What is the average yearly income for young adults with a bachelors degree in the United States multiple choice question $75000 $30000 $55000 $25000?
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Chapter 2: Statement of financial position and income statement
AAssets – Liabilities – Capital = Drawings + Profit BAssets = Liabilities – Capital + Profit – Drawings CAssets – Liabilities – Capital = Profit – Drawings DAssets + Liabilities = Capital + Profit – Drawings
AThe income statement illustrates a business’ financial position. BThe income statement includes dividends paid CThe income statement illustrates the business’ financial performance DThe income statement has to show the results for one year
ACapital, drawings, assets and liabilities BCapital, dividends paid, sales and assets CAssets, liabilities, profit on disposals of non-current assets and introduced capital DDividends paid, assets, discounts and liabilities
AThe statement of financial position and income statement form part of the financial statements of a business BThe statement of financial position illustrates the accounting equation CThe income statement illustrates the accounting equation DThe statement of financial position and income statement illustrate the financial position and performance of the business
AInventory is shown on the income statement and in the statement of financial position BExpenses should be included on the income statement CInventory should be included on the statement of financial position only DReceivables are included in current assets on the statement of financial position Chapter 3: Double entry bookkeeping
Aan asset or an expense Ba liability or an expense Can amount owing to the organisation Da liability or revenue
Amaintain ledger accounts for every asset and liability Bprovide financial information to users of such information Cproduce a trial balance Drecord every financial transaction individually
Aan increase in assets or a decrease in expenses Ban increase in sales or an increase in liabilities Ca decrease in sales or a decrease in assets Da decrease in liabilities or an increase in expenses
Aan increase in assets or increase in liabilities Ban increase in expense or an increase in share capital Can increase in liabilities or an increase in share capital Dan increase in liabilities and a decrease in sales Chapter 4: Inventory
The value of inventory at the year-end should be: A$675 B$670 C$795 D$550
What is the value of inventory at 31 January using the FIFO method? A$1,125 B$725 C$975 D$1,000
Aan increase of $8,500 Ban increase of $1,000 Cno effect at all Da decrease of $1,000
(1)Carriage outwards (2)Depreciation of factory plant (3)Carriage inwards (4)General administrative overheads AAll four items B1, 3 and 4 only C1 and 2 only D2 and 3 only
Which of the following total figures should appear in the statement of financial position of X for inventory? A$122,300 B$121,900 C$122,900 D$123,300 Chapter 5: Sales tax
How much is due to the tax authority for the quarter? A$1,260 B$1,400 C$1,594 D$1,873
Acredited with the total of sales made, including sales tax Bcredited with the total of sales made, excluding sales tax Cdebited with the total of sales made, including sales tax Ddebited with the total of sales made, excluding sales tax
A$962.50 debit B$962.50 credit C$1,682.10 debit D$1,682.10 credit
The accounting equation after these transactions would show: Aassets $1,775 less liabilities $175 equals capital $1,600 Bassets $2,775 less liabilities $975 equals capital $1,200 Cassets $2,575 less liabilities $800 equals capital $1,775 Dassets $2,575 less liabilities $975 equals capital $1,600 Chapter 6: Accruals and prepayments
Which of the following is the appropriate entry for electricity?
Which of the following is the correct entry forelectricity in Lansdown’s income statement and statement of financialposition for the year ending 31 December 2005?
What is the charge to the income statement in respect of rent for the year ended 31 December 2005? A $1,400 B $1,200 C $1,100 D $1,300
The bills for the next four quarters were as follows (q.e. = quarter ended): Tony always accrues for expenses based on the last bill. What is the charge to the income statement in respect of light and heat for the 15-month period ended 31 March 2005? A $1,160 B $1,150 C $930 D $920
The stationery figure to be shown in the income statement for the year is: A $1,195 B $1,335 C $1,365 D $1,505 Chapter 7: Irrecoverable debts and allowances for receivables
What will be the adjusted balance of the allowance for receivables? A $1,650 B $2,450 C $2,500 D $3,450
Phil would like to provide against a specific debt of $250 andbased on past experience, make a general allowance at 2% of receivables.The current balance on the allowance for receivables account is $2,000.Phil also received $300 from a debt that had been previously beenwritten off. What is the charge to the income statement in respectof irrecoverable debt expense and the entry on the statement offinancial position for net receivables at 31 March?
What was the total irrecoverable debt expense for the year? A $170 B $260 C $410 D$710
What is the total charge to the income statement in respect of these items? A $150 debit B $150 credit C $300 debit D $300 credit
What balances will be shown in hisstatement of financial position at the year-end for receivables and theallowance for receivables?
What entry should James make in his general ledger?
