The following control account has been prepared by a trainee accountant:What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?
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1 .At 1 January 2011 a company had an allowance for receivables of USD18,000. At 31 December 2011 the company’s trade receivables were USD458,000. It was decided:(1) To write off debts totalling USD28,000 as irrecoverable;(2) To adjust the allowance for receivables to the equivalent of 5% of the remaining receivables based on past experience.What figure should appear in the company’s profit or loss for the total of debts written off as irrecoverable and the movement in the allowance for receivables for the year ended 31 December 2011?
A USD 31,500 B USD 32,900 C USD 49,500 D USD 50,900
2 .A company purchases all goods on credit. The following payables ledger control account contains some errors:What should the closing balance be when the errors have been corrected?
A USD 325,200 B USD 350,400 C USD 358,800 D USD 376,800
3 .At 30 September 2011 the closing inventory of a company amounted to USD386,400. The following items were included in this total at cost:(1) 1,000 items which had cost USD18 each. These items were all sold in October 2011 for USD15 each, with selling expenses of USD800.(2) Five items which had been in inventory since 1974, when they were purchased for USD100 each, sold in October 2011 for USD1,000 each, net of selling expenses.What figure should appear in the company’s statement of financial position at 30 September 2011 for inventory?
A USD 382,600 B USD 384,200 C USD 387,100 D USD 400,600
4 .The inventory value for the financial statements of Q for the year ended 31 December 2011 was based on an inventory count on 4 January 2012, which gave a total inventory value of USD836,200.Between 31 December and 4 January 2012, the following transactions took place:What adjusted figure should be included in the financial statements for inventories at 31 December 2011?
A USD 818,500 B USD 834,300 C USD 838,100 D USD 853,900
5 .A business had an opening inventory of USD180,000 and a closing inventory of USD220,000 in its financial statements for the year ended 31 December 2011.Which of the following entries for these opening and closing inventory figures are made when completing the financial records of the business? Debit Credit USD USD
A B C D
7 .Which of the following correctly describes the imprest system of operating petty cash?
A The petty cash float is replenished by regular periodic transfers of equal amount. B The petty cash float is replenished by periodic transfers of the actual expenditure in the period. C All expenses must be supported by a properly authorised voucher. D Petty cash is operated outside the business d...
8 .The following receivables ledger control account prepared by a trainee accountant contains a number of errors:What should the closing balance on the control account be after the errors in it have been corrected?
A USD 561,550 B USD 568,350 C USD 578,850 D USD 581,550
9 .The following receivables ledger control account has been prepared by a trainee accountant:What should the closing balance at 31 December 2011 be after correcting the errors in the account?
A USD 292,380 B USD 292,940 C USD 295,420 D USD 377,200
10 .Which of the following correctly describes the imprest system for operating petty cash?
A All expenditure out of petty cash must be supported by a properly authorised voucher. B A regular equal amount of cash is transferred into petty cash. C The exact amount of expenditure out of petty cash is reimbursed at intervals. D A budget is fixed for a period which petty cash expenditure must ...
