(FIA - FA2 - Tài liệu ôn thi) Session 2 (Phần 2)

09:26 20/05/2023 [FIA/FA2: Tài liệu ôn thi] Session 2 (Phần 2)
[FA2] Maintaining Financial Records (Lưu trữ sổ sách)
Quay lại trang chủ
[FIA/FA2: Tài liệu ôn thi] Session 2 (Phần 2)

Session 2 (Phần 2) sẽ ôn lại 5 dạng bài tập quan trọng môn
Maintaining Financial Records (FA2) với chủ đề
Reconciliations, Incomplete records và Partnership.
I. Tổng quan
Topic Question types Question index
MCQ
1. Control account reconciliations 33, 34

Reconciliations
2. Bank reconciliations 35 - 38
1. Use of accounting & business equation to

39
resolve incomplete records
Incomplete records
2. Use of profit ratios approach 40, 41
Partnerships 1. Partnership 42
II. Dạng bài tập chi tiết
1. Topic 5: Reconciliations
Ref: Tóm tắt kiến thức Topic 5: Reconciliations
1.1. Type 1: Control account reconciliations
https://knowledge.sapp.edu.vn/knowledge/fia/fa2-tài-liệu-ôn-thi-session-2-phần-2 1/14
Importance: Average
Question 33: The balance on the receivables’ ledger control account in the main ledger
is $36,000. On investigation of the accounting records, the following errors were found.
(a) The sales day book total for the month was undercast by $1,000.
(b) The cash received day book total for the column ‘receivables’ ledger’ was recorded
as $4,560 instead of $4,650.
What should the correct balance on the receivables’ ledger control account be?
A. $34,910
B. $35,090
C. $36,910
D. $37,090
Guidance:
Recalculate the correct balance using the model below:
ADJUSTED CONTROL ACCOUNT $
Control account balance b/f X
Add:
Adjustments that increase the account balance X
Less:
Adjustments that decrease the account balance (X)
–––
Adjusted control account balance X
Answer: C
The adjustments are:
To add $1,000 for the undercast total of credit sales in the sales day book.
To make a reduction of $90 because actual cash receipts from customers have been
$90 more than originally recorded.
ADJUSTED RECEIVABLES CONTROL ACCOUNT $
Receivables control account balance b/f 36,000
Add:
Undercast of sales 1,000
Less:
Errors in recording cash received (90)
–––
Adjusted control account balance 36,910
Question 34: The balance on the payables’ ledger control account in the general ledger
is $55,000. Upon investigation of the accounting records, the following errors were
found.
(a) The purchase day book total for the month was overcast by $100.
(b) The cheque payments day book total for the column ‘payables ledger’ was
recorded as $6,980 instead of $6,890.
(c) A $50 purchase on credit from a supplier, Brown & Co, had not been recorded in
the supplier’s account in the payables’ ledger.
What should the correct balance on the payables’ ledger control account be?
A. $54,990
B. $55,010
C. $55,040
D. $55,060
Guidance:
Recalculate the correct balance using the model below:
ADJUSTED CONTROL ACCOUNT $
Control account balance b/f X
Add:
Adjustments that increase the account balance X
Less:
Adjustments that increase the account balance (X)
–––
Adjusted control account balance X
Answer: A
The adjustments are:
To reduce the total of payables by $100 to correct the overcast amount in the
purchases day book.
To increase the total of payables by $90 to adjust for the error in recording payments
to suppliers by $90 more than originally recorded.
The error in the payables ledger does not affect the control account total in the main
(general) ledger.
ADJUSTED PAYABLES CONTROL ACCOUNT $
Receivables control account balance b/f 55,000
Add:
Errors in recording payments to suppliers 90
Less:
Overcast of purchases (100)
–––
Adjusted control account balance 54,990
1.2. Type 2: Bank reconciliations

