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Last Update 23 hours ago Total Questions : 393
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Refer to the exhibit.
A business has the following trading account for its most recent year:
What is its rate of inventory turnover for the year?
A company uses the straight line method of depreciation for its plant and machinery. Depreciation is at a rate of 20% per annum.
A major item of machinery was purchased in 2003 at a cost of $240,000. At the time, it was estimated that the plant had an estimated useful life of five years and a residual value at the end of its useful life of $20,000.
As a result of rapid changes in technology it was decided to sell the machinery in 2006 for $80,000. It is the company ' s policy to charge a full year ' s depreciation in the year of acquisition and none in the year of disposal.
What was the profit/loss arising on the disposal of the asset?
Refer to the Exhibit.
At the beginning of the month, an organization had opening inventory of 30 units of a product, valued at £3.00 each. During the month, it had inventory movements, occurring on the following dates:
Using the FIFO method of inventory valuation, the closing inventory at the end of the month was:
Give your answer to 2 decimal places.
Refer to the Exhibit.
The following information is available for the period for AC Limited, a manufacturing company:
The factory cost of goods completed for the period was
Refer to the exhibit.
ABC has the equity balances at the end of year 1.
During year 2 ABC issues 100,000 new shares at a price of $1.10
What is the balance on share premium at the end of year 2?
STU has an accounting period end of 31 December 20X8 During the year STU paid $4,800 for business insurance to cover the year to 30 June 20X9 The amount paid for business insurance for 30 June 20X8 was $4,500.
What is the insurance expense to be recognized in the statement of profit or loss of STU for the year ended 31 December 20X8? Give your answer to the nearest $
Which of the following transactions affects profit but does not affect cash?
A company ' s payables days has reduced from 60 days to 55 days.
Which of the following could be a possible explanation for this?
A trial balance is extracted from the ledger accounts at the end of each accounting period.
Which of the following will a trial balance do?
Which one of the following does not apply when the historical cost convention is being followed?
