, first rule out any options that you know are definitely (or at least mostly sure) are incorrect and then select which you think is correct.
Please note, your results for the Final Assessment are automatically sent across to your tutors and they will be aware of your grades.
Welcome , you are now in the Harley Oxford test area.
IMPORTANT: Once you have completed ALL modules, please click on the test buttons below. You must pass these tests in order to obtain certifications for this course.
Please take the test by selecting the correct answers from each question presented. Please choose your answers carefully; you must score a minimum of 60% to pass the test and gain your final certifications.
Once you have passed the test your results are recorded permanently on our database and contribute towards your final grade.
You cannot retake the test once your results have been recorded.
Exam Results & Certifications
A free digital certification will be issued within 7 – 12 working days.
Tax Accounting Assessment
Quiz-summary
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Information
Welcome to your Tax Accounting Assessment
Exam instructions;
- Read all questions carefully before you answer
- You must answer all questions
- You have approximately 30mins to complete the exam
Please only click the test button when you are ready as you must complete the test in one sitting.
You have already completed the quiz before. Hence you can not start it again.
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Results
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Congratulations
You have successfully passed the Tax Accounting Final Assessment.
Your results will now be forwarded to info@harleyoxford.com.
Your certification is now being processed and will be sent digitally via email for you to download within 7 – 14 working days.
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You did not pass this time!
Unfortunately, you have not been successful on this occasion
We advise you to go over the course modules again to get more practice.
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Question 1 of 30
1. Question
Employers are required to submit income tax and NIC information to HMRC electronically when or before employees are paid each week or month.
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Question 2 of 30
2. Question
Assets = Liabilities + Equity
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Question 3 of 30
3. Question
VAT is generally charged on non-business transactions
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Question 4 of 30
4. Question
The CRS does not allow countries to obtain information from their Financial Institutions.
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Question 5 of 30
5. Question
The double entry system of accounting or bookkeeping means that every business transaction will involve two accounts or more.
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Question 6 of 30
6. Question
Tax code is used by the employer or pension provider to work out how much Income Tax to take from pay or pension.
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Question 7 of 30
7. Question
Income Tax is Payable by individuals on the disposal of capital assets.
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Question 8 of 30
8. Question
Some self-employed people are not eligible for Working Tax Credit.
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Question 9 of 30
9. Question
If an asset’s value becomes negligible, a claim may be made to treat the asset as sold and immediately purchased it at its current market value
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Question 10 of 30
10. Question
The income tax and NIC that the employer deducts during each tax month is due for payment to HMRC not later than 7 days after the tax month ends
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Question 11 of 30
11. Question
Full ROR is only available when all of the net sale proceeds from the sale of the old asset are reinvested.
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Question 12 of 30
12. Question
The basic idea underlying capital allowances is that the business will over time obtain relief for the actual net cost of an asset to the business
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Question 13 of 30
13. Question
HMRC will calculate the tax liability on behalf of the taxpayer, provided the return is submitted by the 31 December deadline.
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Question 14 of 30
14. Question
Class 2 NICs are a percentage based contribution levied on the ‘profits’ of the individual in excess of £8,424 for the tax year 2018/19.
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Question 15 of 30
15. Question
Under the flat rate scheme, a business calculates its VAT liability by simply applying a flat rate percentage to total turnover.
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Question 16 of 30
16. Question
The ledger is referred to as the centerpiece of the accounting cycle.
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Question 17 of 30
17. Question
The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC)
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Question 18 of 30
18. Question
The standard UK VAT rate is 20%.
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Question 19 of 30
19. Question
A sole trader is a self-employed and is not affected by National Insurance.
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Question 20 of 30
20. Question
CGT is charged on gains arising on chargeable disposals of chargeable assets.
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Question 21 of 30
21. Question
A statement of changes in shareholders’ equity is a financial statement that presents a summary of the changes in shareholders’ equity accounts over the reporting period.
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Question 22 of 30
22. Question
You normally don’t have to pay duty on goods imported from non-EU countries when they’re first brought into the EU.
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Question 23 of 30
23. Question
Duty relief schemes allow you to pay less or no duty on imports and exports from and to non-EU countries.
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Question 24 of 30
24. Question
Class 2 NICs are a percentage based contribution levied on the ‘profits’ of the individual in excess of £8,424 for the tax year 2018/19.
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Question 25 of 30
25. Question
Debits and credits are not used in a single entry system.
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Question 26 of 30
26. Question
Asset accounts is when a debit decreases the balance and a credit increases the balance.
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Question 27 of 30
27. Question
VAT return periods are normally six months long, but traders who regularly receive repayments, can opt to have quarterly return periods to receive their repayments earlier.
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Question 28 of 30
28. Question
WCT is a state benefit made to people who work and have a low income.
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Question 29 of 30
29. Question
Business rates were introduced in England and Wales in 1990
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Question 30 of 30
30. Question
Gain accounts is when a debit increases the balance and a credit decreases the balance
Certificates
Ready to present your newly accomplished skills and knowledge? Take a look below to order your Hard Copy Certified Accredited Certificate for £19.99.
Once you have placed your order, one of the team will process your certificate and dispatch it to your address via Royal Mail Post and so you should receive it within 7-14 days of your order.
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To order your course Certificate, simply click the button below.
This will add the certificate to your basket; you can add as many as you like.
We will process and send each certificate out individually
Once you have ordered the certificate, please send us an email with your postal address to info@harleyoxford.com.
Order your course certificate
Hard Copy Certificate – £19.99