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1
Which of the following statements is/are TRUE or FALSE?
1 Cash purchases are recorded in the purchases day book.
2 The sales day books is used to keep a list of invoices received from suppliers
A
Both statements are TRUE
B
Both statements are FALSE
C
Statement 1 is TRUE and statement 2 is FALSE
D
Statement 1 is FALSE and statement 2 is TRUE
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2
材料全屏
Mr Yousef
The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.
TRIAL BALANCE AS AT 31 MAY 20X6
Dr Cr
$ $
Sales 138,078
Purchases 82,350
Carriage 5,144
Drawings 7,800
Rent and insurance 6,622
Postage and stationery 3,001
Advertising 1,330
Salaries and wages 26,420
Irrecoverable debts 877
Allowance for receivables 130
Receivables 12,120
Payables 6,471
Cash on hand 177
Cash at bank 1,002
Inventory as at 1 June 20X5 11,927
Equipment at cost 58,000
Accumulated depreciation 19,000
Capital 53,091
216,770 216,770
The following additional information as at 31 May 20X6 is available.
1 Rent is accrued by $210.
2 Insurance has been prepaid by $880.
3 $2,211 of carriage represents carriage inwards on purchases.
4 Equipment is to be depreciated at 15% per annum using the straight-line method.
5 The allowance for receivables is to be increased by $40.
6 Inventory at the close of business has been valued at $13,551.
52
【论述题】
Prepare a statement of profit or loss for the year ended 31 May 20X6.
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3
Prepare a statement of financial position as at that date.
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4
The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory
count on 7 July 20X3,
which gave a total inventory value of $950,000.Between 30 June and 7 July 20X6, the following transactions took place.
$
Purchase of goods 11,750
Sale of goods (mark up on cost at 15%) 14,950
Goods returned by Global Co to supplier 1,500
What figure should be included in the financial statements for inventories at 30 June 20X3?
A
$952,750
B
$949,750
C
$926,750
D
$958,950
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5
Which of the following costs may be included when arriving at the cost of finished goods inventory for inclusion in the financial statements of a manufacturing company?
1 Carriage inwards
2 Carriage outwards
3 Depreciation of factory plant
4 Finished goods storage costs
5 Factory supervisors' wages
A
1 and 5 only
B
2, 4 and 5 only
C
1, 3 and 5 only
D
1, 2, 3 and 4 only
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6
The closing inventory at cost of a company at 31 January 20X3 amounted to $284,700.
The following items were included at cost in the total:1 400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the reporting date at 50% of their normal price.
Selling expenses amounted to 5% of the proceeds.2 800 skirts, which had cost $20 each.
These too were found to be defective. Remedial work in February 20X3 cost $5 per skirt, and selling expenses for the batch totalled $800. They were sold for $28 each.
What should the inventory value be according to IAS 2 Inventories after considering the above items?
A
$281,200
B
$282,800
C
$329,200
D
None of these
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7
A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in
inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place:20X2July Purchased 500 engines at $220 each1 November Sold 400 engines for $160,00020X31 February Purchased 300 engines at $230
each15 April Sold 250 engines for $125,000
What is the value of the company's closing inventory of engines at 30 April 20X3?
A
$188,500
B
$195,500
C
$166,000
D
None of these figures
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8
Which of the following statements about the valuation of inventory are correct, according to IAS 2 Inventories?
1 Inventory items are normally to be valued at the higher of cost and net realisable value.
2 The cost of goods manufactured by an entity will include materials and labour only. Overhead costs cannot be included.
3 LIFO (last in, first out) cannot be used to value inventory.
4 Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual
cost.
A
1, 3 and 4 only
B
1 and 2 only
C
3 and 4 only
D
None of the statements are correct
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9
A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to
an inventory value at cost at this date of $483,700.Between 1 November 20X3 and 4 November 20X3 the following
transactions took place:
1 Goods costing $38,400 were received from suppliers.
2 Goods that had cost $14,800 were sold for $20,000.
3 A customer returned, in good condition, some goods which had been sold to him in October for $600 and which had cost
$400.
4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them
What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this
information?.
A
$458,700
B
$505,900
C
$508,700
D
$461,500
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10
In preparing its financial statements for the current year, a company's closing inventory was understated by $300,000.
What will be the effect of this error if it remains uncorrected?
A
The current year's profit will be overstated and next year's profit will be understated
B
The current year's profit will be understated but there will be no effect on next year's
C
The current year's profit will be understated and next year's profit will be overstated
D
The current year's profit will be overstated but there will be no effect on next year's profit.