TỔ CHỨC CÔNG TÁC KẾ TOÁN - F3

According to the IAS 2, the statements about the valuation of inventory are Incorrect: 1. Inventory items are normally to be valued at the higher of cost and net realisable value 2. The cost of goods manufactured by an entity will include materials and labour only

• TRUE

• FALSE

Where a transaction is entered into the correct ledger accounts, but the wrong amount is used, it is an error of principle.

• True

• False

When the A owns 48% of the voting power of B and has power to appoint or remove the majority of the members of the board of directors of B company, control can be assumed.

• False

• True

Demon Co. has the following balances extracted from its trial balance at 30 November 20X2:

• Cash at bank: $10,000

• Machine: $16,500

• Inventory: $3,500

• Depreciation: $1,250

• Trade receivables: $1,600

• Other expense: $650.

• What is the value of current asset shown in the financial position of Demon Co. at 30 November 20X2?

• 15100

• 16000

• 16500

• 17100

You are preparing the financial statements for a business. The cost of the items in closing inventory is $50,000. This includes some items which cost $5,000 but were damaged in transit. You have estimated that it will cost $500 to repair the items, and they can be sold for $3,500. What is the correct inventory valuation for inclusion in the financial statements?

• 48000

• 45000

• 50000

• 55000

An asset register showed a carrying amount of $200,000 at 1 January 20X8. During the year ended 31 December 20X8, a non-current asset costing $15,000 with useful life of 5 years on straight line depreciation had been sold for $5,000, making a profit on disposal of $2,000 on 1 January 20X8. A new car was purchased for $25,000 on 31 December 20X7 with an estimated useful life of 10 years on straight line basic. The depreciation charge for the year ended at 31 December 20X7 was $20,000. What was the depreciation charge for the year ended at 31 December 20X8?

• 19500

• 21000

• 20500

• 18000

Taylor. Co paid local property tax of $6,495 on 31 May 20X7, in respect of the three months ending 31 August 20X7. What is the balance of prepayment account for the year ended 30 June 20X7?

• 4330

• 2165

• 3350

• 6000

The bookkeeper of AB company made the following mistakes: Discount allowed $5,230 was credited to discounts received account. Discount received $5,450 was debited to discounts allowed account. Discounts were otherwise correctly recorded. Which one of the following journal entries will correct the errors?

• Dr suspense 440

  Cr discount allowed 220

  Cr discount received 220

• Dr suspense 440

  Cr discount allowed 440

• Dr suspense 220

  Cr discount received 220

Rachel Co purchased 70% of the voting shares of Monica Co when the value of the non-controlling interest in Monica Co is $150,000. The goodwill arising on acquisition date is $100,000. What was the consideration paid by Rachel Co for the investment in Monica Co?

• 1187000

• 1170000

• 1110000

• 1710000

At 1 January 20X6 a company had an allowance for receivables of $49,000. At 31 December 20X6 the company's trade receivables were $200,000 and it was decided to write off balances totalling $20,000. The allowance for receivables was to be adjusted to the equivalent of 5% of the remaining receivables. What total figure should appear in the company's statement of profit or loss for receivables expense?

• 29000

• 28000

• 3000

• 31000