1
AIPB MASTERING CORRECTIONS OF ACCOUNTING EXAM
NEWEST VERSION -2025/2026- 100+ QUESTIONS AND
VERIFIED ANSWERS 100% CORRECT GUARANTEED SUCCESS
Using the following information to answer questions 6-8. You are doing a bank
reconciliation for May
20X1. You have a $2,785.00 unadjusted ledger cash balance and the following
data:
Outstanding checks: No. 719, $200, No. 727 $800, No. 732, $625
Deposits in transit, $1,200
Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550
NSF check from a customer, $500
Bank service charge for May, $5
Balance per bank statement, $2,750
InCo. recorded a customer's $20,000 check as a $20,000 debit to Cash and as a
$2,000 credit to Accounts Receivable. This is an example of ....
a. an oversight
b. an incorrect account classification
c. a transposition error
d. a slide error
d. a slide error
During a bank reconciliation, a deposit recorded by the bank but not in the
company's ledger Cash account is ...
, 2
a. added to both the bank balance and the ledger Cash account balance
b. added to the ledger Cash account balance only
c. added to the bank balance only
d. subtracted from the bank balance and added to the ledger Cash account
balance
b. added to the ledger Cash account balance only
The bank statement balance of $7,000 does not include a check outstanding of
$1,000, a deposit in transit of $275, and another company's $250 check
erroneously charged against your firm's account The reconciled bank balance is:
a.$6,375
b.$6,580
c.$6,525
d. $6,570
c.$6,525
What dollar amount should be deducted from the balance per bank statement?
a. $1,425 b. $1,625 c. $505 d. $2,125
c. $505
What dollar amount should be deducted from the balance per books?
a. $460 b. $505 c. $550 d. $1,625
a. $460
, 3
What adjustment will you need to make to company books?
a. a net decrease in Cash of $550
b. a net decrease in Cash of $505
c. a net decrease in Cash of $460
d. a net increase in Cash of $45
c. a net decrease in Cash of $460
Which of the following errors would not be revealed by the trial balance?
a. a sale debited to Accounts Receivable for $500 and credited to Sales for $50
b. a rent check debited to Rent Expense for $975 and credited to Cash for $795
c. collection of a receivable debited to Cash for $300 and credited to Accounts
Payable for $300
d. payment of an account debited to Accounts Payable for $1,000 and debited to
Cash for $1,000
c. collection of a receivable debited to Cash for $300 and credited to Accounts
Payable for $300
Which account should not appear on a post-closing trail balance?
a. Sales
b. Retained Earnings
c. Accumulated Depreciation
d. Discount on Bonds Payable
a. Sales
Which of these errors is easiest to find and correct?
AIPB MASTERING CORRECTIONS OF ACCOUNTING EXAM
NEWEST VERSION -2025/2026- 100+ QUESTIONS AND
VERIFIED ANSWERS 100% CORRECT GUARANTEED SUCCESS
Using the following information to answer questions 6-8. You are doing a bank
reconciliation for May
20X1. You have a $2,785.00 unadjusted ledger cash balance and the following
data:
Outstanding checks: No. 719, $200, No. 727 $800, No. 732, $625
Deposits in transit, $1,200
Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550
NSF check from a customer, $500
Bank service charge for May, $5
Balance per bank statement, $2,750
InCo. recorded a customer's $20,000 check as a $20,000 debit to Cash and as a
$2,000 credit to Accounts Receivable. This is an example of ....
a. an oversight
b. an incorrect account classification
c. a transposition error
d. a slide error
d. a slide error
During a bank reconciliation, a deposit recorded by the bank but not in the
company's ledger Cash account is ...
, 2
a. added to both the bank balance and the ledger Cash account balance
b. added to the ledger Cash account balance only
c. added to the bank balance only
d. subtracted from the bank balance and added to the ledger Cash account
balance
b. added to the ledger Cash account balance only
The bank statement balance of $7,000 does not include a check outstanding of
$1,000, a deposit in transit of $275, and another company's $250 check
erroneously charged against your firm's account The reconciled bank balance is:
a.$6,375
b.$6,580
c.$6,525
d. $6,570
c.$6,525
What dollar amount should be deducted from the balance per bank statement?
a. $1,425 b. $1,625 c. $505 d. $2,125
c. $505
What dollar amount should be deducted from the balance per books?
a. $460 b. $505 c. $550 d. $1,625
a. $460
, 3
What adjustment will you need to make to company books?
a. a net decrease in Cash of $550
b. a net decrease in Cash of $505
c. a net decrease in Cash of $460
d. a net increase in Cash of $45
c. a net decrease in Cash of $460
Which of the following errors would not be revealed by the trial balance?
a. a sale debited to Accounts Receivable for $500 and credited to Sales for $50
b. a rent check debited to Rent Expense for $975 and credited to Cash for $795
c. collection of a receivable debited to Cash for $300 and credited to Accounts
Payable for $300
d. payment of an account debited to Accounts Payable for $1,000 and debited to
Cash for $1,000
c. collection of a receivable debited to Cash for $300 and credited to Accounts
Payable for $300
Which account should not appear on a post-closing trail balance?
a. Sales
b. Retained Earnings
c. Accumulated Depreciation
d. Discount on Bonds Payable
a. Sales
Which of these errors is easiest to find and correct?
