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? ______
问答题 Marvel Co owns a patent which was purchased in the prior year for $50,000. It has an estimated useful life of five years and the company's policy is to charge amortisation expense on a reducing balance basis.
Which four of the following information must be disclosed in respect of the patent in accordance with IAS 38 Intangible Assets? ______
(1)A reconciliation of carrying amount at the beginning and end of the period.
(2)The accumulated amortisation at the beginning and end of the period.
(3)The name of the patent.
(4)The amortisation expense for the period.
(5)How the brand will be used in the business.
(6)The useful life of the patent.
问答题 Which of the following should be included in the debit side of a petty cash book? ______
问答题 Which of the following are characteristics of a limited liability company? ______
(1)There are two or more owners who work in the business and share the profits between them by agreement.
(2)The owner or owners hold shares in the business which entitle them to vote at general meetings.
(3)The business is recognised in law as a separate legal entity to its owners.
问答题 Tommuy's payable control account contains the following entries in the year ended 31 May 20X2:
Bank payments $75,600
Credit purchase $82,000
Return outwards $4,200
Discount received $500
Contra $1,500
Closing balance at 31 May 20X2 $12,500
There were no other entries in the account.
What was the opening balance at 30 April 20X1?
$______
问答题 Which one of the following is not correct about user groups and their needs in financial statements? ______
问答题 Susan is a sole trader and her business has annual revenue in excess of $1 million.
In July 20X6, Susan discovered that an invoice for $15 had been omitted in error from the financial statements for the year ended 30 June 20X6.
She decided not to amend the financial statements to include the invoice.
In accordance with the IASB's Conceptual Framework, which accounting concept is being demonstrated by Susan? ______
问答题 Which of the following are advantages to the owner of a business operating as an unincorporated business as opposed to an incorporated business? ______
(1)Legal separation of the entity from the owners.
(2)Unlimited liability.
问答题 Which of the following would only appear on the credit side of receivable ledger control account? ______
问答题 According to the IASB's Conceptual Framework Reporting, which of the following accounts are related to the statement of financial position? ______
(1)Prepayment.
(2)Sales.
(3)Depreciation.
(4)Retained earning.
(5)Long-term borrowings.