Verification of accounting records: past paper questions
Real questions on verification of accounting records
The newest 20 of 60 written questions, plus 164 multiple-choice. Open one to see it on the real paper.
- 7707/22 · October/November 2025 · Q1b[5]
Prepare a bank reconciliation statement at 31 March 2025. Zac Bank reconciliation at 31 March 2025 $ $ Currently, Zac completes a bank reconciliation statement twice every year but is now considering completing one every three months. REQUIRED
See it on the paper → - 7707/22 · October/November 2025 · Q1c[5]
Advise Zac whether he should be completing a bank reconciliation statement every three months. Justify your answer by considering advantages and disadvantages of doing so.
See it on the paper → - 7707/22 · October/November 2025 · Q2a(i)[1]
Name the account that Jaya would need to open to enable her trial balance totals to agree.
See it on the paper → - 7707/22 · October/November 2025 · Q2a(ii)[1]
State the primary purpose of this account. Jaya later discovered the following five errors: No entry had been made for distribution costs of $320 paid by bank transfer. 2 Closing inventory had been recorded as $12 200 instead of $12 900. 3 Purchases returns of $95 had been correctly entered in the credit supplier’s acc...
See it on the paper → - 7707/22 · October/November 2025 · Q2b[9]
Prepare the journal entries to correct errors 1 to 5. Narratives are not required. Jaya Journal Error number Details Debit $ Credit $
See it on the paper → - 7707/22 · October/November 2025 · Q2c[2]
Name two types of error that will not be revealed by the trial balance.
See it on the paper → - 7707/22 · October/November 2025 · Q2d[7]
Complete the table by entering the amount by which Jaya’s profit for the year would be overstated or understated if each error is left uncorrected. If an error has no effect on profit, enter zero (0) in the ‘no effect’ box. Error 1 has been completed as an example. Profit for the year Error Overstated $ 1 Understated $...
See it on the paper → - 7707/21 · May/June 2025 · Q3a[11]
Entries required to correct the error Error Debit Account Credit $ 425 Account Purchases $ A payment for wages, $425, had been debited to the purchases account. Wages 425 Discount allowed, $19, had been credited to the discount allowed account. The total of the sales journal for April 2025 was undercast by $100. A bank...
See it on the paper → - 7707/21 · May/June 2025 · Q3b[4]
Prepare the suspense account at 30 April 2025. Nabil Suspense account Date Details $ Date Details $ Nabil’s cash at bank balance before the errors were discovered was $935. REQUIRED
See it on the paper → - 7707/21 · May/June 2025 · Q3c[4]
Calculate Nabil’s bank balance at 30 April 2025 after the errors in the table in part (a) have been corrected.
See it on the paper → - 7707/21 · May/June 2025 · Q3d[1]
State one use of a bank statement.
See it on the paper → - 7707/22 · May/June 2025 · Q1b[3]
Calculate the amount for the bank balance which Kadima would show in his statement of financial position at 31 March 2025. Kadima is considering stopping using cash and cheques in his business. All payments would be made directly from the bank account and all customers would be required to pay by bank transfer. He woul...
See it on the paper → - 7707/23 · October/November 2024 · Q1b[5]
Prepare a bank reconciliation statement at 29 February 2024. Start with the balance from Jenny’s bank statement. Jenny Bank reconciliation at 29 February 2024 $ $
See it on the paper → - 7707/23 · October/November 2024 · Q1c[2]
Suggest two advantages of preparing a bank reconciliation statement.
See it on the paper → - 7707/23 · October/November 2024 · Q3a[10]
Prepare the journal entries on page 11 required to correct errors 1 to 5. Narratives are not required. Natalie Journal Error number Details Debit $ Credit $
See it on the paper → - 7707/23 · October/November 2024 · Q3b[3]
Prepare the suspense account at 31 March 2024. Natalie Suspense Account Date Details $ Date Details $
See it on the paper → - 7707/23 · October/November 2024 · Q3c[2]
Complete the table by identifying the type of errors that occurred in errors 4 and 5. Error Number Error type Error 4 Error 5
See it on the paper → - 7707/23 · October/November 2024 · Q3d[5]
Complete the table below by placing a tick (3) in the appropriate column to indicate the effect on the profit for the year after correcting each of the errors. Effect on profit Error Number decrease increase no effect Error 1 Error 2 Error 4 Error 5 Error 3
See it on the paper → - 7707/21 · May/June 2024 · Q2a[11]
Prepare the journal entries required to correct these five errors. Narratives are not required. Paul Journal Error number Details Debit $ Credit $
See it on the paper → - 7707/21 · May/June 2024 · Q2b[4]
Calculate the corrected bank balance at 31 March 2024. $ Original cash at bank balance per draft financial statements 3290 Bank balance after correcting errors
See it on the paper →
What examiners said
The importance of amending incorrect transactions through the journal is fundamental to manual and computerised bookkeeping systems. The majority of candidates would achieve one mark for one of the returns figures, sales journal was frequently used instead of the account name and error three was shown as debit $81 and credit $18. Error four was often incorrectly shown to petty cash instead of to C...
— Examiner report, October/November 2023, 7707/22 Q4(a) (Cambridge)
The suspense account linked to the error corrections in part (a) showed improvement on previous examinations. The tendency to include all of the errors is less frequent but, even so, the initial example given in the paper for rent and wages of $350 would appear. The difference arrived at by balancing off the suspense account should be labelled correctly, and it is not a balance b/d and will only a...
— Examiner report, October/November 2023, 7707/22 Q4(b) (Cambridge)
This question proved to be rather difficult for many candidates and many incorrectly attempted to prepare a bank reconciliation statement. A calculation of the correct bank balance was required. This could have been done using the bank statement balance and adjusting for the outstanding lodgement and the bank error. Alternatively, the balance brought down on the cash book could have been used and...
— Examiner report, October/November 2023, 7707/23 Q1(c) (Cambridge)
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