Listed below are five potential causes of difference between a company’s cash book balanceand its bank statement balance as at 30 November:(1) Cheques recorded and sent to suppliers before 30 November but not yet presentedfor payment.(2) An error by the bank in crediting to another customer’s account a lodgement madeby the company.(3) Bank charges.(4) Cheques paid in before 30 November but not credited by the bank until 3December.(5) A cheque recorded and paid in before 30 November but dishonoured by the bank.Which of the following alternatives correctly *yses these items into those requiringan entry in the cash book and those that would feature in the bank reconciliation?
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A $710 B $750 C $760 D $800
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A The amount of revenue is fixed B All associated costs have been incurred C It is certain that the goods will be paid for D Significant risks and rewards of ownership have been transferred
4 .Which of the following items of revenue can be recognised on an accrual basis inaccordance with IAS 18 “Revenue”?
A Royalty income B Dividend income C Revenue from the sale of goods D Revenue from the rendering of services
6 .Which two of the following statements about bank reconciliations are correct?(1) If a cheque received from a customer is dishonoured after date, a credit entry in thecash book is required.(2) A difference between the cash book and the bank statement must be corrected bymeans of a journal entry.(3) Bank charges not yet entered in the cash book should be dealt with by an adjustmentin the bank reconciliation.(4) In preparing a bank reconciliation, lodgements recorded before date in the cashbook but credited by the bank after date should reduce an overdrawn balance in thebank statement.
A (1) and (3) B (2) and (3) C (1) and (4) D (2) and (4)
7 .
A $19,900 overdrawn B $68,500 overdrawn C $59,700 overdrawn as stated D $158,100 overdrawn
8 .Sigma’s bank statement shows an overdrawn balance of $38,600 at 30 June. A check againstthe company’s cash book revealed the following differences:(1) Bank charges of $200 have not been entered in the cash book.(2) Lodgements recorded on 30 June but credited by the bank on 2 July $14,700.(3) Cheque payments entered in cash book but not presented for payment at 30 June$27,800.(4) A cheque payment to a supplier of $4,200 charged to the account in June recordedin the cash book as a receipt.Based on this information, what was the cash book balance BEFORE any adjustments?
A $16,900 overdrawn B $34,100 overdrawn C $43,100 overdrawn D $60,300 overdrawn
9 .What should the final cash book balance be when all the above items have been properlydealt with?
A $5,110 overdrawn B $33,630 overdrawn C $43,650 overdrawn D $72,170 overdrawn
10 .Which of the following statements is correct?
A Carriage inwards and outwards are both expenses which can be validly included inestablishing the cost of inventory B Carriage inwards is an expense but carriage outwards is sundry income so onlycarriage inwards can be included in the valuation of inventory C Carriage inwards and outwards are both ...
