The trainee accountant at Judd Co has forgotten to make an accrual for rent for-新东方在线职业题库

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The trainee accountant at Judd Co has forgotten to make an accrual for rent for December in thefinancial statements for the

year ended 31 December 20X2. Rent is charged in arrears at the end of February, May, August and November each year.

The bill payable in February is expected to be $30,000. Judd Co’s draft statement of profit or loss shows a profit of $25,000

and draft statement of financial position shows net assets of $275,000.

What is the profit or loss for the year and what is the net asset position after the accrual has been included in the financial

statements?

Profit for the year Net asset position

A

$15,000 $265,000

B

$15,000 $285,000

C

$35,000 $265,000

D

$35,000 $285,000

Chapter10Accrualsandprepayments

An accrual should be made for $10,000 ($30,000/3 months).

The double entry to record the accrual in the accounts is：

Dr Expenses (SPL) $10,000

Cr Accruals (SOFP) $10,000

This reduces profit from $25,000 to $15,000

An accrual is a liability and so will reduce the net asset position, from $275 ,000 to$265,000

Remember that net assets = assets - liabilities

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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