A sole trader is USD5,000 overdrawn at her bank. She receives USD1,000 from a credit customer.Which elements of the financial statements will change due to this transaction?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .What is the primary objective of general purpose financial statements?
A To provide financial information to the users of such information B To maintain records of assets and liabilities C To show the results of management’s stewardship D To fulfil statutory requirements
2 .Which of the following is the basis on which allowance for depreciation is charged to the statement of profit or loss?
A Accruals B Going concern C Prudence D Historical cost
3 .Consider the following statements:(1) Items are reported in the statement of financial position based on the presumption that the entity will not be required to significantly reduce the scale of its operations(2) Non-current assets are always valued at historical cost in the statement of financial positionWhich of the following is correct?
A Statement (1): Describes the accruals concept; Statement (2): Is true B Statement (1): Describes the going concern concept; Statement (2): Is true C Statement (1): Describes the accruals concept; Statement (2): Is false D Statement (1): Describes the going concern concept; Statement (2): Is fa...
4 .Which of the following statements about accounting concepts and the characteristics of financial information is correct?(1) The concept of substance over form means that the legal form of a transaction must be reflected in financial statements, regardless of the economic substance.(2) Under the recognition concept only items capable of being measured in monetary terms can be recognised in financial statements.(3) It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.
A 1 only B 2 only C 3 only D None of these statements
5 .Which of the following are necessary characteristics of “faithful representation” of information?(1) Information is free from bias.(2) Information is complete within the bounds of materiality and cost.(3) Information is free from material error.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
7 .The IASB’s Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements for external users.According to the Conceptual Framework, which of the following describes the inclusion of an amount in the financial statements”?
A Disclosure B Faithful presentation C Measurement D Recognition
8 .Which of the following statements is correct?
A Profit is the amount by which the value of assets only have increased during the year B Profit is the amount by which the value of liabilities only have decreased during the year C Profit is not related to changes in the value of assets and liabilities D Profit is the amount by which the increase ...
9 .In the last financial year, Cuchabee issued an invoice for USD28,900 for the sale of a non-current asset with a carrying amount of USD27,600.What was the effect of this transaction on the company’s assets, liabilities and capital and reserves?
A Assets: Unchanged; Liabilities: Reduced; Capital and reserves: Increased B Assets: Increased; Liabilities: Unchanged; Capital and reserves: Increased C Assets: Increased; Liabilities: Reduced; Capital and reserves: Increased D Assets: Reduced; Liabilities: Unchanged; Capital and reserves: ...
10 .The assistant accountant of Exior prepared the first draft of the company’s year-end financial statements. When the accountant reviewed the draft, the calculation of an accrued expense needed to be revised upwards, leading to an increase in the expenses charged to profit or loss.Which of the following statements correctly describes the effect of the revision in the statement of financial position?
A Liabilities are decreased B Assets are increased C Assets and liabilities are unaffected D Net assets are decreased
