问答题 Which TWO of the following statements about directors responsibilities are correct? ______
问答题 Which of the following statements about a debit note is correct? ______
问答题 Are the following statements about directors true or false?
True
False
(1) Directors are responsible for preparing financial statements unless the company requires an annul audit and then the responsibility is shared with the auditors
(2) Directors are responsible for the preparation of financial statements, even if the majority of the work on them is performed by the finance department
问答题 Deval purchases all goods on credit and is currently preparing its financial statements for the year ended 31 December 20X8. From the records that have been kept the following information is available.
(1)Trade payables at the start of the year were $97,800.
(2)Trade payables at the end of the year were $109,900.
(3)Cash paid to credit suppliers was $86,300 for the year.
(4)Settlement discounts received from credit suppliers were $2,600.
Deval's inventory records also show that inventory at the start of the year amounted to $46,800 and at the end of the year was $24,400.
What was the cost of goods sold for the year?
$______
问答题 Jason is a sole trader in electric components.
At the start of the year, his net assets were amount to $35,600. During the period, he introduced new capital of $14,000 and made a profit of $3,500.
At the end of the year, his total assets were amount to $40,000 and total liabilities were $10,000.
How much did he withdraw during the period?
$______
问答题 Whether the following costs should be capitalised as an intangible asset or recognised as expense in accordance with IAS 38 Intangible Assets?
Expensed
Capitalised
(1) Market research into a new market
(2) A license purchased to broadcast a television series
(3) Testing a new process which will create efficiency savings once implemented
(4) Advertising the launch of a new product
问答题 Kelly operates a petty cash system. During the current month Kelly had the following petty cash transactions: ______
$
Purchase of small office suppliers
120
Cleaning fee
10
Cash repaid by employee for travelling expenses
25
The agreed cash float is $600, what amount should be paid into the petty cash?
$______
问答题 Jimmy is reconciling his payable control account to the list of individual payable balances in his payable ledger.
Which TWO of the following errors could account for the difference between payable ledger control account and the list of individual balances? ______
问答题CurryCoisdevelopingprojectA,whichhadabalanceof$750,000onthecapitaliseddevelopmentexpenditureaccountat1July20X6.Duringtheyear,CurryalsostartedaresearchrelatingtoprojectB,expensesoccurredtodatewas$35,000.CommercialproductionofprojectAcommencedon1November20X7andlikelysalesoftheproductwereestimatedtobemadeoverthenextfiveyears.Whatistheresearchanddevelopmentshowninthefinancialstatementfortheyearended31December20X7?______StatementintheprofitorlossStatementoffinancialposition
问答题 A business began operations with $600 in the cash till. During the first year, all sales were cash sales and $30,000 was banked. Before making any banking, sundry expenses of $500 per mouth were paid from the cash till and the owner also withdrew $200 per month from cash till for living expense. The cash in the till at the year end was $200.
What is the cash sales figure for the year of operations?
$______
问答题 Maya had the following transactions related to sales this month.
(1)Credit sales and cash sales were $8,500 and $4,500 respectively.
(2)Cash received from credit customer of $5,500.
(3)Irrecoverable debt of $350 were written off.
What figure should be reported for receivable this month? ______
问答题 Sales (excluding sales tax) amounted to $2,500, and purchases (including sales tax) amounted to $1,800.
What is the balance on the sales tax account, assuming all items are subject to sales tax at 20%?
$______ Debit/Credit
问答题 Darwin purchased some raw materials from a supplier at a price of $3,000. He then converted these raw materials into finished goods through a process that costs $1,500, including $1,000 direct labour and attributable overhead of $500. After the production finished, he sold these finished goods and incurred cost of sell for $800.
What is the value of the finished goods that should be carried out in Darwin's financial statement?
$______
问答题ThefollowingfiguresaresummaryofGolden'scalculationsusedtopreparetheirstatementofcashflows:Whatfigureshouldcashflowsfromfinancingactivitiesbe?$______
问答题Jeremy,asoletrader,hadthefollowingassetsandliabilitiesatthebeginningandattheendofthisfinancialyear.Totaldrawingsduringtheyearwas$270.WhatwasJeremy'sprofitorlossfortheyear?______
问答题 Lucy had written off the balance owed to her by Wendy in the previous financial year. During the current year, Wendy paid the debt in full.
How would this payment be recorded by Lucy? ______
问答题 Which of the following items are books of prime entry? ______
(1)Sales day book.
(2)Cash book.
(3)Purchase ledger.
(4)The purchase returns day book.
问答题 Emma sold goods on Credit for $440 including sales tax of 10%.
How should this transaction be recorded in Emma's account? ______
问答题 In accordance with IAS 2 Inventories, what is the definition of net realisable value? ______
问答题XCosellsgoodswithaoneyearwarrantyandhadrecognisedaprovisionforwarrantyclaimsof$64,000at31December20X0.Duringtheyearended31December20X1,$25,000inclaimswerepaidtocustomers.On31December20X1,XCoestimatedthatthefollowingclaimswillbepaidinthefollowingyear.WhatamountshouldXCorecordinthestatementofprofitorlossfortheyearended31December20X1inrespectoftheprovision?______