Acca financial Accounting (FA) Study Text ac ca (FA)

The original balance on the suspense account was: 

A debit 

$210 

B credit 

$210 

C debit 

$160 

D credit 

$160 

 

 

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PRACTICE QUESTIONS 

478

 

KAPLAN PUBLISHING

 

55  Molly starts up in business as a florist on 1 April 2004. For the first six 

months, she has a draft profit of $12,355. 

On investigation you discover the following: 

– 

Rent paid for the 12 months ending 31 March 2005 of $800 has not 

been recorded in the accounts. 

– 

Closing inventory in the accounts at a cost of $1,000 has a net 

realisable value of $800. 

What was the adjusted profit for the period? 

$________ 

56 

In an accounting system where individual receivables and payables 

ledger accounts are maintained as an integral part of the double 

entry system, which of the following errors will not be identified by a 

trial balance?

 

A 

overcasting of the sales day book 

B 

undercasting of the analysed cash book 

C 

failure to transfer a non-current asset to the disposal account when 

sold 

D 

transposition error in an individual receivables account 

57  A trial balance has been extracted and a suspense account opened. One 

error relates to the mis-posting of an amount of $400, being discount 

received from suppliers, which was posted to the wrong side of the 

discount received account