Refer to the Exhibit.
Double entry forms the basis of financial accounting records.
Which of the following combinations is correct?
A contra entry is best described as:
Refer to the exhibit.
The following information is available in respect of two companies that operate in the same market sector:
Which one of the following statements most accurately describes the companies' relative position?
Which of the following is an example of a transaction that affects profit, but does not affect cash?
Refer to the Exhibit.
Accounting information is required for a wide range of users both internal and external. Each user has a different need for the information.
Which of the following is the correct combination of user and need?
Refer to the exhibit.
A business has the following capital and long-term liabilities:
It calculates its gearing ratio as the proportion of debt to total capital.
At the end of the current year, its gearing ratio, compared with that of the previous year, is:
Company A has a receivables turnover ratio of six times, while Company B, which operates in the same market sector, has a receivables turnover ratio of five times.
This suggests that
JW's debits total £10,502 for this period. JW's credits total £8,940.
What amount does JW's accountant need to include in the company's suspense account to make the transactions balance?
Refer to the exhibit.
A company has the following equity balances at the beginning of the year:
During the year the company issued 100,000 new shares at $1.20 each
What are the equity balances after this issue?
The sales ledger control account shows a balance of £236,725, whilst the individual customer balances total £231,472.
One possible explanation for the difference between the two may bE.
