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Which one of the following statements best describes the usefulness of the income statement account of a company:
Which one of the following statements best describes the usefulness of the income statement account of a company:A . To evaluate its profitability over the past yearB . To assess its potential profitability for the coming yearC . To assess management performance over the past yearD . To evaluate the...
CORRECT TEXT
CORRECT TEXT Refer to the Exhibit. The following information is available relating to the non-current assets of Company X: Non-current assets that had originally cost $225,000 and had a carrying value of $105,000 were sold during the year. The figure for purchases of non-current assets to be shown in the...
Where in the current period financial statements would the revaluation surplus appear?
An entity decides to revalue its freehold property during the current period creating a revaluation surplus. Where in the current period financial statements would the revaluation surplus appear?A . Statement of financial position and statement of changes in equityB . Statement of changes in equity and statement of cash flowC...
Which ONE of the following is a possible explanation for a debit balance on the purchase ledger account of a supplier?
Which ONE of the following is a possible explanation for a debit balance on the purchase ledger account of a supplier? (i) An invoice has been posted twice (ii) A credit note has been posted twice (iii) A payment has been recorded against the wrong supplier account (iv) A payment...
Which of the following is the dual effect?
Refer to the Exhibit. A business banks its takings for the week. The bank account at the start of the week shows an overdraft Which of the following is the dual effect?A . AB . BC . CD . DView AnswerAnswer: C
CORRECT TEXT
CORRECT TEXT Refer to the exhibit. The following is an extract from the trial balance of a business for its most recent year: Net profit before tax has already been calculated as being £27m. Income tax of £5m is to be provided, and a final dividend of 30p per share...
The balance on LMN's cash account at 31 December 20X6 is $108,000 (debit) On performing the monthly bank reconciliation the following is discovered.
The balance on LMN's cash account at 31 December 20X6 is $108,000 (debit) On performing the monthly bank reconciliation the following is discovered. • a payment of $2,000 made to a supplier has not yet appeared on the bank statement, • an automated receipt from a customer for $5,000 has...
Which are debit and which are credit balances?
DRAG DROP FGH has extracted its trial balance from its nominal ledger for the year ended 31 March 20X6. The items below have a value greater than SNil. Which are debit and which are credit balances? View AnswerAnswer:
What must the balance on the share capital account be at 31 May 20X4 if the trial balance is to balance?
CORRECT TEXT The balances of the trial balance of CDE for the year ended 31 May 20X4 is as follows What must the balance on the share capital account be at 31 May 20X4 if the trial balance is to balance? Give your answer in $’000 View AnswerAnswer: $26280
At the end of the year, the non-current asset register showed assets with a net book value of £170,300. The non-current asset accounts in the nominal ledger showed a net book value of £150,300.
At the end of the year, the non-current asset register showed assets with a net book value of £170,300. The non-current asset accounts in the nominal ledger showed a net book value of £150,300. The difference could be due to a disposed asset not having been removed from the non-current...
