REVIEW QUESTIONS. Rent expense Accrual $ $ A. 100,000 20,000
|
|
- Leo Floyd
- 6 years ago
- Views:
Transcription
1 FINANCIAL ACCOUNTING WEEK 4 SOLUTION TOPIC: RECORDING TRANSACTIONS AND EVENTS; Accruals and Prepayment, Irrecoverable debts and Allowances and Provisions and Contingencies REVIEW QUESTIONS 1. A company receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered $ 1 October 20X1 3 months to 31 December 20X1 7, December 20X1 3 months to 31 March 20X2 7,500 4 April 20X2 3 months to 30 June 20X2 9,000 1 July 20X2 3 months to 30 September 20X2 9,000 1 October 20X2 3 months to 31 December 20X2 9,000 What figures, based on these receipts, should appear in the company's financial statements for the year ended 30 November 20X2? Statement of profit or loss Statement of financial position A. $34,000 Debit Rent in arrears (Dr) $3,000 B. $34,500 Credit Rent received in advance (Cr) $6,000 C. $34,000 Credit Rent received in advance (Cr) $3,000 D. $34,000 Credit Rent in arrears (Dr) $3, A company pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1 October each year. The rent was increased from $90,000 per year to$120,000 per year as from 1 October 20X2. What rent expense and accrual should be included in the company's financial statements for the year ended 31 January 20X3? Rent expense Accrual $ $ A. 100,000 20,000 STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 1
2 B. 100,000 10,000 C. 97,500 10,000 D. 97,500 20, At 31 March 20X2 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600. At 31 March 20X3 the heating oil in hand was $9,300 and there was an outstanding heating oil bill of $3,200. Payments made for heating oil during the year ended 31 March 20X3 totalled $34,600.Based on these figures, what amount should appear in the company's statement of profit or loss and other comprehensive income for heating oil for the year? A. $23,900 B. $36,100 C. $45,300 D. $33, Diesel fuel in inventory at 1 November 20X7 was $12,500, and there were invoices awaited for $1,700. During the year to 31 October 20X8, diesel fuel bills of $85,400 were paid, and a delivery worth $1,300 had yet to be invoiced. At 31 October 20X8, the inventory of diesel fuel was valued at $9,800. What is the value of diesel fuel to be charged to the statement of profit or loss and other comprehensive income for the year to 31 October 20X8? A. $87,700 B. $89,400 C. $88,500 D. $91, During 20X4, B, a limited liability company, paid a total of $60,000 for rent, covering the period from 1 October 20X3 to 31 March 20X5. What figures should appear in the company's financial statements for the year ended 31 December 20X4? Statement of profit or loss and other Statement of comprehensive income financial position $ $ A. 40,000 10,000 Prepayment B. 40,000 15,000 Prepayment C. 50,000 10,000 Accrual D. 50,000 15,000 Accrual 6. What are the correct ledger entries to record an accrual in the accounts? A. Dr Asset Cr Expenses B. Dr Expenses Cr Liability C. Dr Liability Cr Expenses D. Dr Expenses Cr Asset 7. What are the correct ledger entries to record a prepayment in the accounts? A. Dr Asset Cr Expenses STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 2
3 B. Dr Expenses Cr Liability C. Dr Liability Cr Expenses D. Dr Expenses Cr Asset 8. At 31 December 20X2 a company's receivables totalled $400,000 and an allowance for receivables of $50,000 had been brought forward from the year ended 31 December 20X1.It was decided to write off debts totalling $38,000 and to adjust the allowance for receivables to 10% of the receivables. What charge for receivables expense should appear inthe company's statement of profit or loss for the year ended 31 December 20X2? A. $74,200 B. $51,800 C. $28,000 D. $24, A company has received cash for a debt that was previously written off. Which of the following is the correct double entry to record the cash received? Debit Credit A. Irrecoverable debts expense Accounts receivable B. Cash Irrecoverable debts expense C. Allowance for receivables Accounts receivable D. Cash Allowance for receivables 10. At 31 December 20X4 a company's trade receivables totalled $864,000 and the allowance for receivables was $48,000.It was decided that debts totalling $13,000 were to be written off, and the allowance for receivables adjusted to five per cent of the receivables. What figures should appear in the statement of financial position for trade receivables (after deducting the allowance) and in the statement of profit or loss for receivables expense? Statement of profit or loss Statement of financial position $ $ A. 8, ,800 B. 7, ,450 C. 18, ,450 D. 55, , A company has been notified that a customer has been declared bankrupt. The company had previously made an allowance for this debt. Which of the following is the correct double entry to account for this new information? Debit Credit A. Irrecoverable debts Receivables B. Receivables Irrecoverable debts C. Allowance for receivables Receivables STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 3
