- All Exams Instant Download
Which of the following would result in an increase in the cash balance for the period?
Which of the following would result in an increase in the cash balance for the period? (a) A reduction in inventory (b) A reduction in receivables (c) A reduction in payables (d) A gain on disposal of non-current assetsA . (a) and (b) onlyB . (b) and (c) onlyC ....
How is this compliance emphasized?
The financial statements are produced in accordance with relevant accounting standards. This compliance ensures the requirement of fair presentation of transactions and events is met How is this compliance emphasized?A . Reconciliation proceduresB . Employment of qualified employeesC . Specific disclosureD . Regular preparation of financial statementsView AnswerAnswer: C
Which code would he request for his report?
Refer to the Exhibit. A company has the following chart of accounts: The sales director of the northern region wants to know what the total sales of widgets are for the first quarter of the year. Which code would he request for his report?A . 100B . 800C . 100800D...
What will be the closing balance on the VAT account at the end of the period?
A company that is VAT-registered has sales for the period of $245,000 (excluding VAT) and purchases for the period of $123,375 (including VAT). The opening balance on the VAT account was $18,000 credit. The VAT rate is 17.5%. What will be the closing balance on the VAT account at the...
A trader commenced business with capital of $20,000. At the end of the financial year he had receivables of $10,000, payables of $6,000, inventory of $12,000, cash of $4,000 and non-current assets costing $16,000.
A trader commenced business with capital of $20,000. At the end of the financial year he had receivables of $10,000, payables of $6,000, inventory of $12,000, cash of $4,000 and non-current assets costing $16,000. The profit/loss for the period was:A . $16,000 profitB . $16,000 lossC . $8,000 profitD ....
Which of the following would be the best solution if introduced?
A business has expanded rapidly during the current year. As a result the accounting records have been building up and the management accountant is having problems producing reports for each department head. Which of the following would be the best solution if introduced?A . Extra working hoursB . Accounting codesC...
What is the amount banked at the end of week 2?
Refer to the Exhibit. A sole trader, who only has cash sales, banks all cash receipts above the agreed petty cash float of $400. During week 2 he has the following transactions: What is the amount banked at the end of week 2?A . $25B . $225C . $425D ....
Which ONE of the following shows how this transaction should be recorded in Mr UY's property account?
Mr UY has just had property P re-valued. Mr UY originally purchased property P for £560,000. It is now worth £780,000. Which ONE of the following shows how this transaction should be recorded in Mr UY's property account?A . £220,000 creditB . £220,000 debitC . £780,000 debitD . £780,000 creditView...
Refer to the exhibit.
Refer to the exhibit. A company has the following current assets and liabilities at its most recent year end: When measured against standard acceptable levels for liquidity, the company can be said to have:A . An ideal acid test ratio, but a high current ratioB . An ideal current ratio,...
What is the insurance expense to be recognized in the statement of profit or loss of STU for the year ended 31 December 20X8?
CORRECT TEXT STU has an accounting period end of 31 December 20X8 During the year STU paid $4,800 for business insurance to cover the year to 30 June 20X9 The amount paid for business insurance for 30 June 20X8 was $4,500. What is the insurance expense to be recognized in...
