Accounting and Finance
X Ltd receives a cheque for $100, records it in the Cash Book and banks it on the same day. A statement sent by the bank that day does not show this $100. How is this $100 shown on the bank reconciliation statement?
as an uncredited deposit added to the bank statement balance
as an uncredited deposit deducted from the bank statement balance
as an unpresented cheque added to the bank statement balance
as an unpresented cheque deducted from the bank statement balance
as an uncredited deposit added to the bank statement balance
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C. It is overstated by $900
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A. direct labour + direct material
B. direct labour + factory overheads
C. direct material + direct labour + factory overheads
D. direct material + direct labour + total overheads
In a trading section of income statement, closing inventory of $4 000 has been added to opening inventory and purchases. What is the effect of this on gross profit?
A. It is overstated by $4 000
B. It is understated by $4 000
C. It is overstated by $8 000
D. It is understated by $8 000
Which transaction is entered in the general journal?
A. credit sale of goods
B. goods returned to supplier
C. purchase of a non-current asset on credit
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A company makes furniture What will be treated as a direct cost in the company’s manufacturing account?
A. depreciation of vehicles that deliver the furniture
B. insurance of the machinery used to make the furniture
C. transport costs of bringing in the raw materials to make the furniture
D. wages of workers maintaining the factory machinery
Which of the following is an expense account?
A. Sales
B. Cash
C. Janitorial receivable
D. Accounts payable
A social club’s records for a year show: What is the total net income for the year?
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B. $9 800
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D. $12 000
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