A sales tax registered company commenced trading on 1 December. In December, the company sold goods that attracted sales tax at 15% with a net value of USD200,000, goods exempt from sales tax with a value of USD50,000 and goods at 0% sales tax with a net value of USD25,000.All purchases in December, which were all subject to 15% sales tax, were USD161,000, including sales tax.What is the balance on the sales tax account at the end of December?

1 .Which of the following correctly describes the imprest system of operating petty cash?

A The petty cash float is replenished by regular periodic transfers of equal amount B The petty cash float is replenished by periodic transfers of the actual expenditure in the period C All expenses must be supported by a properly authorised voucher D Petty cash is operated outside the business doub...

题型: 单选题 提问时间: 2021-08-24

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2 .Which of the following statements about a cash imprest system is/are correct?(1) At any point in time physical cash plus petty cash vouchers will be equal to the imprest balance(2) There is no incentive to ensure all money disbursed is documented and supported by vouchers(3) It is difficult to reconcile an imprest system because it is not known exactly how much should be in the float(4) A fixed amount of cash is issued each month

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

题型: 单选题 提问时间: 2021-08-24

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3 .A company operates an imprest system for petty cash. At 1 July there was a float of USD150, but it was decided to increase this to USD200 from 1 August onwards. During July, the petty cashier received USD25 from staff for personal use of the photocopier and a personal cheque for USD90 was cashed for an employee. During July the company took USD500 from its bank account to make up the imprest balance for petty cash.What was the total expense paid from petty cash in July?

A USD385 B USD435 C USD515 D USD615

题型: 单选题 提问时间: 2021-08-24

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4 .Norris operates an imprest system for petty cash. On 1 February, the float was USD300. He decided that this should be increased to USD375 at the end of February.During February, the cashier paid USD20 for window cleaning, USD100 for stationery and USD145 for coffee and biscuits. The cashier received USD20 from staff for private use of the photocopier and USD60 for a sundry cash sale.What amount was drawn from the bank account for petty cash at the end of February?

A USD185 B USD260 C USD315 D USD375

题型: 单选题 提问时间: 2021-08-24

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5 .Peri’s bookkeeper made the following mistakes:(1) Discount allowed USD3,840 was credited to discounts received account.(2) Discount received USD2,960 was debited to discounts allowed account.Which of the following journal entries will correct the errors?

A Dr Discount allowed USD7,680; Cr Discount received USD5,920;Cr Suspense account USD1,760 B Dr Discount allowed USD880; Dr Discount received USD880;Cr Suspense account USD1,760 C Dr Discount allowed USD6,800;Cr Discount received USD6,800 D Dr Discount allowed USD3,840; Cr Discount received USD2,960...

题型: 单选题 提问时间: 2021-08-24

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7 .The following control account has been prepared by a trainee accountant: Receivables ledger control account USD USD Opening balance 308,600 Cash received from credit customers 147,200 Credit sales 154,200 Discounts allowed to credit customers 1,400 Cash sales 88,100 Interest charged on overdue accounts 2,400 Contras against credit balances in payables ledger 4,600 Irrecoverable debts written off 4,900 Receivable allowance 2,800 Closing balance 396,800 —— —— 555,500 555,500 —— —— What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?

A USD395,200 B USD304,300 C USD307,100 D USD309,500

题型: 单选题 提问时间: 2021-08-24

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8 .The following receivables ledger control account for December prepared by a trainee accountant contains a number of errors: Receivables ledger control account USD USD 1 Dec Balance 614,000 30 Dec Credit sales 301,000 31 Dec Cash from credit customers 311,000 Discounts allowed 3,400 Contras against amounts due to suppliers in payables ledger 8,650 Irrecoverable debts written off 32,000 Interest charged on overdue accounts 1,600 Balance 595,650 —— —— 933,650 933,650 —— —— What should the closing balance on the control account be after the errors in it have been corrected?

A USD561,550 B USD568,350 C USD578,850 D USD581,550

题型: 单选题 提问时间: 2021-08-24

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9 .The following receivables ledger control account for December has been prepared by a trainee accountant: Receivables ledger control account USD USD 1 Dec Balance 318,650 31 Dec Cash from credit customers 181,140 Credit sales 161,770 Interest charged on overdue accounts 280 Cash sales 84,260 Irrecoverable debts w/off 1,390 Discounts allowed to credit customers 1,240 Sales returns from credit customers 3,990 Balance 379,120 —— —— 565,920 565,920 —— —— What should the closing balance at 31 December be after correcting the errors in the account?

A USD292,380 B USD292,940 C USD295,420 D USD377,200

题型: 单选题 提问时间: 2021-08-24

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10 .Listed below are five potential causes of difference between a company’s cash book balance and its bank statement balance as at 30 November:(1) Cheques recorded and sent to suppliers before 30 November but not yet presented for payment.(2) An error by the bank in crediting to another customer’s account a lodgement made by the company.(3) Bank charges.(4) Cheques paid in before 30 November but not credited by the bank until 3 December.(5) A cheque recorded and paid in before 30 November but dishonoured by the bank.Which of the following alternatives correctly analyses these items into those requiring an entry in the cash book and those that would feature in the bank reconciliation?

A Cash book entry: 1, 2, 4; Bank reconciliation: 3, 5 B Cash book entry: 2, 3, 5; Bank reconciliation: 1, 4 C Cash book entry: 3, 4; Bank reconciliation: 1, 2, 5 D Cash book entry: 3, 5; Bank reconciliation: 1, 2, 4

题型: 单选题 提问时间: 2021-08-24

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