According to IAS 2 “Inventories”, which of the following costs should be included in valuing the inventories of a manufacturing company? (1)Carriage inwards(2)Carriage outwards(3)Depreciation of factory plant(4)General administrative overheads

1 .An entity’s draft income statement for the year ended 30 June 2012 showed a profit of USD83,600. It was later found that USD18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the company’s policy to depreciate motor vans at 25% per year, with a full year’s charge in the year of acquisition.What should profit for the year be after adjusting for this error?

A USD70,100 B USD97,100 C USD101,600 D USD106,100

题型: 单选题 提问时间: 2021-08-22

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2 .Carol had receivables of USD598,600 at 30 November 2011. Her allowance for receivables at 1 December 2010 was USD12,460 and she wishes to change that to 2% of receivables at 30 November 2011. On 29 November 2011 she received USD635 in full settlement of a debt that she had written off in the year ended 30 November 2010.What total amount should be recognised for receivables in the income statement for the year ended 30 November 2011?

A USD1,123 credit B USD488 credit C USD147 debit D USD11,972 debit

题型: 单选题 提问时间: 2021-08-22

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3 .Azure buys goods from Blue. At 30 June 2012 Blue’s account in Azure’s records showed USD7,700 owing to Blue. Blue submitted a statement to Azure as at the same date showing a balance due of USD7,100. Which of the following could account fully for the difference?

A Azure has sent a cheque to Blue for USD600 which has not yet been received by Blue. B The credit side of Blue’s account in Azure’s records has been undercast by USD600. C An invoice for USD300 from Blue has been treated in Azure’s records as if it had been a credit note. D Blue has issued a ...

题型: 单选题 提问时间: 2021-08-22

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5 .Which TWO of the following statements about bank reconciliations are correct? (1)If a cheque received from a customer is dishonoured after date, a credit entry in the cash book is required.(2)A difference between the cash book and the bank statement must be corrected by means of a journal entry.(3)Bank charges not yet entered in the cash book should be dealt with by an adjustment in thebank reconciliation.(4)Lodgements recorded in the cash book before the date of reconciliation but credited by the bank after that date will reduce an overdrawn balance in the bank statement.

A (1) and (3) B (2) and (3) C (1) and (4) D (2) and (4)

题型: 单选题 提问时间: 2021-08-22

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