Account SS3 Enter your name 1 / 15 4. If a Trial Balance totals do not match, the difference is temporarily placed in a: A. Trading Account B. Suspense Account C. Control Account D. Drawings Account 2 / 15 15. When starting a Bank Reconciliation with the 'Balance as per Cash Book', how should a 'Direct Debit' appearing only on the bank statement be treated? A. Added to the cash book balance B. Deducted from the cash book balance C. Ignored as it is a bank error D. Entered in the discount column 3 / 15 11. Which of these errors would cause a Trial Balance to be out of balance? A. A complete omission of a transaction B. An entry made on the wrong side of an account C. An error of original entry D. An error of commission 4 / 15 2. The document that set out the rules and regulations governing the internal management of a company is the: A. Memorandum of Association B. Articles of Association C. Prospectus D. Certificate of Incorporation 5 / 15 3. In a Partnership, if there is no formal agreement, the Partnership Act 1890 states that profits and losses must be shared: A. According to capital contribution B. In the ratio 2:1 C. Equally D. Based on seniority 6 / 15 12. In a Bank Reconciliation Statement, 'Unpresented Cheques' are: A. Cheques received but not yet taken to the bank B. Cheques issued by the firm but not yet cleared by the bank C. Cheques returned by the bank due to insufficient funds D. Errors made by the bank clerk 7 / 15 1. Which of the following is NOT an item in the Appropriation Account of a Partnership? A. Interest on Capital B. Interest on Drawings C. Partners’ Salaries D. Interest on Loan from a partner 8 / 15 7. In Manufacturing Accounts, "Work-in-Progress" refers to: A. Finished goods ready for sale B. Raw materials in the store C. Goods partially completed at the end of the period D. Goods returned by customers 9 / 15 14. A credit balance in the Bank column of a cash book indicates: A. An asset B. A bank overdraft C. Cash in hand D. A profitable year 10 / 15 6. When a new partner is admitted, the profit or loss on the revaluation of assets is shared among: A. The old partners only B. The new partner only C. All partners including the new one D. None of the partners 11 / 15 5. In Public Sector Accounting, the "Consolidated Revenue Fund" is primarily funded by: A. Gifts from foreign countries B. Tax revenue and other statutory receipts C. Loans from commercial banks D. Fines paid by students 12 / 15 9. A 'Contra Entry' in a three-column cash book occurs when: A. Goods are sold on credit B. Cash is deposited into the bank C. A customer returns faulty goods D. Discount is allowed to a debtor 13 / 15 8. Which of the following items is found in a three-column cash book but not in a two-column cash book? A. Cash column B. Bank column C. Discount column D. Contra entries 14 / 15 13. Which of the following would be recorded in an 'Adjusted Cash Book' before completing the Bank Reconciliation Statement? A. Unpresented cheques B. Bank charges C. Uncredited lodgements D. Cheques issued but not yet presented 15 / 15 10. The primary purpose of preparing a Trial Balance is to: A. Calculate the net profit for the period B. Verify the arithmetical accuracy of the ledger C. List the assets and liabilities of the firm D. Identify errors of principle Your score isThe average score is 49% 0%