Accounting & Finance. Lectures, control works for students

Retained profits:

The bookkeeper was recording wages expense and paying the employees at the end of the month. In preparing the necessary journal entry, she made a mistake and debited sales revenue rather than wages expense. This error will result in:

The test for distinguishing between an asset and an expense is:

On 7 January 2002, Carz & Sparx Ltd sells a car to a customer who agrees to pay for it within 60 days. The amount owing would be recorded as

Which of the following is not a reason for declaring share dividends (bonus issues)?

Which of the following items should not be included in the cost of acquisition of inventory?

The petty cash account is debited when:

In which special journal should the sale of merchandise for cash be recorded?

The assumption which states that the entity will not be liquidated in the near future is the

When a non-current asset, which is not fully depreciated, is scrapped, there will be a

When a subsidiary ledger is used, one general ledger account represents all the information in the subsidiary ledger. That account is called a

Which of the following is an example of an internal transaction?

The assets of Briny Pools increased by $40,000 and liabilities increased by $5,000 during the current year. If the profit for the period is $25,000, what additional contribution or withdrawal was made by the owners?

Which of the following is true of a perpetual inventory system?

Which statement about Goodwill is true?

The enhancing qualitative characteristics in the Conceptual Framework are

On 16 April, 2014 Edinburgh Ltd sells a Machine to London Ltd who agrees to pay for it within 90 days. On the Balance Sheet for Edinburgh Ltd at 16 April, 2014 the amount owing by London Ltd would be reported as which one of the following

Which type of firm would you expect to have the fastest inventory turnover?

Issues in a firm's management of its accounts receivable are

When prices are falling (deflation), the system with the highest value for Inventory is most likely to be which of the following

The primary basis for the classification of assets and liabilities in the balance sheet is

The basic accounting entry for a revaluation decrement or fall in the value of Land is

Which of these is not a Profitability related ratio?

Assuming a positive bank balance, when reconciling the ledger with the bank statement a returned (dishonoured cheque) should be

Which of the following is not an Intangible asset?