4 D. Receivables Allowance for receivables 12. An increase in an allowance for receivables of $8,000 has been treated as a reduction in the allowance in the financial statements. Which of the following explains the resulting effects? A. Net profit is overstated by $16,000, receivables overstated by $8,000 B. Net profit understated by $16,000, receivables understated by $16,000 C. Net profit overstated by $16,000, receivables overstated by $16,000 D. Gross profit overstated by $16,000, receivables overstated by $16, At 1 January 20X1, there was an allowance for receivables of $3,000. During the year, $1,000 of debts were written off as irrecoverable, and $800 of debts previously written off were recovered. At 31 December 20X1, it was decided to adjust the allowance for receivables to 5% of receivables which are $20,000.What is the total receivables expense for the year? A. $200 debit B. $1,800 debit C. $2,200 debit D. $1,800 credit 14. Allowances for receivables are an example of which accounting concept? A. Accruals B. Consistency C. Matching D. Prudence 15. Which of the following statements about provisions and contingencies is/are correct? 1. A company should disclose details of the change in carrying value of a provision from the beginning to the end of the year. 2. Contingent assets must be recognised in the financial statements in accordance with the prudence concept. 3. Contingent liabilities must be treated as actual liabilities and provided for if it is probable that they will arise. A. 3 only B. 2 and 3 only C. 1 and 3 only D. All three statements are correct 16. An ex-director of X company has commenced an action against the company claiming substantial damages for wrongful dismissal. The company's solicitors have advised that the ex-director is unlikely to succeed with his claim, although the chance of X paying any monies to the ex-director is not remote. The solicitors' estimates of the company's potential liabilities are: $ Legal costs (to be incurred whether the claim is successful or not) 50,000 Settlement of claim if successful 500, ,000 STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 4
5 According to IAS 37 Provisions, contingent liabilities and continent assets, how should this claim, be treated in the financial statements? A. Provision of $550,000 B. Disclose a contingent liability of $550,000 C. Disclose a provision of $50,000 and a contingent liability of $500,000 D. Provision for $500,000 and a contingent liability of $50, The following items have to be considered in finalizing the financial statements of Q, a limited liability company: 1. The company gives warranties on its products. The company s statistics show that about 5% of sales give rise to a warranty claim. 2. The company has guaranteed the overdraft of another company. The likelihood of a liability arising under the guarantee is assessed as possible. According to IAS 37 Provisions, contingent liabilities and continent assets, what is the correct action to be taken in the financial statements for these items? Create a provision Disclose by note only No action A 1 2 B 1 2 C 1, 2 D Doggard Co is a business that sells second hand cars. If a car develops a fault within 30 days of the sale, Doggard Co will repair it free of charge. At 30 April 20X4 Doggard Co had made a provision for repairs of $2,500. At 30 April 20X5 Doggard Co calculated that the provision should be $2,000. What entry should be made for the provision in Doggard Co's statement of profit or loss for the year to 30 April 20X5? A. A charge of $500 B. A credit of $500 C. A charge of $2,000 D. A credit of $2, Which of the following best describes a provision according to IAS 37 Provisions, contingent liabilities and contingent assets? A. A provision is a liability of uncertain timing or amount. B. A provision is a possible obligation of uncertain timing or amount. C. A provision is a credit balance set up to offset a contingent asset so that the effect on the statement of financial position is nil. D. A provision is a possible asset that arises from past events. 20. Which of the following items does the statement below describe? A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the entity's control A. A provision B. A current liability C. A contingent liability STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 5
6 D. A contingent asset STARRY GOLD ACADEMY , , info@starrygoldacademy.com, Page 6
Examiner s report F3 & FFA papers For CBE and Paper exams covering July to December 2017
Examiner s report F3 & FFA papers For CBE and Paper exams covering July to December 2017 General Comments There are two sections to the examination paper and all of the questions are compulsory. Section
More informationFFA. Financial Accounting. OpenTuition.com ACCA FIA exams. Free resources for accountancy students
September/December 2015 exams OpenTuition.com Free resources for accountancy students ACCA FIA F3 FFA Financial Accounting Please spread the word about OpenTuition, so that all ACCA students can benefit.
