Exam 07

1. Which one never comes in Trial Balance?

A. Closing stock
B. Contingent Liability
C. Accrued expense
D. Advance expense
E. Accrued income
2. Which of the following correlation is correct?
A. Purchase Discount & Debtors
B. Purchase Discount & Creditors
C. Sales Discount & Creditors
D. All of the above
E. None
3. Swapna Co. receives a Bank Statement of Tk. 21,500 balance. Adjustment
items include unpaid cheque Tk. 1,050 and Deposit in transit Tk. 2,500. What is
the adjusted bank balance of the company?
A. Tk. 22,950
B. Tk. 25,050
C. Tk. 20,450
D. Tk. 21,500
E. Tk. 13,950
4. Balance of Accumulated Depreciation-Furniture is Tk. 15,000 posted in Debit
side of trial balance as Tk. 1,500. If others remain correct, what will be the
difference of both sides.
A. Tk. 30,000
B. Tk. 13,500
C. Tk. 12,000
D. Tk. 3,000
E. Tk. 16,500
5. Suspense Account is generated forA. Matching summation of Balance Sheet
B. Matching summation of Trial Balance
C. Matching summation of Journal
D. Matching summation of Ledger
E. All of the above
6. To do posting of Revenue Expense as Capital Expense and to do posting of
Capital Expense, as Revenue Expense is calledA. Error of Omission
B. Error of Principle
C. Error of Misposting
D. Compensating Error

E. Error of Commission
7. 10% of Accounts Receivable from Sharif equivalent to Tk. 1,000 is
exempted. Which account it isA. Uncollected Debt
B. Bad Debt
C. Cash discount
D. Suspicious Loan
E. Trade discount
8. Which one is added with the balance of Pass BookA. due cheques
B. cheques in transit
C. NSF cheques
D. all of the above
E. none
9. If there is Tk. 200 balance at the credit side of Cash Book then we can
assumeA. Accountant has made mistake
B. Someone deposited Tk. 200 in bank
C. Bank overdraft Tk. 200
D. We have Tk. 200 in Bank
E. None
10. In a Purchase Invoice 10 products are included of Total amount Tk. 4,500
and there is 10% trade discount and 2% cash discount applicable. If the payment
is paid within time period then what amount to pay?
A. Tk. 4,050
B. Tk. 39,690
C. Tk. 3,969
D. Tk. 40,500
E. Tk. 4,500
11. In a purchase chalan 4 products @Tk. 1,500 is included and here 25% trade
discount and 5% cash discount will be applicable. If the payment is not paid
within time period then what will be the cheque amount?
A. Tk. 4,500
B. Tk. 1,400
C. Tk. 1,425
D. Tk. 4,200
E. None
12. Which of the following is not an error of principle?
(I) Transportation cost posted as Vehicle
(II) Machinery purchase posted as Purcahse
(III) Sales of 250 Tk to C is excluded from posting
(IV) Sales to Rajab is posted as Sales to Gajab

A. only (III)
B. only (IV)
C. (I) & (II)
D. (II) & (IV)
E. (III) & (IV)
13. Balance of an account is Tk. 80 that is posted at the wrong side of trial
balance. If others remain correct then what will be difference of two sides of
trial balance?
A. Tk. 80
B. Tk. 40
C. Tk. 160
D. Tk. 8
E. None
14. Which mistake can be recognized by Trial Balance?
A. Tk 375 Cheque received from Karim is posted as Karin Account Tk 573
B. Sales related expense posted as Sales Account
C. Sales on credit Tk. 100 posted as Tk. 10 in double entry system
D. Purchase of Tk. 150 is not recorded in accounts
E. None
15. Trial Balance is prepared for A. To identify profit & loss of business
B. Judging mathematical accuracy of accounts
C. To assess financial condition of business
D. To analyze transactions
E. None of the above
16. One business purchases products of Tk. 9,000 basis 2/10, n/30. Product
returned of Tk. 2,000 and the remaining amount is paid within discounted
period. What is the amount of discount?
A. Tk. 142
B. Tk. 100
C. Tk. 140
D. Tk. 130
E. Tk. 180
17. Accountants record shows Tk. 30,000 on 31 st December in Cash Book. He
doesnt know that Bank charged Tk. 500 as service charge. One debtor
deposited Tk. 2,000 directly in bank that the accountant doesnt know. He issues
a cheque of Tk. 7,000 that is not yet submitted to bank. What balance will be
there in Bank Statement?
A. Tk. 47,000
B. Tk. 74,000
C. Tk. 38,500

D. Tk. 35,400
E. Tk. 32,300
18. Trial Balance will not be equalized if A. A correct journal is recorded twice in ledger
B. Supplies purchase on credit recorded as supplies account debit and cash
credit
C. Cash withdrawal Tk 100 is recorded as Drawing account debit Tk. 1,000 and
Cash credit Tk. 100
D. Cash paid Tk. 450 posted as Creditors account Debit Tk. 45 and Cash Credit
Tk. 45
E. None
19. If both side of a trial balance is not equal then the difference should be
included inA. Profit-Loss account
B. Suspense account
C. Nominal account
D. Capital account
E. None
20. Which one is received in cash?
A. Commission received
B. Discount received
C. Interest received
D. Rent received
E. Income received
21. Bank has charged Tk. 200 for service but customer is not aware about this.
How this will be reflected in Bank Reconciliation Statement?
A. 200 to be added with Bank Balance
B. 200 to be deleted from Bank Balance
C. 200 to be added with Cash Balance
D. 400 to be added with Cash Balance
E. 200 to be deleted from Cash Balance
22. During preparation of Bank Reconciliation Statement, due cheques are
treated byA. Adding with bank balance of bank statement
B. Deducting from bank balance of bank statement
C. Adding with bank balance as per Depositors account
D. Deducting from bank balance as per Depositors account
E. All of the above

23. During preparation of Bank Reconciliation Statement, Buyer directly

deposited in bank will be treated byA. Deducting from bank balance in Cash Book
B. Deducting from bank balance as per Pass Book
C. Adding with bank balance as per Pass Book
D. Matching with bank balance as per Pass Book
E. No adjustment required
24. The amount given to the cashier of Imprest System of Petty Cash Book is A. The amount given to him at the beginning of the month
B. Total expense amount at the end of the month
C. The amount Principal Cashier approves
D. The amount provided as per companys financial condition
E. None
25. In Bank Reconciliation Statement, adjustment entries are provided for which
accounts?
A. Bank interest
B. Bank charge
C. Deposit in transit
D. A+B
E. B+C