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Exercise

2.1 Which of the following statements is incorrect? ( )

A.Assets - Capital = Liabilities

B.Liabilities + Capital = Assets

C.Liabilities + Assets = Capital

D.Assets - Liabilities = Capital

2.2 Which of the following is incorrect? ( )

Assets Liabilities Capital

£££

A.7,850 1,250 6,600

B.8,200 2,800 5,400

C.9,550 1,150 8,200

D.6,540 1,120 5,420

2.3 Which of the following statements is correct? ()

2.4 Given the following, what is the amount of Capital? Assets: Premises £ 20,000; Inventory £ 8,500; Cash £ 100.Liabilities: Accounts payable £ 3,000; Loan from A. Adams£ 4,000()

A.£ 21,100

B.£ 21,600

C.£ 32,400

D.£ 21,400

2.5 Which of the following is correct? ( )

A.Profit does not alter capital

B.Profit reduces capital

C.Capital can only come from profit

D.Profit increases capital

2.6 Which of the following are correct? ()

A.① and ② only

B.①,② and ③ only

C.②,③ and ④ only

D.①,② and ④ only

2.7 Of the following, which are incorrect? ()

A.② and ④ only

B.① and ② only

C.① and ③ only

D.② and ③ only

2.8 Which of the following would be classified as a non-current asset? ( )

A.Cash

B.Prepayments

C.Land

D.Receivables

2.9 Which two of the following types of account would normally appear on the debit side of the initial trial balance? ()

A.Asset

B.Liability

C.Income

D.Expense

E.Capital

2.10 Alpha has the following opening balances on its ledger accounts.

What is the total assets figure? ( )

A.£ 6,000

B.£ 5,000

C.£ 8,000

D.£ 3,000

2.11 Following question 2.10 above, what is the opening figure for capital? ( )

A.£ 6,000

B.£ 5,000

C.£ 8,000

D.£ 3,000

2.12 A sole trader had trade receivables of £ 2,700 at 1 May and during May made cash sales of £ 7,200, credit sales of £ 16,500 and received £ 15,300 from his credit customers. The balance on his trade receivables account at the end of May was().

A.£ 1,500

B.£ 3,900

C.£ 8,700

D.£ 11,100

2.13 In double-entry bookkeeping, which of the following statements is true? ( )

A.Credit entries decrease liabilities and increase income

B.Debit entries decrease income and increase assets

C.Credit entries decrease expenses and increase assets

D.Debit entries decrease expenses and increase assets

2.14 A debit balance of £ 3,000 brought down on A Ltd's account in B Ltd's books means that B Ltd owes A Ltd £ 3,000.()

A.True

B.False

2.15 The owner's drawings are shown on the initial trial balance.( )

A.True

B.False

2.16 The closing inventory balance is included in the final trial balance.( )

A.True

B.False

2.17*A business has been trading for one year. Please draw a statement of profit or loss and a statement of financial position as at the year ended 31 December 20×1 for D. Brown from the following trial balance (Exhibit 2.7). Inventory at 31 December 20×1 was £ 0.

Exhibit 2.7

2.18 Return to exercise 1.18 and prepare a statement of financial position as at 31 October 20×6 for I. Lamb.

2.19 Return to exercise 1.19 and prepare a statement of financial position as at 31 December 20×1 for E.David.

2.20*Return to exercise 1.20 and prepare a statement of financial position as at 30 June 20×7 for G.Foot.

2.21*Return to exercise 1.21 and prepare a statement of financial position as at 31 May 20×7 for F. Dover.

2.22*Return to exercise 1.22 and prepare a statement of financial position as at 30 June 20×8 for G. Graham.

2.23 A business has been trading for one year. Please prepare a statement of profit or loss for the year and a statement of financial position as at the year ended 31 March 20×1 for T.Leung from the following trial balance (Exhibit 2.8).

Exhibit 2.8

Note :Inventory at 31 March 20×1 was £ 42,828.

Reference

1.Alan Sangster,Frank Wood's Business Accounting Volume 1(2019), Pearson.

2.Andrew Thomas and Anne Marie Ward. Introduction to Financial Accounting (2019),McGraw-Hill Education.

3.ACCA FA Financial Accounting/ FIA FFA Interactive Text 2020, BPP Learning Media.

4.ACCA FA Financial Accounting/ FIA FFA Practice & Revision Kit 2020, BPP Learning Media.

5.Accounting (Study Manual 2020), The Institute of Chartered Accountants in England and Wales.

6.Accounting (Question Bank 2020), The Institute of Chartered Accountants in England and Wales. D//Pa999zU2qNTW8/6SrXjqRnVWgOOZDojKMFR73TlmEOEFI3rDcozPM6IjYMX9n

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