More informationPaper F3 (INT) Financial Accounting. June 2010 ACCA FINAL ASSESSMENT. Kaplan Publishing/Kaplan Financial
ACCA FINAL ASSESSMENT Financial Accounting June 2010 Time allowed: 2 hours All FIFTY questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. This question
More informationPlease spread the word about OpenTuition, so that all ACCA students can benefit.
ACCA COURSE NOTES June 2014 Examinations ACCA F3 FIA FFA Financial Accounting Please spread the word about OpenTuition, so that all ACCA students can benefit. ONLY with your support can the site exist
More informationACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS
ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS 1.The following control account has been prepared by a trainee accountant: Opening balance 308,600 Cash received from credit customers
More informationBREAK-EVEN ANALYSIS/COST-VOLUME-PROFIT
KINDLY REFER TO CHAPTER 7 OF THE COMPREHENSIVE LECTURES TO READ UP THE TOPIC BEFORE YOU ATTEMPT THE QUESTIONS BELOW FOR PROPER UNDERSTANDING AS THE TOPIC HAS BEEN DISCUSSED IN THE SAID VIDEO LECTURES.
More informationPrepare the necessary journal entries to correct the above. Narrations are not required.
Correction of errors HKDSE (2017, 5) (Correction of errors) ABC Limited drafted a trial balance as at 31 December 2016, before the preparation of the closing entries. As the trial balance did not agree,
More informationTOPIC: INTRODUCTION TO PUBLIC SECTOR ACCOUNTING BASES OF PUBLIC SECTOR ACCOUNTING, ACCOUNTING CONCEPTS AND REGULATORY FRAMEWORK
ICAN PUBLIC SECTOR ACCOUNTING AND FINANCE SKILLS LEVEL TOPIC: INTRODUCTION TO PUBLIC SECTOR ACCOUNTING BASES OF PUBLIC SECTOR ACCOUNTING, ACCOUNTING CONCEPTS AND REGULATORY FRAMEWORK WEEK ONE QUESTIONS
More informationFINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - APRIL 2008 NOTES You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
More informationPhotocopiable proforma layouts
Photocopiable proforma layouts These pages may be photocopied for student use. The forms and formats include: n income statement of a sole trader n statement of financial position of a sole trader n income
More informationFinal Accounts. PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner ) c) A current liability d) Capital
Final Accounts 100 Questions 100 Marks 120 Minutes Select the best choice to answer the following questions: 1. Current assets include: a) Stock, debtors, prepayments b) Stock, debtors, accruals c) Stock,
More informationInternational Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 37 International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement
More informationCONTACT HOURS FOR CALLS WEDNESDAYS AND THURSDAYS, 6PM TO 7PM
FINANCIAL ACCOUNT FOUNDATION LEVEL WEEK 7 QUESTIONS CONTACT NUMBER 08038400843 CONTACT HOURS FOR CALLS WEDNESDAYS AND THURSDAYS, 6PM TO 7PM MID DIET MOCK MULTIPLE CHOICE QUESTIONS 1 A business purchases
More informationPANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
More informationProvisions, Contingent Liabilities and Contingent Assets
International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets In April 2001 the International Accounting Standards Board (IASB) adopted IAS 37 Provisions, Contingent Liabilities
More informationProfit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
More informationSection A: Multiple-Choice Questions (2 marks each; Total 30 marks)
Name: Student ID: Section A: Multiple-Choice Questions (2 marks each; Total 30 marks) Choose the one best answer. 1. The accounting process involves all of the following except ( d ) a. identifying economic
More informationProvisions, Contingent Liabilities and Contingent Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets LIABILITIES, PROVISIONS & CONTINGENCIES A liability is a present obligation of the entity arising from past events, the settlement of which
More informationTOPIC: END OF THE DIET MOCK
FINANCIAL REPORTING TOPIC: END OF THE DIET MOCK Kindly go through the video lecture on financial reporting before you attempt the questions because the topic have been simplified and analyzed for easy
More informationCORPORATE REPORTING TOPIC: END OF THE DIET MOCK REVIEW SOLUTION
