Refer to the exhibit.
A company has the following transactions for the month of April:
Closing inventory at the end of the period was $26,000 and gross profit was $90,000. The opening inventory was therefore:
Which of the following would meet the definition of a liability in accordance with the Conceptual Framework's definition?
Refer to the exhibit.
A company has the following equity balances at the beginning of the year
During the year the company made a bonus issue of 1 for 4 shares
What are the equity balances after this issue?
UVW is preparing its manufacturing account for the year ended 30 June 20X7 The following information is available:
What is UVWs prime cost for year ended 30 June 20X7?
Which of the following entries would result in the trial balance not agreeing?
(a) An invoice for £200 for electricity has been omitted from the ledgers
(b) A payment received from a customer has been posted to the accounts twice
(c) An invoice for repairs and maintenance has been charged to the non-current asset account
(d) A payment made to suppliers had been recorded in the cash book but not recorded in the supplier's account
The profit earned by Subramanian in 2006 was £ 50,000. He injected new capital of £12,000 during the year and withdrew goods for his private use that cost £4,000.
If net assets at the beginning of 2006 were £10,000, what were the closing net assets?
AB sold a machine for $15,000 The machine had originally cost $160,000 and al the dale of disposal had a carrying value of $26,000.
The journal entry lo record this disposal is:
A)
B)
C)
D)
TESTED 02 Apr 2025
