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1 .Bara sold 10 items of merchandise with a list price of $100 each to a customer on normalcredit terms of 30 days interest-free credit. Bara offers a 20% trade discount on all such sales.10 days after the sale the customer paid Bara $750, which was accepted in full and finalsettlement of the amount due. $40 of the amount received is in respect of sales tax collectedby Bara on behalf of the tax authority.At what amount should Bara measure revenue from the sale of these items?
A $710 B $750 C $760 D $800
2 .Which one of the following conditions must be met for revenue from the sale of goods tobe recognised?
A The amount of revenue is fixed B All associated costs have been incurred C It is certain that the goods will be paid for D Significant risks and rewards of ownership have been transferred
3 .Which of the following items of revenue can be recognised on an accrual basis inaccordance with IAS 18 “Revenue”?
A Royalty income B Dividend income C Revenue from the sale of goods D Revenue from the rendering of services
4 .Listed below are five potential causes of difference between a company’s cash book balanceand its bank statement balance as at 30 November:(1) Cheques recorded and sent to suppliers before 30 November but not yet presentedfor payment.(2) An error by the bank in crediting to another customer’s account a lodgement madeby the company.(3) Bank charges.(4) Cheques paid in before 30 November but not credited by the bank until 3December.(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 requiringan entry in the cash book and those that would feature in the bank reconciliation?
A Cash book entry 1, 2, 4Bank reconciliation 3, 5 B Cash book entry 2,3,5Bank reconciliation 1,4 C Cash book entry 3,4Bank reconciliation 1,2,5 D Cash book entry 3,5Bank reconciliation 1,2,4
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 thecash book is required.(2) A difference between the cash book and the bank statement must be corrected bymeans of a journal entry.(3) Bank charges not yet entered in the cash book should be dealt with by an adjustmentin the bank reconciliation.(4) In preparing a bank reconciliation, lodgements recorded before date in the cashbook but credited by the bank after date should reduce an overdrawn balance in thebank statement.
A (1) and (3) B (2) and (3) C (1) and (4) D (2) and (4)
7 .Sigma’s bank statement shows an overdrawn balance of $38,600 at 30 June. A check againstthe company’s cash book revealed the following differences:(1) Bank charges of $200 have not been entered in the cash book.(2) Lodgements recorded on 30 June but credited by the bank on 2 July $14,700.(3) Cheque payments entered in cash book but not presented for payment at 30 June$27,800.(4) A cheque payment to a supplier of $4,200 charged to the account in June recordedin the cash book as a receipt.Based on this information, what was the cash book balance BEFORE any adjustments?
A $16,900 overdrawn B $34,100 overdrawn C $43,100 overdrawn D $60,300 overdrawn
8 .What should the final cash book balance be when all the above items have been properlydealt with?
A $5,110 overdrawn B $33,630 overdrawn C $43,650 overdrawn D $72,170 overdrawn
9 .Which of the following statements is correct?
A Carriage inwards and outwards are both expenses which can be validly included inestablishing the cost of inventory B Carriage inwards is an expense but carriage outwards is sundry income so onlycarriage inwards can be included in the valuation of inventory C Carriage inwards and outwards are both ...
10 .On 1 January 2011 Uba acquired goods for sale in the ordinary course of business for$105,000, including $5,000 refundable purchase taxes. The supplier usually sells goods on30 days’ interest-free credit. However, as a special promotion, the purchase agreement forthese goods provided for payment to be made in full on 31 December 2012. In acquiring thegoods carriage costs of $2,000 were incurred: these were due on 31 January 2012. Uba’s costof capital is 10% per annum.At what amount should Uba measure the cost of these goods (to the nearest $00)?
A $92,900 B $92,700 C $92,000 D $90,900
