A trader commenced business with capital of $20,000. At the end of the financial year he had receivables of $10,000, payables of $6,000, inventory of $12,000, cash of $4,000 and non-current assets costing $16,000.The profit/loss for the period was:
Answer(s): A
Which of the following transactions would be classified as a revenue transaction?
Answer(s): D
Which THREE of the following represent credit balances?
Answer(s): B,C,E
Refer to the Exhibit.A company is preparing its accounts to 30 April 2006. The latest telephone bill received by the company was dated 31 March and included call charges for the quarter 1 December to 28 February. The amount of the bill for call charges (excluding VAT) was $960. Most of the company's telephone bills are for similar amounts.Which of the following journal entries should be made to the company's accounts at 30 April 2006?The journal entries which should be made to the company's accounts at 30 April 2006 is
Who is responsible for ensuring that internal control systems operate efficiently?
Answer(s): B
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