ACCA Applied Knowledge (BT, MA, FA) · Financial Accounting (FA)

Trial balance, errors and suspense accounts

7 practice questions, each with the answer and an explanation.

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Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.

All 7 questions

  1. The purchase of office equipment for £2,400 was debited to the purchases account. Which type of error is this?
  2. A sales invoice for £750 was posted to the sales account as £570, and a purchase invoice of £180 was posted to purchases as £360, in a way that the two errors exactly offset each other in the trial ba…
  3. A trial balance fails to agree. The total of debit balances is £412,350 and the total of credit balances is £410,950. What entry would be made in the suspense account to balance the trial balance?
  4. A trial balance was out of balance and a suspense account with a debit balance of £250 was opened. The error was later found: a discount received of £250 had been credited to the discount received acc…
  5. A business's draft profit for the year is £54,000. Before finalising, three errors are found: depreciation of £2,000 was omitted; closing inventory was overstated by £1,500; and an accrual of £800 for…
  6. In a sales ledger a customer's balance of £4,570 was transposed to £4,750 when copied into the list of balances used for the control account reconciliation. By how much does the total of the list diff…
  7. The owner of a sole trader business takes goods costing £600 for personal use. What is the double entry?

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