Which two of the above items would require an entry to the suspense account in correcting them?
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1 .Which of the following statements are correct? (1) A company might make a rights issue if it wished to raise more equity capital.(2) A rights issue might increase the share premium account whereas a bonus issue is likely to reduce it.(3) A rights issue will always increase the number of shareholders in a company whereas a bonus issue will not.
A (1) and (2) B (1) and (3) C (2) and (3)
2 .Where should dividends paid to ordinary shareholders be shown in a company’s published financial statements?
A In the statement of comprehensive income B In the statement of financial position C In the statement of changes in equity
3 .According to IAS 2 “Inventories”, which of the following costs should be included in valuing the inventories of a manufacturing company? (1) Carriage inwards(2) Carriage outwards(3) Depreciation of factory plant(4) General administrative overheads
A 1 and 3 only B 1, 2 and 4 only C 2 and 3 only D 2, 3 and 4 only
4 .Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing company, according to IAS 2 “Inventories”? (1) Carriage inwards.(2) Carriage outwards.(3) Depreciation of factory plant.(4) Accounts department costs relating to wages for production employees.
A 1 and 4 only B 2 and 3 only C 1, 3 and 4 only D 2, 3 and 4 only
5 .IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.Which of the following statements about the IAS 2 requirements relating to overheads are true? (1) Finished goods inventories may be valued on the basis of labour and materials cost only, without including overheads.(2) Factory management costs should be included in fixed overheads allocated to inventories of finished goods.
A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2
7 .What would the company’s profit become after the correction of the above errors?
A USD 624,440 B USD 624,760 C USD 625,240 D USD 634,760
8 .Based on the above information, what figure should appear in A’s income statement for the year ended 30 November 2011 for sales revenue?
A USD 748,960 B USD 748,800 C USD 744,960 D USD 743,560
9 .A trader who fixes her 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. B Opening inventories had been overstated. C Closing inventories were higher than opening inventories. D Goods taken from inventories by the proprietor were recorded by debiting drawings and crediting purchases with the cost of the goods.
10 .Whose needs are general purpose financial statements intended to meet?
A Shareholders of incorporated entities B The general public C Users of financial statements D Regulatory authorities