CORPORATE REPORTING TOPIC: END OF THE DIET MOCK REVIEW SOLUTION QUESTION 1 (a) Consolidated balance sheet at 31 December 20X5 $'000 Non-current assets Property, plant and equipment (2,870 + (W2) 1,350)
More informationMARK SCHEME for the October/November 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the /November 2011 question paper for the guidance of teachers 0452 ACCOUNTING
More informationICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation
ICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation Compiling financial statement Compiling financial statement
More informationCBA Model Question Paper CO2. The difference between an income statement and an income and expenditure account is that
CBA Model Question Paper CO2 Question 1 The difference between an income statement and an income and expenditure account is that A an income and expenditure account is an international term for a Income
More informationProvisions, Contingent Liabilities and Contingent Assets
International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 37 Provisions, Contingent
More informationFINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2010 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
More informationTHE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd
More informationSTRATEGIC FINANCIAL MANAGEMENT WEEK 10 QUESTIONS TOPIC: BUSINESS VALUATION,MERGER AND ACQUISITION
STRATEGIC FINANCIAL MANAGEMENT WEEK 10 QUESTIONS TOPIC: BUSINESS VALUATION,MERGER AND ACQUISITION Kindly go through chapter 7 in the video lecture before you attempt the questions because the topic have
More informationOBJECTIVE QUESTIONS 1. Which of the following should NOT be the social objective of business organization?
BUSINESS AND FINANCE WEEK 1 TOPICS AND REVIEW QUESTIONS. TOPICS: 1. THE NATURE AND SCOPE OF BUSINESS 2. TYPES OF BUSINESS 3. PURPOSE AND OBJECTIVES OF BUSINESS 4. BUSINESS ORGANIZATIONS AND THEIR TYPES,
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1
Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Task 1 This task is about non-current assets. You
More informationIndian Accounting Standard (Ind AS) 37. Provisions, Contingent Liabilities and Contingent Assets
Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets Indian Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets CONTENTS Paragraphs
More informationSoft clean eraser Soft pencil (type B or HB is recommended)
*5614158211* Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/11 Paper 1 Multiple Choice May/June 2015 Additional Materials: Multiple Choice Answer Sheet Soft clean
More information(Accrual and Prepayment)
Accrual and Prepayment Longman Question 13 The following balances were extracted from the ledgers of Mr Ko at 31 March 2014: $ Telephone 12,355 Dr Rent and rates 55,000 Dr Loan to Bob 450,000 Dr Rental
More informationSSAP 28 STATEMENT OF STANDARD ACCOUNTING PRACTICE 28 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
SSAP 28 STATEMENT OF STANDARD ACCOUNTING PRACTICE 28 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Issued January 2001) The standards, which have been set in bold italic type, should be read
More informationProvisions, Contingent Liabilities and Contingent Assets
International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 37 Provisions, Contingent
More informationSTARRY GOLD ACADEMY , , Page 1
CIS ECONS LEVEL 1 WEEK 2 TOPIC: THEORY OF UTILITY. Definition. Types. Basic concepts of Utility. Approaches to the study of Utility. Law of Diminishing marginal utility. Consumer equilibrium STARRY GOLD
More informationSTRATEGIC FINANCIAL MANAGEMENT WEEK 3 QUESTIONS TOPIC: COST OF CAPITAL AND DIVIDEND DECISION
STRATEGIC FINANCIAL MANAGEMENT WEEK 3 QUESTIONS TOPIC: COST OF CAPITAL AND DIVIDEND DECISION Kindly go through chapter 5 part 1&3 in the video lecture before you attempt the questions because the topic
More informationProvisions, Contingent Liabilities and Contingent Assets
Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.
More informationExecutive Level. Financial Accounting & Reporting Fundamentals. (3) Section 1(a): 10 multiple choice questions (MCQs) all questions are compulsory.
