Correction of Errors (Suspense)
Attempt the ten questions below and then click 'Submit'.

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Q1. Equipment purchased on credit for €600 had been entered on the incorrect side of the vendor's account. To fix this we need to... *
10 points
Q2. The owner of a newsagent gave his own car to the business, to be used for deliveries. This was recorded in the business 'Vehicles' account, but nowhere else. It should be... *
10 points
Q3. A delivery van which had cost €4,200 and with a book value of €2,200 was sold for cash €1,500. The figure for Accumulated Depreciation of Delivery Vans in our Balance Sheet should... *
10 points
Q4. Insurance Due €500 was not entered in the books. We need to *
10 points
Q5. A private debt of €1,000 owed to the business owner had been offset in full settlement against a business debt of €1,000 owed by the business. If no entry had been made of this, what two accounts will we be updating? *
10 points
Q6. A payment of €650 was incorrectly recorded as a receipt of €560 in the Bank account. To correct the Bank account we should... *
10 points
Q7. The Suspense account shows entries totalling €210 on the debit side and €530 on the credit side. The 'original difference' is... *
10 points
Q8. A payment from the owner's personal bank account to cover staff wages, was correctly recorded in the Wages account but not entered in any other account. To correct this, it should be... *
10 points
Q9. The Debtors figure (including suspense) in the original Balance Sheet was €22,000. Our Suspense account shows a debit balance of €400. The updated Debtors figure in the corrected Balance Sheet will be... *
10 points
Q10. The business paid €750 to cover insurance for the owner's private dwelling. This was correctly recorded in the Drawings account but nowhere else. It should now be recorded in... *
10 points
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