题目

 The following receivables ledger control account has been prepared by a trainee accountant:

RECEIVABLES LEDGER CONTROL ACCOUNT

                                                     $                                                                                $

20X5                                                                    20X5

1 Jan           Balance                318,650       31 Jan Cash from credit customers          181,140

                   Credit sales           161,770               Interest charged on overdue   

                                                                                  accounts                                          280 

                  Cash sales              84,260            Irrecoverable debts written off                 1,390 

              Discounts allowed to                           Sales returns from credit 

                                                                           credit customers                                    1,240 

                                                                                   customers                                      3,990

What should the closing balance at 31 January 20X5 be after correcting the errors in the account?

A

$292,380

B

 $295,420

C

$292,940

D

$377,200

Chapter14Controlaccounts

                                                                  $                                                                               $

Returns outwards                                   27,490       Balance b/f                                              142,320

Payments to payables                           196,360   Credit purchases (183,800 x 1.175)          215,965

Discount received                                     1,430  

Contra                                                       2,420

 Balance c/f                                            130,585  

                                                               358,285                                                                     358,285

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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