Copyright Reserved No. of pages: 14 Executive Level Financial Accounting & Reporting Fundamentals Instructions to candidates (1) Time allowed: Reading and planning 15 minutes Writing 3 hours (2) Total:
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING
UNIVERSITY OF MRIGE INTERNTIONL EXMINTIONS International General ertificate of Secondary Education OUNTING 0452/01 www.xtremepapers.com Paper 1 Multiple hoice May/June 2006 dditional Materials: Multiple
More informationAccounting Fundamentals February 2011
Accounting Fundamentals February 2011 Suggested answers and examiner s comments Important notice When reading these suggested answers, please note that the answers are intended as an indication of what
More informationSOLUTIONS TO END-OF-CHAPTER QUESTIONS CHAPTER 3
SOLUTIONS TO END-OF-CHAPTER QUESTIONS CHAPTER 3 DEVELOP YOUR UNDERSTANDING Question 3.1 1. Abi s capital account balance at 1 September 2017 Remember that assets liabilities = capital (equity) Assets Inventory
More informationSri Lanka Accounting Standard LKAS 37. Provisions, Contingent Liabilities and Contingent Assets
Sri Lanka Accounting Standard LKAS 37 Provisions, Contingent Liabilities and Contingent Assets CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 37 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS paragraphs
More informationAccounting for Provisions, Prepayments and Accruals
Accounting for Provisions, Prepayments and Accruals Chapter 10 1 Luby & O Donoghue (2005) Prudence concept The prudence concept has two elements. 1. That one should never anticipate profits. 2. Provide
More informationMARK SCHEME for the May/June 2010 question paper for the guidance of teachers 9706 ACCOUNTING
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 9706 ACCOUNTING 9706/23
More informationThe Profit & Loss Account Accounting for Revenue & Expenses
The Profit & Loss Account Accounting for Revenue & Expenses Chapter 3 1 Luby & O Donoghue (2005) Profit & Loss Account The main reason why people set up in business is to make a profit. The profit and
More informationFinancial Instruments: Presentation INTRODUCTION
IAS 32 Financial Instruments: Presentation INTRODUCTION Objective Scope Application The stated objective of IAS 32 is to establish principles for presenting financial instruments as liabilities or equity
More informationStudent Learning Outcomes
Chapter 13 Part 2 - Contingencies Intermediate Accounting II II Dr. Dr. Chula King Student Learning Outcomes Identify situations that constitute contingencies and the circumstances under which they should
More informationProvisions, Contingent Liabilities and Contingent Assets
HKAS 37 Revised March 2010November 2016 Effective for annual periods beginning on or after 1 January 2005 Hong Kong Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets HKAS
More informationChapter 17. Provisions, Contingencies & Events after the Reporting Period
Provisions, Contingencies and Events after the Reporting Period Reference: Contents: IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 10 Events After the Reporting Period IFRIC 1 Changes
More informationWhat will be the effect of this adjustment on the financial statements?
CIS FIACIAL ACCOUTIG 2.1 COTACT UMBER 08038400843 COTACT HOURS TUESDAYS AD FRIDAY 6PM 7PM. QUESTIO WEEK 3- Bad debts &Provision for doubtful debt VIDEO LECTURE CHAPTER: 5 MULTIPLE CHOICE QUESTIOS 1 A business
More informationInstitute of Chartered Accountants Ghana (ICAG) Paper 1.1 Financial Accounting
Institute of Chartered Accountants Ghana (ICAG) Paper 1.1 Financial Accounting Final Mock Exam 1 and suggested solutions DO NOT TURN THIS PAGE UNTIL YOU HAVE COMPLETED THE MOCK EXAM ii Final Mock Exam:
More informationFinancial Accounting. Sample Paper / 2018 Questions & Suggested Solutions
Financial Accounting Sample Paper 2 2017 / 2018 Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide
More informationFORENSIC ACCOUNTING VERSION
FORENSIC ACCOUNTING VERSION Fraudulent or incorrect transactions are presented below. Your job as a forensic accountant is to correct the financial statements and determine how income and total assets
More informationCA CPT Account Test Combine Topic
CA CPT Account Test Combine Topic Test ID :063 Date : 14/09/2017 Time :01:55:00 Qn.1) Contingent Liabilities are shown : A. As current liability B. As Capital fund C. As footnotes to balance sheet D. As
More informationRent was paid quarterly in advance on 1 January, April, July, and October each year.
