BA3 Practice Questions
Fundamentals of financial accounting
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Total Questions : 393
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Refer to the Exhibit.
You have been asked to prepare the sales ledger control account for the month of May, using the following information:
According to the accounts the opening receivables balance was £ 66,250
What is the closing receivables balance as at the end of May?
The financial statements are produced in accordance with relevant accounting standards. This compliance ensures the requirement of fair presentation of transactions and events is met
How is this compliance emphasized?
Refer to the Exhibit.
A company operates a FIFO system of inventory valuation. Opening inventory at the beginning of the period was 200 units @ £2.80 each. During the period the following movements of inventory were recorded.
The value of the closing inventory at the end of the period and amount charged to the income statement were:
Refer to the Exhibit.
A company has the following transactions for an accounting period:
Closing inventory at the end of the period was $3,200 and gross profit was $16,400.
The opening inventory was therefore
Refer to the exhibit.
A company's gross profit margin has fallen from 40% to 38% in the last period.
Which three of the following would be possible explanations for this?
Refer to the Exhibit.
A club receives the following fees in its first two years of operations:
Entrance fees are to be recognized over a period of 5 years while life membership fees are to be credited over a period of 10 years.
The total amount of fees which will be recognized in the income and expenditure account for each of the two years is:
Refer to the Exhibit.
John Taylor commenced business on 1 March 2006, paying $1,000 cash into a business bank account. During the next month the following transactions took place.
The balance on the bank account at the end of the month is:
Which THREE of the below are possible reasons for an entity's capital amount to change?
At 1 June 20X9 XY has opening inventory of 80 units at a cost of $7.60 each XY purchases the following units during the month of June:
During June 20X9, XY sold 250 units at a price of $15.00 each XY uses the first in. first out (FIFO) method of inventory valuation What is the value of XYs closing inventory at 30 June 20X9? Give your answer to the nearest $.
