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BA3 Exam Dumps : Fundamentals of financial accounting

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Fundamentals of financial accounting Questions and Answers

Question 1

The suspense account of a company was opened with a credit balance of $360 when the trial balance failed to agree.

This could have arisen because

Options:

A.

an electricity bill of $840 was entered in the electricity account as $480.

B.

an electricity bill of $480 was entered in the electricity account as $840.

C.

an electricity bill of $360 was duplicated.

D.

an electricity bill of $180 was duplicated.

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Question 2

Which of the following is an error of principle?

Options:

A.

Using the wrong amount when recording a transaction

B.

Recording a transaction in the wrong type of account

C.

A transaction recorded twice in the ledger accounts

D.

Recording a transaction in the wrong ledger account

Question 3

Refer to the Exhibit.

From the following information, calculate the value of sales for the period:

Value of sales is

Options: