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20 Qs

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following can be recorded on credit balance of the payables ledger account?

The company made the purchase returns to supplier

The company purchases goods and pays in cash

The company takes the settlement discount

The company purchases goods on credit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which TWO of the following are shown in credit side of the trial balance?

1) Drawings

2) Payables

3) Sales                                                                          

4) Irrecoverable debts

1 and 3

All of them

2 and 3

None of them

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

$13,500

$15,100

$15,250

$13,250

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

$53,000

$52,000

$ 48,000

$ 41,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 deprication 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?

$19,500

$22,500

$22,500

. $20,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should an accountant do if a reliable estimate of probable outflow of resources to settle a present obligation can not be made in accordance with IAS 37 – “Provisions, contingent liabilities and contingent assets”?

It shall be recognised as a liability

It shall be recognised as a provision

It shall be disclosed as a contingent liability

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

$2,165

$4,330

. $6,495

None

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