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228 câu tr ắc nghi ệm Tài K ếtốn qu ản tr ị 4e Pauline có đá p án 228 Test Bank for Financial and Management Accounting An Introduction 4th Edition Pauline Weetman Multiple Choice Questions - Page1 Which of the following events will an accountant normally not record? A) paying a bill that has been owing for years B) receiving an invoice for goods purchased, but not paying for them yet C) providing a service to a customer to be paid for in the next accounting period D) agreeing to hire a new employee who will start work in the next accounting period The Cashier has recorded the following transaction in a Cash Book, entering the receipts on the debit side and the payments on the credit side Identify which side of the named account would be posted by the Bookkeeper Advertising account : £240 paid for advertising the availability of mobile phones A) debit B) credit If a trial balance, extracted from the double entry system of a sole trader, shows that total debits equals total credits then: A) the books are correct B) no errors will have been made in posting the transactions of the business C) the business is profitable D) an equal debit for every credit will have been posted and the accounts correctly added Which of the following errors would have caused a difference in the trial balance? A)recording a sale of £30 000 as £3 000 in the Cash Book and £3 000 in the Sales Account B)posting payment of £21 000 for stationery as £12 000 to the Stationery account C)not accounting for £15 000 paid for purchasing goods for sale D)posting to Motor vehicles account £600 paid for servicing vehicles Which of the following reflects the effects on the accounting equation of a payment to trade payables (creditors)? A) assets decrease: liabilities decrease B) assets decrease: ownership interest decreases C) assets increase: liabilities decrease D) assets decrease: ownership interest increases Which of the following is the correct terminology for the right hand side of a ledger account? A) positive B) debit C)credit D) negative A machinery acquired at a cost of £225 000, expected to be in use for five years, with no salvage value, is to be depreciated equally over its useful life Annual depreciation then is: A) £22 500 B) £45 000 C) £112 500 D) £80 000 Jayantha commenced business on January 20x6 with a capital in cash of £10 000 During the year ending on 31 December 20x6 he paid £12 000 for furniture, £92 400 for purchasing goods for sale and £31 450 for various expenses He received £139 250 by sale of goods Identify Jayantha’s capital as at 31 December 2001 in the following situation: Jayantha had sold out all goods purchased during the year and wishes to write off a tenth of the cost of furniture as depreciation A) £24 200 B) £10 000 C) £24 400 For the purpose of establishing the accuracy of the individual personal ledger balances, a business maintains, on a memorandum basis, a Sales Ledger Control account (S.L.Cont) and a Purchases Ledger Control account (P.L.Cont) Identify the account and its side in which you will enter Return outwards during the month: S.L.Cont P.L.Cont Neither; Dr Cr Dr Cr a b c d e A) b B) c C) a D) d E) e A trial balance will not reveal the following error: A) a credit sale of £500 to Ashley debited to Ashley account only B) a credit sale of £500 made to Ashley, posted as debit sale account £500 and credit Ashley account £500 C) a cash sale of £500 posted to sales account only D) a cash sale of £500 posted as a credit to the sales account of £500, and a credit to cash account of £500 Identify whether the posting of the transaction to the account named would increase or reduce the balance in that account: Receipt of a Loan from Kingsley Perera (Perera's Loan account) A) increase B) reduce Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Shop fittings a/c A) debit B) credit Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Bank Loan a/c A) credit B) debit If a business commenced the day with £14 200, paid out £58 900 during the day and has £22 900 by the end of the day, it should have received during the day: A) £1 400 B) £67 600 C) £50 200 D) £21 800 Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Stationery account A) credit B) debit Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Cash account A) debit B) credit Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Salaries account A) credit B) debit Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Machinery a/c A) credit B) debit If the net assets of a business totalled £540 000 and its liabilities totalled £316 800, its total assets on that date would amount to: A) £223 200 B) £856 800 C) £633 600 D) £540 000 Identify whether the posting of the transaction to the account named would increase or reduce the balance in that account: Payments to