Refer to the Exhibit.
You are given the following information:
What did sales on credit amount to during the year?
Which of the following transactions would be classified as a revenue transaction?
A company is preparing its accounts to 30 November. The latest gas bill received by the company was dated 30 September and included usage charges for the quarter 1 June to 31 August of $5,700 and a service charge of $1,200 for the quarter 1 October to 31 December. It is estimated that the gas bill for the following quarter will be a similar amount.
What will be the amount of the accrual shown in the accounts at 30 November 2006?
Fraud can be conducted by employees or management. Management fraud can be hard to detect and may not seem like fraud at all as often company performance improves.
Which ONE of the following would be an example of management fraud?
Select the THREE INCORRECT statements from the following list of statements about memorandum accounts:
A liability may best be defined as:
External auditors report their findings to:
Accounting standards are needed so that financial statements will fairly and consistently describe financial performance.
What are accounting standards an example of?
An organization's trial balance at the end of the month was out of agreement, with the debit side totaling £500 less than the credit side. A suspense account was opened for this amount.
During the next month, the following errors were discovered:
(a) The purchase returns day book had been under cast by £50
(b) Rent payable of £400 had been credited to the rent receivable account
(c) A non-current asset, with a net book value of £700 had been disposed of at a loss of £80; all entries had been correctly recorded except that the sale proceeds had been omitted from the disposals account.
Following the correction of these errors, the balance on the suspense account would be.
In the year ended 31 December 20X1, XYZ receives an email confirming that a major customer has gone into liquidation and will be unable to pay its suppliers.
Which of the following is the impact of adjusting for this event?
