Questions from Financial Accounting

Q: At the end of Year 3 the Bed Company has a statement

At the end of Year 3 the Bed Company has a statement of financial position (balance sheet) comprising £3,000 receivables (debtors), £8,000 other assets and £11,000 ownership interest, consisting of £2...

Q: 27. A business division manufacturing table lamps plans for sales of

27. A business division manufacturing table lamps plans for sales of 1,000 lamps at a selling price of £12 each. The variable cost is £8 per lamp. Fixed costs for the reporti...

Q: 37. If the factory produces 3,200,000 boxes

37. If the factory produces 3,200,000 boxes of USBs after the extension and fixed costs become £7m in total, what profit will be earned? (a) £2m (b) £3.2m (c)...

Q: 19. Which of the following is not an essential feature of

19. Which of the following is not an essential feature of a budget? (a) There is a clearly defined budget period. (b) It is a combination of financial and non-financial data set with reference to ke...

Q: 14. Durham Prints Ltd manufactures a single product that has the

14. Durham Prints Ltd manufactures a single product that has the following standard cost specifications (per unit). During June, the following actual data have been recorded in the production of 2,000...

Q: 24. Calculation of direct labour variances shows a favourable labour rate

24. Calculation of direct labour variances shows a favourable labour rate variance of £5,000 and an adverse labour efficiency variance of £100. Which of the following sentenc...

Q: 19. Which of the following is the best definition of feedforward

19. Which of the following is the best definition of feedforward control? (a) Feedforward control means that managers are asked to put forward their plans for controlling the activity of their depart...

Q: 21. Three general types of capital budgeting models are:

21. Three general types of capital budgeting models are: (a) Net present value declining balance and accounting rate of return (b) Payback, internal rate of return and units of production (c) Accou...

Q: 9. Which of the following entities has an ownership interest that

9. Which of the following entities has an ownership interest that is divided into individual shares and profits, distributed to owners by means of the payment of dividends? (a) A school in state owne...

Q: 19. Which of the following statements about users of accounting information

19. Which of the following statements about users of accounting information is correct? (i) Most of the investment in shares through the Stock Exchange in the United Kingdom is carried out by individ...