buy goods for sale (Purchases account) A) increase B) reduce Identify whether the account stated below would represent an Asset, Liability, Income or Expenditure: Buildings account A) liability B) income C) expenditure D) asset For the purpose of establishing the accuracy of the individual personal ledger balances, a business maintains, on a memorandum basis, a Sales Ledger Control account (S.L.Cont) and a Purchases Ledger Control account (P.L.Cont) Identify the account and its side in which you will enter the dishonouring ('bouncing') of a cheque received from a customer S.L.Cont P.L.Cont Neither; Dr Cr Dr Cr abcde A) d B) c C)e D) a E) b Identify the year-end balance that would be brought down in the following account on 31 December 20x6, taking into account the stated transaction: Office Equipment account: The balance in the account on December 20x6 was £218 400 In December four personal computers were bought for staff use, paying £4 500 for each unit A) £200 400 B) £236 400 C) £218 400 M Biggs bought several lots of inventory (stock) throughout a period for the following amounts £1 100, £2 200, £3 300, £4 400 He made sales on credit throughout this period of £1 100, £2 200, £3 300, £4 400 He sells inventory (stock) at cost plus 25% His closing inventory (stock) at the end of the period is valued at: A) 200 B) 300 C) zero D) 400 Identify the account to which you would post the following transaction recorded in the Cash Account:£240 paid for advertising the availability of mobile phones for sale A) publicity account B) advertising a/c C) expenses account Identify whether the account stated below would represent an Asset, Liability, Income or Expenditure: Sales account A) asset B) income C) liability D) expenditure Which of the following reflects the effect on the accounting equation of a purchase of an item of plant and equipment, for cash? A) assets increase: ownership interest decreases B) assets unchanged: ownership interest unchanged C) assets decrease: ownership interest increases D) assets decrease: ownership interest unchanged Every entry in a ledger should have: A) date and description B) amount C) date, description and amount D) description and amount Identify the account to which you would post the following transactions recorded in the Cash Account:£2 500 paid for a steel cabinet to securely lock up the books of account A) furniture account B) accounts safe a/c C) steel cabinet a/c The Cashier has recorded the following transaction in a Cash Book, entering the receipts on the debit side and the payments on the credit side Identify which side of the named account would be posted by the Bookkeeper Interest account : £2 000 paid as interest on Dave's Loan A) credit B) debit If a business pays a cheque for stationery, the bookkeeping entries are: A) Debit Purchases Credit Bank B) Debit Bank Credit Stationery C) Debit Stationery Credit Bank D) Debit inventory (stock) Credit Bank Which of the following statements is correct? A trial balance: A) lists the balances in all the accounts maintained on a double entry basis B) is prepared by a business on the last day of its accounting period C) proves the accuracy of the accounting records D) lists all entries made for accounting for business transactions A sale of £7 800 to Peter Blowes has been posted to Paul Blowes To correct this the journal entry should require which of the following: A) debit Sales account and credit Paul Blowes with £15 600 B) debit Sales account and credit Paul Blowes account with £7 800 C) debit Peter Blowes account and credit Sales account with £7 800 D) debit Peter Blowes account and credit Paul Blowes account with £7 800 Identify the year-end balance that would be brought down in the following account on 31 December 20x6, taking into account the stated transaction: Ruth Jones' Loan account: A loan of £60 000 was obtained from Ruth on January 20x5, on an agreement that it will be settled in six annual instalments of £10 000 each commencing from 31 December 20x5 The agreement is being complied with A) £40 000 B) £60 000 C) £50 000 Jayantha commenced business on January 20x6 with a capital in cash of £10 000 During the year ending on 31 December 20x6 he paid £12 000 for furniture, £92 400 for purchasing goods for sale and £31 450 for various expenses He received £139 250 by sale of goods Identify Jayantha’s profit for the year to 31 December 2001 in the following situation: Unsold goods remaining in hand on 31 December 20x6 had cost £24 550 and Jayantha wishes to write off the cost of his furniture equally over six years A) £37 950 B) £38 950 C) £71 400 A business registered for Value Added Tax has to maintain a VAT account, crediting it with the "output tax" and debiting it with the "input tax" calculated at 17.5 / 117.5 of the transaction value In respect of the transaction listed