单选题 -Background
   
问答题     -Task 1
    What is the value of closing inventory?
    $______
 
【正确答案】8,412
【答案解析】9月30日的存货金额 $8,412 加上新买的 $142 减去卖掉的 $(254) 10月3日减值之后的资产 $8,900-($2,000-$1,400)
问答题     -Task 2
    Select the correct option for each row to show the journal entry to post closing inventory.
  Debit Credit
Profit for the year    
Inventory    
The bank overdraft balance is close to the maximum limit. To ensure she did not exceed the limit Sara offered a 5% early settlement discount to Nancy, a credit customer who owed $4,000 to collect payment. The discount was offered after the invoice first issued. On 29 September 20X8, Nancy paid the balance due, utilising the discount.
 
【正确答案】Dr Inventory Cr Profit for the year
【答案解析】这是基于定期盘存制下的存货结转，在定期盘存制下，我们假设期初存货和当期买进来的存货都是能够卖出去的，但是实际上期末的时候还有没卖出的存货，这部分是需要从存货的成本里结转出来的，所以应该是： Dr Closing inventory Cr Cost of sales 期末存货结转的分录是： Dr Closing inventory Cr Profit for the year
问答题     -Task 3
    How much cash did Sara receive from Nancy?
    $______
 
【正确答案】3,800
【答案解析】因为客户采用了现金折扣，所以实际收到的钱是： 4,000×(1-5%)=$3,800 买家会计分录为： Dr Trade payable $4,000 Cr Cash $3,800 Cr Discount received $200 卖家会计分录为： Dr Sales $200 Cr Trade receivables $200
问答题     -Task 4
    What adjustment does Sara now need to make in order to record the discount taken by Nancy?
    Select the correct option for each row.
  Debit Credit No adjustment required
Revenue for the year ended 30
September 		     
Suspense      
Receivables      
 
【正确答案】Debit Credit No adjustment required Revenue for the year ended 30 September √ Suspense √ Receivables √
【答案解析】在TB中Debit方有$200的balance，就表明已经记录了Credit，但是没有记录Debit，所以分录是： Dr Sales $200 Cr Suspense account $200
问答题     -Task 5
    The following information is also provided:
    (1)Property is depreciated straight line over its useful life of 50 years and equipment is depreciated at 20% on a reducing balance. Depreciation is yet to be posted for the year.
    (2)The bank loan is repayable over a remaining term of four years. All interest for the year end 20X8 has been paid and posted within the relevant general ledger accounts.
    (3)On 1 April 20X8, Sara paid her insurance of $1,000 for the year ended 31 March 20X9. She has recorded the payment within the relevant general ledger accounts.
    (4)On 15 October 20X8, Sara received a heat and light bill of $380 for the quarter ended 31 0ctober 20X8.
    Prepare the statement of financial position as at 30 September 20X8 by filling the gaps for headings and figures, or selecting calculation as required.
Statement of financial position of Sara as at 30 September 20X8
Non-current assets $
Property  
Equipment ______
Current assets ______
Trade receivables  
Inventory ______
Prepayment ______
Total assets ______
Total capital and liabilities ______
Capital ______
Non-current liabilities  
Bank loan ______
Current liabilities  
Bank overdraft ______
Payables ______
Accruals ______
Total liabilities and capital ______

 
【正确答案】Statement of financial position of Sara as at 30 September 20X8 $ Non-current assets Property　　　　　　　　80,000-17,500-1,600 60,900 Equipment　　　　　　　6,000-600-1,080 4,320 Current assets Trade receivables　　　　18,048-3,800 14,248 Inventory 8,412 Prepayment 500 Total assets 88,380 Total capital and liabilities Capital　　　　　　　　　45,540+9,941-1,600dep-1,0 80dep-200suspense 　　　　　　 　　　　　account-accrual 253+prepayment 500+8,412 closing　inventory 61,260 Non-current liabilities Bank loan 12,000 Current liabilities Bank overdraft　　　　　5,364-3,800 1,564 Payables 13,303 Accruals 253 Total liabilities and capital 88,380
【答案解析】Workings: (1)Depreciation Property Dep=80,000/50=$1,600 Carry amount=$60,900 Equipment Dep=(6,000-600)×20%=$1,080 Carry amount=$4,320 (2)Accrual and prepayment Dr Prepayment $500 Cr Insurance expense $500 提前支付了下一年6个月的费用，所以属于Prepayment。 (3)Light bill Dr Heat expense (380×2/3)$253 Cr Accrual $253 本年有8月、9月这两个月的费用没有支付，所以属于Accrual。