Bài kiểm tra ACCA

1. During the year to 30 November 20X5, Amanda bought goods for resale at a cost of $75,550. Her inventory at 1 December 20X4 was valued at $15,740. She did not count her inventory at 30 November 20X5, but she knows that her sales for the year to 30 November 20X5 were $91,800. All sales were made at a markup of 20%. Based on the information above, what was the value of Amanda’s inventory at 30 November 20X5?

2. When Mervyn’s trial balance was extracted, the total of the debit balances was $500 more than the total of the credit balances. Which of the following errors is a possible explanation for the difference?

3. Which of the following are desirable characteristics of financial information according to the Framework for the Preparation and Presentation of Financial Statements? (i) Relevance or (ii) Reliability?

4. At 30 November 20X5 Jenny had a bank loan of $8,500 and a balance of $678 in hand in her bank account. How should these amounts be recorded on Jenny’s opening trial balance at 1 December 20X5?

5. Vera wishes to write off an irrecoverable receivables balance. She has made the correct entry in the receivables expense account. What entry is needed to complete the double entry?

6. Julie is preparing her final accounts for the year to 31 October 2008. The most recent invoice in her records for electricity was a charge of $1,647 for the three months to 31 August 2008. What post trial balance adjustment should Julie make?

7. Simon, who is a sole trader, made a profit of $22,860 in the year to 30 November 20X5. During the year his drawings were $16,890. At 1 December 20X4 the balance on his capital account was $68,920. What is the balance on Simon’s capital account at 30 November 20X5?

8. Which of the following correctly calculates the difference between closing capital and opening capital?

9. Which quality of financial information is described in the IASB's ‘Framework for the Preparation and Presentation of Financial Statements' as representing ‘faithfully that which it either purports to represent or could reasonably be expected to represent'?

10. When Steve's trial balance was extracted, a suspense account was opened as the total of the debit column was $400 greater than the total of the credit column. Steve then found that a cash purchase of stationery for $200 was correctly entered in the cash account, but was entered on the wrong side of the stationery account. When the error is corrected, what is the balance on the suspense account?

11. A business had net assets at 1 January and 31 December 20X9 of $47,100 and $54,200 respectively. During the year the business borrowed $2,000 from the bank and the proprietor introduced additional capital of $22,000. The proprietor also made drawings of $200 per week. What profit or loss was made by the business in 20X9?

12. Ellie is recording an invoice for the purchase of a new non-current asset. The invoice shows the basic cost of the asset, but then also shows the following items: (1) Delivery; (2) Installation; (3) Maintenance. Which of the costs should be treated as revenue expenditure?

13. Which of the following should be included within non-current assets in the accounts of a business? (1) The cost of a new delivery van; (2) The cost of insuring the van; (3) The cost of a new set of tyres for the van when they need to be replaced; (4) The wages of a new employee needed to drive the van

14. Which of the following items should be deducted from gross profit as part of the calculation to arrive at net profit? (1) Early settlement discount allowed; (2) Early settlement discount received

15. When preparing the sales tax ledger account, which of the following entries will be debit entries? (1) Sales tax on cash purchases; (2) Sales tax on cash sales; (3) The total input sales tax shown in the purchase day book; (4) The total output sales tax shown in the sales day book

16. Which of the following statements about predetermined overhead absorption rates are true? (1) Using a predetermined absorption rate avoids fluctuations in unit costs caused by abnormally high or low overhead expenditure or activity levels; (2) Using a predetermined absorption rate offers the administrative convenience of being able to record full production costs sooner; (3) Using a predetermined absorption rate avoids problems of under/over absorption of overheads because a constant overhead rate is available.

17. Which of the following would be classed as indirect labour?

18. Which of the following departments is a production cost centre in a company producing milk in cartons?

19. A manager has responsibility for costs incurred, revenues earned and investment in non-current assets in one area of a business. What is the manager responsible for?

20. Under absorption costing, which of the following overheads will most likely use allocation?