below, identify whether you would account for the VAT element by debiting or crediting the VAT account or neither:Acquisition of motor vehicles A)neither B)debit C) credit The source documents for entries made in the Return Outwards Journal are: A) copies of Credit Notes issued to customers B) Credit Notes issued by suppliers C) purchase invoices D) copies of sales invoices Having placed in a Suspense account the difference in the trial balance, it is found that the difference arose because a pre-paid rent of £12 000 has been brought down as a credit balance in the Rent account To correct this error which of the following entries should the journal require: A) Debit Suspense account and credit Rent account with £24 000 B) Debit Rent account and credit Suspense account with £24 000 C) Debit Rent account and credit Suspense account with £12 000 D) Debit Rent account with £24 000 If, as at the year end, the total assets of a business were £189 000 and business liabilities were £126 000, what would be the owner's capital as at that date? A) £63 000 B) £189 000 C) £315 000 D) £126 000 Identify whether the posting of the transaction to the account named would increase or reduce the balance in that account: Additional capital received from the owner of the shop (Capital account) A) reduce B) increase Trial balance Debit Credit; Capital account - 50 000; Motor vehicles a/c 20 000 - Purchases account 112 000 -Sales account - 186 000; Salaries account - 34 000; Other expenses a/c 22 000 -Cash account 48 000 - 202 000 270 000 A trader, who commenced business in the year, extracted the above trial balance on the last day of the first month and found that it failed to balance Which of the following would explain the failure? A) the trial balance fails to include one or more account balances B) salaries, an expenditure, has been stated in error as a credit balance C) a payment has been completely omitted D) motor fuel has been debited to Vehicles account Identify the account to which you would post the following transaction recorded in the Cash Account: £2 000 paid as salary to the Shop Manager A) Shop Manager's a/c B) Expense account C) Salaries account A trader who commenced business on January 20x5 reports the balances, as at 31 December 20x5, in the Purchases account and Sales account as £346 800 and £479 500 respectively The total of the balances in all other expense accounts is £112 200 Identify the gross profit in the first year of operation The cost of goods remaining unsold by the year end was £54 400 A) £187 100 B) £132 700 C) £78 300 Identify whether the posting of the transaction to the account named would increase or reduce the balance in that account: Payment of interest to Kingsley Perera, on a loan received (Interest account) A) increase B) reduce Which of the following statements is incorrect?Business entities systematically record their receipts and payments in a Cash Account and balance it on a daily basis because: A) of the desirability of maintaining an accurate chronological record of transactions B) of the need to protect cash from defalcation C) of the desire to find how rich they have become D) of the need to continuously assess whether they have enough cash to meet their commitments The Cashier has recorded the following transaction in a Cash Book, entering the receipts on the debit side and the payments on the credit side Identify which side of the named account would be posted by the Bookkeeper Purchases account : £800 paid to buy mobile telephones for sale A) debit B) credit If a supplier's invoice for £112 000 is posted to the Supplier’s account as £12 000, the effect on the trial balance would be: A) total of the credit side will exceed that of the debit side by £100 000 B) total of the debit side will exceed that of the credit side by £112 000 C) total of the debit side will exceed that of the credit side by £100 000 D) the trial balance will balance Jayantha commenced business on January 20x6 with a capital in cash of £10 000 During the year ending on 31 December 20x6 he paid £12 000 for furniture, £92 400 for purchasing goods for sale and £31 450 for various expenses He received £139 250 by sale of goods Identify Jayantha’s profit for the year to 31 December 2001 in the following situation: Jayantha has drawn £2 000 in cash The cost of goods held on 31 December 20x6 was £29 450 and furniture is to be written off evenly over twelve years A) £42 850 B) £43 850 C) £76 300 An alternative name for a control account is: A) sales account B) summary account C) purchases account D) total account Which of the following reflects the effect on the accounting equation of the customer accepting the finished goods with a commitment to pay for them in one month's time? A) assets increase: ownership interest increases B) assets decrease: ownership interest increases