Mini Test Năng Lực Tuyển Dụng KPMG

Question 1: Which of the following account will be credited, if business bought goods on credit from Mr. Z?

A. Purchases account

B. Mr. Z account

C. Cash account

D. Sales account

Question 2: Which of the following account will be credited when a typewriter is sold that has been used in the office?

A. Office Equipment Account

B. Cash Account

C. Sales Account

D. Purchase Account

Question 3: Which of the following subsidiary book(s) is (are) maintained for debtors control account?

A. Sales Day Book

B. Sales Return

C. Debtors Ledger

D. All of the given options

Question 4: The IASB’s Conceptual Framework for Financial Reporting identifies characteristics which make financial information faithfully represent what it purports to represent. Which of the following are examples of those characteristics? 1. Accruals 2. Completeness 3. Going concern 4. Neutrality

A. 1 and 2

B. 2 and 4

C. 2 and 3

D. 1 and 4

Question 5: The allocation of the cost of a tangible plant asset to expense in the periods, in which services are received from the asset, is termed as:

A. Appreciation

B. Depreciation

C. Fluctuation

D. None of the given options

Question 6: Interest on loan paid by business is an example of:

A. Revenue expense

B. Income

C. Asset

D. Return outward

Question 7: Which of the following entry will be recorded when the Bad Debts are recovered?

A. Cash (Dr.) & Bad Debts recovered(Cr)

B. A/C Receivable(Dr.) & Bad Debts recovered(Cr.)

C. Bad debts recovered(Dr.) and Profit & Loss(Cr.)

D. Provision for doubtful debts(Dr.) & Cash(Cr.)

Question 8: Which of the following item will be shown on debit side of debtors account?

A. Discount received

B. Return inwards

C. Discount allowed

D. Credit sales

Question 9: What would be the value of conversion cost, if the cost of material consumed during the month is $5,000, labor cost incurred is $2,000 and the factory overhead cost is $1,000?

A. $3,000

B. $5,000

C. $7,000

D. $8,000

Question 10: Mr. A & B entered into a partnership with an equal share in profit or loss. The agreement provides that Mr. A will receive $10,000 and Mr. B will receive $8,000 as salary allowance. The net income for the year is $85,000. What will be the total share of Mr. A?

A. $52,500

B. $42,500

C. $43,500

D. $50,500

Question 11: All of the following have an effect on ‘operating activities’ while preparing the statement of cash flows except:

A. Provision for doubtful debts

B. Gain or loss on currency exchange rate

C. Depreciation charged on fixed asset

D. Amount received for disposal of a fixed asset

Question 12: Which of the following financial statement is helpful for the investors and creditors to assess the cash and non-cash aspects of operating, investing and financing transactions on an entity’s financial position?

A. Balance Sheet

B. Income Statement

C. Statement of cash flows

D. Statement of changes in equity

Question 13: Which of the following items of balance sheet are useful in evaluating a company’s liquidity?

A. Current assets and other assets

B. Current liabilities and current assets

C. Current liabilities and plant and equipment

D. Non-current liabilities and other assets

Question 14: If Assets = $99,500 and Owner's equity = $50,500 then Liabilities = ... ?

A. $49,000

B. $55,000

C. $125,000

D. $115,700

Question 15: Goods of $1,000 purchased from Mr. “A” were recorded in sales book. The rectification of this error will:

A. Increase the gross profit

B. Reduce the gross profit

C. Have no effect on gross Profit 5000 – 4000 = 3000

D. None of the given options

Question 16: Which of the following is not a part of General Ledger?

A. Activity Book

B. Purchase Return Book

C. Purchase Book

D. Sales Book

Question 17: Freya started her business on 1 September. During September she made cash sales of $6,400 and issued credit sales invoices for $10,200, of which $8,600 had been paid. What would be the balance of the sales account in the general ledger at the end of September?

A. $8,000

B. $10,200

C. $16,600

D. $6,400

Question 18: A credit sale of goods for $51 to J Davis was entered in the accounts as $15. What type of error has occurred?

A. Compensating error

B. Error of commission

C. Error of transposition

D. Error of principle

Question 19: Which of the following statements are TRUE of limited liability companies? (i) The company’s exposure to debts and liability is limited (ii) Financial statements must be produced (iii) A company continues to exist regardless of the identity of its owners

A. I and ii only

B. I and iii only

C. Ii and iii only

D. I, ii and iii

Question 20: Annie is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 June 20X7:

A. $325,840

B. $330,200

C. $331,760

D. $327,760

Mini Test Năng Lực Tuyển Dụng KPMG

More Quizzes