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?
$______
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? ______