Professional Documents
Culture Documents
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l This test consists of 60 items. You will have I hour and 30 minutes to answer them.
Each item in this test has four suggested answers lettered (A), (B), (C), (D). After reading
cach item you are about to answer, decide which choice is best.
4. On your answer sheet, find the number which corresponds to'your item and shade the space
having the same letter as the answer you have chosen. Look at how it is done in the sample
item below.
Samole ltem
Prime cost is calculated by adding direct factory expenses to the Sample Answer
(A)
(B)
cost of goods sold
sale of fixed assets
@@or
(C) sale of finished goods
(D) cost of materials used
'fhe best answer to this item is "cost of materials used", so answer space (D) has been shaded.
5. lI you want to change your answer erase it completely before you lill in your new choice.
6. When you are told to begin, turn the page and work as quickly and as carefully as you can.
If you cannot answer an item, omit it and go on to the next one. You can return later to the
item omitted. Your score will be the total number of correct answers.
1:;il 7. The summarized position of Fosterr:.g1nd. 1t. Kim Smith purchases goods on credit
Scott Limited at 06 March 2012 was valued at $500. She pays ofT her bill
within the grace period and so receives a
s l0o/o cash discount. How much does she
Current Liabilities 60 000
pay for the goods'?
Current Assets 100 000
Fixed Assets
Liabilities
200 000
(A) $ s0
Long Term t50 000 (B) s4so
What was the capital of Foster and Scott
(c) $4eo
Limited at 06 March 20lT?
(D) $sso
(A) $ 40 000
ltem l2 ret-ers to the fbllowing infbrmation
(B) $ 90 000
(c) s lsO 000
from the books of a company.
(D) $190 000
s
Cash sales r0 000
Credit sales 4s 000
8. A business which owns goods valued at
Stock on hand 40 000
5500, has a van valued at $l 000 and owes
Drawings 8 000
S50 for goods. If it sells out at these prices
Cash purchases 12 000
the orvner's closing capital will be
Credit purchases 20 200
(A) Sl 5s0
(B) sl 5oo t2. From the information above, what is the
(c) $l 450 correct closing total for the SalesAccount?
(D) SI 050
(A) $47 ooo
(B) $49 000
9. Mr. Harry, a grocer, bought a computer on (c) $55 000
credit from Tan Company. Which of the (D) $se 000
following journal entries will be made for
this transaction in Mr. Harry's books'?
13. Which ofthe following would NOTappear
(A) Dr Purchases Account in a cash book?
Cr Tan Account
( B) Dr Computer Account (A) Payment fbr goods $100
Cr Cash (B) Goods sold on credit Sl00
(C) Dr Tan Account (C) Goods sold for cheque S t00
Cr Purchases Account ( D) Goods bought for cash S 100
( D) Dr Computer Account
Cr Tan Company
-4-
14. On 0l May, a petty cashier received an Y,l'. K. Khan, a debtor of A and B Enterprises,
imprest of $ 150. During the month, petry settles her debt of $120 less discount, by
cash expenditures amounted to $77 ,and$2 cheque. The double entry in the books of
rvas received fiom a member of staff lvho A and B Enterprises should be
made a personal telephone call. How much'
cash is needed to restore the imprest on 3l
May? (A) Dr K. Khan $lr7
Dr Discount Received s3
(A) S 73 Cr Bank $r20
(B) S 7s
(c) s "77 (B) Dr K. Khan Sl 17
(D) Sl50 Dr Discount Allowed $ 3
Cr Bank $120
(A) Furniture
(B) Commission
(c) Carriage lnwards
(D) Discount Allowed
-5-
20. Whichofthe'followipgaccountsareusually ltem 23 refers toine following balances at
transferred to the Trading and Profit and the end of a financial period. These were
Loss Account? from the books of J. Sammy, a sole trader.
Item22 refers to the balances below which (A) current assets less current liabilities
were extracted from Mrs Martin's ledger. (B) fixed assets less current liabilities
(C) fixed assets less current assets
$
(D) total assets less total liabilities
stock
Opening 7 000
Purchases 4 000
Sales I I 000
Item 25 refbrs to the following information.
Sundry expenses I 100
stock 3 400
A calculation to determine gross profit
percentage is as follows:
,) What was the cost of goods sold by
Mrs Martin2 $185 530
x 100
=35.02o/o
s529 800 I
(A) 52 400
(B) 52 600
25. What does the amount 5529 800 represenr,?
(c) s6 400
(D) $7 600
(A) Total sales
(B) Gross profit
(C) Cost of sales
(D) "lotal purchases
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r+-:.
Items 26-27 refer to tfie fotlowfng 28. During the year, a compi'riy bougtii
information supplied by a sole trader. stationery for $220 and used worth of
$ 120
it. What is the expenditure for stationery
Amaris One Stop S that would be posted to the Profit & Loss
Account?
$
Net sales I fO OOO (A) Sl00
Rentexpense | :OOO (B) Sl20
Discountreceived I ZOOO (c) $220
Gross profit I 12 000 (D) 5340
Discountallowed I +OOO
26. what is the Gross profit percentage (to the 29. An asset purchased for S I 000 depreciates
at the rate of 10Yo per annum using the
nearest whole number)?
reducing-balance method. What is the book
(A) value of the asset at the beginning of the
13%
(B) 20% third Year?
