CIMAPRA17-BA3-1-ENG

CORRECT TEXT The balances of the trial balance of CDE for the year ended 31 May 20X4 is as follows What must the balance on the share capital account be at 31 May 20X4 if the trial balance is to balance? Give your answer in $’000 View AnswerAnswer: $26280

Refer to the Exhibit. On 1 May year 1 a company pays insurance of $1,800 for the period to 30 April year 2. What is the charge to the income statement and the entry in the statement of financial position for year 1 ended 30 November?A . AB . BC...

Fraud can be conducted by employees or management. Management fraud can be hard to detect and may not seem like fraud at all as often company performance improves. Which ONE of the following would be an example of management fraud?A . Theft by managementB . Improved performance and position for...

Refer to the Exhibit. What is the wages expense for the income statement for month 1?A . $3,808B . $4,428C . $6,236D . $6,966View AnswerAnswer: D

If the royalty cost falls on items used in the manufacturing process, which TWO of the following would be true?A . Prime cost increasesB . Factory cost of production reduces.C . Factory cost of goods completed remains the sameD . Factory cost of production increasesE . Prime cost reducesView AnswerAnswer:...

CORRECT TEXT The draft accounts of KenDoo Ltd for the year ended 31 August 2006 showed a net profit of $10000. During the audit, the following errors and omissions were discovered. (a) Items valued at $3100 had been completely omitted from the closing stock figure. (b) Accrual of electricity bill...

Which ONE of the following is an asset?A . Sales tax paid on an itemB . Sales tax received from the sale of an itemC . Sales tax exempt from an itemView AnswerAnswer: A

An invoice to Sammy has been entered in the sales day book as $85 instead of $58. To correct the position, which of the following procedures should be adopted?A . Debit Receivables $27, Credit Sales $27 and increase the balance owing by SammyB . Debit Receivables $27, Credit Sales $27...

CORRECT TEXT A company has profit before tax and dividends of £500000. The share capital consists of 1000000 ordinary shares of £1 each and 100000 10% preference shares of 50p each. A 10p dividend was declared on ordinary shares. Assuming there was no tax liability for the period, profit retained...

A company is preparing its accounts to 30 November. The latest gas bill received by the company was dated 30 September and included usage charges for the quarter 1 June to 31 August of $5,700 and a service charge of $1,200 for the quarter 1 October to 31 December. It...