At the end of the year when ledger accounts have been closed, which one of the following may have a credit balance?
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1 .Which one of the following represents cost of goods sold in a statement of profit or loss?
A Purchases – closing inventory + opening inventory B Purchases – opening inventory + closing inventory C Opening inventory + purchases + closing inventory D Closing inventory + purchases – opening inventory
2 .A trader had the following items in his statement of financial position on 31 December 2014 and 2015: 2014 2015 USD USD Land 2,000 2,000 Cars 1,000 – Payables 500 2,000 Receivables 2,000 2,000 Cash 500 – Closing inventory – 6,000 Accrued expenses – 1,000 During the period the trader made drawings of USD700.What was the trader’s profit for the year ended 31 December 2015?
A USD1,300 B USD2,700 C USD6,700 D USD7,700
3 .A trader had the following items in his statement of financial position on 31 December 2014 and 2015: 2014 2015 USD USD Land 2,000 2,000 Cars 1,000 – Payables 500 2,000 Receivables 2,000 2,000 Cash 500 – Closing inventory – 6,000 Accrued expenses – 1,000 During the period the trader made drawings of USD700.What was the change in the above trader’s investment (in net assets) between 2014 and 2015?
A USD2,000 B USD2,700 C USD3,000 D USD4,000
4 .Which of the following is correct?
A A debit entry will increase non-current assets; A debit entry will decrease drawings; A credit entry will increase payables B A debit entry will increase bank overdraft; A debit entry will decrease payables; A credit entry will increase profit C A credit entry will decrease drawings; A credit entr...
5 .Which of the following is the correct double entry for goods taken by a sole trader for personal use?
A Dr Drawings; Cr Purchases B Dr Drawings; Cr Sales C Dr Drawings; Cr Inventory D Dr Purchases; Cr Drawings
7 .Which of the following is the correct double entry for making a credit sale?
A Dr Cash; Cr Sales B Dr Sales; Cr Trade receivables C Dr Trade receivables; Cr Sales D Dr Cash; Cr Trade receivables
8 .A purchase has been recorded on the receipt of goods obtained on credit terms.Which of the following is the correct double entry to record the subsequent return to the supplier of these goods?
A Dr Trade payables; Cr Purchases B Dr Trade payables; Cr Sales returns C Dr Cash; Cr Trade payables D Dr Purchases; Cr Trade receivables
9 .The rent, rates (local property tax) and insurance account in the books of Mahler for the year ended 30 June 2016 was as follows: USD Opening balances at 1 July 2015 Rent accrued 200 Rates prepaid 150 Insurance prepaid 180 Payments made during the year ended 30 June 2016 were as follows: USD 10 August 2015 Rent, three months to 31 July 2015 300 26 October 2015 Insurance, one year to 31 October 2016 600 2 November 2015 Rates, six months to 31 March 2016 350 12 December 2015 Rent, four months to 30 November 2015 400 17 April 2016 Rent, four months to 31 March 2016 400 9 May 2016 Rates, six months to 30 September 2016 350 Which of the following is the correct treatment for Mahler’s rent?
A Prepaid/(accrued) at 30 June 2016: USD(200); Transfer to profit or loss account for year to 30 June 2016: USD400 B Prepaid/(accrued) at 30 June 2016: USD(300); Transfer to profit or loss account for year to 30 June 2016: USD1,200 C Prepaid/(accrued) at 30 June 2016: USD200; Transfer to profit or l...
10 .The rent, rates (local property tax) and insurance account in the books of Mahler for the year ended 30 June 2016 was as follows: USD Opening balances at 1 July 2015 Rent accrued 200 Rates prepaid 150 Insurance prepaid 180 Payments made during the year ended 30 June 2016 were as follows: USD 10 August 2015 Rent, three months to 31 July 2015 300 26 October 2015 Insurance, one year to 31 October 2016 600 2 November 2015 Rates, six months to 31 March 2016 350 12 December 2015 Rent, four months to 30 November 2015 400 17 April 2016 Rent, four months to 31 March 2016 400 9 May 2016 Rates, six months to 30 September 2016 350 Which of the following is a correct treatment for Mahler’s rates?
A Prepaid/(accrued) at 30 June 2016: USD(175); Transfer to profit or loss account for year to 30 June 2016: USD850 B Prepaid/(accrued) at 30 June 2016: USD(150); Transfer to profit or loss account for year to 30 June 2016: USD700 C Prepaid/(accrued) at 30 June 2016: USD150; Transfer to profit or los...
