Exercise 1 - Pull & Wolf Inc.

9 Questions | Attempts: 140
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  • 1/9 Questions

    None posted invoices on purchases of inventory (goods for resale) are 55.000. The invoices have not been paid to the trade creditors (suppliers of goods) as per 31.12.2013.

    • The transaction should not be included in the books for the fiscal year 2013
    • The goods for resale account (asset) is debited 55.000
    • The cost of goods sold account (profit/loss) is credited 55.000
    • The trade creditors account (liability) is credited 55.000
    • The cost of goods sold account (profit/loss) is debited 55.000
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About This Quiz

Prepare an adjusted trial balance for the Company as per 31.12.2013 according to the transactions in the quiz.

Exercise Quizzes & Trivia

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  • 2. 

    None posted cash purchase of office supplies is 2.300.

    • The miscellaneous expense account (profit/loss) is credited 2.300

    • The transaction should not be included in the books for the fiscal year 2013

    • The cash account (asset) is credited 2.300

    • The cash account (asset) is debited 2.300

    • The miscellaneous expense account (profit/loss) is debited 2.300

    Correct Answer(s)
    A. The cash account (asset) is credited 2.300
    A. The miscellaneous expense account (profit/loss) is debited 2.300
  • 3. 

    None posted depreciations on fixed assets:
    1. Land and buildings = 10.000
    2. Equipment =   5.000
    3. Car = 40.000
    4. Plant and machinery = 25.000

    • Depreciations on buildings account (profit/loss) is debited 10.000

    • Depreciations on eqiupment account (profit/loss) is debited 5.000

    • Depreciations on eqiupment account (profit/loss) is credited 5.000

    • Depreciations on cars account (profit/loss) is debited 40.000

    • Depreciations on plant and machinery account (profit/loss) is debited 25.000

    • Depreciations on cars account (profit/loss) is credited 40.000

    • Accumulated depreciations on building account (asset) is credited 10.000

    • Accumulated depreciations on car account (asset) is debited 25.000

    • Accumulated depreciations on equipment account (asset) is credited 5.000

    • Accumulated depreciations on equipment account (asset) is debited 5.000

    • Accumulated depreciations on car account (asset) is credited 40.000

    • Accumulated depreciations on plant and machinery account (asset) is credited 25.000

    Correct Answer(s)
    A. Depreciations on buildings account (profit/loss) is debited 10.000
    A. Depreciations on eqiupment account (profit/loss) is debited 5.000
    A. Depreciations on cars account (profit/loss) is debited 40.000
    A. Depreciations on plant and machinery account (profit/loss) is debited 25.000
    A. Accumulated depreciations on building account (asset) is credited 10.000
    A. Accumulated depreciations on equipment account (asset) is credited 5.000
    A. Accumulated depreciations on car account (asset) is credited 40.000
    A. Accumulated depreciations on plant and machinery account (asset) is credited 25.000
  • 4. 

    None posted interest revenue for Q4 is 1.000 (concerning bank deposit).

    • The interest revenue account (profit/loss) is credited 1.000

    • The prepaid expenses account (asset) is debited 1.000

    • The accrued income account (asset) is credited 1.000

    • The bank deposit account (asset) is debited 1.000

    Correct Answer(s)
    A. The interest revenue account (profit/loss) is credited 1.000
    A. The bank deposit account (asset) is debited 1.000
  • 5. 

    None posted cost of goods sold for the Q4 is 125.000.

    • The cost of goods sold account (profit/loss) is debited 125.000

    • The sales account (profit/loss) is credited 125.000

    • The inventory account (asset) is credited 125.000

    • The trade debtors account (asset) is debited 125.000

    Correct Answer(s)
    A. The cost of goods sold account (profit/loss) is debited 125.000
    A. The inventory account (asset) is credited 125.000
  • 6. 

    None posted invoices to customers are 60.000 (the invoices have not been by paid the trade debtors as per 31.12.2013).

    • The transaction should not be included in the books for the fiscal year 2013.

    • The accrued income account (asset) is debited 60.000

    • The sales account (profit/loss) is credited 60.000

    • The trade debtors account (asset) is debited 60.000

    Correct Answer(s)
    A. The sales account (profit/loss) is credited 60.000
    A. The trade debtors account (asset) is debited 60.000
  • 7. 

    None posted interest expenses for Q4 is 8.000 (concerning bank overdraft).

    • The interest expenses account (profit/loss) is credited 8.000

    • The bank overdraft account (liability) is debited 8.000

    • The interest expenses account (profit/loss) is debited 8.000

    • The bank overdraft account (liability) is credited 8.000

    Correct Answer(s)
    A. The interest expenses account (profit/loss) is debited 8.000
    A. The bank overdraft account (liability) is credited 8.000
  • 8. 

    None posted settlement of the input and output VAT account to the VAT payable account.

    • The output VAT account (liability) is debited 45.000

    • The output VAT account (liability) is credited 45.000

    • The input VAT account (liability) is debited 12.000

    • The input VAT account (liability) is credited 12.000

    • The VAT payable account (liability) is debited 12.000 and credited 45.000

    • The VAT payable account (liability) is credited 12.000 and debited 45.000

    Correct Answer(s)
    A. The output VAT account (liability) is debited 45.000
    A. The input VAT account (liability) is credited 12.000
    A. The VAT payable account (liability) is debited 12.000 and credited 45.000
  • 9. 

    Posted prepaid rent of premises of 50.000 booked on the account “Premises expense”. The amount is rent for Q1 2014.

    • The premises account (profit/loss) is credited 50.000

    • The premises account (profit/loss) is debited 50.000

    • The prepaid account (asset) is credited 50.000

    • The prepaid account (asset) is debited 50.000

    • The Bank account (asset) is credited 50.000

    Correct Answer(s)
    A. The premises account (profit/loss) is credited 50.000
    A. The prepaid account (asset) is debited 50.000

Quiz Review Timeline (Updated): Mar 27, 2018 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 27, 2018
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 18, 2014
    Quiz Created by
    ZukoDaniel
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