Financial Accounting HCMCOU University

Preparation of Financial Statements for Sole Traders – Mid-term Exam

20 câu

45 phút

Có đáp án

Thông tin đề

Môn: Financial Accounting
Kỳ thi: University
Số câu: 20 câu
Thời gian: 45 phút
Đáp án: ✓ Có giải thích
Trường: Đại học Mở TP.HCM (HCMCOU)

Nội dung đề (20 câu)

Câu 1.
Which of the following correctly states the fundamental accounting equation for a sole trader?
- A.
  Assets = Liabilities − Capital
- B.
  Assets = Liabilities + Capital
- C.
  Capital = Assets + Liabilities
- D.
  Liabilities = Assets + Capital
Câu 2.
Using the business equation, closing net assets are calculated as opening net assets plus capital introduced plus profit minus drawings. If opening net assets = $20,000, capital introduced = $5,000, profit = $8,000, and drawings = $3,000, what are the closing net assets?
- A.
  $26,000
- B.
  $30,000
- C.
  $33,000
- D.
  $36,000
Câu 3.
A sole trader takes goods costing $400 from the business for their own consumption. Which of the following is the correct double-entry treatment?
- A.
  Dr Drawings $400; Cr Sales $400
- B.
  Dr Drawings $400; Cr Purchases $400
- C.
  Dr Purchases $400; Cr Drawings $400
- D.
  Dr Drawings $400; Cr Cash $400
Câu 4.
The owner pays income earned from a personal investment into the business bank account to increase working capital. Which entries correctly record this transaction?
- A.
  Dr Bank; Cr Capital Introduced
- B.
  Dr Cash/Bank; Cr Drawings
- C.
  Dr Drawings; Cr Bank
- D.
  Dr Sales; Cr Bank
Câu 5.
A business had opening trade receivables of $6,000, closing trade receivables of $9,000, and received $45,000 from customers during the period. Irrecoverable debts of $1,500 were written off. What were the credit sales for the period?
- A.
  $46,500
- B.
  $49,500
- C.
  $48,000
- D.
  $51,000
Câu 6.
A business had opening trade payables of $4,000, closing trade payables of $7,000, and made payments to suppliers of $30,000 during the period. What were the purchases for the period?
- A.
  $26,000
- B.
  $27,000
- C.
  $33,000
- D.
  $41,000
Câu 7.
A shop sells an item for $150. The mark-up on this item is 25%. What is the cost of the item?
- A.
  $112.50
- B.
  $120.00
- C.
  $125.00
- D.
  $187.50
Câu 8.
Which of the following best distinguishes 'mark-up' from 'gross profit margin'?
- A.
  Mark-up is profit as a percentage of sales; gross profit margin is profit as a percentage of cost.
- B.
  Mark-up is profit as a percentage of cost; gross profit margin is profit as a percentage of sales.
- C.
  Both terms refer to profit as a percentage of sales.
- D.
  Both terms refer to profit as a percentage of cost.
Câu 9.
During the year, opening inventory was $12,000, purchases were $48,000, closing inventory was $15,000, and cost of sales was $40,000. What is the cost of goods stolen or destroyed?
- A.
  $2,000
- B.
  $5,000
- C.
  $7,000
- D.
  $10,000
Câu 10.
Inventory costing $2,500 was stolen and the goods were not insured. Which double entry records this loss?
- A.
  Dr Insurance claim $2,500; Cr COGS $2,500
- B.
  Dr Expense (loss) $2,500; Cr COGS $2,500
- C.
  Dr COGS $2,500; Cr Expense $2,500
- D.
  Dr Purchases $2,500; Cr COGS $2,500
Câu 11.
Inventory costing $4,000 was destroyed and was fully insured. Which double entry records this loss?
- A.
  Dr Expense $4,000; Cr COGS $4,000
- B.
  Dr Insurance claim (Receivable) $4,000; Cr COGS $4,000
- C.
  Dr Bank $4,000; Cr COGS $4,000
- D.
  Dr Capital $4,000; Cr COGS $4,000
Câu 12.
When reconstructing a cash book from incomplete records, which of the following items is NOT typically needed to determine figures from the cash book?
- A.
  Cash sales
- B.
  Amount of certain expenses in the statement of profit or loss
- C.
  Amount of withdrawals on account of profit by the owner
- D.
  Authorised share capital of the business
Câu 13.
A two-column cash book is constructed when which condition applies?
- A.
  All receipts and payments are made by cheque.
- B.
  There is a sizeable volume of both cash and bank receipts and payments.
- C.
  The business has no bank account.
- D.
  The business prepares accounts annually only.
Câu 14.
A business has the following information — opening cash book balance: $2,000; cash receipts banked: $18,000; payments from the bank account: $12,000. What is the closing cash book balance?
- A.
  $4,000
- B.
  $8,000
- C.
  $20,000
- D.
  $32,000
Câu 15.
To determine the volume of cash sales during the period, which of the following is the correct formula?
- A.
  Cash sales = Cash receipts banked + Expenses in cash + Stolen cash − Opening cash in hand
- B.
  Cash sales = Cash receipts banked − Expenses in cash − Stolen cash + Opening cash in hand
- C.
  Cash sales = Closing cash in hand + Cash receipts banked − Opening cash in hand
- D.
  Cash sales = Cash receipts banked + Opening cash in hand − Closing cash in hand
Câu 16.
A business owns property costing $200,000. Depreciation is provided at 1.5% per annum on a straight-line basis. What is the annual depreciation charge?
- A.
  $1,500
- B.
  $3,000
- C.
  $30,000
- D.
  $200,000
Câu 17.
Equipment has a cost of $80,000 and accumulated depreciation brought forward of $38,000. Depreciation is charged at 25% per annum on a reducing balance basis. What is the depreciation charge for the year?
- A.
  $10,500
- B.
  $20,000
- C.
  $9,500
- D.
  $19,000
Câu 18.
Insurance expense in the trial balance is $4,800, which covers the period 1 December 20X0 to 30 November 20X1. Accounts are prepared to 31 May 20X1. What is the prepayment adjustment?
- A.
  Prepayment of $2,000 — Dr Insurance expense
- B.
  Prepayment of $2,000 — Dr Prepayment, Cr Insurance expense
- C.
  Accrual of $2,000 — Dr Insurance expense, Cr Accrual
- D.
  No adjustment is required.
Câu 19.
Trade receivables at year end are $40,000. The allowance for receivables is to be 2% of trade receivables. What amount should appear in the statement of financial position?
- A.
  Trade receivables $40,000; Allowance $800; Net $39,200
- B.
  Trade receivables $40,000; Allowance $800; Net $40,800
- C.
  Trade receivables $39,200; Allowance $800; Net $39,200
- D.
  Trade receivables $40,000; No allowance; Net $40,000
Câu 20.
When preparing final financial statements for a sole trader, which of the following is the correct order of preparation?
- A.
  Statement of financial position, then statement of profit or loss
- B.
  Statement of profit or loss, then statement of financial position
- C.
  Cash flow statement, then statement of profit or loss
- D.
  Statement of changes in equity, then statement of financial position

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