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:
Answer(s): C
The balance on LMN's cash account at 31 December 20X6 is $108,000 (debit) On performing the monthly bank reconciliation the following is discovered.· a payment of $2,000 made to a supplier has not yet appeared on the bank statement,· an automated receipt from a customer for $5,000 has not yet been recorded in the cash book, and· a pigment to a supplier of $1,500 was incorrectly recorded in the cash book as $1,050The balance showing on the bank statement at 31 December 20X6 is
Answer(s): A
Refer to the Exhibit.On 1 May year 1 a company pays insurance of $1,800 for the period to 30 April year 2What is the charge to the income statement and the entry in the statement of financialposition for year 1 ended 30 November?
Which one of the following statements best describes the usefulness of the income statement account of a company:
A company that is VAT-registered has sales for the period of $245,000 (excluding VAT) and purchases for the period of $123,375 (including VAT). The opening balance on the VAT account was $18,000 credit. The VAT rate is 17.5%.What will be the closing balance on the VAT account at the end of the period?
Answer(s): B
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