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.
问答题 Green was performing inventory valuation at the end of Green Co's financial year. Inventory was carried out at $45,350 in the drafted statement of financial position. However, he found that 1,500 units of inventory was damaged by fire which had originally cost $5 per unit. Currently, the damaged goods need to be repaired at a cost of $2 per unit before resale. The market price of those goods is $8 per unit and there will be $500 expense incurred to sell them.
What amount should be shown in the financial statement relating to inventory?
$______
问答题 A business sold goods with a list price of $24,000 to a credit customer. The customer is entitled to a trade discount of 5% and also to a further 2.5% discount if payment is made within ten days after the invoice date. Customer was expected to take the discount at the point when the sale was made.
What amount should be credited to the revenue in the SPL? ______
问答题 Emma purchased a building five years ago for $80,000. Its useful life was estimated to be 25 years. At the start of year 6, it was decided to revalue the building to its current market value of $200,000. Emma completed an annual transfer of excess depreciation between revaluation reserve and retained earning as allowed by accounting standards.
What is the amount of the reserve transfer?
$______
问答题 Andrew is analyzing his accounts for the year ended 31 May 20X0. He has not yet made adjustments for the following.
(1)Electricity expenses for the three months to 31 May 20X0 are estimated to be $250.
(2)Insurance of $528 for the 12 months to 31 December 20X0 was paid on 1 January 20X0.
What is the net impact on profit when the appropriate adjustments are made? ______
问答题DPLCopurchasedanequipmentforbothbusinessuseandprivateuse.Theinvoiceisshowedasbelow.Note:onlywhentheassetis100%forbusinessuse,thesalestaxisrecoverable.DPLCoalsoincurreddeliverycostsof$1,460,sitepreparationcostsof$3,680andstafftrainingcostsof$800.Whatamountshouldberecognisedonthestatementoffinancialpositionfortheequipment?______
问答题 ABC Co purchased a building for $900,000 On 1 January 20X2 (of which land cost $400,000) with an expected useful life of 50 years. Depreciation is charged on a straight line basis On 1 January 20X5, the land and buildings were revalued to $1,800,000 (including land of $600,000).
How much should be recorded in the revaluation reserve at 1 January 20X5 in respect of the land and building? ______
问答题 Banna Co has non-current assets with a cost of $3,800,000 at the start of 20X6.
During the year the following transactions took place.
(1)Non-current assets with a cost of $484,000 were purchased.
(2)Assets costing $250,000 were sold for $120,000.
(3)A building which had cost of $600,000 and had a carrying amount of $450,000 was revalued to $800,000.
What is the balance on the non-current assets cost or valuation account at 31 December 20X6? ______
问答题 Rachkit had a receivables allowance of $50,000 at 31 December 20X7. At 31 December 20X8 trade receivables totaled $970,000. It has been decided to write off debts totaling $10,000 and to adjust the allowance for receivable to 10% of trade receivables at 31 December 20X8,
What figure should appear for trade receivables in the statement of financial position as at 31 December 20X8?
$______
问答题 At the end of the month the following balances are extracted from the day books.
Opening payables balance
$4,600
Purchase day book
$13,500
Purchase return day book
$550
Cash payment
$13,450
Trade discount received
$210
Contra with receivables
$450
What is the balance on the accounts payables control account at the end of the month?
$______