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Last Update 19 hours ago Total Questions : 393
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The main aim of financial accounting is to:
Refer to the Exhibit.
At the beginning of the year, the balance on the allowances for receivables account was £5000, representing 2% of receivables. At the end of the year, receivables amounted to £150000, but it was decided that the provision should be increased to 3% of receivables.
Which of the following set of figures would result?
The answer is:
The Framework is described as a conceptual framework when used in the creation of new accounting standards.
Which ONE of the following describes the approach of the Framework?
The sales ledger control account shows a balance of $267,984 whilst the individual customer account balances total $262,856.
Which of the following is a possible explanation for the difference between the two?
(i) A payment has been recorded in the cashbook but not in the sales ledger
(ii) A payment has been recorded in the sales ledger but not in the cashbook
(iii) An invoice has been recorded in the sales ledger but not in the sales day book
(iv) An invoice has been recorded in the sales day book but not in the sales ledger
A company's payables days has reduced from 60 days to 55 days.
Which of the following could be a possible explanation for this?
ABC produces accounts lo the year ended 31 December annually Extracts from the most recent financial statements are.
Calculate the average inventory days ratio for the year ended 31 December 20X4.
Give your answer to the nearest day
Refer to the Exhibit.
Double entry forms the basis of financial accounting records.
Which of the following combinations is correct?
