Where a transaction is credited to the correct ledger account but debited to the heat and light account instead of the rent and rates account, the error is known as an error of:
Refer to the Exhibit.
The following information relates to a business at its year end:
The prime cost of goods manufactured during the year is:
The Framework is described as a conceptual framework when used in the creation of new accounting standards.
Which ONE of the following describes the approach of the Framework?
Internal controls are used to prevent errors occurring, as well as to detect errors which may have already occurred.
Which one of the following is an example of a 'prevent' control?
Under the normal convention of accounting, assets are shown in the balance sheet at:
In the year ended 31 December 20X1, XYZ receives an email confirming that a major customer has gone into liquidation and will be unable to pay its suppliers.
Which of the following is the impact of adjusting for this event?
An accounting system should provide an audit trail for all its transactions
Which of the following describes an audit trail?
Non-current assets can be divided between intangible and tangible assets.
Which THREE of the following are intangible assets?
TESTED 02 Apr 2025
