Tiêu đề 2024. PILOT TEST. V3.pdf ✅

1 PILOT TEST 2024 PRINCIPLES OF ACCOUNTING Unit Code: BSA2001-E* I. Multiple Choice Question: 1. Which of the following is correct? Assets ($) Liabilities ($) Capital ($) A. 875,000 125,000 750,000 B. 820,000 280,000 1,100,000 C. 955,000 115,000 820,000 D. 542,000 654,000 112,000 2. The account used to record credit sales is .................... A. Accounts Payable B. accounts receivable C. amount receivable D. discount receivable 3. If the assets of a company increase by $100,000 during the year and its liabilities increase by $35,000 during the same year, then the change in equity of the company during the year must have been: a. An increase of $135,000. b. A decrease of $135,000. c. A decrease of $65,000. d. An increase of $65,000. 4. Brunswick borrows $50,000 cash from Third National Bank. How does this transaction affect the accounting equation for Brunswick? a. Assets increase by $50,000; liabilities increase by $50,000; no effect on equity. b. Assets increase by $50,000; no effect on liabilities; equity increases by $50,000. c. Assets increase by $50,000; liabilities decrease by $50,000; no effect on equity. d. No effect on assets; liabilities increase by $50,000; equity increases by $50,000. 5. Geek Squad performs services for a customer and bills the customer for $500. How would Geek Squad record this transaction? a. Accounts receivable increase by $500; revenues increase by $500. b. Cash increases by $500; revenues increase by $500. c. Accounts receivable increase by $500; revenues decrease by $500. d. Accounts payable increase by $500; revenues increase by $500. 6. Net income will result during a time period when: a. assets exceed liabilities. b. assets exceed revenues. c. expenses exceed revenues. d. revenues exceed expenses.

3 14. Which of the following is not a Book of Prime Entry? a. Sales Journal b. Cashbook c. Purchases Journal d. Sales Ledger 15. Which of the following transactions will increase the total assets of the company by $15,000? A. Purchased a car on credit $15,000 B. Purchased equipment in cash $15,000 C. Received payment from Paul $15,000 D. Paid bank loan of $15,000 16. Which of the following transactions will both increase assets and decrease assets? A. Purchased goods on credit B. Paid wages for employees C. Purchased inventory by cheque D. Repaid bank loan 17. A sole trader purchases a van for business use, paying by cheque. What is the double entry? A. Credit van and debit bank B. Debit van and credit cash C. Debit purchases and credit bank D. Debit van and credit bank 18. What transaction is represented by the following entry? Dr Bank Cr Trade Receivables A. The purchase of goods on credit from a supplier B. Receipt of a cheque from a credit customerr C. The sale of goods on credit to a customer D. Payment by cheque to a credit supplier 19. A sole trader had trade receivables of £2,700 at 1 May and during May made cash sales of £7,200, credit sales of £16,500 and received £15,300 from his credit customers. The balance on his trade receivables account at the end of May was: a. £1,500 b. £3,900 c. £8,700 d. £11,100 20. On 1 January, the assets and liabilities of a business are: Assets: Fixtures $10,000; Inventory $8,000; Cash at the bank $3,000; Liabilities: Accounts payable $3,000. During January, the whole of the $8,000 inventory is sold for $11,000 cash. This results to A. Profit of $3,000 and Capital of $21,000 B. Profit of $11,000 and Capital of $21,000
4 C. Profit of $3,000 and Capital of $29,000 D. Profit of $11,000 and Capital of $29,000 II. Short question Given that Company ABC's fiscal year ends on December 31st, and the utility bill for the month of December is expected to be received on January 5th. Assuming that the estimated utility expense for December is $2,000. Should the company record the utility expense in its financial statements for the year ending December 31st? Provide explanation. III. Exercises Andrew Joel is a market trader. The company’s trial balance as at 01 June 20X4, appears below: $ $ Sales 80,300 Purchases 50,200 Expenses Salaries expense 4,500 Rent and business rates 2,500 Insurance expense 3,900 Motor expenses 21,860 Fixtures 6,390 Motor van 30,000 Cash in hand 5,100 Cash at bank 19,500 Loans 5,500 Drawings 2,400 Capital 62,000 Profit 2,500 Account Receivable 23,450 Account Payable 19,500 169,800 169,800 During the month of June, the company completed the following transactions: 1 Transfers 750 of his savings into a business bank account 2 Borrows $3,000 from LLoydwest Bank, repayable in three years’ time 3 Buys goods on credit $200 from S.Holmes 4 Buys goods for resale, paying cash $55 5 Goods returned by us to S.Holmes, $18 6 Sale goods $630, customer paying by cheque $400 7 Sale goods on time, $108 to D.Moore