WorksheetsBasic Bookkeeping Financial Report-Mock Exam
Total questions: 19
Worksheet time: 10mins
1. The owner deposits $10,000 personal cash into the business bank account.
A. Dr.Cash (Bank)10,000
Cr. Owner’s Capital10,000
B. Dr. Expenses10,000
Cr. Cash10,000
C. Dr.Accounts Receivable10,000
Cr. Owner’s Capital10,000
Dr. Cash10,000
Cr. Revenue10,000
2. Paid the employee salaries of $4,500 by bank transfer.
A.Dr Salaries Expense...... $4,500
Cr Bank ....................... $4,500
B.Dr Bank .......... $4,500
Cr Salaries Expense ........ $4,500
C. Dr Salaries Payable ........ $4,500
Cr Cash ............. $4,500
D. Dr Employee Loan ............ $4,500
Cr Bank .................... $4,500
3.The owner took $500 cash from the register for personal expenses.
A. Dr Owner’s Capital ............................... $500
Cr Bank ..................................................... $500
B. Dr Cash ..................................................... $500
Cr Owner’s Capital ............................... $500
C. Dr Drawings / Owner’s Withdrawals .......... $500
Cr Cash .............................................................. $500
D. Dr Salaries Expense ............................. $500
Cr Cash .................................................... $500
4.Paid the monthly office rent of $1,200 by check.
A. Dr Office Equipment ............................ $1,200
Cr Bank ..................................................... $1,200
B. Dr Accounts Payable .......................... $1,200
Cr Bank ..................................................... $1,200
C. Dr Cash .................................................... $1,200
Cr Rent Expense ................................. $1,200
D. Dr Rent Expense .................................. $1,200
Cr Bank (or Cash at Bank) .................. $1,200
5.Purchased Merchandise Inventory for $3,000 on account.
A. Dr Purchases Returns ..................... $3,000
Cr Accounts Payable .......................... $3,000
B. Dr Merchandise Inventory .............. $3,000
Cr Cash ..................................................... $3,000
C.Dr Accounts Payable .......................... $3,000
Cr Merchandise Inventory .............. $3,000
D. Dr Merchandise Inventory .............. $3,000
Cr Accounts Payable .......................... $3,000
5.Purchased a fixed asset (Delivery Van) for $30,000, paying $5,000 cash and signing a Note Payable for the rest. (Compound Entry)
A. Dr Delivery Van .................................................... $25,000
Cr Notes Payable ................................................... $25,000
B.Dr Cash ........ $5,000
Dr Notes Payable .... $25,000
Cr Delivery Van ...... $30,000
C.Dr Delivery Van (Fixed Asset) ... $30,000
Cr Cash .......... $5,000
Cr Notes Payable .................. $25,000
D. Dr Delivery Van ................. $5,000
Dr Notes Payable ..................... $25,000
Cr Cash ....................... $30,000
7.Took out a $5,000 business loan from the bank (cash received immediately).
D.
Debit Cash $5,000
Credit Service Revenue $5,000
C.
Debit Owner’s Capital $5,000
Credit Cash $5,000
B.
Debit Loan Expense $5,000
Credit Cash $5,000
A.
Debit Cash $5,000
Credit Notes Payable (or Bank Loan Payable) $5,000
8.Received a utility bill for $150 to be paid next month.
D.
Debit Utilities Expense $150
Credit Cash $150
C.
Debit Accounts Payable $150
Credit Utilities Expense $150
B.
Debit Cash $150
Credit Utilities Expense $150
A.
Debit Utilities Expense $150
Credit Utilities Payable (or Accounts Payable) $150
9.Purchased hair driers from Juno Ltd on credit for $240
D.
Debit Purchases Returns $240
Credit Accounts Payable $240
C.
Debit Cash $240
Credit Merchandise Inventory $240
B.
Debit Accounts Payable $240
Credit Cash $240
A.
Debit Merchandise Inventory (or Hair Dryer Inventory) $240
Credit Accounts Payable – Juno Ltd $240
10.Purchased books on credit from Big, White for $450
C.
Debit Cash $450
Credit Office Supplies $450
D.
Debit Office Equipment $450
Credit Notes Payable $450
B.
Debit Accounts Payable $450
Credit Cash $450
A.
Debit Office Supplies (or Books Inventory) $450
Credit Accounts Payable – Big, White $450
11.Paid rent of $300 by cheque
A.
Debit Rent Expense $300
Credit Cash/Bank $300
C.
Debit Rent Payable $300
Credit Cash $300
B.
Debit Cash $300
Credit Rent Expense $300
D.
Debit Rent Expense $300
Credit Accounts Payable $300
11.Received $350 from Books & Co on account
D.
Debit Accounts Payable $350
Credit Cash $350
A.
Debit Cash $350
Credit Accounts Receivable – Books & Co $350
C.
Debit Cash $350
Credit Service Revenue $350
B.
Debit Accounts Receivable $350
Credit Cash $350
12.Purchased books on credit from Ransome House for $820
D.
Debit Office Equipment $820
Credit Notes Payable $820
B.
Debit Accounts Payable $820
Credit Cash $820
A.
Debit Office Supplies (or Books Inventory) $820
Credit Accounts Payable – Ransome House $820
C.
Debit Cash $820
Credit Office Supplies $820
13.Paid a rent bill of $6,000
D.
Debit Rent Expense $6,000
Credit Accounts Payable $6,000
C.
Debit Rent Payable $6,000
Credit Cash $6,000
B.
Debit Cash $6,000
Credit Rent Expense $6,000
A.
Debit Rent Expense $6,000
Credit Cash/Bank $6,000
14.Paid $900 cash for office supplies.
C.
Debit Office Supplies Expense $900
Credit Accounts Payable $900
A.
Debit Office Supplies $900
Credit Cash $900
B.
Debit Cash $900
Credit Office Supplies $900
D.
Debit Accounts Payable $900
Credit Cash $900
15.Bought $500 worth of office supplies on credit from a vendor.
B.
Debit Cash $500
Credit Office Supplies $500
C.
Debit Accounts Payable $500
Credit Cash $500
D.
Debit Supplies Expense $500
Credit Cash $500
A.
Debit Office Supplies $500
Credit Accounts Payable $500
A telephone bill has been mistakenly debited to the electricity expense account.
What type of error is this?
Error of principle
Error of commission
Error of original entry
Compensating error
Rental expense 69,500,000 KHR
Prepayment 45,000,000 KHR
Rental expense
88,000,000 KHR
Prepayment
22,500,000 KHR
Rental expense
92,000,000 KHR
Prepayment
22,500,000 KHR
Rental expense
114,500,000 KHR
Prepayment
22,500,000 KHR
A business entity makes a bank reconciliation each month. Which of the following items
in a bank reconciliation statement would require an entry to be made in the entity's
ledger accounts?
1 Bank charges
2 A dishonoured cheque that was used as payment by a customer
3 An error by the bank, which charged interest by mistake
4 Lodgements in the cash book that have not yet been included in the bank
statement
1 and 2 only
1 and 3 only
1, 2 and 3 only
All four items
