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Financial accounting - Assignment Example

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Financial Accounting 1. What is a manufacturing account?  Select one:  A) A manufacturing account shows the cost of goods sold in a manufacturing business.  B) A manufacturing account is an account that serves to calculate the cost of finished goods produced in a manufacturing business.  C) A manufacturing account is the personal account of a manufacturing business in the payables ledger.  D) A manufacturing account serves to calculate the direct manufacturing costs during the year, the amount of which is then transferred to the trading account.  Answer: Option B (A manufacturing account is an account that serves to calculate the cost of finished goods produced in a manufacturing busin…
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Download file to see previous pages 2. The following figures relate to the payables of a business.  Opening balance: ?133,000  Closing balance: ?166,000  Cash paid to suppliers: ?1,200,000  Returns outwards: ?2,000  Discounts received: ?11,000  what was the purchases amount for the period?  Select one:  A) ?1,246,000  B) ?1,242,000  C) ?1,224,000  D) ?1,076,000 Answer: Option A (?1,246,000 ) ? Payable at the end of the period 133,000 Add: Discount Received 11,000 Add: Return Outwards 2,000 Add: Cash Paid to Suppliers 1,200,000 Less: Payable Balance at Start (133,000) 1,246,000 3. Jill carried out a reconciliation between the payables control account and the total of the list of balances on the personal accounts in the payables ledger. ...
corded as an invoice.  Which of these four errors require a correction to the payables control account?  Select one:  A) Errors 1 and 3  B) Errors 3 and 4  C) Errors 1, 2 and 3  D) Errors 1, 2 and 4  Answer: Option D (Errors 1, 2 and 4 ) This option would be the most suitable answer s the Error 3 needs a correction within the individual suppliers’ account rather than the control account, all the other errors require n amendment within the payables control account. 4. When performing a Bank reconciliation statement starting from the unadjusted closing balance as per the cash book, which of the following items requires an entry in the cash book? (Select two options only.)  Select one or more:  Item 1: bank charges.  Item 2: an outstanding lodgment related to a payment received from a credit customer. Item 3: an Un-presented cheque related to a payment to a credit supplier. Item 4: a direct debit on the bank statement only.  Answer: Item 2 and Item 3 Both of these Items would require a correction within the cash book to make a proper bank reconciliation statement. 5. A cash book at 31 December 20X1 shows a balance at the bank of ?155,230. When comparing the balance with the bank statement, an accountant finds the following differences with the cash book.  • Bank charges: ?80  • Receipts not yet credited by the bank: ?12,500  • Un-presented cheques: ?3,000  • A direct debit not yet in the cash book: ?1,300  • Interest received on a short-term deposit account: ?50  Calculate the adjusted closing balance as per the cash book, and the balance as per the bank statement.  What are the correct balances as per cash book and the bank statement?  Select one:  A) Cash book balance: ?153,900 Bank statement balance: ?163,400  B) Cash book balance: ...Download file to see next pages Read More
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