What best describes Gordon’s allowance for receivables as at his year end? A a specific allowance of $900 and an additional allowance of $1,582 based on past history B a specific allowance of $1,582 and an additional allowance of $900 based on past history C a specific allowance of $2,482 D a general allowance of $2,482 Chapter 8: Noncurrent assets
Her policy is to depreciate motor vehicles at arate of 25% pa on the straight-line basis, based on the number ofmonths’ ownership. What is the depreciation charge for the year ended 31 December 2005? A $3,750 B $3,291 C $4,250 D $3,500
Aexpenditure on non-current assets, including repairs and maintenance Bexpenditure on expensive assets Cexpenditure relating to the issue of share capital Dexpenditure relating to the acquisition or improvement of noncurrent assets
The result of this was: A a loss on disposal of $240.00 B a loss on disposal of $28.80 C a profit on disposal of $28.80 D a profit on disposal of $240.00
What should be the cost of the machine in the company’s statement of financial position? A $100,000 B $107,000 C $112,000 D $113,000
Joseph depreciates machines at a rate of 10% pa on the straight-line basis based on the number of months’ ownership. What is the depreciation charge in respect of machinery for the year ended 31 December 2005? A $545 B $540 C $510 D $630
What will the depreciation charge for the lorry be in B’s ten-month accounting period to 30 September 20X0? A $3,000 B $2,500 C $2,000 D $5,000 Chapter 9: From trial balance to financial statements The following is the extract of Jessie’s trial balance as at 31 December 2005: The following notes are provided: (i) Buildings are depreciated at 2% pa on a straight-line basis. (ii) Plant and machinery is depreciated at 25% pa on a reducing balance basis. (iii)Additional irrecoverabledebts of $3,200 were discovered at the year end. It has been decided tomake an allowance for receivables of 5% on the adjusted receivables atthe year end. (iv)The monthly rental charge is $3,000. (v)The insurance charge for the year is $24,000. Using the above information attempt the following questions.
Chapter 10: Books of prime entry and control accounts
A A receivables ledger control account provides a check on the arithmetic accuracy of the personal ledger B A receivables ledger control account helps to locate errors in the trial balance C A receivables ledger control account ensures that there are no errors in the personal ledger D Control accounts deter fraud
A the journal B the petty cash book C the sales day book D the purchase ledger
A $30,000 B $23,000 C $12,000 D $28,000 Chapter 11: Control account reconciliations
The correct balance on the control account should be: A $7,700 debit B $8,100 debit C $8,400 debit D $8,900 debit
The closing debit balances at 31 May should be: A $35,175 B $35,675 C $36,725 D $34,725
The reason for this difference could be that: A The supplier sent an invoice for $150 which you have not yet received B The supplier has allowed you $150 cash discount which you had omitted to enter in your ledgers C You have paid the supplier $150 which he has not yet accounted for D You have returned goods worth $150 which the supplier has not yet accounted for
A X owes Y $917 B Y owes X $917 C X has paid Y $917 D X is owed $917 by Y
A Cash received fromcustomers, sales returns, irrecoverable debts written off, contrasagainst amounts due to suppliers in the accounts payable ledger B Sales, cash refunds to customers, irrecoverable debts written off, discounts allowed C Cash received from customers, discounts allowed, interest charged on overdue accounts, irrecoverable debts written off D Sales, cash refunds tocustomers, interest charged on overdue accounts, contras against amountsdue to suppliers in the accounts payable ledger Chapter 12: Bank reconciliations
(i)The bank balance in the cash book before taking the items below into account was $5,670 overdrawn. (ii)Bank charges of $250 on the bank statement have not been entered in the cash book. (iii)The bank has credited the account in error with $40 which belongs to another customer. (iv)Cheque payments totalling $325 have been correctly entered in the cash book but have not been presented for payment. (v)Cheques totalling $545 have been correctly entered on the debit side of the cash book but have not been paid in at the bank. What was the balance as shown by the bank statement before taking the items above into account? A $5,670 overdrawn B $5,600 overdrawn C $5,740 overdrawn D $6,100 overdrawn
What was the balance on the bank statement at 31 August 2005? A $5,200 overdrawn B $5,020 overdrawn C $2,360 overdrawn D $3,780 overdrawn
The resulting balance in the bank column of the cash book should be: A $1,255 debit B $1,405 debit C $1,905 credit D $2,375 credit
The correct bank balance should be: A $5,100 overdrawn B $6,000 overdrawn C $6,250 overdrawn D $6,450 overdrawn
A $76,500 overdrawn, as stated B $5,900 overdrawn C $700 overdrawn D $5,900 cash at bank
(1)Bank charges (2)A cheque from a customer which was dishonoured (3)Cheque not presented (4)Deposits not credited (5)Credit transfer entered in bank statement (6)Standing order entered in bank statement. A 1, 2, 5 and 6 B 3 and 4 C 1, 3, 4 and 6 D 3, 4, 5 and 6 Chapter 13: Correction of errors and suspense accounts
What is the journal entry necessary to correct the error?
