快速查题-ACCA英国注册会计师试题

 A product has the following costs. 

                                                                 $ 

Direct materials                                  15 

Direct labour                                          9 

Variable overheads                             16

 Fixed overheads are $9,000 per month. Budgeted sales per month are 450 units to allow the product to break even. 

Fill in the blank in the sentence below.  

The mark-up which needs to be added to marginal cost to allow the product to break even at the budgeted units is _______   %.  

 What is the margin of safety? 

 X Co sells goods with a one year warranty and had a provision for warranty claims of $64,000 at 31 December 20X0. During

the year ended 31 December 20X1, $25,000 in claims were paid to customers. On 31 December 20X1, X Co estimated that

the following claims will be paid in the following year：

Scenario                                            Probability                 Anticipated cost

Worst case                                          5%                                  $150,000

Best case                                            20%                                $25,000

Most likely                                           75%                                $60,00

 What amount should X Co record in the statement of profit or loss for the year ended 31 December 20X1 in respect of the

provision?

 What must sales be to achieve a monthly profit of $120,000? 

W is registered for sales tax. The managing director has asked four staff in the accounts department why the output tax for the last quarter does not equal 20% of sales (20% is the rate of tax). Which one of the following four replies she received was not correct?

The following information relates to Eva Co's sales tax for the month of March 20X3:

                                                          $

Sales (including sales tax)            109,250

Purchases (net of sales tax)          64,000

Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the

beginning of the month and a closing debit balance of $2,720 at the end of the month.

What was the total sales tax paid to regulatory authorities during the month of March 20X3?

Alana is not registered for sales tax purposes. She has recently received an invoice for goods for resale which cost $500

before sales tax, which is levied at 15%. The total value was therefore $575.

What is the correct entry to be made in Alana’s general ledger in respect of the invoice?

Information relating to Lauren Co's transactions for the month of May 20X4 is shown below：

                                                    $

Sales (including sales tax)       140,000*

Purchases (net of sales tax)     65,000

Sales tax is charged at a flat rate of 20%. Lauren Co's sales tax account had a zero balance at the beginning of the month and at the end of the month.

* Lauren Co's sales for the month of $140,000 included $20,000 of sales exempt from sales tax. What was the total sales tax paid to regulatory authorities at the end of May 20X4 (to the nearest $)?

A business commenced with capital in cash of $1,000. Inventory costing $800 plus sales tax ispurchased on credit, and half is sold for $1,000 plus sales tax, the customer paying in cash at once. The sales tax rate is 20%.

What would the accounting equation after these transactions show?