trtrtrtryy

8/16/2019 trtrtrtryy

1/3

Single entry and incomplete records MCQs

11)

Which of the following is used to work out the balance of cash drawings foran accounting period?

A) Debtor account

B) Credit account

C) Cash payments journal

D) Cash book

12)

Closing balance of cash can be obtained by drawing up a

A) Balance sheet

B) Statement of affairs

C) Income statement

D) Cash account

13)

A method wherein omitted information is determined in the first place and by using this

information net income or loss is ascertained is known as

A) nominal method

B) Cash method

C) Conersion method

D) !et profit method

14)

f creditors balance was !1""" at 1 #an 2"12$ ending balance of creditors was !2""" on 31 %ec

2"12 and a payment of !&"" was made to creditors$ which of the following is the amount of

http://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.html


2/3

purchases made during the year 2"12?

A) "#$%%

B) "$%%

C) "&$%%

D) "#%%%

1&)

f debtors balance was !2""" at 1 #an 2"12$ credit sales made during the year were !1""" and the

total payments of !1&"" were recei'ed from debtors$ which of the following is the debtors account

balance at 31 %ec 2"12 ?

A) "&%%%

B) "#%%%

C) "&$%%

D) "$%%

1()

et profit * operating e+penses , ?

A) Cost of goods sold

B) Amount of sales

C) !et sales

D) 'ross profit

1-)

Calculate the amount of net income or loss if the capital has been increased by !1""" during

this accounting period$ drawing , !&""" and !1""" fresh capital was introduced in the business

A) "$%%% net loss

B) "$%%% net profit

C) "(%%% net loss

http://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.html


3/3

D) "(%%% net profit

Magner determined that Wells Fargo had been “duplicitous and misleading” and ordered the bank to pay $27,000 in damages and attorneys’ ees! "he also took the unusual step o re#uiringthe sericer to audit about %00 home loan iles in cases in the &astern 'istrict o (ouisiana!

Wells ought successully to keep the results o the audit under seal, and last summer a ederalappeals court oerturned the part o Magner’s ruling that re#uired the audit! )ut t*o peopleamiliar *ith the results told iWatch +e*s that Wells Fargo’s audit had turned up accountingerrors in nearly eery loan ile it reie*ed!

he latest e-ample o Wells bad behaior in Magner’s courtroom that has come to a resolution o sorts is another case o Wells oercharging a borro*er! .n this suit, /ones ! Wells Fargo, iled in2007, inoled a borro*er haing to sue Wells to recoup oercharges by Wells plus actualdamages, plus a re#uest or punitie damages! he ruling sets orth the sorry history in somedetail and . strongly suggest you

mounts ere due because *ells had iolated the bankruptcy stay because it applied payments

made during the bankruptcy to charges that had not been authori+ed by the court and thus in

iolation of the plan of reorgani+ation, She ruled *ells- conduct to be illful and egregious, .he

ruling noted /emphasis ours)0

Despite assessing postpetition charges1 *ells 2argo ithheld this fact from its borroer and dierted

payments made by the trustee and Debtor to satisfy claims not authori+ed by the plan or

Court, Wells Fargo admitted that these actions were part of its normal course of conduct,

practiced in perhaps thousands of cases.

*ells agreed ith Magner to remedy certain 3systemic problems4 ith its record keeping, In thisruling1 the court also aarded 5ones oer "(61%%% in compensatory sanctions,

2our months after the initial ruling on this case1 the Steart case /the one ith the clearly bogus

broker price opinions) as filed, .he iolations ere identical to the ones in the 5ones case1 and this

took place after *ells had agreed to fi7 this sort of accounting problem , Among other things1

applying payments to fees first1 hen they are re8uired to go to principal1 interest1 and escro first1

hich resulted in improper amorti+ation1 hich then led to additional interest1 default fees and costs

being incurred, .hose additional charges ere done ithout obtaining approal of the court and

ere flat out not permitted /this is a blatant iolation of ell established procedures in bankruptcy1
http://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.htmlhttp://www.accounting-world.com/2012/09/single-entry-and-incomplete-records-mcqs_23.html

trtrtrtryy

Documents