WEEK 2 QUESTIONS 1. A company has sublet part of its offices and in the year ended 30 November 2014 the rent receivable was: Until 30 June 2014 A From 1 July 2014 $8,400 per year $12,000 per year Rent
More information- A resource - Controlled by the entity - As a result of a past event - From economic benefits are expected to flow to the entity.
Elements and recognition criteria 1. Identify the definition for each of these elements: a. Assets b. Liabilities c. Equity d. Income e. Expenses - A resource - Controlled by the entity - As a result of
More informationPaper F3 (INT) Financial Accounting (International) Fundamentals Pilot Paper Knowledge module. The Association of Chartered Certified Accountants
Fundamentals Pilot Paper Knowledge module Financial ccounting (International) Time allowed: 2 hours LL FIFTY questions are compulsory and MUST be attempted. Paper F3 (INT) o NOT open this paper until instructed
More informationCORPORATE REPORTING PROFESSIONAL 1 EXAMINATION - APRIL 2009
CORPORATE REPORTING PROFESSIONAL 1 EXAMINATION - APRIL 2009 NOTES: You are required to answer Questions 1, 2 and 3. You are also required to answer either Question 4 or 5. (If you provide answers to both
More informationKINDLY REFER TO CHAPTER 2 A, B & C OF THE COMPREHENSIVE VIDEO LECTURES AND READ THE TOPICS BELOW BEFORE YOU ATTEMPT THE QUESTIONS THAT FOLLOW.
KINDLY REFER TO CHAPTER 2 A, B & C OF THE COMPREHENSIVE VIDEO LECTURES AND READ THE TOPICS BELOW BEFORE YOU ATTEMPT THE QUESTIONS THAT FOLLOW. CIS ECONS LEVEL 2 WEEK 2 TOPIC: THEORY OF UTILITY. Definition.
More informationKINDLY REFER TO CHAPTER 6 OF THE COMPREHENSIVE VIDEO LECTURES AND READ THE TOPICS BELOW BEFORE YOU ATTEMPT THE QUESTIONS THAT FOLLOW.
KINDLY REFER TO CHAPTER 6 OF THE COMPREHENSIVE VIDEO LECTURES AND READ THE TOPICS BELOW BEFORE YOU ATTEMPT THE QUESTIONS THAT FOLLOW. CIS ECONS LEVEL 2 WEEK 12 QUESTIONS TOPIC: ECONOMIC POLICIES OBJECTIVE
More informationSTRATEGIC FINANCIAL MANAGEMENT
STARRYGOLD ACADEMY MID DIET MOCK QUESTIONS ON STRATEGIC FINANCIAL MANAGEMENT FOR 2016 NOVEMBER DIET PROFESSI0NAL LEVEL STARRY GOLD ACADEMY +2348023428420, +2347038174484, info@starrygoldacademy.com, www.starrygoldacademy.com
More informationCONTACT HOURS FOR CALLS WEDNESDAYS AND THURSDAYS, 6PM TO 7PM
FINANCIAL ACCOUNT FOUNDATION LEVEL WEEK 1 QUESTIONS CONTACT NUMBER 08038400843 CONTACT HOURS FOR CALLS WEDNESDAYS AND THURSDAYS, 6PM TO 7PM TOPIC: INTRODUCTION AND IASB CONCEPTUAL FRAME WORK VIDEO LECTURE
More informationAdvanced Financial Accounting 2 nd Year Examination
Advanced Financial Accounting 2 nd Year Examination May 2014 Exam Paper, Solutions & Examiner s Comments NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting
More informationAdjusting the Accounts
HOSP 1860 (Financial Acct) Learning Centre Adjusting the Accounts Anytime we prepare financial statements or reach the end of an accounting period, there are account adjustments that need to be made to
More informationInstitute of Chartered Accountants Ghana (ICAG) Paper 1.1 Financial Accounting
Institute of Chartered Accountants Ghana (ICAG) Paper 1.1 Financial Accounting Final Mock Exam 1 Question paper Time allowed 3 hours Instructions: Answer any FIVE of the seven questions provided. DO NOT
More informationIAS 37. Provisions, contingent liabilities & contingent assets. Provisions Contingent Liabilities Contingent Assets Summary Disclosures
IAS 37 Provisions, contingent liabilities & contingent assets Provisions Contingent Liabilities Contingent Assets Summary Disclosures 1 Provisions - recognition A provision is defined as a liability of
