I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

1 

List five types of error made in accounting.  

2 

What is a journal most commonly used for?  

A Correct 

errors 

B 

Correct errors and post unusual transactions 

C 

Correct errors and clear suspense account 

D 

Make adjustments to the double entry 

3 

A suspense account is a temporary account to make the trial balance.   

Is this statement true or false? 

4 

What must be done with a suspense account before preparing a statement of financial position?  

A 

Include it in assets 

B 

Clear it to nil 

C 

Include it in liabilities 

D 

Write it off to capital 

5 

Sales returns of $460 have inadvertently been posted to the purchase returns, although the correct entry 

has been made to the accounts receivable control. A suspense account needs to be set up for how much? 

 A 

$460 

debit 

 B 

$460 

credit 

 C 

$920 

debit 

 D 

$920 

credit