1)An error involving the posting of a transaction to the incorrectly named personal account but the correct type of account is an error of:

a)Omission

b)Commission

c)Reversing error

d)Transposition error

2)If there is no partnership agreement in place, the Partnership Act 1890 states that:

a)Profits or losses are shared in proportion to the capital contributed.

b)Profits or losses are shared equally.

c)Profits or losses are shared in proportion to the length of time in the partnership.

d)Profits or losses are shared in proportion to the least drawings made.

3)Balance per the bank statement was 345,124 Cr., outstanding lodgements were 53,985, unpresented cheques were 23,547, and the bank mistakenly credited the statement with 5,345 which related to a different customer of the banks. What is the balance of the adjusted cash book?

a)428,001

b)314,686

c)370,217

d)320,031

4)Which of the following is not associated with club accounts?

a)Accumulated Fund

b)Income and Expenditure

c)Capital

d)Receipts and Payments

5)The total sales from the sales day book is 150,000, the total from the sales returns day book is 30,000, discount allowed totalled 15,500, and bank payments received totalled 90,000. What is the balance brought down (b/d) on the debtor's ledger control account?

a)14,500 Dr.

b)45,500 Dr.

c)45,500 Cr.

d)14,500 Cr.

6)The club records for the dancing club showed opening outstanding subscriptions of 430, subscriptions paid in advance of 350, subscriptions received during the year amounted to 1,450 and at the year-end there were subscriptions due of 230 and 100 paid in advance for the next year. The amount of subscriptions to be credited to the income and expenditure account for the year would be:

a)1,500

b)1,660

c)1,400

d)1,530

7)A business owner pays for travel of 3,400 with the business credit card, of which 700 relates to private travel. The transaction was recorded in the books as a credit on the bank account for 4,300 and a debit to travel expenses of 3,400. The entries required to correct this entry are:

a)Dr Travel Expenses 700, Dr Bank 900, Cr Drawings 700, and Cr Suspense 900.

b)Dr Drawings 700, Dr Bank 3,400, Cr Travel Expenses 700, and Cr Suspense 3,400.

c)Dr Suspense 700, Dr Bank 900, Cr Travel Expenses 700, and Cr Drawings 900.

d)Dr Drawings 700, Dr Bank 900, Cr Travel Expenses 700, and Cr Suspense 900.

8)A receipt of 1,000 from A Grog was only credited to A Grog's debtor account.

A credit sale of 1,500 was debited to B Cross debtor's account and also debited to the sales account. The opening balance b/d on the suspense account would be:

a)3,000 Dr.

b)3,000 Cr.

c)1,000 Cr.

d)2,000 Cr.

9)The following information has been provided:

Opening balance per VAT account 2,600 (Credit).

Sales on credit to customers 35,000 (plus 23% VAT).

Purchases on credit from suppliers 14,300 (including VAT at 23%).

Purchases of equipment for 50,000 (plus VAT at 23%) but VAT is NOT reclaimable.

Payment of VAT 2,750.

What is the balance brought down (b/d) in the next period on the VAT account after accounting for the above information (Note: figures are rounded to the nearest Euro).

a)5,526 Dr.

b)5,226 Cr.

c)2,626 Cr.

d)10,726 Cr.

10)Which one of the following adjustments would not have an impact on profit:

a)Sales on credit to customer B Corn were accidently posted to the customer C Born's debtor's account. A correct posting was made to the sales account.

b)Discount allowed was credited to the customer's account but was not debited to the discount allowed account.

c)The business owner took goods worth 2,000 from stores for private use. No entries were made in the books.

d)Sundry expenses of 370 were completely omitted from the accounts.

11)Roger is paid 40,000 per annum and started work on 01.01.19 and his payroll details are as follows:

Income tax rates: 20% on the first 35,300 and 40% thereafter.

Annual tax credits: 3,300

Employee PRSI: 4%

What is Roger's take home pay? (Note: figures are rounded to the nearest Euro).

a)31,820

b)32,760

c)31,652

d)34,360

12)The following partnership information has been provided for Lisa and Mary:

Profit before appropriations: 135,000

Salaries: L 45,000 M 35,000

Capital L: 40,000 M 30,000

Drawings L: 5,000 M 3,000

Profit sharing ratio: L 60% M 40%

Interest on capital 5% and interest on drawings 10%

The share of profits after appropriations are:

a)L: 33,480M: 22,320

b)L: 30,900M: 20,600

c)L: 30,420M: 20,280

L: 31,380M: 20,920