A company bought a machine on 1 October 2010 for USD52,000. The machine had an expected life of eight years and an estimated residual value of USD4,000. On 31 March 2015 the machine was sold for USD35,000. The company’s year end is 31 December. The company’s policy is to depreciate assets on a straight-line basis with a full year’s depreciation in the year of purchase and none in the year of sale.What is the gain or loss on disposal of the machine?

1 .A company purchased equipment for USD80,000 on 1 July 2012. The company’s accounting year end is 31 December and it has a policy to charge a full year’s depreciation in the year of purchase. The company depreciates its equipment on the reducing balance basis at 25% per annum.What is the carrying amount of the equipment at 31 December 2015?

A USD18,984 B USD25,312 C USD29,531 D USD33,750

题型: 单选题 提问时间: 2021-08-24

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2 .On 1 September 2013 Cyanne purchased a non-current asset for USD88,000 which had a useful life of four years and no residual value. The company’s policy is to depreciate non-current assets at 25% per annum on the reducing balance basis.When preparing the financial statements for the year to 31 October 2015, the accountant calculated the depreciation charge on the straight line basis.What will be the effect of correcting the depreciation charge on profit for the year to 31 October 2015?

A Reduced by USD5,500 B Increased by USD5,500 C Reduced by USD16,500 D Increased by USD16,500

题型: 单选题 提问时间: 2021-08-24

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3 .Strad depreciates non-current assets on the reducing balance basis at a rate of 25% per annum.At 1 May 2014, the company’s non-current assets had cost USD680,500 and accumulated depreciation was USD285,900. In the year to 30 April 2015, Strad bought new assets which cost USD32,800. All assets are depreciated for a full year, irrespective of the date of acquisition.What is the depreciation charge for the year to 30 April 2015?

A USD98,650 B USD106,850 C USD178,325 D USD249,800

题型: 单选题 提问时间: 2021-08-24

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4 .On 1 April 2013 Herepath bought a Foxy car for USD23,500. The company’s depreciation policy for cars is 30% per annum using the reducing balance method. On 1 April 2015 the Foxy was part-exchanged for a Vizgo car, which had a purchase price of USD28,200. Herepath paid the seller USD19,350, in final settlement.What was Herepath’s profit or loss on the disposal of the Foxy?

A USD7,835 profit B USD2,665 loss C USD5,150 loss D USD6,250 loss

题型: 单选题 提问时间: 2021-08-24

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5 .A car was purchased for USD12,000 on 1 April 2012 and has been depreciated at 20% each year on a straight line basis assuming no residual value. The company’s financial year end is 31 December and its policy is to charge a full year’s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded-in for a replacement vehicle on 1 August in 2015 for an agreed figure of USD5,000.What was the profit or loss on the disposal of the vehicle in the year ended 31 December 2015?

A Loss USD1,144 B Profit USD200 C Profit USD1,000 D Profit USD2,600

题型: 单选题 提问时间: 2021-08-24

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7 .Stroma’s reporting date is 30 September. Stroma purchased a machine on 1 April 2013 for USD200,000. The machine was estimated to have a useful life of eight years and was depreciated at 25% per annum using the reducing balance method. On 31 January 2016 the machine was sold for USD90,000. The company charges a full year’s depreciation in the years of purchase and disposal.What is the profit or loss arising on the disposal of the machine to be included in the statement of profit and loss for the year ended 30 September 2016?

A Loss USD22,500 B Loss USD10,000 C Profit USD5,625 D Profit USD26,719

题型: 单选题 提问时间: 2021-08-24

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8 .The receivables ledger control account below contains several incorrect entries: Receivables ledger control account USD USD Opening balance 138,400 Credit sales 80,660 Cash received from credit customers 78,420 Contras against credit balances in payables ledger 1,000 Discounts allowed to credit customers 1,950 Irrecoverable debts written off 3,000 Dishonoured cheques from credit customers 850 Closing balance 129,360 ——— ——— 216,820 216,820 ——— ——— What should the closing balance be when all the errors are corrected?

A USD133,840 B USD135,540 C USD137,740 D USD139,840

题型: 单选题 提问时间: 2021-08-24

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9 .Alpha buys goods from Beta. At 30 June Beta’s account in Alpha’s records showed USD5,700 owing to Beta. Beta submitted a statement to Alpha as at the same date showing a balance due of USD5,200.Which of the following could account fully for the difference?

A Alpha has sent a cheque to Beta for USD500 which has not yet been received by Beta B The credit side of Beta’s account in Alpha’s records has been undercast by USD500 C An invoice for USD250 from Beta has been treated in Alpha’s records as if it had been a credit note D Beta has issued a cre...

题型: 单选题 提问时间: 2021-08-24

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10 .Ordan received a statement from one of its suppliers, Alta, showing a balance due of USD3,980.The amount due according to the payables ledger account of Alta in Ordan’s records was only USD3,110. Comparison of the statement and the ledger account revealed the following differences:(1) A payment sent by Ordan for USD270 has not been allowed for in Alta’s statement.(2) Alta has not allowed for goods returned by Ordan USD180.(3) Ordan made a contra entry, reducing the amount due to Alta by USD320, for a balance due from Alta in Ordan’s receivables ledger. No such entry has been made in Alta’s records.What difference remains between the two companies’ records after adjusting for these items?

A USD100 B USD460 C USD640 D USD740

题型: 单选题 提问时间: 2021-08-24

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