Samantha has extracted a trial balance and created a suspense account with a credit balance of USD759 to make it balance. Samantha found the following:(1) A sales invoice for USD4,569 has not been entered in the accounting records(2) A payment of USD1,512 has been posted correctly to the payables control account but no other entry has been made.(3) A credit sale of USD131 has only been credited to the sales account.What is the remaining balance on the suspense account after these errors have been corrected?

1 .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

查看答案

---

3 .Aubrey made a profit for the year of USD345,687 and has closing net assets of USD435,195. During the financial year, capital of USD60,000 was introduced which consisted of USD40,000 in cash and USD20,000 in non-current assets. Drawings of USD6,000 were taken out of thebusiness each month. What was the opening balance of net assets?

A USD768,882 B USD121,508 C USD101,508 D USD35,508

题型: 单选题 提问时间: 2021-08-22

查看答案

---

4 .A trader who fixes his prices by adding 50% to cost actually achieved a mark-up of 45%.Which of the following factors could account for the shortfall?

A Sales were lower than expected due to demand for the product having fallen as a result of a “credit crunch”. B Goods taken from inventories by the proprietor were recorded by debiting drawings and crediting purchases with the cost of the goods. C Closing inventories were higher than opening in...

题型: 单选题 提问时间: 2021-08-22

查看答案

---

5 .Which of the following statements about qualitative characteristics is correct?(1)Information may be excluded if it is too difficult for certain users to understand.(2)Materiality is a primary qualitative characteristic.(3)Reliable information must be free from material error and bias.(4)Comparability encompasses consistent classification and presentation of similar transactions and events.

A 1 and 2 only B 2 and 3 only C 3 and 4 only D 1 and 4 only

题型: 单选题 提问时间: 2021-08-22

查看答案

---