Errors and Bank Reconciliation

Errors and Bank Reconciliation

1st - 3rd Grade

10 Qs

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Errors and Bank Reconciliation

Errors and Bank Reconciliation

Assessment

Quiz

Other

1st - 3rd Grade

Practice Problem

Hard

Created by

Thai Nguyen

Used 10+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The debit side of a trial balance totals $800 more than the credit side.

Which one of the following errors would fully account for the difference?

acc

$400 paid for plant maintenance has been correctly entered in the cash book and credited to theplant asset account

Discount received $400 has been debited to discount allowed account.

A receipt of $800 for commission receivable has been omitted from the records

The petty cash balance of $800 has been omitted from the trial balance

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The debit side of a trial balance totals $50 more than the credit side. Which one of the following could

this be due to?

A purchase of goods for $50 being omitted from the payables control account

A sale of goods for $50 being omitted from the receivables control account

An invoice of $25 for electricity being credited to the electricity account

A receipt for $50 from a customer being omitted from the cash book

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which one of the following would be an error of principle?

Plant and machinery purchased was credited to a non-current assets account.

Plant and machinery purchased was debited to the purchases account.

Plant and machinery purchased was debited to the equipment account.

Plant and machinery purchased was credited to the equipment account.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A business statement of profit or loss and other comprehensive income for the year ended 31 December 20X4 showed a net profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the company's policy to depreciate motor vans at 25 per cent per year, with a full year's charge in the year of acquisition.

What would the net profit be after adjusting for this error?

$106,100

$70,100

97,100

101,600

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A purchase return of $48 has been wrongly posted to the debit of the sales returns account, but has

been correctly entered in the supplier's account.

Which of the following statements about the trial balance would be correct?

The credit side to be $48 more than the debit side

The debit side to be $48 more than the credit side

The credit side to be $96 more than the debit side

The credit side to be $96 more than the debit side

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A business had a balance at the bank of $2,500 at the start of the month. During the following month,

it paid for materials invoiced at $1,000 less trade discount of 20% and cash discount of 10%. It received a cheque from a customer in respect of an invoice for $200, subject to cash discount of 5%.

What was the balance at the bank at the end of the month?

1.970

1.980

1.990

2.000

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank statement, it was discovered that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank.

What is the correct bank balance to be shown in the statement of financial position at 31 October 20X7?

1.010 overdrawn

880 overdrawn

750 overdrawn

720 overdrawn

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