Exam 07 1. Which one never comes in Trial Balance? A. Closing stock B. Contingent Liability C. Accrued expense D. Advance expense E. Accrued income 2. Which of the following correlation is correct? A. Purchase Discount & Debtors B. Purchase Discount & Creditors C. Sales Discount & Creditors D. All of the above E. None 3. Swapna Co. receives a Bank Statement of Tk. 21,500 balance. Adjustment items include unpaid cheque Tk. 1,050 and Deposit in transit Tk. 2,500. What is the adjusted bank balance of the company? A. Tk. 22,950 B. Tk. 25,050 C. Tk. 20,450 D. Tk. 21,500 E. Tk. 13,950 4. Balance of Accumulated Depreciation-Furniture is Tk. 15,000 posted in Debit side of trial balance as Tk. 1,500. If others remain correct, what will be the difference of both sides. A. Tk. 30,000 B. Tk. 13,500 C. Tk. 12,000 D. Tk. 3,000 E. Tk. 16,500 5. Suspense Account is generated forA. Matching summation of Balance Sheet B. Matching summation of Trial Balance C. Matching summation of Journal D. Matching summation of Ledger E. All of the above 6. To do posting of Revenue Expense as Capital Expense and to do posting of Capital Expense, as Revenue Expense is calledA. Error of Omission B. Error of Principle C. Error of Misposting D. Compensating Error
E. Error of Commission 7. 10% of Accounts Receivable from Sharif equivalent to Tk. 1,000 is exempted. Which account it isA. Uncollected Debt B. Bad Debt C. Cash discount D. Suspicious Loan E. Trade discount 8. Which one is added with the balance of Pass BookA. due cheques B. cheques in transit C. NSF cheques D. all of the above E. none 9. If there is Tk. 200 balance at the credit side of Cash Book then we can assumeA. Accountant has made mistake B. Someone deposited Tk. 200 in bank C. Bank overdraft Tk. 200 D. We have Tk. 200 in Bank E. None 10. In a Purchase Invoice 10 products are included of Total amount Tk. 4,500 and there is 10% trade discount and 2% cash discount applicable. If the payment is paid within time period then what amount to pay? A. Tk. 4,050 B. Tk. 39,690 C. Tk. 3,969 D. Tk. 40,500 E. Tk. 4,500 11. In a purchase chalan 4 products @Tk. 1,500 is included and here 25% trade discount and 5% cash discount will be applicable. If the payment is not paid within time period then what will be the cheque amount? A. Tk. 4,500 B. Tk. 1,400 C. Tk. 1,425 D. Tk. 4,200 E. None 12. Which of the following is not an error of principle? (I) Transportation cost posted as Vehicle (II) Machinery purchase posted as Purcahse (III) Sales of 250 Tk to C is excluded from posting (IV) Sales to Rajab is posted as Sales to Gajab
A. only (III) B. only (IV) C. (I) & (II) D. (II) & (IV) E. (III) & (IV) 13. Balance of an account is Tk. 80 that is posted at the wrong side of trial balance. If others remain correct then what will be difference of two sides of trial balance? A. Tk. 80 B. Tk. 40 C. Tk. 160 D. Tk. 8 E. None 14. Which mistake can be recognized by Trial Balance? A. Tk 375 Cheque received from Karim is posted as Karin Account Tk 573 B. Sales related expense posted as Sales Account C. Sales on credit Tk. 100 posted as Tk. 10 in double entry system D. Purchase of Tk. 150 is not recorded in accounts E. None 15. Trial Balance is prepared for A. To identify profit & loss of business B. Judging mathematical accuracy of accounts C. To assess financial condition of business D. To analyze transactions E. None of the above 16. One business purchases products of Tk. 9,000 basis 2/10, n/30. Product returned of Tk. 2,000 and the remaining amount is paid within discounted period. What is the amount of discount? A. Tk. 142 B. Tk. 100 C. Tk. 140 D. Tk. 130 E. Tk. 180 17. Accountant’s record shows Tk. 30,000 on 31 st December in Cash Book. He doesn’t know that Bank charged Tk. 500 as service charge. One debtor deposited Tk. 2,000 directly in bank that the accountant doesn’t know. He issues a cheque of Tk. 7,000 that is not yet submitted to bank. What balance will be there in Bank Statement? A. Tk. 47,000 B. Tk. 74,000 C. Tk. 38,500
D. Tk. 35,400 E. Tk. 32,300 18. Trial Balance will not be equalized if A. A correct journal is recorded twice in ledger B. Supplies purchase on credit recorded as supplies account debit and cash credit C. Cash withdrawal Tk 100 is recorded as Drawing account debit Tk. 1,000 and Cash credit Tk. 100 D. Cash paid Tk. 450 posted as Creditors account Debit Tk. 45 and Cash Credit Tk. 45 E. None 19. If both side of a trial balance is not equal then the difference should be included inA. Profit-Loss account B. Suspense account C. Nominal account D. Capital account E. None 20. Which one is received in cash? A. Commission received B. Discount received C. Interest received D. Rent received E. Income received 21. Bank has charged Tk. 200 for service but customer is not aware about this. How this will be reflected in Bank Reconciliation Statement? A. 200 to be added with Bank Balance B. 200 to be deleted from Bank Balance C. 200 to be added with Cash Balance D. 400 to be added with Cash Balance E. 200 to be deleted from Cash Balance 22. During preparation of Bank Reconciliation Statement, due cheques are treated byA. Adding with bank balance of bank statement B. Deducting from bank balance of bank statement C. Adding with bank balance as per Depositor’s account D. Deducting from bank balance as per Depositor’s account E. All of the above
23. During preparation of Bank Reconciliation Statement, “Buyer directly deposited in bank” will be treated byA. Deducting from bank balance in Cash Book B. Deducting from bank balance as per Pass Book C. Adding with bank balance as per Pass Book D. Matching with bank balance as per Pass Book E. No adjustment required 24. The amount given to the cashier of Imprest System of Petty Cash Book is A. The amount given to him at the beginning of the month B. Total expense amount at the end of the month C. The amount Principal Cashier approves D. The amount provided as per company’s financial condition E. None 25. In Bank Reconciliation Statement, adjustment entries are provided for which accounts? A. Bank interest B. Bank charge C. Deposit in transit D. A+B E. B+C
