Questions from General Accounting


Q: Avsar Limited has extracted the following budgeting details for the year to

Avsar Limited has extracted the following budgeting details for the year to 30 September 2020: 1 Sales: 4000 units of V at £500 per unit7000 units of R at £300 per unit 2 Mat...

See Answer

Q: The following budget information relates to Flossy Limited for the three months

The following budget information relates to Flossy Limited for the three months to 31 March 2021: 3 Capital expenditure to be incurred on 20 February 2021 is expected to amount to £470,00...

See Answer

Q: Chimes Limited has prepared a flexible budget for one of its factories

Chimes Limited has prepared a flexible budget for one of its factories for the year to 30 June 2021. The details are as follows: Additional information: 1 The company only expects to operate at a capa...

See Answer

Q: Is it likely that a standard-costing system is of any

Is it likely that a standard-costing system is of any relevance in a service industry?

See Answer

Q: Standard costing is all about number crunching and for someone on the

Standard costing is all about number crunching and for someone on the shop floor it has absolutely no relevance.’ Do you agree with this statement?

See Answer

Q: Critically evaluate the purpose audit serves in the corporate world and its

Critically evaluate the purpose audit serves in the corporate world and its value to society. Answer: 1. Arguably audit allows companies to get easier access to the capital markets. 2. It improves...

See Answer

Q: Examine the usefulness of management accounting in a service-based economy

Examine the usefulness of management accounting in a service-based economy.

See Answer

Q: Design a possible fraud scheme. Consider what its impact would be

Design a possible fraud scheme. Consider what its impact would be on the financial statements and how auditors may uncover a similar fraud.

See Answer

Q: Beech is a retailer. Most of his sales are made on

Beech is a retailer. Most of his sales are made on credit terms. The following information relates to the first four years that he has been in business: The trade is one that experiences a high level...

See Answer

Q: The following trial balance has been extracted from Carol Ltd as at

The following trial balance has been extracted from Carol Ltd as at 30 April 2020: Additional information: 1 Inventory at 30 April 2020 was valued at £140,000. 2 Depreciation for the year...

See Answer