Accounting standards are needed so that financial statements will fairly and consistently describe financial performance.
What are accounting standards an example of?
AB wrote off a $500 debt owed by CD last year During the current year CD has paid the $500 in full AB has debited the bank account with S500.
Where would the credit entry for this receipt be recorded?
A sole trader made a net profit of $8000 for the year.
During the year, inventory increased by $500, receivables decreased by $800 and payables increased by $2400.
This would result in:
MM does not maintain complete accounting records The following information is available for the year ended 31 December 20X3.
The mark up on items sold by MM is 20%
What is the figure for purchases to be included in MM's statement of profit or loss for the year ended 31 December 20X3?
An internal audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization
Which of the following appoints the internal auditor?
Refer to the Exhibit.
Soffit plc is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. Based on an aged receivables schedule, it is estimated that an allowance for receivables of $125,820 is required.
In addition, a specific allowance for receivables of $18,640 is also required for two customers who are experiencing cash flow difficulties. There are also two customers who have gone into receivership while owing the company $6,300. The current allowance for receivables is $156,000.
Which is the correct entry to be made to the accounts to record these transactions?
A public limited company declares a 10% final dividend.
The nominal value of the shares is 50p and the shares are currently trading, in the stock market, at a price of £2.
A shareholder who purchased 1000 shares at a price of £1.00 per share, will receive a dividend of:
Give your answer to 2 decimal places.
