21 Which one of the following is the correct posting from the purchase day book?
A Dr Purchases account Cr Payable's ledger control account
B Dr Purchases account Cr Cash book
C Dr Payable's ledger control account Cr Purchases account
22 Annabel’s cash book shows her to be $2,030 overdrawn. A bank reconciliation, however, shows that a standing order payment for $365 had been entered in the cash book twice, and that a dishonored customer’s cheque for $275 had been debited in the cash book rather than credited.
What is Annabel’s true overdraft position?
A $1,845
B $1,940
C $2,120
D $2,215
23 Narvinda buys goods from Jamal for $2,500. He returns half of the goods on 15 May.
Which of the following documents would be issued by Jamal for the return of the goods?
A Invoice
B Credit note
C Debit note
D Remittance advice
24 If a cheque is marked ‘Account Payee Only, Not Negotiable’ what does this mean?
A The cheque should be paid only into the account of the named drawer
B The cheque should be paid only into the account of the named payee
C The paying bank can deposit the cheque in an account other than the payee
D The receiving bank can deposit the cheque in an account other than the payee
25 The following statements relate to the aged receivables analysis:
(1) It provides information about debt collection efficiency to the management
(2) It identifies when payments are due to be made to suppliers
Which of the above statements are correct?
A 1 only
B 2 only
C Both the statements
D Neither of the statements 26.A credit entry into a ledger account represents which of the following?
A Increase in an expense
B Increase in income
C Increase in an asset
D Increase in drawings
27.Obama's payable's ledger showed that $2,300 was owed to suppliers at the start of the week. During the week obama made purchases of $3,900 although he paid $900 of this in cash. He also paid suppliers $1,000 by cheque.
What is the closing balance on his payable"s ledger?
A $4,000
B $4,300
C $5,200
D $6,100
28. Which of the following errors will require an entry to a suspense account to correct it?
A .A credit purchase was completely omitted from the accounting records
B .A credit sale was recorded as a cash sale
C .The payment of wages was debited to the rent account instead of the wages account
D .The cash sale was recorded correctly in the sales account and credited in the bank account
29. What document is usually sent every month from the supplier to the customer, listing all the transactions between them during that month?
A Invoice
B Receipt
C Statement
D Credit note
30 A company has the following year end payroll information Gross salaries and wages $285,350 Income tax deducted $61,063 Employers’ pension contributions $26,786 Employees’ pension contributions $23,034
What is the company’s total payroll cost for the year?
A $312,136
B $274,107
C $396,233
D $308,384
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