
AC1103 Group 7
Authored by Rayann Ng
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a bank reconciliation statement?
Reconcile cash account and bank statement differences
Record bank charges & interest in company books
Prepare entries for prepaid expenses
Identify errors in financial statements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a company issues a 2-for-1 share split, _______
Number of shares issued remains unchanged
Par Value of each share is doubled
Number of shares issued doubles, share capital remains unchanged
Adjusted retained earnings
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is affected when a company writes off an Accounts Receivable balance?
Cash
Accounts Receivable
Interest Income
Allowance for impairment of Accounts Receivable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Main reason for setting up an Allowance for Impairment account
Recognise actual bad debts collected
Write off bad debts directly as they occur
Estimate future bad debts for financial reporting
Adjust cash flows for expected receivable losses
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which would NOT require a journal entry in a company's records?
Purchase of treasury shares
Issuance of ordinary shares
Cash dividend payment
2-for-1 share split
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