Jones Co has the following transactions：1 Payment of $400 to J Bloggs for a cash-新东方在线职业题库

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Jones Co has the following transactions：1 Payment of $400 to J Bloggs for a cash purchase2 Payment of $250 to J Doe in

respect of an invoice for goods purchased last monthWhat are the correct ledger entries to record these transactions?

A

Dr Cash $650 Cr Purchases $650

B

Dr Purchases $650 Cr Cash $650

C

Dr Purchases $400 Dr Trade Payables $250 Cr Cash $650

D

Dr Cash $650 Cr Trade Payables $250 Cr Purchases $400

Chapter5Ledgeraccountsanddoubleentry

Dr Purchases $400

Dr Trade Payables $250

Cr Cash $650

A payment is a credit to the cash account. The payment to J Bloggs is a cash purchase and so the double entry is Dr

Purchases, Cr Cash. Remember that the purchase from J Doe has already been recorded as Dr Purchases, Cr Trade

Payables, so the payment of cash to clear the invoice should now be recorded as Dr Trade Payables, Cr Cash

多做几道

Which of the following is a ratio which is used to measure how much a business owes in relation to its size?

A

Asset turnover

B

Profit margin

C

Gearing

D

Return on capital employed

A business operates on a gross profit margin of 331/3%. were $680. Gross profit on a sale was $800, and expenses

What is the net profit margin?

A

3.75%

B

5%

C

11.25%

D

22.67%

A company has the following details extracted from its statement of financial position：

$'000

Inventories 1,900

Receivables 1,000

Bank overdraft 100

Payables 1,000

The industry the company operates in has a current ratio norm of 1.8. Companies who manage liquidity well in this industry

have a current ratio lower than the norm.

Which of the following statements accurately describes the company’s liquidity position?

A

Liquidity appears to be well managed as the bank overdraft is relatively low

B

Liquidity appears to be poorly-controlled as shown by the large payables balance

C

Liquidity appears to be poorly-controlled as shown by the company’s relatively high current ratio

D

Liquidity appears to be poorly-controlled as shown by the existence of a bank

Why is analysis of financial statements carried out?

A

So that the analyst can determine a company’s accounting policies

B

So that the significance of financial statements can be better understood through comparisons

with historical performance and with other companies

C

To get back to the ‘real’ underlying figures, without the numbers being skewed by the

requirements of International Financial Reporting Standards

D

To produce a report that can replace the financial statements, so that the financial statements

no longer need to be looked at

Which of the following transactions would result in an increase in capital employed?

A

Selling inventory at a profit

B

Writing off a bad debt

C

Paying a payable in cash

D

Increasing the bank overdraft to purchase a non-current asset

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