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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

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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

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D) "(%%% net profit

One of our ongoing frustrations about media coverage of the mortgage mess is its failure to paymuch attention to ample evidence of substantial servicer overcharges to borrowers. It’s badenough that that happens, but far worse is that when servicers are told that they’ve been caught

out, they refuse to make corrections and stonewall court-ordered remedies.

The facts that have surfaced before one bankruptcy judge, li!abeth "agner of the astern#istrict of $ouisiana, and one servicer, %ells &argo, should give industry defenders pause. %ells,as we have pointed out repeatedly, has an annoying habit of piously claiming it is better thanother servicers when it engages in the same indefensible conduct as its peers. 'o if you were totake %ells at its word, the conduct of other servicers is at least as bad as what has taken place inthis jurisdiction, if not worse. (emember, servicers are highly routini!ed operations, so ifsomething, it is almost certain to be standard practice. )nd %ells has admitted that in this case.

*ere is a snippet of background from another case in "agner’s courtas recounted by the +enter

for ublic Integrity

In an )pril //0 ruling, li!abeth "agner, a 1.'. bankruptcy judge in 2ew Orleans, rejected thetwo charges 3for broker price opinions charged when the parish in which the home was locatedwas evacuated thanks to *urricane 4atrina5 as invalid. 'he also disallowed 67 home inspections,78 late charges, and thousands of dollars in legal fees charged to the 'tewarts’ account.

)lmost every disallowed fee was imposed while the 'tewarts were making regular monthly payments on their home9

"agner determined that %ells &argo had been :duplicitous and misleading; and ordered the

 bank to pay

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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

hence the ehemence of Magner-s reaction, And notice this comment from her ruling0

.he eidence established the utili+ation of this application method for eery *ells 2argo mortgage

loan in bankruptcy,

.o make a long story short1 *ells repeatedly engaged in scorched earth tactics0

*hile eery litigant has a right to pursue appeal1 *ells 2argo-s style of l itigation as particularly

e7ing, After agreeing at trial to the initial injunctie relief in order to escape a punitie damage

aard1 *ells 2argo changed its position and appealed, .his resulted in0