60 câu còn lại

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

• A. The company made the purchase to supplier

• B. The company purchase goods and pays in cash

• C. The company takes the settlement discount

• D. The company purchase goods on credit

2. Demon Co. has the following balances extracted from its trial balance at November 20X2 Cash at bank: $10,000 Machine: $16,500 Inventory: $3,500 Depreciation: $1,600 Other expense: $650 ? What is the value of the current asset shown in the financial position of Demon Co. at 30 November 20X2?

• A. $13,500

• B. $15,100

• D. $13,255

• D. $13,250

3. Which TWO of the the following are shown in credit side of the trial balance ? 1). Drawings 2). Payables 3). Sales 4). Irrecoverable debt

• A. 1 and 3

• B. All of them

• C. 2 and 3

• D. None of them

4. 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 ?

• A. $53,000

• B. $52,000

• C. $48,000

• D. $41,000

5: 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 basis. 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?

• A. $19,500

• B. $22,500

• C. $17,000

• D. $20,000

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

• A. It shall be recognised as a liability

• B. It shall be recognised as a provision

• C. It shall be disclosed as a contingent liability

• D. None of the above

8: The bookkeeper of AB company made the following mistakes: ● Discount allowed $5,230 was credited to discounts received. ● 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?

• A. Dr Discount allowed: $220

  Dr Discount received: $220

  Cr Suspense: $440

• B. Dr Discount allowed: $5,230

  Dr Suspense: $220

  Discount received: $5,450

• C. Dr Suspense: $440 Cr Discount allowed: $220

  Cr Discount received: $220

• D. Dr Discount received: $5,450

  Cr Suspense: $220

  Cr Discount allowed: $5,450

7: 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 the prepayment account for the year ended 30 June 20X7? 6,495 trả cho quý 3 tháng kết thúc vào 31.8.X7 tức là trả cho tháng 6, 7, 8. Tại ngày 30/6/X7 chỉ chi phí trong tháng 6 tính vào P/L, phần đã trả cho tháng 7, 8 là prepayments

• A. $2,165

• B. $4,330

• C. $6,495

• D. None

9. Non-adjusting events according to the IAS 10 – Events after the reporting period?

• A. An irrecoverable debt suddenly being paid

• B. The bankruptcy of a credit customer with a balance outstanding at the end of the reporting period

• C. A change in the rate of tax, applicable to the previous year

• D. A sudden decline in the value of property held as a long-term asset

10: Which of the following statements apply when producing a consolidated statement of financial position?

(i) All intra-group balances should be eliminated.

(ii) Intra-group profit in year-end inventory should be eliminated.

(iii) Closing inventory held by subsidiaries needs to be included at fair value.

• A. (i) only

• B. (iii) only

• C. (i) and (ii) only

• D. (i), (ii) and (iii)