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WorksheetsSenior 2 - Bookeeping
Total questions: 20
Worksheet time: 22mins
A Bank Reconciliation Statement is a statement
Sent by bank when the account is overdrawn
Drawn up by us to verify our cash book balance with the bank statement balance
Drawn up by the bank to verify the cash book
Sent by the bank when we have made an error.
A cheque paid by you, but not yet passed through the banking system, is
A standing order
A credit transfer
A dishonoured cheque
An unpresented cheque
Which of the following are not true? A Bank Reconciliation Statement is
(1) Part of the double entry system
(2) Not part of the double entry system
(3) Sent by the firm to the bank
(4) Posted to the ledger account
(1), (3) and (4)
(1) and (2)
(1), (2) and (4)
(2), (3) and (4)
If the Bank Statement Balance does not agree with the bank balance of the Cash Book, Then ________.
A Bank Reconciliation Statement should be prepared
the Cash Book should be regarded as the correct record of transactions
the Bank Statement should be regarded as the correct record of transactions
the difference could be either a current asset or current liability
A cheque for RM500 issued to a creditor had not been paid by the bank. If the method of Bank Statement balance to Cash Book Balance is used, the discrepancy of RM500 should be treated as a/an ….
Deduction from Bank Statement balance
Addition to Bank Statement balance
Deduction from Cash Book balance
Addition to Cash Book balance
Which of the statements are not under the Partnership Act?
No salaries to be allowed
Profit or loss to be shared 2:1
No interest to be allowed on capital
No Interest to be charged on drawings
Where there is no partnership agreement then profits and losses
Must be shared in same proportion as capitals
Must be shared 3:2
Must be shared equally after adjusting for interest on capital
None of these
Goodwill is not to be considered when____
A partner puts in additional capital
A partner retires or dies
The profit and loss sharing ratio is changed
A new partner is admitted
Lisa and Rose are in partnership.
Lisa drew out RM 480 on 1 September 2016, RM 1,200 on 30 November 2016 and RM 600 on 1 March 2017.
The financial year end is on 30 June 2017.
Interest on drawing is 5% per annum. Calculate the total amount of interest charged on Lisa’s drawings.
RM 55.50
RM 70
RM 65
RM 114
Assets should be revalued when ________
I A new partner is admitted
II The partnership is dissolved
III A partner retires or dies
IV A partner injects an additional capital
V the profit and loss sharing ratio is changed
I, III, V
I , IV, V
II,III,IV
II,IV,V
In a partnership, the Profit And Loss Appropriation Account shown how the net profit is shared between the partners. Which of the following items will appear on the credit side of the account?
Interest On Capital
Interest On Drawings
Partners’ Drawings
Partners’ Salaries
At the end of financial year, the balance on the Accumulated Depreciation Account is
Transferred to Depreciation Account
Transferred to Profit and Loss Account
Transferred to the Asset Account
Simply deducted from the asset in the Statement of Financial Position
An enterprise can request its bank to make payments (e.g. insurance premium, car instalment) to a specified person or a firm at regular intervals. It is known as________________.
Credit transfer
Uncredited deposit
Unpresented cheque
Standing order
When a partnership is dissolved, which of the following outstanding amount should be settled first?
Current of Partners
Accounts Payable
Loan from partners
Capital of partners
From a bank’s point of view, deposits received from customers are treated as which of the following accounting elements?
Assets
Liabilities
Expenses
Income
When a partnership is dissolved, profit or loss on realization should be recorded in the__________.
Profit and Loss Account
Profit and Loss Appropriation Account
Current Account of partners
Capital Account of partners
What account should be opened to record the increase or decrease in the values of assets in the withdrawal or admission of a partner?
Goodwill Account
Realisation Account
Revaluation Account
Dissolution Account
Which of the following are the factory overhead expenses in a Manufacturing Account?
I. Direct Wages
II. Factory loose tools
III. Hire of machines
IV. Factory salaries
I III
I IV
II IV
III IV
Insurance RM 5,000 (in the ratio of 3:2 for Factory and Office)
Raw material RM 46,000
Heat and light RM 4,000 (80% Factory, 20% Office)
Production wages RM 5,200
Depreciation of office equipment RM 500
Depreciation of plant and machinery RM 410
Calculate the production cost of finished goods
RM 54,520
RM 57,810
RM 58,310
RM 61,110
Which of the following statements regarding the items in Manufacturing Account is true?
Managers’ salaries are included in direct labour
Subcontract cost belongs to indirect expenses
Closing work-in-progress is added to production cost
Cost of materials consumed is part of prime cost
