Accounting Exam | YVP Recruitment

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General Bookkeeping Exam

Fill in the blanks.

1. The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the

__________ method.

2. __________-entry bookkeeping means that every transaction will affect two or more accounts.

3. A __________ amount will appear on the left side of a T-account.

Choices: Debit or Credit

4. A listing of the balances in the accounts in order to determine whether debits are equal to credits is

a __________ balance.

5. The listing of accounts that are available for posting transactions is the __________ of accounts.

6. When a check is written, a cash account should be __________.

Choices: Debited or Credited

7. Liability accounts will normally have __________ balances.

Choices: Debit or Credit

8. Revenue accounts will normally have __________ balances.

Choices: Debit or Credit

9. The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.

10. The book of original entry is the definition of a __________.

Choices: Journal or Legder

11. When a sale is made on credit, the seller will debit the asset account Accounts __________.

12. Asset, __________, and stockholders' equity accounts are known as balance sheet accounts.

13. Large corporations should report revenues on their income statements when the __________.

Choices: Cash Is Received or Revenues Are Earned

14. The difference between the balance in a company's cash account and its bank statement is

documented in the __________ of the bank statement.

15. Accrued expenses are likely to pertain to transactions that have __________ been paid.

Choices: Already or Not Yet

16. Deferred revenues likely involve cash amounts that have __________ been received.

Choices: Already or Not Yet

17. A __________ entry typically removes an accrual-type adjusting entry that had been recorded in the

preceding accounting period.

18. Cash and Accounts Receivable are two examples of accounts that are reported on the classified

balance sheet under the heading __________ assets.

19. A supplier of goods or services is known as a __________.

Choices: Debtor or Vendor

20. The separation of duties is part of the internal __________ for safeguarding assets.

Journalyzing Entries and Financial Statement

Select the correct answer

1. What are the important details of an invoice?

Date, Amount, GST Component (Tax), Supplier’s Name

Date, Amount, Supplier’s Name

Date, Amount, GST Component (Tax), Supplier’s Name, Due Date

Date, Amount, GST Component (Tax), Due Date

2. If there was a bank credit, we assume that it was a __________.

Income

Either A or B

Refund from Suppliers

Neither A nor B

3. Why there is a need to check monthly comparative Income Statement?

To check if there was a recurring expenses or income not recorded for the month.

To check if the Statement was complete.

To check if the Statement was same as last month

To check the cut-off period for recording of income and expenses.

4. Accruals are __________.

Revenues that have been earned but are not yet.

Expenses that have been incurred but are not yet recorded in the accounts.

Either A or B

Neither A nor B

5. Deferrals are __________.

A prepayment of an expense.

Is any account where the asset or liability is not realized until a future date.

In accrual accounting, deferred payment arrangements are often used in retail settings where a person buys and receives an item
with a commitment to begin making payments at a future date.

None of the above

6. If for example there was a double payment occurred for the month to the same supplier, what needs to be done for the next period?

Just leave the overpayment, the supplier will refund it.

Set it as credit for the supplier and apply fort the next bill.

Wait for the bank to make a refund.

Just give it to the supplier if the payee is rich.

7. Income is received on a fixed date i.e. every 15th and 30th of the month, at any given period the income was delayed what date should be used to record the income?

Use the date when the income was reflected on the bank statement.

Use either date between the fixed date and the date reflected on the bank statement.

Use neither, just make your own date.

Use the fixed date as it was a recurring income.

8. A bank debit which pertains to a purchase of an equipment. Which is correct?

Expense it outright since the treatment was silent.

Capitalize since it was an equipment.

Either capitalize or expensed depends on the materiality of the amount and the company policy.

Neither capitalize nor expense because it was a personal equipment of the owner.

9. There is an unreconciled item that is recorded in the bank but not in the book. What would be the cause of this?

It might be an incorrect item recorded by the bank.

It might be a clerical error of the bank.

It might be the bookkeeper skipped the recording.

It might be an incomplete detail that is why it was not recorded in the book.

10. Interest was recorded monthly, what will you do if for the month no interest was debited from the bank statement?

Still record for interest since this is a monthly expense.

Do not record and just wait for the bank to debit interest.

It might be the bookkeeper skipped the recording.

Just skip this number.

Problem Solving

Part A. Journalize the following transactions for a month following the right format. Answers should be in 2 decimal places (e.g $290,000.00)

1. Bought an equipment for $20,000.00. 30% down payment and the 70% will be paid monthly for 2 months.

Equipment
Cash
Accounts Payable

2. Paid insurance for the whole year for $30,000.00

Prepaid Insurance
Insurance Expense
Cash

3. Paid electric bill, the bill for $1,450.00

Electric Expense
Cash

4. Received rent payment for 6 months for $45,000.00

Cash
Rent Income
Deferred Income

5. One client did not pay the rent due for $9,000.00

Accounts receivable
Rent Income

Part B. Make a Statement of Financial Position of ABC Company for 31 December 2018.

Property, Plant and Equipment	130,000.00
Share Capital	100,000.00
Long Term Payables	35,000.00
Tax Payable	5,000.00
Revaluation Reserves	15,000.00
Cash and Cash Equivalents	8,000.00
Goodwill	30,000.00
Inventories	12,000.00
Retained Earnings	50,000.00
Trade Payables	35,000.00
Short-Term Borrowings	10,000.00
Trade Receivables	25,000.00
Intangible Assets	60,000.00
Current portion of Long-Term Debt	15,000.00

Total Current Assets
Total Non-Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Equity
Total Liabilities and Equity

Personal Information

General Bookkeeping Exam

Journalyzing Entries and Financial Statement

Problem Solving

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