TEST YOUR ACCOUNTING LEVEL

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ARE YOU INTERESTED ON FINANCIAL ADJUSTMENT BEFORE PREPARING THE FINANCIAL STATEMENTS?, ERRORS CORRECTION? AND FINANCIAL MATHEMATICS? THE ANSWER IS TO TAKE YOUR TIME AND ANSWER ALL 14 QUESTIONS (THE MARKS ARE IMMEDIATELY GIVEN AFTER RESPONDING). For more information visit: www.thinkbig.rw

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1.The business of Muhorakeye shows on 30th June 2015 a provision for bad debts amounted rwf 2,200. The balance of trade receivables amounted to rwf 125,800 of which it was known that rwf 4,500 would not be received. The business decides to make provision for bad debts @3% of trade receivables. i) How much provision for bad debt to be charged in income statement?

5 points

a) 3639

b) 2200

c) 5839

d) 4500

e) 1439

Clear selection

2. Given question 1. ii) How much net balance of receivable to be appearing in statement of financial position?

5 points

a) 125800

b) 130300

c) 124939

d) 117661

e) 121300

Clear selection

3. Given the following balances at the end of financial year:

5 points

a) 1260

b) 340 income

c) -340 expense

d) 2860

e) 1272

Clear selection

4. Given question 3.How much provision for discount to be charged in income statement?

5 points

a) 636

b) 12.6

c) 626.6

d) 617.4

e) 630

Clear selection

5. Given question 3.How much net balance of receivable to be appearing in statement of financial position?

5 points

a) 63000

b) 64200

c) 61722.6

d) 61740

e) 61122.6

Clear selection

6. Given the following some balances of DUFATANYE ltd at 31/12/2016

5 points

a) 1,415,200

b) 1,815,200

c) 1,165,200

d) 1,015,200

e) 1,665,200

Clear selection

7. Given question 6. How much balance of share capital after adjustment?

5 points

a) 1,750,000

b) 1,900,000

c) 1,100,000

d) 1,250,000

e) 1,650,000

Clear selection

8. Given question 6.How much balance of share premium after adjustment?

5 points

a) 700,000

b) 550,000

c) -100,000

d) 50,000

e) 450,000

Clear selection

9. Given the following some balances of service ltd at 31/12/2014

5 points

a) 2,172

b) 63

c) 8500

d) 8437

e) 15,000

Clear selection

10. MUHIZI starts a business. Before he starts to sell anything he has bought the following:Office equipment rwf 90,000; van rwf 3,500,000 and stock of goods for rwf 540,000. Although he has paid in full for the office equipment and van, he still owes rwf 280,000 for some of the goods. The uncle of MUHIZI has lent him rwf 600,000, which is payable in 9 months. After the above, MUHIZI has deposited rwf 210,000 in business bank account and rwf 30,000 as cash in hand.You are requested to prepare the balance sheet of Muhizi’s business. How much capital?

5 points

a) 4,370,000

b) 780,000

c) 3,490,000

d) 3,590,000

e) 3,770,000

Clear selection

11. ABC’s trial balance failed to agree at the end of financial year and accountant has entered the difference in suspense account. During the audit, the following errors were detected:

5 points

a) 10,050

b) 10,200

c) 9,613

d) 10,405

e) 9,845

Clear selection

12. A business man, who has no opening inventory, has 5 deliveries of potatoes during the week. The quantities delivered in kg and the invoiced costs are as the follows:

5 points

a) 175100

b) 276,000

c) 201,100

d) 100,900

e) 74,900

Clear selection

13.How many years will take $2,000 to $2,855.2 at 9% annual interest rate if the bank compound interest every 3 months?

5 points

a) 16years

b) 4years

c) 4.13 years

d) 16.52 years

Clear selection

14.On 20th anniversary of Mucyo, he has decided to save X amount at the beginning of each month on account gaining 9% as interest rate. The bank compound interest monthly, if Mucyo need to celebrate his 25th anniversary by using Rwf 824,945. Find his monthly saving X

5 points

a) rwf 389.15

b) rwf 126,460.6

c) rwf10,855.99

d) rwf 161,322.7

Other:

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