Which one of the following items could properly be included in non-current tangible assets in the statement of financial position of a manufacturing business?
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1 .9.4 Two examples of internal controls operated at Fairweather Co include the financial accountant signing the bank reconciliation (which had been prepared by a member of his staff) and the finance director comparing monthly expenditure on consumables to budgeted expenditure.Control activities include:(1) Authorisation(2) Performance reviews(3) Information processing(4) Physical controls(5) Segregation of dutiesWhat TWO control activities do the examples at Fairweather Co illustrate?
A 1 and 5 B 1 and 2 C 3 and 4 D 5 and 3
2 .9.5 The auditor’s preliminary evaluation of the internal control system of a company is that it is effective in ensuring the completeness and accuracy of the accounting records because the company has implemented multiple controls, including good segregation of duties. However,the auditor is aware that the effectiveness of the company’s internal controls is limited by the possibility of collusion.What level of reliance on internal controls and what types and extent of testing would the auditor normally plan to carry out?
A Level of reliance on controls: low; Extent of tests of control: nil; Extent of substantive procedures: extensive. B Level of reliance on controls: moderate; Extent of tests of control: reduced; Extent of substantive procedures: reduced. C Level of reliance on controls: high; Extent of tests of con...
3 .9.6 Which of the following is an advantage of using flowcharts to document internal controls instead of using internal control questionnaires?
A Systems flowcharts provide a visual depiction of a client’s activities B Systems flowcharts identify internal control weaknesses more prominently C Systems flowcharts indicate whether control activities are operating effectively
4 .9.7 An internal control questionnaire is used by the auditor to document which of the following?
A Control risk assessment B Control environment effectiveness C The auditor’s understanding of internal controls
5 .Which of the following is more of a disadvantage of operating as a sole trader rather than a partnership?
A Risk of personal bankruptcy B Limited access to finance C Responsibility for all liabilities D Requirements to keep accounting records
7 .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
8 .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
9 .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
10 .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...
