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Which of the following is not a book of prime entry?
Which of the following is not a book of prime entry?A . Purchases daybookB . Cash bookC . Sales ledgerD . JournalView AnswerAnswer: C
Which THREE of the following are included in the standard setting process?
There are four separate but related bodies which control the setting of International accounting standards (IFRS’s). Which THREE of the following are included in the standard setting process?A . International Accounting Standards Board (IASB)B . Accounting Standards Board (ASB)C . International Financial Reporting Interpretations Committee (IFRIC)D . Chartered Institute of...
Under the normal convention of accounting, assets are shown in the balance sheet at:
Under the normal convention of accounting, assets are shown in the balance sheet at:A . Their current market valueB . Their cost valueC . The current cost to the firm of replacing themD . Their economic value to the firmView AnswerAnswer: B
Which THREE of the following represent credit balances?
Which THREE of the following represent credit balances?A . assetsB . liabilitiesC . incomeD . expensesE . capitalF . drawingsView AnswerAnswer: B,C,E
Which THREE of the following are ways to prevent fraud?
Fraud will only be prevented successfully if potential fraudsters perceive the risk of detection as high. Which THREE of the following are ways to prevent fraud?A . Sufficient internal control systemsB . Computerized accounting systemsC . Continuous supervision of all employeesD . Regular reconciliationsE . Surprise audit visitsF . Maintaining...
What are accounting standards an example of?
Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. What are accounting standards an example of?A . Principles based accountingB . Cash accountingC . Cost accountingD . Rules based accountingView AnswerAnswer: D
CORRECT TEXT
CORRECT TEXT Refer to the Exhibit. Your organization uses the Weighted Average Cost method of valuing inventory. During a particular month, the following inventory details were recorded: The value of the inventory at the end of the month wasView AnswerAnswer: £3596
Which of the following combinations is correct?
Refer to the exhibit. Both internal and external audits can be performed on the financial statements of a company. The results of the audits have different purposes and different reporting lines. Which of the following combinations is correct?A . AB . BC . CD . DView AnswerAnswer: C
Refer to the Exhibit.
Refer to the Exhibit. The following information relates to a business at its year end: The prime cost of goods manufactured during the year is:A . £5,550,000B . £8,150,000C . £8,350,000D . £8,800,000View AnswerAnswer: C
Which is the correct entry to be made to the accounts to record these transactions?
Refer to the Exhibit. Soffit plc is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. Based on an aged receivables schedule, it is estimated that an allowance for receivables of $125,820 is required. In addition, a specific allowance for receivables of $18,640 is...
