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Accounting and Finance
Which ledger entries record the purchase of a machine bought on credit?
debit trade payables, credit machinery
debit machinery, credit trade payables
debit trade payables, credit purchases
debit purchases, credit trade payables
Author:
rikazzz
Comment
Accounting and Finance
A social club’s receipts and payments account for 1996 showed rent paid as $4,000. On 1 January 1996, rent owed by the club was $800. On 31 December 1996, rent owed by the club was $1,000. What is the amount charged for rent in the income and expenditure account for 1996?
$4,000
$4,200
$4,800
$5,000
Author:
rikazzz
Comment
Accounting and Finance
On which basis should inventory be valued?
cost price
higher of cost or net realisable value
lower of cost or net realisable value
net realisable value
Author:
rikazzz
Comment
Accounting and Finance
A machine costing $60 000 is depreciated by 25% per annum on the diminishing balance method. What is the depreciation charge at the end of the second year?
$11 250
$15 000
$26 250
$30 000
Author:
rikazzz
Comment
Accounting and Finance
A business receives rent for letting premises. How is this rent classified?
capital expenditure
revenue expenditure
capital income
revenue income
Author:
rikazzz
Comment
Accounting and Finance
How is a prepayment by X shown in X’s Balance Sheet?
current asset
non-current asset
non-current liability
current liability
Author:
rikazzz
Comment
Accounting and Finance
On 31 July, X’s bank statement shows a balance at bank of $2 500, but the cashbook shows a balance at bank of $1 750. X finds cheques totaling $750 have not been presented for payment. Which bank balance figure will appear in X’s balance sheet on 31 July?
$1 000
$1 750
$2 500
$3 250
Author:
rikazzz
Comment
Accounting and Finance
A manufacturing business extracts the following information from its books: Direct materials $14 000 Direct labour $11 000 Indirect expenses $4000 What is the amount of prime cost?
$18 000
$21 000
$25 000
$29 000
Author:
rikazzz
Comment
Accounting and Finance
X is a trader in office machinery. On 31 March he purchases an office machine on credit from Y. Which sections will increase on X’s Balance Sheet on 31 March?
current assets only
current assets and current liabilities
non-current assets only
non-current assets and current liabilities
Author:
rikazzz
Comment
Accounting and Finance
At what value is inventory stated in a company’s Balance Sheet?
cost price
net realisable value
the greater of net realisable value or cost price
the lower of net realisable value or cost price
Author:
rikazzz
Comment
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