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Accounting Challenge

Authored by Dewi Theodesia

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Accounting Challenge
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Below this, which are not belong to 5 Assumption of Conceptual Framework:

A. Going Concern

B. Monetary Unit

C. Accrual

D. Timeliness

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following calculates a sole traders net profit for a period?

A. Closing Net Assets – Drawings – Capital Introduced – Opening Net Assets

B. Closing Net Assets + Drawings – Capital Introduced – Opening Net Assets

C. Closing Net Assets – Drawings + Capital Introduced – Opening Net Assets

D. Closing net Assets + Drawing + Capital Introduced – Opening Net Assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following explains the imprest system of operating petty cash?

A. Regular amount of cash are transferred into petty cash at intervals

B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float

C. Weekly expenditure cannot exceed a set amount

D. All expenditure out of  the petty cash must be properly authorized

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following statements are correct?

a. Capitalised development expenditure must be armortised over a period not exceeding five years

b. Capitalized development costs are shown in the statement of financial  position under the heading of non-current assets

c. If certain criteria are met, research expenditure must be recognized as an intangible asset

A. 1 only

B. 2 only

C. 2 and 3

D. 1 and 3

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

King, a sales tax registered trader, purchased a computer for use in his business. The invoice for the computer showed the following costs related to the purchase

a. Computer $ 890

b. Additional memory $ 95

c. Delivery $ 10

d. Instalation $ 20

e. Maintenance (per year) $ 25

f. Sales Tax 182 (17.5%)

How much should gareth capitalize as a non current asset in relation to the purchase?

A. 1.015

B. 985

C. 1.192.63

D. 1.040

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

From the data below, which Chart of Account shouldn’t have appeared in Statement of Profit or Loss and Other Comprehensive Income?

A. Bad Debt Expenses

B. Depreciation Expenses

C. Allowance for Bad Debt

D. Salary Expenses

7.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Pool owns 90% of Sal. The tax rate is 34%. Pretax operating income of Pool and Sal are $150 and $50. Sal paid dividends of $20 and Sal's dividends are subject to the 100% tax exclusion. During the year, intercompany downstream sales were $50 and there remains $10 in unrealized profits in ending inventory. Calculate the allocated tax payable for Pool and Sal!

A. $ 47.00 for Pool and $ 17.60 for Sal

B. $ 47.60 for Pool and $ 17.00 for Sal

C. $ 51.00 for Pool and $ 13.60 for Sal

D. $ 51.60 for Pool and $ 13.00 for Sal

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