More informationAccounting principle/ concept. 1 Change the depreciation methods for non-current assets Consistency
1 (a) Insurance account 1 April 2014 Balance b/d 500 31 March 2015 I/S 4350 31 March 2015 Bank 4000 Balance c/d 150 4500 4500 1 April 2015 Balance b/d 150 Commission receivable account 31 March 2015 Income
More informationWEEK 6- FINANCIAL STATEMENT OF A CORPORATE ORGANISATION & LEASE
CIS FINANCIAL ACCOUNTIG 1.1 CONTACT NUMBER 08038400843 CONTACT HOURS TUESDAYS AND FRIDAY 6PM 7PM. QUESTION WEEK 6- FINANCIAL STATEMENT OF A CORPORATE ORGANISATION & LEASE CHAPTER 10 & 13. MULTIPLE CHOICE
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
*9069352699* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/11 Paper 1 October/November 2013 Candidates answer on the Question
More informationTHE TRIAL BALANCE AND THE CORRECTION OF ERRORS
CHAPTER 22 THE TRIAL BALANCE AND THE CORRECTION OF ERRORS Question 1 Error Type of error 1 An invoice received from a supplier for $657 was recorded in the purchases day book as being for $567 Error of
More informationActivity 1: Transactions
Activity 1: Transactions Prepare the general journal entries to record the following transactions for the business for the month of May 2016 (ignore GST): May 1 Owner deposited $50,000 of his own money
More informationIFRS for SMEs IFRS Foundation-World Bank
International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 23 24 May 2011 Minsk, Belarus Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic 1.6 Section
More informationCPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra
CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra What is a Trial balance? It is a Statement prepared to ensure the arithmetical accuracy of all the accounts before the preparation of the
More informationBSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II
BSc (Hons) Tourism and Hospitality Management Cohort: BTHM/12B/FT Year 1 Examinations for 2012/2013 Semester I & 2012 Semester II MODULE: FINANCIAL ACCOUNTING MODULE CODE: ACCF 1102A Duration: 2 Hours
More informationACCOUNTING 7707/01. Paper 1 Multiple Choice For examination from 2020
ambridge O Level OUNTING 7707/01 Paper 1 Multiple hoice For examination from 2020 SPEIMEN PPER 1 hour 15 minutes You must answer on the multiple choice answer sheet. *0123456789* You will need: Multiple
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every
More informationPUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 19 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (PBE IPSAS 19)
PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 19 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (PBE IPSAS 19) Issued September 2014 and incorporates amendments to 31
More information+44 (0) International Accounting Standards (IAS) Guidance: Terminology and Presentation
internationalenquiries@ediplc.com +44 (0) 2476 518951 www.lcci.org.uk International Accounting Standards (IAS) Guidance: Terminology and Presentation Contents Introduction 3 1 First Level 4 1.1 Terminology
More informationNew Zealand Equivalent to International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets (NZ IAS 37)
New Zealand Equivalent to International Accounting Standard 37 Provisions, Contingent Liabilities and Contingent Assets (NZ IAS 37) Issued November 2004 and incorporates amendments to 31 December 2016
More informationUnit 10 : YEAR-END ADJUSTMENTS
Unit 10 : YEAR-END ADJUSTMENTS Slide 1.2 INTRODUCTION The most important point, which must be understood at the outset, is that all these adjustments have an impact on both the income statement/profit
More informationAccounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m.
Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates
More informationChapter 2 Review of the Accounting Process
Intermediate Accounting 8th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-8th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting
More informationInventory Costs Cost to Sales Price Costs to Sell Units in. Item Incurred Complete Inventory N N N N. Theta
CIS FINANCIAL ACCOUNTIG 2.1 CONTACT NUMBER 08038400843 CONTACT HOURS TUESDAYS AND FRIDAY 6PM 7PM. QUESTION WEEK 4- INVENTORY & INTANGIBLE ASSETS VIDEO LECTURE CHAPTER: 6& 7 QUESTION 1 O. Oak manufactures
More informationICAN ADVANCE TAXATION WEEK THREE QUESTIONS TOPIC: TAX AUDIT AND INVESTIGATION
ICAN ADVANCE TAXATION WEEK THREE QUESTIONS TOPIC: TAX AUDIT AND INVESTIGATION Watch the video lecture chapter 12 before attempting any of the above questions in order to have a clear understanding of the
More informationMARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 11, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING
More informationChapter 2 Review of the Accounting Process
Intermediate Accounting 9th Edition Spiceland Solutions Manual Full Download: http://testbanklive.com/download/intermediate-accounting-9th-edition-spiceland-solutions-manual/ Chapter 2 Review of the Accounting
More informationChapter 2 Review of the Accounting Process
Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2 1 External events involve an exchange transaction between the company and a separate economic entity. For every
More informationPaper T3 (INT) Maintaining Financial Records (International Stream) Wednesday 9 December 2009
ertifi ed ccounting Technician Examination Intermediate Level Maintaining Financial Records (International Stream) Wednesday 9 ecember 2009 Time allowed: 2 hours This paper is divided into two sections:
More informationAccounting Fundamentals July 2012
Accounting Fundamentals July 2012 Suggested answers and examiner s comments Important notice When reading these suggested answers, please note that the answers are intended as an indication of what is
More information7110 PRINCIPLES OF ACCOUNTS
CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level MARK SCHEME for the October/November 2013 series 7110 PRINCIPLES OF ACCOUNTS 7110/21 Paper 2 (Structured), maximum raw mark 120 This mark scheme
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 12 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP B) END SEMESTER
More informationTOPIC 33 - IAS 37 Provisions, Contingent Liabilities and Contingent Assets
TOPIC 33 - IAS 37 Provisions, Contingent Liabilities and Contingent Assets Introductory Points A provision is a liability of uncertain timing or amount A liability is a present obligation, arising from
More informationIn this module we look at how financial records are balanced and how financial reports are produced, incorporating Balance Day adjustments.
Introduction In this module we look at how financial records are balanced and how financial reports are produced, incorporating Balance Day adjustments. At the end of each accounting period an organisation
More informationLesson 4. Lesson 4. Cash. Beg. Balance End. Balance. 30 Liability. Accounting Cycle Part Stephen's Sweet Shop Trial Balance
Lesson 4 Financial Accounting (Information useful to investors and creditors.) The primary tool for investors and creditors are the financial statements to be prepared in accordance with generally accepted
More informationLimited Companies Question: Explain the meaning of the following terms so as to make clear the differences between them: Ordinary Shares are
Limited Companies Explain the meaning of the following terms so as to make clear the differences between them: Ordinary Shares are certificates of ownership to a company. They are issued to shareholders
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level
*6909629618* UNIVERSITY OF MRIGE INTERNTIONL EXMINTIONS General ertificate of Education Ordinary Level PRINIPLES OF OUNTS 7110/01 Paper 1 Multiple hoice October/November 2007 dditional Materials: Multiple
More informationAccounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m.
Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate
More informationPRINCIPLES OF ACCOUNTS
PRINCIPLES OF ACCOUNTS Paper 7110/11 Multiple Choice 11 Question Number Key Question Number Key 1 C 16 A 2 B 17 B 3 A 18 B 4 C 19 D 5 D 20 B 6 D 21 B 7 A 22 D 8 A 23 C 9 C 24 B 10 D 25 D 11 C 26 A 12 A
More informationAccounting and Finance
ENTRANCE SCHOLARSHIP EXAMINATION JANUARY 2017 Accounting and Finance Time Allowed ninety minutes YOU SHOULD ANSWER ONLY TWO QUESTIONS from the four questions, all of which carry equal marks Show all workings
More informationMARK SCHEME for the October/November 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November question paper for the guidance of teachers 0452 ACCOUNTING
More information