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Sample, Sem 2, 2022-2023
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SAMPLE FINAL EXAM
Semester 2, 2022-2023
Course Name: Principles of Accounting Course Code: BSA2001-E
Total duration: 90 minutes
I. Multiple Choice Question (4 marks)
Students must write the answers in the following table:
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20
Question 1: Which of the following is correct?
Assets ($) Liabilities ($)Capital ($)
A. 875,000 125,000 750,000
B. 820,000 280,000 1,100,000
C. 955,000 115,000 820,000
D. 542,000 654,000 112,000
Question 2: Which of the following does not affect capital?
A. Profit of the business
B. Money lent to a business
C. Loss of the business
D. Money invested in a business by its owners
Question 3: Recording of all transactions at cost and not the market value is known
as……………..
A. materiality concept
B. conservatism concept
C. time interval concept
D. historical cost concept
Question 4. _____ of financial information is the most useful for the decision-making
process.
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A. Relevance
B. Understandability
C. Reliability
D. Timeliness
Question 5. Which of the following transactions will both increase assets and decrease
assets?
A. Purchased goods on credit
B. Paid wages for employees
C. Purchased inventory by cheque
D. Repaid bank loan
Question 6. The double entry principle requires that ………………
A. the number of debit accounts must equal the number of credit accounts
B. there must always be entries made on both sides of the accounting equation
C. the amount of the debits must equal the amount of the credits
D. there must only be two accounts affected by any transaction
Question 7. On January 1, 20X2, Burton Industries reported capital of $130,000.
During 20X2, Burton has a loss of $30,000 and owner drawings of $20,000. On
December 31, 20X2, the amount of capital is ………
A. $80,000
B. $100,000
C. $130,000
D. $140,000
Question 8. When goods are sold for cash, the item exchanged is ………….and the
form of settlement is …………
A. goods – debt
B. goods – cash
C. cheque – goods
D. cash - debt
Question 9. What is the accounting rule for a liability account?
A. Increase in liabilities are credit and decreases are debit
B. Increase in liabilities are debits and decreases are credit
C. Liability account always shows debit balance
D. Debit increase the liability account
Question 10. Recording transaction: Goods returned from customer
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A. Dr Purchase; Cr Accounts Receivable
B. Dr Returns inward; Cr Goods
C. Dr Returns outward; Cr Accounts Payable
D. Dr Returns inward; Cr Accounts Receivable
Question 11. XYZ company has the following transactions for the month of October:
Bought goods on time from A. Bell $520; Sold goods on time to P. Hunt $680;
Returned goods to A. Bell $120; P. Hunt paid his account by cheque $580.
The balance of debtor account is ……
A. $500
B. $560
C. $100
D. $400
Question 12. Which of the following best describes a trial balance?
(A) It shows the financial position of a business
(B) It is a special account
(C) It shows all the entries in the books
(D) It is a list of balances on the books
Question 13. In trial balance, which account with normal balance is recorded at the
credit side?
A. Bank account
B. Equipment account
C. Return inward account
D. Accrued expenses account
Question 14. A contra entry in the cash book would include:
A. Transferring cash into the petty cash box
B. Transferring the discounts to the accounts in the general ledger
C. Totalling up the bank and cash columns at the end of each month
D. Withdrawing cash from the bank account
Question 15. The source document for making entries in the returns outwards day
book is:
A. Purchase invoice
B. Credit note
C. Debit note
D. Cheque counterfoil
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Question 16. ABC Company started in business with capital in bank $10,000. In
which book of original entry would ABC record this transaction?
A. Sales Day Book
B. Cash Book
C. Purchases Day Book
D. Returns Inwards Day Book
Question 17. The amount of goods purchases on credit is recorded in purchases day
book ……
A. after deducting trade discount
B. after deducting cash discount
C. after adding trade discount
D. after adding cash discount
Question 18. Business ABC rent a building for $5,000 a year. The business pays
$4,500 in the year. Which of the following statements is correct?
A. $5,000 of prepaid expense
B. $4,500 of rent expense
C. $500 of accrued expense
D. $500 of prepaid expense
Question 19. Smith sublets part of the premises. He receives $3,800 during the year
ended 31 December 20X3. West, the tenant, owed Smith $380 on 31 December 20X2
and $420 on 31 December 20X3. Income from sublets for the year 20X3 is
…………..
A. $4,600
B. $3,000
C. $3,840
D. $3,760
Question 20. Net profit is calculated in the ………….
A. trading account and Profit and Loss account
B. profit and loss account
C. trial balance
D. capital account
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II. Short Questions (2 marks)
Question 1: The financial year of X Company ended on 31 December 20X3. Show the
ledger account for Rent expense, including the balance transferred to Profit and Loss
account.
Advertising expense: Paid for the year to 31 December 20X3 $7,500; Owing as at 31
December 20X2 $950; Owing as at 31 December 20X3 $700
Question 2: Complete and show the ledger accounts for Profit and Loss at the end of
the first year accounting period based on the following information (the account
should include the amount for Net Profit/ Net Loss)
Rent: $2,000; General expenses: $20,000; Gross profit (transferred from Trading):
$12,000
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III. Exercise (4 marks)
Gorman is a sole trader, and he opened a business named "Gorman Laundry
Company", which offers laundry services. As of 31 December 2023, the end of the
current fiscal year, the company's account balances are shown below:
$
Cash 3,400
Accounts Receivable 1,800
Laundry Supplies 3,700
Building 4,800
Accounts Payable 2,100
Bank Loan 5,000
Gorman, Capital 900
Laundry Revenue 8,200
Wages Expense 2,500
The following transactions are also available:
1. Paid electricity by cash, $250
2. Accrued interest on bank loan is $100.
3. Received cash from credit customers, $800
4. Made a cash withdrawal of $300
5. The company purchased the building on 1 December 2023 and uses the straight-
line method of depreciation. It is estimated that the building will have the useful life
of 8 years and the residual value of $0 at the end of its useful life.
Required:
a. Calculate the building depreciation expense for the month. Show your
calculation. (5 points)
b. Journalize all above transactions (15 points)
c. Prepare the Trial Balance as at 31 December 2023 (10 points)
d. Prepare the Statement of Financial Position as at 31 December 2023 (10 points)
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