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P & Co maintain a receivables ledger control account within the nominal ledger. At 30 November 20X0, the

total of the list of individual balances extracted from the receivables ledger was $15,800, which did not agree

with the balance on the receivables ledger control account. An examination of the books revealed the following

information, which can be used to reconcile the receivables ledger and the receivables ledger control account.

1 The credit balance of $420 in Ahmed's payables ledger account had been set off against his account in the receivable

ledger, but no entries had been made in the receivables and payables ledger control accounts.

2 The personal account of Mahmood was undercast by $90.

3 Yasmin's balance of (debit) $780 had been omitted from the list of balances.

4 Thomas' personal account balance of $240 had been removed from the receivables ledger as a bad

debt, but no entry had been made in the receivables ledger control account.

5 The January total of $8,900 in the sales daybook had been posted as $9,800.

6 A credit note to Charles for $1,000, plus sales tax of $300, had been posted to the receivables ledger

control account as $1,300 and to Charles' personal account as $1,000.

7 The total on the credit side of Edward's personal account had been overcast by $125.

Which of these items need to be corrected by journal entries in the nominal ledger?

A

1, 3, 4 and 5 only

B

1, 4 and 5 only

C

1, 2, 5 and 6 only

D

2, 3, 6 and 7 only

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Chapter14Controlaccounts

$ $

DR CR

Error 1 Payables ledger control 420

Receivables ledger control 420

Error 4 Irrecoverable debts 240

Receivables ledger control 240

Error 5 Sales 900

Receivables ledger control 900

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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