(C) 27Yo (A) $ 800
(D) 40Yo (B) S 810
(ci $ eoo
(D) $l leo
27. What is the Net Profit Percentage (to the
nearest whole number)?
30. B. Pascal, a sole trader, started the year
(A) l0% owing $6 000. The business paid only
(B) lToh $5000fortheyear.The$5000wasrecorded
(C) 23oA in theTradingand Profitand LossAccounr.
(D) 37oA Which account concept was breached?
(A) Accruals
(B) Prudence
(C) Consistency
(D) Separate entity
(A) S 180
(B) 5340
(c) s400
( D) 5500
-7
32. When a Trial Balance fails to agree, the 37. Ivlr Smith does not keep proper records. He
difference is entered in the began his business with $ l0 000 in its bank
account. He uses his vehicle and building
(A) Control Account worth $6 000 and $ l5 000 respectively as
(B) Provision Account part of his business. Customers owe him
(C) Reserve Account 54 000. He withdrew $1 500 fbr personal
(D) Suspense Account use and owed creditors $2 000.
(A) $l s74
(B) sl 610 ltem3grefers to the following information.
(c) $l 636
(D) sl 646 $
Inventory at 0l January 2013 l 500
Purchases during the month I 200
35. The inventory turnover ratio is 5 times.
Cost of goods sold I 400
Average stock is S28 000. What is the cost
of goods sold?
39. Whatis the inventoryatthe end ofJanuary?
(A) s s 600
(B) s 70 000 (A) s 300
(c) $140 000 (B) s 500
(D) s280 000 (c) s 700
(D) sl 300
8-
{1. Which of the following items is NOT 15. The reward'bf profit receivecl bv a
recorded in the Appropriation Account of shareholder in a limited company is caile,l
a partnership?
(A) interest
(A) Drawings (B) drawings
(B) Salnies (C) dividend
(C) Strare of profits (D) commission
(D) lnterest on capital
(A) S 100
-r3. Which of the following accounts shows (B) $ 22s
how profits and losses are shared among (c) $ r 500
partners? (D) Sl s t5
(A) Current
(B) Appropriation 48. A businessman incurred the followine
(c) Profit and Loss expenses.
(D) Income and Expenditure
s
repairs
Factory (r 000
{4. According to the PartnershipAct, ifthere is Machinery repairs 2 000
no Deed of Partnership, the amount ofprofit New machine I 000
to be received by EACH partner would be New vehicle 7 000
-9-
49. ln a co-operative society, the dai_ly atlairs 51. Which of the tbllowing.,accounts BEST
are administered by describes the FinalAccounts ofa non-trading
organization?
(A) the chairman of the board
(B) a majority of shareholders
I. Receipts and Payments
(C) all members meeting together U. Income and Expenditure
(D) persons elected or appointed to do [II. Trading and Profit and Loss
SO
(A) I and II only
(B) I and III only
Item 50 refers to the following intbrmation.
(C) II and III only
(D) [,II and III
S
Beginning capital 30 000
Item 52 refers to the following summary
Ending capital 40 000
of receipts and payments for a club at 0l
Drawing during period 4 000
March.
Additional investment
during period 3 000
s
Subscriptions received 300
50. What is the amount of Net Income or Loss Rent paid 60
for the period? Purchase of games and equipment 150
Postage of circulars 20
(A) s 7000 Proceeds from book sale 250
(B) $ 9000
(c) $lr 000
(D) $17 000 52. What is the cash balance at 3l March?
(A) $ 180
(B) $ 280
(c) s 320
(D) S 620
S $
Bank balance at August2012 700 Inventory at 3l July 2013 000
Purchase of refreshments s00 Donations to charity 200
Purchase of furniture s00 Depreciation of fu rniture 50
Sale of equipment 600 Proceeds from raffie 500
53. What is the bank balance in the Receipts and Payments Account for the year ended 3l July 2013'!
(A) $ e00
{B) sr 600
(c) s2 850
(D) s3 550
- l0- _ I i,tl:
$
900 000
Sales
Op""i"g stock offinished goods I ?::::
ii*'e"',o"k of finished goods . I .19 999
+oo ooo
Produciion cost of goods completed |
pur"trut"t offinished goods I 100 000
55. What is the Gross Profit'l
ll -
(A) s 8oo
(B) sl200
(c) s3 eoo
(D) 54 500
Item 58 refers to the following information relating to Harvard Sports Club for 2013.
Number of members 50
$
Annual subscriptions 50
year
Subscriptions owing at the beginning of the 450
Subscriptions owing at the end of the year 150
58. How much should be credited to the Club's Income and ExpenditureAccount as TOTAL subscription
fbr the year?
(A) sl s00
(B) Sl 9s0
(cr) s2 500
(D) 54 500
-t2-
Item 59 refers to the fbllowing infbrmation 60. Which of the fbllowing is NOT considered
for V. Jones. a source document foitle payroll?
(A) Clock card
s (B) Attendance register
Net Pay 1200 (C) Medical certificate
Income Tax 300 (D) Electronic time card
National Insurance 50
(A) S 850
(B) $ e5o
(c) $ I 4s0
(D) $l sso
END OFTEST
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