The original balance on the suspense account was: A debit $210 B credit $210 C debit $160 D credit $160
On investigation you discover the following:
What is the adjusted profit for the period? A $11,355 B $11,755 C $12,155 D $12,555
A overcasting of the sales day book B undercasting of the analysed cash book C failure to transfer a non-current asset to the disposal account when sold D transposition error in an individual receivables account
What is the correcting journal entry?
Y charges depreciation on the straight-linebasis at 20% pa, with a proportionate charge in the year of acquisitionand assuming no scrap value at the end of the life of the asset. How will Y’s profit for the year ended 31 March 20X0 be affected by the error? A Understated by $30,400 B Understated by $36,100 C Understated by $38,000 D Overstated by $1,900
A suspense account was opened for the amount of the difference and the following errors were found and corrected: (i)The totals of the cashdiscount columns in the cash book had not been posted to the discountaccounts. The figures were discount allowed $3,900 and discount received$5,100. (ii)A cheque for $19,000received from a customer was correctly entered in the cash book but wasposted to the customer’s account as $9,100. What will the remaining balance on the suspense account be after the correction of these errors? A $25,300 credit B $7,700 credit C $27,700 credit D $5,400 credit
(1)$4,600 paid for motor van repairs was correctly treated in the cash book but was credited to motor vehicles asset account. (2)$360 received from B, a customer, was credited in error to the account of BB. (3)$9,500 paid for rent was debited to the rent account as $5,900. (4)The total of the discount allowed column in the cash book had been debited in error to the discounts received account. (5)No entries had been made to record a cash sale of $100. Which of the errors above would require an entry to the suspense account as part of the process of correcting them? A 3 and 4 B 1 and 3 C 2 and 5 D 2 and 3 Chapter 14: Incomplete records
He also opened a business bank account and paid in $4,000. At the end of the first year of trading, he had the following: He had drawn $1,000 in cash during the period. What was Ashley’s profit or loss for the year? A $140 loss B $140 profit C $1,860 loss D $1,860 profit
During the year he had withdrawn $2,000 from the business. How much further capital had he introduced in the year? A $20,000 B $24,000 C $10,000 D $14,000
A 12.5% B 13.04% C 15% D 17.65%
Her profit or loss during the period was: A $9,500 loss B $1,500 loss C $7,500 profit D $17,500 profit
A $302,600 B $506,400 C $523,200 D $578,200
What were the purchases of the shop for the year? A $11,450 B $12,750 C $14,900 D $10,600
The figure which should appear in Alpha’s income statement for sales is: A $525,300 B $511,700 C $529,500 D $510,900
The information available is: Which of the following is the sales revenue figure for the year calculated from these figures? A $117,600 B $108,000 C $210,000 D $140,000
Which of the following figures is the rentexpense which should appear in the income statement for the year ended31 January 20X1? A $27,500 B $29,500 C $28,000 D $29,000
(1)Inventory at 1 December 20X0 at cost $28,400. (2)Purchases for December 20X0 $49,600. (3)Sales for December 20X0 $64,800. (4)Standard gross profit percentage on sales revenue 30%. Based on this information, which of the following is the amount of inventory destroyed? A $45,360 B $32,640 C $40,971 D $19,440 Chapter 15: Company accounts
What is the tax charge in Geese’s incomestatement and the statement of financial position entry for the yearended 31 December 2005?
