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Chartered University College: T3 - (Maintaining Financial Record) Class Test-1 (CHP: 1, 2, & 3)

The document is a practice test containing 4 multiple choice questions related to maintaining financial records in accounting. The questions cover topics like the general ledger, identifying accounting mistakes from a trial balance, changes to the accounting equation from taking out a business loan, and preparing a trial balance for accrued expenses.

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Mohsena Munna
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104 views2 pages

Chartered University College: T3 - (Maintaining Financial Record) Class Test-1 (CHP: 1, 2, & 3)

The document is a practice test containing 4 multiple choice questions related to maintaining financial records in accounting. The questions cover topics like the general ledger, identifying accounting mistakes from a trial balance, changes to the accounting equation from taking out a business loan, and preparing a trial balance for accrued expenses.

Uploaded by

Mohsena Munna
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Chartered University College

T3--- (Maintaining Financial Record) Class test-1 (Chp: 1, 2, & 3)

TIME ALLOWED: 2 hour

TOTAL MARKS:

STUDENT NAME

........

STUDENT ID -..........................

................................................................................................................................................................. 1. The general ledger is: a) A list of all assets & liabilities at a point in time b) An initial record of internally generated transactions c) A collection of accounts recording all the transactions of the business d) A record of amounts owed to/from individual suppliers and customers 2. Vernon thins the following mistakes may have been made ins his accounting records: i) A credit sale was recorded at the wrong value in the sales day book; and ii) A cheque issued to a credit supplier was debited to the purchases account. The credit entry was made correctly. Which of the mistakes will be revealed by extracting a trial balance? a) (i) only b) Neither (i) nor (ii) c) (ii) only d) Bouth (i) and (ii)

3. Sakil takes loan from the bank into his business. Which parts of the business account equation will change? a) b) c) d) Capital & Liability Capital & Profit Asset & Capital Liability and asset

4. Jamie is preparing his trial balance at 31 October 2007. At 1 November 2006 he had an accrual of $297 for telephone expenses. During the year to 31 October 2007 he paid invoices for telephone charges up to 31 October 2007 of $4,570. What balance should Jamie include in his initial trial balance at 31 October 2007 for telephone expenses? a) $ 4,273 Dr

b) $ 4,273 Cr c) $ 4,867 Dr d) $ 4,867 Cr

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