C) assets increase: ownership interest decreases D) assets decrease: ownership interest decreases Identify whether the posting of the transaction to the account named would increase or reduce the balance in that account: Recovery of money from supplier by returning goods purchased (Purchases account) A) increase B) reduce If a business commenced the day with £3 400 in hand, receives and pays out £42 800 and £44 200 respectively during the day, cash remaining by the end of the day would be: A) £46 200 B) £1 400 C) £4 800 D) £2 000 A trader who commenced business on January 20x5 reports the balances, as at 31 December 20x5, in the Purchases account and Sales account as £346 800 and £479 500 respectively The total of the balances in all other expense accounts is £112 200 Identify the net profit in the first year of operation The cost of goods remaining unsold by the year end was £72 400 and, in addition, stationery which cost £500 remains unused A) £93 000 B) £93 400 C) £92 900 For the purpose of establishing the accuracy of the individual personal ledger balances, a business maintains, on a memorandum basis, a Sales Ledger Control account (S.L.Cont) and a Purchases Ledger Control account (P.L.Cont) Identify the account and its side in which you will enter a recovery of a debt written off in the previous month: S.L.Cont P.L.Cont Neither Dr Cr Dr Cr a b c d e A) b B) c C) d D) a E) e A cash payment expected to bring benefit to a business in a future period is known as A) asset B) liability C) capital D) expenditure A supermarket buys a motor van on credit from Park Motors Ltd The entries in the supermarket’s accounts should be: A) Debit: Purchases, Credit: Bank B) Debit: Motor Van, Credit: Park Motors Ltd C) Debit: Park Motors Ltd, Credit: Motor Van D) Debit: Purchases, Credit: Park Motors Ltd Which one of the following statements is incorrect? A) net profit is gross profit less all expenses other than those included in Trading a/c B) gross profit is the difference between purchases and sales C) carriage inwards is included in the Trading account as part of cost of sales D) carriage outwards is shown in the Profit and Loss as a deduction from gross profit For the purpose of establishing the accuracy of the individual personal ledger balances, a business maintains, on a memorandum basis, a Sales Ledger Control account (S.L.Cont) and a Purchases Ledger Control account (P.L.Cont) Identify the account and its side in which you will enter an amount recoverable from a supplier who allowed a cash discount after his original invoice had been settled in full this month: S.L.Cont P.L.Cont Neither Dr Cr Dr Cr a b c d e A) b B) e C) a D) d E) c After the financial statements for the year have been prepared it is discovered that some Credit Notes issued by suppliers have not been accounted for The effect of this error is: A) profit for the year as well as payables (creditors) have been overstated B) profit for the year as well as trade payables (creditors) have been understated C) profit is not affected but payables (creditors) have been overstated D) profit has been understated and the payables (creditors) overstated A detailed record of the changes that have occurred during an accounting period in any individual asset or liability will be found in: A) cash book B) a Balance Sheet C) an account D) trial balance 228 Free Test Bank for Financial and Management Accounting An Introduction 4th Edition Pauline Weetman Multiple Choice Questions - Page If a business buys goods for resale on credit terms from XYZ, the bookkeeping entries are: A) debit inventory (stock) Credit XYZ's account B) debit Purchases Credit XYZ's account C) debit XYZ's account Credit Purchases D) debit Bank Credit XYZ's account The following are business transactions of a retailer:Purchased 150 items at cost £4 each for cash Delivered 110 items to customers for cash at a selling price of £6.50 per item What is the amount of total sales of the retailer? A) £715 B) £600 C) £440 D) £875 Identify the year-end balance that would be brought down in the following account on 31 December 20x6, taking into account the stated transaction: Sales account: Sales made until December 20x6 were £208 450 Sales in December were £54 250 £4 250 was refunded in December to a customer who returned the goods sold to him in November A) £158 450 B) £262 700 C) £258 450 Which of the following statements is correct: If a business acquires a vehicle for £36 000, making a down payment of £15 000 and undertaking to pay the remainder in six monthly instalments: A) net assets will not change B) net assets will decrease by £21 000 C) net assets will increase by £21 000 D) net assets will increase by £36 000 Identify whether the account stated below would represent an Asset, Liability, Income or Expenditure: Motor Van a/c A) Expenditure B) Liability