Importance: High
Question 35: In preparing an entity’s bank reconciliation statement, the accountant finds
that the following items are causing a difference between the cash book balance and
bank statement balance:
1. Direct debit $160.
2. Lodgments not credited $1,870.
3. Outstanding cheques $433.
4. Cheque paid in by the entity and dishonored $278.
5. Error by bank $4,120 (cheque incorrectly credited to the account).
6. Bank charges $500.
Which of these items will require an entry in the cash book?
A. 2, 4 and 6
B. 1, 4 and 5
C. 2, 5 and 6
D. 1, 2 and 4
Guidance:
Refer to the diagram above.
Answer: B
Items 1, 3, 5 are the differences that arise from the business mismatching with the
bank, which need adjustments in the cash book.
Item 2, 4, 6 are the differences that arise from the bank clearing process, which
needs adjustments in the bank statement.
Question 36: Which of the following statements about bank reconciliations are correct?
1. If a cheque received from a customer is dishonored after the date, a credit entry in
the cash book is required.
2. A difference between the cash book and the bank statement must be corrected by
means of a journal entry.
3. Bank charges not yet entered in the cash book should be dealt with by an
adjustment in the reconciliation statement.
4. In preparing a bank reconciliation, lodgements recorded before the date in the
cash book but credited by the bank after the date should reduce an overdrawn balance
in the bank statement.
A. 2 and 4
B. 1 and 4
C. 2 and 3
D. 1 and 3
Guidance:
Refer to the diagram above.
Answer: B
Items 1 and 4 are correct
Item 2 is incorrect because the difference between the bank statement and the cash
book is resolved by means of the reconciliation.
Item 3 is incorrect because bank charges not entered in the cash book should be
entered into the cash book.
Question 37: The following bank reconciliation statement has been prepared by a
trainee accountant:
$
Overdraft per bank statement 1,349
Less:
Unpresented cheques 405
Add:
Deposits credited after date 785
Cash at the bank as calculated above 1,729
What should be the correct balance per the cash book?
A. $1,729 balance at the bank as stated
B. $1,329 overdrawn
C. $969 overdrawn
D. $969 balance at the bank
Guidance:
Guidance: Adjustments to the bank statement balance should be computed as below:
ADJUSTED BANK STATEMENT $
Balance per bank statement X
Add:
Outstanding lodgements X
…
Less:
Outstanding cheques (X)
…
–––
Adjusted bank statement balance X
Note: Be cautious of the overdraft balance. It should be a negative amount when

calculating balances.
Answer: C
ADJUSTED BANK STATEMENT $
Balance per bank statement (1,349)
Add:
Outstanding lodgements 785
…
Less:
Outstanding cheques (405)
…
–––
Adjusted bank statement balance
(assumed to be equal to adjusted cash book (969)

balance after reconciliation)
Question 38: Sandra is reconciling her cash book to the bank statement. Her cash
balance is $2,500 and the balance on her statement is $750 overdrawn. She finds the
following differences:
1. Bank charges of $150 and direct debits totaling $300 have not been posted to the
cash book
2. There are unpresented cheques of $370; she paid in a batch of cheques two days
ago totaling $2,385 and these have not yet been credited to her account
3. A cheque she paid last week for $785 has been dishonored.
What will the reconciled balance be?
A. $1,565
B. $1,285
C. $2,050
D. $2,765
Guidance:
Adjustments to the cash book and bank statement balance should be computed as
below:
After adjusting the balances as per the cash book and as per the bank statement, the
adjusted amounts should be the same.
If they are still not equal, you will have to repeat the process of reconciliation again.
Answer: B
2. Topic 6: Incomplete records

Ref: Tóm tắt kiến thức Topic 6: Incomplete records
2.1. Type 1: Use of accounting & business equation to resolve incomplete

records
Importance: Average
Question 39: The net assets of Amanda, a trader, at 1 January 20X0 amounted to
$208,000. During the year to 31 December 20X0, Amanda introduced a further $75,000
of capital and made drawings of $36,000. On 31 December 20X3, Amanda's net assets
totaled $184,000. What is Amanda's total profit/loss for the year ended 31 December
20X0?
A. $15,000 profit
B. $63,000 loss
C. $135,000 profit
D. $87,000 profit
Guidance:
Remind of the business equation:
The business equation:
Opening net assets + Capital introduced + Profit (- Loss) – Drawings = Closing net
assets
Note: Net assets = Assets - Liabilities
Answer: B
Profit/Loss of the year = Closing net assets – Opening net assets – Capital introduced +
Drawings
Profit/Loss of the year = $184,000 - $208,000 - $75,000 + $36,000
Profit/Loss of the year = ($63,000)
2.1. Type 2: Use of profit ratios approach

