快速查题-ACCA英国注册会计师试题

The inventory value for the financial statements of Q for the year ended 31 December 20X4 was based on an inventory count on 4 January 20X5,

which gave a total inventory value of $836,200.Between 31 December and 4 January 20X5, the following transactions took

place:

                                                                            $

Purchases of goods                                        8,600

Sales of goods (profit margin 30% on sales) 14,000

Goods returned by Q to supplierWhat adjusted figure should be included in the financial statements for inventories at 31

December20X4?

Which of the following statements is/are TRUE or FALSE?

1 Cash purchases are recorded in the purchases day book.

2 The sales day books is used to keep a list of invoices received from suppliers

Prepare a statement of financial position as at that date.

The closing inventory at cost of a company at 31 January 20X3 amounted to $284,700.

The following items were included at cost in the total:1 400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the reporting date at 50% of their normal price.

Selling expenses amounted to 5% of the proceeds.2 800 skirts, which had cost $20 each.

These too were found to be defective. Remedial work in February 20X3 cost $5 per skirt, and selling expenses for the batch totalled $800. They were sold for $28 each.

What should the inventory value be according to IAS 2 Inventories after considering the above items?

A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in

inventory, valued at $190 each.During the year ended 30 April 20X3 the following transactions took place:20X2July Purchased 500 engines at $220 each1 November Sold 400 engines for $160,00020X31 February Purchased 300 engines at $230

each15 April Sold 250 engines for $125,000

What is the value of the company's closing inventory of engines at 30 April 20X3?

Which of the following statements about the valuation of inventory are correct, according to IAS 2 Inventories?

1 Inventory items are normally to be valued at the higher of cost and net realisable value.

2 The cost of goods manufactured by an entity will include materials and labour only. Overhead costs cannot be included.

3 LIFO (last in, first out) cannot be used to value inventory.

4 Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual

cost.

A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to

an inventory value at cost at this date of $483,700.Between 1 November 20X3 and 4 November 20X3 the following

transactions took place:

1 Goods costing $38,400 were received from suppliers.

2 Goods that had cost $14,800 were sold for $20,000.

3 A customer returned, in good condition, some goods which had been sold to him in October for $600 and which had cost

$400.

4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them

What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this

information?.

In preparing its financial statements for the current year, a company's closing inventory was understated by $300,000.

What will be the effect of this error if it remains uncorrected?

Tin Co purchases $250 worth of metal from Steel Co. Tin Co agrees to pay Steel Co in 60 days time.What is the double entry

to record the purchase in Steel 0〇!3 books?