问答题 In accordance with IAS 37 Provisions, Contingent Liability and Contingent Assets, which of the following items would require a provision in the financial statements? ______
(1)A compensation claim against the company by an employee which the legal adviser believes the employee's probable to win.
(2)New health and safety legislation may require the company to incur future expenditure.
问答题 Catherine sells goods costing $8,000 on Credit. The customer found the goods costing $600 were faulty and required to return them back.
Which of the following double entry correctly records the sales return of $600? ______
问答题 In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, are the following statements true or false? ______
(1)A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made.
(2)If a provision is for a single item, it should equate to an amount that reflects the best estimate of the expenditure.
问答题 Golden Co keeps its method of inventory valuation unchanged for many years.
Which accounting concept is adopted by Golden Co? ______
问答题 Whisky made a purchase of $6,000 on credit. After receiving those inventory, $400 of the goods were found to be damaged during the delivery and Whisky returned them to the supplier immediately.
What is the correct entry relating to the purchase return? ______
问答题 IAS 16 Property, Plant and Equipment requires that companies depreciate tangible non-current assets over their useful lifes.
Which accounting concept does this requirement demonstrate? ______
问答题Thefollowingfiguresrelatetocreditpurchasesandtradepayablesofacompanyduringtheyearto31December20X8:Whatshouldbethecreditpurchasesfigure?______
问答题 ABC purchased 1,000 units of inventory with the following cost details. Purchase price $5 per unit.
Non-recoverable import tax $500.
Recoverable sales tax $300.
Carriage inwards $1,000.
Trade discount 5% of purchase price.
Selling costs 3% of purchase price.
What is the cost of the inventory according to IAS 2 Inventories?
$______
问答题 Which of the following statements about the trial balance is/are true? ______
(1)A trial balance is not necessary if control account reconciliations are performed.
(2)If the trial balance agrees then it is unlikely that there are any major errors in the underlying accounting records.
(3)A closing credit balance on the cash ledger account is shown under the debit column of the trial balance.
问答题 Abby recorded the motor car as motor expense by $3,200.
How will Abby's profit for the year and net assets at the year ended be affected by this? ______
问答题 Golden company had the following transactions in October 20X7.
Sales during October
Cash $5,800 (including sales tax of $270)
Credit $7,350 (including sales tax of $888)
Interest income $1,200
Cash received for sales made in September $5,215 (including sales tax of $583)
What revenue income should Golden report for October? ______
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