C) Income D) Asset Identify whether the posting of the transaction to the account named would increase or reduce the balance in that account: Recovery of the cost of a personal call made by an employee (Telephone account) A) increase B) reduce If a business sells goods for resale on credit terms to ABC, the bookkeeping entries are: A) debit inventory (stock) Credit ABC's account B) debit Sales Credit ABC's account C) debit ABC's account Credit Sales D) debit Bank Credit ABC’s account Which of the following statements is incorrect in relation to accounting for a Credit Note received from a supplier? A) enter the particulars in a Purchases Returns Day Book B) post the amount on the Credit Note to the debit of the supplier’s personal account C) debit the amount of the Credit Note to the Purchases account D) post periodical total of amounts on Credit Notes to the credit of Returns Outwards a/c If a credit sale of £15 400 to Peter Smith had been entered in the Sales Day Book as £14 500, the journal entry for correcting the error should require which of the following: A) debit Sales account and credit Peter Smith’s account with £900 B) debit Peter Smith’s account and credit Sales account with £900 C) debit Cash account and credit Sales account with £900 D) debit Peter Smith’s account and credit Cash account with £15 400 The list of balances in all the accounts remaining after nominal accounts have been closed by transfer of their balances to the Profit and Loss account is called: A) statement of Affairs B) the List of balances C) the balance sheet D) the Trial balance Which of the following should be the first action when making a prime entry for a transaction? A) enter the transaction in the appropriate book of prime entry B) post the transactions to the appropriate Ledger accounts C) decide on the Ledger account to be debited and the one to be credited D) study the voucher to identify the nature of the transaction In a trial balance produced at the end of a financial period, closing inventory (stock) is usually found: A) it is not shown at all B) on the credit side C) on the debit side D) as a note after the trial balance has been produced An invoice for £16 500 from Kensington Traders, for goods purchased for sale, has not been posted to the supplier's account The difference in the trial balance has been placed in a Suspense account A journal entry requiring which of the following is needed for correcting this error A) debit Purchases account and credit Kensington Traders with £33 000 B) debit Suspense account and credit Kensington Traders with £16 500 C) debit Purchases account and credit Kensington Traders with £16 500 D) debit Kensington Traders and credit Suspense account with £16 500 Identify the account to which you would post the following transaction recorded in the Cash Account: £100 000 received as capital from Pam Saunter, the owner of the shop A) Investment account B) Capital account C) Owner’s account If a sole trader operating as a florist purchases a van for £19 500 for business use, paying by cheque, when completing his double entry accounts, he will: A) credit van account and debit bank account B) debit van account and credit cash account C) debit purchases account and credit bank account D) debit van account and credit bank account Is an error of principle: A) a transaction that is not recorded in accordance with the Companies Acts B) a transaction that is not recorded in accordance with the Accounting Standards C) a transaction recorded in the wrong type of account D) a transaction posted on the opposite side of an account An advantage of maintaining daybooks is: A) fewer entries are made into the general ledger B) fewer invoices need to be entered C) fewer payments need to be made D) no entries need be made into the ledgers B/d and c/d stand for: A) beginning date and closing date B) bank divided by receivables (debtors) and payables (creditors) divided by receivables (debtors) C) brought down and carried down D) balance down and carried down Jayantha commenced business on January 20x6 with a capital in cash of £10 000 During the year ending on 31 December 20x6 he paid £12 000 for furniture, £92 400 for purchasing goods for sale and £31 450 for various expenses He received £139 250 by sale of goods Identify Jayantha’s capital as at 31 December 2001 in the following situation:Unsold goods remaining in hand on 31 December 20x6 had cost £24 550 and Jayantha wishes to write off the cost of his furniture equally over six years A) £48 950 B) £36 950 C) £47 950 £2 400 paid for staff training has been posted in error to the Advertising account Which of the following would be an appropriate description of this accounting error: A) error of principle B) error of commission C) double entry error D) error of omission The Sales Day book's daily total has been