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Which of the following journal entries should be made to the company's accounts at 30 April 2006?
Refer to the Exhibit. A company is preparing its accounts to 30 April 2006. The latest telephone bill received by the company was dated 31 March and included call charges for the quarter 1 December to 28 February. The amount of the bill for call charges (excluding VAT) was $960....
What is the correct ledger entry for purchase of goods on credit?
Refer to the Exhibit. What is the correct ledger entry for purchase of goods on credit? The answer is:A . Option AB . Option BC . Option CD . Option DView AnswerAnswer: A
CORRECT TEXT
CORRECT TEXT ABC has the following summary of transactions for the quarter ended 30 June 20X9 ABC is registered for sales tax at 20%. At the beginning of the quarter ABC owed $2,300 to the local tax authority. What is the balance owing to the local tax authority at 30...
Cost of goods sold for a manufacturing company is the total of
Cost of goods sold for a manufacturing company is the total ofA . prime costs + production overheads + opening work in progress - closing work in progress + opening inventories of finished goods - closing inventories of finished goodsB . prime costs + production overheads + opening inventories of...
Why is an audit trail important?
An audit trail is an essential part of an efficient, complete accounting system Why is an audit trail important?A . To ensure all transactions are recordedB . To ensure all transactions are approvedC . To ensure all transactions can be traced through the systemD . To ensure all transactions can...
What does this definition describe?
“To assure shareholders that the stewardship of the organization was effectively carried out.” What does this definition describe?A . Internal auditB . Preparation of financial statementsC . External auditD . Reconciliation processView AnswerAnswer: C
Who is responsible for ensuring that internal control systems operate efficiently?
Who is responsible for ensuring that internal control systems operate efficiently?A . External auditorsB . DirectorsC . Shareholders of the companyD . CreditorsView AnswerAnswer: B
Which of the following balances normally result from the double-entry system of book-keeping?
Refer to the Exhibit. Which of the following balances normally result from the double-entry system of book-keeping? The answer is:A . Option AB . Option BC . Option CD . Option DView AnswerAnswer: B
A payment to a supplier has been credited to the supplier's account and debited to the bank account.
A payment to a supplier has been credited to the supplier's account and debited to the bank account. This would result inA . an understatement of profit and an overstatement of liabilitiesB . an understatement of profit and an overstatement of assetsC . an overstatement of profit and an overstatement...
Which of the following combinations are correct?
Refer to the Exhibit. Transactions are often categorized between capital and revenue Which of the following combinations are correct?A . AB . BC . CD . DView AnswerAnswer: B
