Q.1
Accounts payable contol accounts may be used to calculateI. credit purchasesII. amounts collected from receivableIII. amounts paid from payables
  • I only
  • II only
  • I and II
  • I and III
Q.2
Itemrefers to the following balances from Dominique's books for Accounts Receivable.Opening Balance $000Receipts collected for receivables $000Closing Balance $000The total credit sales amount is
  • $100 000
  • $150 000
  • $250 000
  • $350 000
Q.3
Item 14-refer to the following informationSalaries paid during the year $000The monthly salaries bill $000The salaries expense for the year is
  • $20 000
  • $240 000
  • $320 000
  • $360 000
Q.4
The credit purchase of an electronic scanner from Bridget computers for $has been completely omitted from the records. Which of the following journal entry is corrected
  • Dr. Electronic Scanner $10 000Cr. Creditor- Bridget $10 000
  • Dr. Debtor- Bridget $10 000Cr. Electronic Scanner $10 000
  • Dr. Electronic Scanner $10 000CR. Cash $10 000
  • Dr. Creditor- Bridget $10 000Cr. Electronic Scanner $10 000
Q.5
Bengie started business inHe supplied the listing forbelow. Profit for the year $000Retained earnings balance brought down $000Prior year adjustment understatement ofdeclaration $000Dividends declared $000
  • $110 000
  • $130 000
  • $150 000
  • $170 000
Q.6
The net book value if the equipment foris
  • $65 000
  • $66 000
  • $67 500
  • $72 500
Q.7
The accumulated depreciation of equipment foris
  • $27 500
  • $32 500
  • $34 000
  • $35 000
Q.8
The standard which applies to recognition and recording of the cost and depreciation of property, plant and equipment in the financial statements is
  • International Accounting Standards (IAS) 1 (Section 22 from IFRS for SMEs)
  • International Accounting Standards (IAS) 2 (Section 13 from IFRS for SMEs)
  • International Accounting Standards (IAS) 16 (Section 17 from IFRS for SMEs)
  • International Accounting Standards (IAS) 18 (Section 23 for IFRS for SMEs)
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