Importance: High
Question 40: Which of the following gives a gross profit mark‐up of 40%?
A. Sales are $120,000 and gross profit is $48,000
B. Sales are $120,000 and cost of sales is $72,000
C. Sales are $100,800 and cost of sales is $72,000
D. Sales are $100,800 and cost of sales is $60,480
Guidance:
Guidance:
You might need to answer this question by testing each answer.
Answer: C
Mark-up = 40%
$ Ratio
Sales 100,800 140%
Cost of sales:
(72,000) 100%
––––––
Gross profit 28,800 40%
Question 41: The following information is available about the transactions of Reuzel, a
sole trader who does not keep proper accounting records:
$
Opening inventory 113,000
Closing inventory 78,000
Purchases 565,000
Gross profit margin 25%
Based on this information, what was Reuzel’s sales revenue for the year?
A. $982,800
B. $750,000
C. $706,666
D. $800,000
Guidance:
Answer: D
Margin = 25%
$ $ Ratio
Sales (β) 800,000 100%
Cost of sales:
Opening inventory 113,000
Purchases 565,000
Less: Closing
(78,000)
inventory
–––––– (600,000) 75%
––––––
Gross profit 200,000 25%
3. Topic 7: Partnerships
Question 42: A partnership has three partners, Hill, Jack, and Lim. The balances on their
accounts as of 1 January were as follows:
Hill Jack Lim
$ $ $
Capital account 20,000 40,000 20,000
Current account 10,000 10,000 20,000
Hill takes a salary of $6,000 per annum. Interest on capital is paid at 10% per annum.
Residual profits are shared between Hill, Jack, and Lim in the proportion 30%: 40%:
30%.
The partnership profit for the year 31 December was $56,000.
What is Hill’s share of the partnership profit for the year?
A. $14,400
B. $14,600
C. $20,400
D. $20,600
Guidance:
Answer: A
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[FIA/FA2: Tóm tắt kiến thức] Lesson 1: Báo cáo tài chính, nguyên tắc và chuẩn mực kế toán (Financial
statements, accounting principles and accounting standards)
Chuyển nhượng khóa học ACCA tại SAPP như thế nào?
Khảo thí (đánh giá kiến thức) khóa học ACCA tại SAPP như thế nào?
Làm thế nào để tham chiếu tài liệu đúng khi làm RAP
[FIA/FA2: Tóm tắt kiến thức] Lesson 8: Tài sản dài hạn (Non-current Assets)
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(FIA - FA2 - Tài liệu ôn thi) Session 2 (Phần 2)

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09:26 20/05/2023 [FIA/FA2: Tài liệu ôn thi] Session 2 (Phần 2)

[FA2] Maintaining Financial Records (Lưu trữ sổ sách)

Quay lại trang chủ

[FIA/FA2: Tài liệu ôn thi] Session 2 (Phần 2)

1. Control account reconciliations 33, 34

1. Use of accounting & business equation to

2. Use of profit ratios approach 40, 41

II. Dạng bài tập chi tiết

1.1. Type 1: Control account reconciliations

Recalculate the correct balance using the model below:

ADJUSTED CONTROL ACCOUNT $

Control account balance b/f X

Adjustments that increase the account balance X

Adjustments that decrease the account balance (X)

Adjusted control account balance X

The adjustments are:

ADJUSTED RECEIVABLES CONTROL ACCOUNT $

Receivables control account balance b/f 36,000

Undercast of sales 1,000

Errors in recording cash received (90)

Adjusted control account balance 36,910

Recalculate the correct balance using the model below:

ADJUSTED CONTROL ACCOUNT $

Control account balance b/f X

Adjustments that increase the account balance X

Adjustments that increase the account balance (X)

Adjusted control account balance X

The adjustments are:

ADJUSTED PAYABLES CONTROL ACCOUNT $

Receivables control account balance b/f 55,000

Errors in recording payments to suppliers 90

Overcast of purchases (100)

Adjusted control account balance 54,990

1.2. Type 2: Bank reconciliations

1. Direct debit $160.

2. Lodgments not credited $1,870.

3. Outstanding cheques $433.

4. Cheque paid in by the entity and dishonored $278.

5. Error by bank $4,120 (cheque incorrectly credited to the account).

6. Bank charges $500.

Which of these items will require an entry in the cash book?

Refer to the diagram above.

Refer to the diagram above.

Items 1 and 4 are correct

Overdraft per bank statement 1,349

Unpresented cheques 405

Deposits credited after date 785

Cash at the bank as calculated above 1,729

What should be the correct balance per the cash book?

A. $1,729 balance at the bank as stated

B. $1,329 overdrawn

C. $969 overdrawn

D. $969 balance at the bank

Guidance: Adjustments to the bank statement balance should be computed as below:

ADJUSTED BANK STATEMENT $

Balance per bank statement X

Outstanding cheques (X)

Adjusted bank statement balance X

Note: Be cautious of the overdraft balance. It should be a negative amount when

ADJUSTED BANK STATEMENT $

Balance per bank statement (1,349)

Outstanding lodgements 785

Outstanding cheques (405)