Questions from Financial Accounting

Q: 23. Which of the following is a correct statement of the

23. Which of the following is a correct statement of the accounting equation? (a) Assets plus liabilities equals ownership interest. (b) Assets minus liabilities equals ownership interest. (c) Asse...

Q: The Bed Company continues trading during Year 4. The statement of

The Bed Company continues trading during Year 4. The statement of financial position (balance sheet) at the end of Year 4, in its first draft, showed receivables (debtors) as £4,850 and the provision...

Q: 8. Which of the following is equal to ownership interest if

8. Which of the following is equal to ownership interest if it is assumed that there are no long-term liabilities? (a) Current Cassets + current liabilities (b) Non-current (fixed) assets + current...

Q: 7. Which of the following entities is required to apply the

7. Which of the following entities is required to apply the accounting requirements of the Companies Act? (a) Partnership (b) Sole trader (c) Limited company (d) A museum owned by a local governme...

Q: Record the transactions of question B9.3 in ledger accounts for

Record the transactions of question B9.3 in ledger accounts for L1 Receivables (debtors), L2 Provision for doubtful debts, L3 Cash and L4 Profit and loss account. Data from Question B9.3: At the end...

Q: Record the transactions of question B9.4 in ledger accounts for

Record the transactions of question B9.4 in ledger accounts for L1 Receivables (debtors), L2 Provision for doubtful debts, L3 Cash and L4 Profit and loss account. Data from Question B9.4: The Bed Com...

Q: Record the transactions of question B9.5 in ledger accounts for

Record the transactions of question B9.5 in ledger accounts for L6 Expense of insurance and L7 Prepayment. Data from Question B9.5: On 1 December Year 1 a company paid £2,400 as an insurance premium...

Q: Prepare bookkeeping records for the information in question B10.1.

Prepare bookkeeping records for the information in question B10.1. Data from Question B10.1: White Ltd commenced trading on 1 July Year 3 and draws up its accounts for the year ended 30 June Year 4....

Q: Prepare bookkeeping records for the information in question B10.2.

Prepare bookkeeping records for the information in question B10.2. Data from Question B10.1: Plastics Ltd pays rent for a warehouse used for storage. The quarterly charge for security guard services...

Q: Prepare bookkeeping records for the information in question B10.3.

Prepare bookkeeping records for the information in question B10.3. Data from Question B10.1: The accountant of Brown Ltd has calculated that the company should report in its profit and loss account a...