ascertained as £312 400 whereas it should have been £422 400 The effect of this error on the trial balance would be: A) the trial balance will balance B) total of the credit side of the trial balance will exceed that of the debit side by £220 000 C) total of the debit side of the trial balance will exceed that of the credit side by £110 000 D) total of the credit side of trial balance will exceed that of the debit side by £110 000 When attempting to identify accounting errors the trial balance can be relied on to detect which of the following errors? A) posting to the wrong side of any account B) amounts posted to the correct side of a wrong account C) transactions not accounted for D) all accounting errors Identify whether the account stated below would represent an Asset, Liability, Income or Expenditure: Depreciation account A) Income B) Expenditure C) Asset D) Liability If an amount paid for servicing vehicles has been posted in error to Motor Vehicles account the journal entry necessary to correct this error should require which of the following: A) debit Motor vehicles account and credit Vehicle maintenance account B) debit Vehicle maintenance account and credit Cash account C) debit Cash account and credit Motor vehicles account D) debit Vehicle maintenance account and credit Motor Vehicles account Identify whether the balance brought down, at the year end, in the named account would be on the debit side or credit side of that account Motor Van a/c A) debit B) credit For the purpose of establishing the accuracy of the individual personal ledger balances, a business maintains, on a memorandum basis, a Sales Ledger Control account (S.L.Cont) and a Purchases Ledger Control account (P.L.Cont) Identify the account and its side in which you will enter payments made to suppliers : S.L.Cont P.L.Cont Neither Dr Cr Dr Cr a b c d e A) d B) a C) e D) c E) b A payment of £15 000 has been posted to Jerry Blake's loan account, whereas £3 000 of this amount was paid as interest on the loan To correct this error the journal entry would require which of the following: A) debit Interest on loan account and credit Jerry Blake's Loan a/c with £3 000 B) debit Cash account and credit Jerry Blake's Loan a/c with £3 000 C) debit Jerry Blake's loan a/c and credit Interest on loan account with £3 000 D) debit Interest on loan account and credit Jerry Blake's loan a/c with £15 000 Which of the following will not increase an owner's capital account? A) capital introduced B) Owner's Drawings C) Net Profit D) a lottery win paid into the business by the owner The invoice relating to the acquisition on credit of Office Equipment for £24 500 from Globe Ltd was entered in the Purchases Journal To correct this error, which of the following needs to be done? A) journal entry: Debit Office Equipment a/c and credit Purchases a/c with £24 500 B) journal entry: Debit Office Equipment a/c and credit Globe Ltd a/c with £24 500 C) journal entry: Debit Globe Ltd a/c and credit Office Equipment a/c with £24 500 D) no journal entry is needed Which of the following summarizes the accounting equation: A) Assets = Liabilities - Owner's Capital B) Liabilities = Assets + Owner's capital C) Assets - Liabilities = Owner's Capital D) Owner’s Capital = Assets + Liabilities The following are business transactions of a retailer: Purchased 150 items at cost £4 each for cash Delivered 110 items to customers for cash at a selling price of £6.50 per item What is the total 'cost of goods sold' for the retailer? A) £440 B) £600 C) £715 D) £875 Which of the following transactions would cause £50 000 increase in both total assets and total liabilities of a business: A) acquisition of a computer for office use for £50 000 on credit terms B) payment of £50 000 in part settlement of a loan obtained by the business C) collection in full of a debt of £50 000 due to the business D) payment of staff salary of £50 000 Before inserting a closing balance, accounts representing liabilities, capital or income are likely to have: A) more credit entries than debit entries B) more debit entries than credit entries C) only credit entries D) an equal amount of debit and credit entries Accounting entries for recording payment of a telephone bill are: ... Purchases a/c A) asset B) expenditure C) liability D) income 228 Free Test Bank for Financial and Management Accounting An Introduction 4th Edition Pauline Weetman Multiple Choice Questions - Page Identify... for a Vovo Lorry for business use A) debit B) credit 228 Free Test Bank for Financial and Management Accounting An Introduction 4th Edition Pauline Weetman Multiple Choice Questions - Page Which... Neither Dr Cr Dr Cr a b c d e A) a B) e C) b D) d E) c 228 Free Test Bank for Financial and Management Accounting An Introduction 4th Edition Pauline Weetman Multiple Choice Questions - Page Rent