Kế CFAB - Chap 6

In a business that uses control accounts, which of the following errors could result in a suspense account being required to balance the trial balance?

 

• Cash received from receivables treated as a cash sale

• A supplier's invoice for £32 recorded as £23 in the purchases account

• Payments to suppliers of £647 recorded as £674 in the payables ledger

• One page lost from the purchase day book

As at 31 December 20X1 a company's bank statement shows an overdraft of £1,500. The statement includes bank charges of £30 which have not yet been recorded in the company's cash book. On 29 December 20X1 the company had paid a cheque of £500 to a supplier and banked £200 received from a trade receivable; neither of these items appear in the bank statement.

The overdraft on the company's statement of financial position on 31 December 20X1 should be:

 

• £1,800

• £1,830

• £1,200

• £1,230

A company's trial balance failed to agree, the totals being:

Debit            £815,602

Credit           £808,420

 

Which of the following errors could fully account for the difference?

 

• The omission from the trial balance of the prepayments asset account

  £7,182.

• Discounts allowed of £3,591 debited to the discounts received account, in error.

• No entries made in the records for cash purchases totaling £7,182.

• Bank overdraft of £3,591 was included in the trial balance as adebit

If the trial balance does not balance an error must have been made.

 

• T

• F

Closing inventory balance is always included in the initial trial balance.

• T

• F

The owner's drawings are shown on the trial balance.

• T

• F

The closing inventory balance is included in the extended trial balance.

 

• T

• F

If a supplier's credit note of £130 has been entered as an invoice in the purchases day book, but has been correctly entered in the supplier's payables ledger account, the totals of the debit column and the credit column on the subsequently extracted trial balance would:

 

• agree

• show £260 more on the debit than the credit side

• show £260 more on the credit than the debit side

• be different by £130

Clanger plc has a reporting period for the year ended 31 December 20X1. At that date the balance on the receivables control account was £65,000, but the total of the individual accounts in the receivables ledger came to £63,620.

 Upon investigation the following facts were discovered:

1.   The sales daybook total for week 49 had been overcast by £300.

 2.   A credit balance of £210 on Cabbage's account in the receivables ledger had been incorrectly treated as a debit entry, when balancing off his account.

3.  A payables ledger contra of £1,500 has been entered in Sprout's account in the receivables ledger but no other entry had been made.

 The correct balance on both the receivables ledger listing and the receivables control account is:

 

• £62,900

• £63,200

• £63,400

• £66,800

When performing a reconciliation between the bank statement and the cash book, which two of the following would require an entry in the cash book?

 

• Deposits credited after date

• Direct debit on bank statement only

• Bank charges

• Bank error

• Cheque presented after date