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WorksheetsAssessment - final
Total questions: 30
Worksheet time: 8hrs 30mins
$200 rental payment was not recorded in the books. What is type of this error ?
Error of omission
Error of commission
Error of original entry
Compensating error
A credit purchase of goods $1200 from Calvin trading was recorded in Clara trading account. Name the error.
Error of commission
Error of omission
Error of principle
Compensating error
A cheque payment of $500 for rent was not recorded. Name the error.
Error of commission
Error of omission
Error of principle
Compensating error
Both salaries expense and commission income were overstated by $900. State the correction of error.
Dr Capital Cr salaries exp
Dr salaries expense cr commission income
Dr commission income Cr salaries expense
Cheque of $300 was issued to settle Mr Chan's account was recorded in Mr Chen's account.
Error of omission
Error of commission
Error of original entry
Compensating error
Purchase of a motor van costing $1000 was recorded in motor expenses account.
Error of omission
Error of commission
Error of original entry
Error of principle
When there is error with credit entry not equal to credit entry,
trial balance will not agree
trial balance will agree
supense account will be appeared
there is no suspense account
A suspense account is used to rectify?
Errors affecting trial balance agreement
Errors not affecting trial balance agreement
Both types of errors
None of these
To Furniture a/c
To Rahul 72000
To suspense a/c 72000
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
Property owned by an individual
Liability
Asset
Property
Net Worth
A cash deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
Whenever money is deposited by the business, a credit entry in its records corresponds to a debit entry in the bank's records.
True
False
If the final balance of the bank statement is credit, it indicates that the business owes the bank money.
True
False
If the bank charges the business fees, the bank makes a credit entry in the bank statement.
True
False
The total of the Cash at Bank column is:
$8750
$8100
$16100
$4000
None of the above
If the final balance in the bank statement is $3500 Dr, unpresented cheques equal $200 and outstanding deposits total $400, the final balance in the business's bank account is:
$3700 Dr
$3700 Cr
$3300 Cr
$3300 Dr
If the final balance in the bank statement is $3900 Cr, unpresented cheques equal $500 and outstanding deposits total $900, the final balance in the business's bank account is:
$4300 Dr
$4300 Cr
$3500 Cr
$3500 Dr
If the final balance in the bank statement is $3900 Cr, unpresented cheques equal $500 and outstanding deposits total $900, the final balance in the business's bank account is:
$4300 Dr
$4300 Cr
$3500 Cr
$3500 Dr
Which item goes in the petty cash book?
Small items of expenditure
Selling small assets such as books
Small sales
Expenditure such as rent
All of the following is a source document EXCEPT
Debit note
Petty cash book
Cheque counterfoil
Bank paying-in slips
Sabrina is buying goods on credit. Which document would be given to her by the supplier?
Debit note
Receipt
Invoice
Correspondence
Another word for ‘accounts payable’ is;
Creditors
Debtors
Receivers
Petty cash
Accounting is
recording anything that happens in the business
recording the business transactions
recording, analyzing and interpreting the business transactions
recording, summarizing, analyzing and interpreting the business transactions
All businesses are started with the aim of making ...
Capital
sound investments on the stock market
A profit
their owners popular
