单选题-BackgroundSarawastoobusytoattendtheinventorycountheldon30September20X8.Itwasfinnallyfinishedon30ctober20X8andvaluedtheclosinginventoryatitscostof$8,900.Between30September20X8and30ctober20W8Saraboughtmaterialandthreadcosting$142andsolddressescosting$254for$570.Furthermore,Saradiscoveredthataclassofinventoryitemsatacostof$2,000onlyhadanetrealisablevalueof$1,400.Sarahasnotpostedtheclosinginventoryfortheyear.Additionalinformationisalsoprovidedthroughoutthequestion.
问答题 Golden has a profit of $30,000 for the year ended 31 December 20X7 without recording the following items.
Irrecoverable debts of $500.
Opening allowance for receivables at l January 20X7 was $2,400.
The closing allowance needs to be adjusted to $5,300.
A $400 invoice previously recognised as doubtful debts turn out to be irrecoverable.
What is the net profit for the year ended 31 December 20X7 after adjusting for these items? ______
问答题 Sunny Co had 2,000 units of inventory inwards to their warehouse, the cost details are listed:
Purchase price: $6 per unit
Non-refundable import tax: 300
Carriage inwards: $600
Carriage outwards: $750
Trade discount: 5% of purchase price
Cost to sell: $500
What is the cost of inventory according to IAS 2 Inventories? ______
问答题 William's trial balance at 30 September 20X5 included the following balances. Trade receivables $75,943, Receivables allowance $4,751.
How should these balances be reported in William's statement of financial position as at 30 September 20X5? ______
问答题 In respect of directors' responsibilities, which of the following statements is true or false? ______
(1)Internal control system should be designed by external experts.
(2)It is the directors' responsibility to prepare the financial statements each year.
问答题 The following undetected errors have been made when preparing the trial balance for XYZ.
(1)Purchases of materials for $2,125 have been debited to both the purchases account and the trade payables account.
(2)A loan of $4,000 was correctly credited to the loan account but no other entry was made.
What entry for suspense account should be made to balance the trial balance? ______
问答题 Jack prepares his account at the year end at 31 December 20X6. On 1 January 20X6, the amount prepaid for rent was $360. During the year, he paid the rent for $3,600 in cash, excluding an accrual of $420.
What's amount should be in the statement of profit or loss for the year end 31 December 20X6 for rent expense? ______
问答题 On 31 December 20X8, a fire in a company's offices destroyed various accounting records. The accounting staff were able to piece together the following information from the undamaged records.
(1)Inventories held at 1 January 20X8 were $56,000.
(2)Purchase made from l January 20X8 until the date of the fire were $79,400.
(3)Inventories held at the date of the fire were $34,600.
(4)All sales were made at a gross profit margin of 30%.
What was the sales revenue for the period from l January 20X8 until 31 December 20X8?
$______
问答题 The balance on the receivable account at 1 October is $4,000. The total of the sales day book for October is $1,600. The cash receipts book contains total receipts from customers of $3,500 included in the total receipts was $1,000 received from cash sales. It also contains a contra to the payable ledger of $400. The remainder of the receipts were from credit customers.
What should be the balance on the receivable account at 31 October? ______
问答题 Golden bought a machine on 1 May 20X5 at the price of $22,000, and its expected useful life is 5 years. The estimated residual value at the end of the useful life is $1,500.
Golden charges depreciation of machinery on a straight line basis with a proportional charge in the years of acquisition and disposal.
On 1 August 20X7 the machine was disposed of and made a loss of $3,000. The business has a year end of 31 December.
What was the disposal proceeds of the machine? ______
问答题 Alisa has purchased goods with a list price of $15,000 from Ryan on credit. Ryan has offered a discount of 10% if Alisa pays cash within 10 days of purchase. At the date of sale, Ryan expected that Alisa will take the discount. Alisa paid 6 days after the purchase.
What is the correct journal entry to record the cash received by Ryan? ______
问答题TheinventoryrecordsofSuperCofortheyearend20X8hadbeendestroyedbyhumanerror.Thefollowinginformationwasobtainedfortheyearended31December20X8.GoldenCoappliesa25%mark-uponallsales.Whatisthevalueofclosinginventoryat31December20X8?$______
问答题 Which of the followings is/are example of the application of the accruals concept? ______
(1)The recording of inventory at the lower of cost and net realisable value.
(2)Revenue earned must be matched against the expenditure incurred in the correct period.
(3)The deduction of closing inventory from purchases and opening inventory in order to calculate cost of sales.
问答题 ABC Co incurred following expenses for the year ended 31 December 20X7.
(1)$20,200 for the year's insurance cover running from 1 April 20X7.
(2)On 20 February 20X8 it received an invoice for $4,800, covering electricity for the period from 1 December 20X7 to 31 January 20X8.
(3)An agreed accountant fee of $3,600 to prepare the accounts for 20X7, $1,200 was paid in August 20X7 and the remainder was due to be paid in February 20X8.
What will be the net effect of the adjustment for accruals and prepayments on ABC Co's profit for the ended 31 December 20X7? ______
问答题 Lucy has the following inventory at cost.
(1)Cups $580
(2)Glasses $670
(3)Crockery $425
The following information has been discovered.
(1)The cups have a selling price of $600.
(2)The glasses had been damaged and now have net realisable value of $640.
(3)The crockery can be sold for $500 if it could be repaired at a total cost of $55 since there was a little damage.
What should be the value included for total inventory in Lucy's statement of financial position?
$______
问答题Thefollowingaccrualhasbeenprepared.ReceivablesledgercontrolaccountWhatwouldbethebalanceontheaccountsreceivablecontrolaccountafteranynecessarycorrections?$______
问答题 Golden Co has two projects. Project A is an exploratory investigation of the effects of heat on the activity of pain-killers. Project B has developed a new heart-disease drug, which is due to be profitably launched in six months.
Are the following statements true or false?
True
False
(1) Costs relating to Project B should be written off as incurred
(2) Project A is a research project
问答题 Vila Co has a year end of 31 December 20X8 and its financial statements were authorised for issue on 15 February 20X9.
On 5 January 20X9 some items of inventory, which had been valued at cost of $60,000, were sold for $45,000.
On 2 February 20X9, there was a customer who was bankrupt and Vila Co expected that there would be an irrecoverable debt of $10,000.
On 10 January 20X9, a fire in the warehouse destroyed inventory which was valued at $35,000.
According to IAS 10 Events After the Reporting Period, what is the decrease in the profit figure for 20X9 as a result of these events?
$______
问答题 Golden acquired a building on 1 April 20X5 for $900,000, when it was estimated to have a useful life of 20 years and no residual value. On 1 April 20X8, it was considered that the estimated useful life could be extended by a further three years but that there would have a residual value of $20,000 at the end of the building's life. The business uses the straight-line method of depreciation for all non-current assets.
What is the depreciation charge for the year ended 31 March 20X9? ______
问答题 Which of the following statements regarding the qualitative characteristics of financial information is FALSE? ______