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Fundamentals of Financial Accounting Questions and Answers

Question 17

Which of the following is not a correct definition of the accounting equation?

Options:

Assets = Capital + Liabilities

Capital = Assets + Liabilities

Liabilities = Assets - Capital

Capital = Assets - Liabilities

Question 18

The profit earned by Subramanian in 2006 was £ 50,000. He injected new capital of £12,000 during the year and withdrew goods for his private use that cost £4,000.

If net assets at the beginning of 2006 were £10,000, what were the closing net assets?

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Question 19

A company has a receivables balance at the end of the year of £120,000. The company maintains an allowance for receivables at 3% of closing receivables. The opening balance on the allowance was £ 2,880. During the year bad debts of £ 3,000 were written off

The total charge for bad debts for the year is £

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Question 20

Which of the following is an error of principle?

Options:

Using the wrong amount when recording a transaction

Recording a transaction in the wrong type of account

A transaction recorded twice in the ledger accounts

Recording a transaction in the wrong ledger account

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Fundamentals of Financial Accounting Questions and Answers

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