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?

1 .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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2 .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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3 .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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4 .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?

A Loss USD13,000 B Gain USD7,000 C Profit USD10,000 D Gain USD13,000

题型: 单选题 提问时间: 2021-08-24

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5 .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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7 .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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8 .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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9 .At 1 January 2015 a company had a loss allowance for receivables of USD18,000. At 31 December 2015 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.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 2015?

A USD31,500 B USD32,900 C USD49,500 D USD50,900

题型: 单选题 提问时间: 2021-08-24

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10 .Quince’s trial balance extracted as at 31 May 2015 includes the USD456,875 for inventory as at 1 June 2014.Inventory was physically counted on 31 May 2015 and its cost has been established at USD572,904. Of this, inventory costing USD27,485 is damaged and is estimated to have a net realisable value of only USD15,000.What amount of closing inventory should appear in Qunice’s financial statements as at 31 May 2015?

A USD456,875 B USD545,419 C USD560,419 D USD572,904

题型: 单选题 提问时间: 2021-08-24

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