FORM 5- TEST 2 cloned 11/2/2021
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Last updated about 4 years ago
20 questions
1
Patronage refund will most likely be found in the Appropriation account of a :
Patronage refund will most likely be found in the Appropriation account of a :
1
In a co-operative society, the daily affairs are administered by:
In a co-operative society, the daily affairs are administered by:
1
If the members of a business organization form management and credit committees, the entity (or organization) can best be described as
If the members of a business organization form management and credit committees, the entity (or organization) can best be described as
1
What is the closing balance for the Receipts and Payments a/c?
1
A club’s receipts and payments account is the same as the
A club’s receipts and payments account is the same as the
1
When the trial balance does not balance, the difference should be entered in the:
When the trial balance does not balance, the difference should be entered in the:
1
The sale of office furniture was recorded in the sales account. What type error is this?
The sale of office furniture was recorded in the sales account. What type error is this?
1
What effect does an overstatement of sales have on profits?
What effect does an overstatement of sales have on profits?
1
A sale of goods for cash had been left out of the books. What type of error is this?
A sale of goods for cash had been left out of the books. What type of error is this?
1
The sales of goods on credit to M. Smith was posted to N. Smith’s account. What type of error is this?
The sales of goods on credit to M. Smith was posted to N. Smith’s account. What type of error is this?
1
Purchases had been overstated by $200. What are the double entries to correct this error?
Purchases had been overstated by $200. What are the double entries to correct this error?
1
When an error affects one T-account
When an error affects one T-account
1
Which of the following errors would result in a suspense account having a credit balance?
Which of the following errors would result in a suspense account having a credit balance?
1
Cash sales of $500 was debited to both the cash and sales a/c. What are the double entries to correct this error?
Cash sales of $500 was debited to both the cash and sales a/c. What are the double entries to correct this error?
1
The correction of errors is entered in the:
The correction of errors is entered in the:
1
Discount received of $120 was credited in error to the Rent received account. What is the entry to correct this error?
Discount received of $120 was credited in error to the Rent received account. What is the entry to correct this error?
1
The payment of electricity by cash $700 , had been recorded as Dr. Cash $700, Cr. Electricity $700
The payment of electricity by cash $700 , had been recorded as Dr. Cash $700, Cr. Electricity $700
1
A payment of $300 cash to A. Black had been posted in error to A. White’s account. What are the correcting entries?
A payment of $300 cash to A. Black had been posted in error to A. White’s account. What are the correcting entries?
1
What effect will overstated wages have on the profit of a business?
What effect will overstated wages have on the profit of a business?
1
The sale of goods for cash $250 had been completely omitted from the books. What are the journal entries to correct this error?
The sale of goods for cash $250 had been completely omitted from the books. What are the journal entries to correct this error?