In addition to providing for the year’s preference dividend, an ordinary dividend of 2c per share is to be paid. What are total dividends for the year? A $140,000 B $380,000 C $440,000 D $760,000
A accumulated and undistributed profits of a company B amounts which cannot be distributed as dividends C amounts set aside out of profits to replace revenue items D amounts set aside out of profits for a specific purpose
Based on this information, profit after tax (but before dividends) for the year ended 31 March 2005 was: A Nil B $50,000 C $100,000 D $150,000 Chapter 16: Accounting standards
How should this item be treated in the financial statements of Jackson for the year ended 31 December 2005? A The irrecoverable debt should be disclosed by note B The financial statements are not affected C The debt should be provided against D The financial statements should be adjusted to reflect the irrecoverable debt
How should these items be treated in the financial statements of Harriot Ltd? A Provision should be made for $55,000 B Provision should be made for $50,000 and the legal costs should be disclosed by note C Provision should be made for $5,000 and the compensation of $50,000 should be disclosed by note D No provisions should be made but both items should be disclosed by note
How should these costs be treated in the financial statements of Cowper for the year ended 31 December 2005? A $60,000 should be capitalised as an intangible asset on the statement of financial position B $40,000 should becapitalised as an intangible asset and should be amortised; $20,000should be written off to the income statement C $40,000 should becapitalised as an intangible asset and should not be amortised; $20,000should be written off to the income statement D $60,000 should be written off to the income statement
What adjustments, if any, should be made in the financial statements in respect of this inventory? A No adjustments required B Increase the value of inventory by $10,000 C Decrease the value of inventory by $10,000 D Decrease the value of inventory by $20,000
(a)the issue of new share or loan capital (b)financial consequences of losses of non-current assets or inventory as a result of fires or floods (c)information regarding the value of inventory sold at less than cost thus resulting in a reduction in the value of inventory (d)mergers and acquisitions (e)bankruptcy of a credit customer. A (a), (b) and (d) B (c) and (e) C (a), (d) and (e) D (b), (c) and (e)
A Research and development expenditure must be written off to the income statement as incurred B Research and development expenditure should be capitalised as an intangible asset on the statement of financial position C Research expenditureshould be written off to the income statement; development expendituremust be capitalised as an intangible asset provided that certaincriteria are met D Research expenditureshould be capitalised as an intangible asset provided that certaincriteria are met; development expenditure should be written off to theincome statement
A The Auditing Practices Board B The Stock Exchange C The International Accounting Standards Board D The government
(1)If certain criteria are met, research expenditure may be recognised as an asset. (2)Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as incurred. (3)In deciding whetherdevelopment expenditure qualifies to be recognised as an asset, it isnecessary to consider whether there will be adequate finance availableto complete the project. (4)Development expenditure recognised as an asset must be amortised over a period not exceeding five years. (5)The financial statementsshould disclose the total amount of research and development expenditurerecognised as an expense during the period. A 1, 4 and 5 B 2, 4 and 5 C 2, 3 and 4 D 2, 3 and 5
Which of the following lists of such eventsconsists only of items that, according to IAS10 should normally beclassified as non-adjusting? A Insolvency of a debtorwhose account receivable was outstanding at the statement of financialposition date, issue of shares or loan notes, a major merger withanother company B Issue of shares or loan notes, changes in foreign exchange rates, major purchases of non-current assets C A major merger withanother company, destruction of a major non-current asset by fire,discovery of fraud or error which shows that the financial statementswere incorrect D Sale of inventory givingevidence about its value at the statement of financial position date,issue of shares or loan notes, destruction of a major non-current assetby fire Chapter 17: Statement of cash flows
Lamb sold other vehicles with a net book value of $12,000 for $15,000 cash. In Lamb’s statement of cash flow for the yearended 31 December 2005, how would the above transactions be presentedunder the heading ‘Investing activities’?
In the year ended 30 June 2005 taxation of $550 was paid. The additional loan notes were issued on 30 June 2005. What is the operating profit of Baldrick for the year ended 30 June 2005? A $27,250 B $26,450 C $28,050 D $27,100
How much will appear in the statement of cash flows for the year ended 31 December 2005 in respect of income tax? A $50,000 B $53,000 C $57,000 D $60,000
How much will appear in the cash flow statement for the year ended 30 June 2005 under the heading of ‘Financing activities’? A $nil B $10,000 inflow C $30,000 inflow D $40,000 inflow The following information relates to Questions 93 and 94. Scents had the following balances in its statement of financial positions as at 30 September 2004 and 2005:
A $10,000 B $12,000 C $16,000 D $32,000
A $20,000 B $24,000 C $25,000 D $29,000
Which of the following lists consists only of items which could appear in such a calculation? A Depreciation, increase in receivables, decrease in payables, proceeds of sale of plant B Increase in payables, decrease in inventories, profit on sale of plant, depreciation C Increase in payables, depreciation, decrease in receivables, proceeds of sale of plant D Depreciation, interest paid, equity dividends paid, purchase of plant Chapter 18: Consolidated statement of financial position
The fair value of NCI at the date of acquisition was $100,000. In the consolidated statement of financialposition of Y and its subsidiary Z at 31 December 20X6, what amountshould appear for goodwill? A $150,000 B $137,500 C $55,000 D $110,000
At the date of acquisition Coltart had reserves of $10,000. What figure should appear in the consolidatedstatement of financial position of Skinny and its subsidiary Coltart forreserves as at 31 December 20X6? A $41,250 B $42,750 C $43,250 D $43,750
At the date of acquisition Dickens had reserves of $60,000. The fair value of NCI at acquisition was $80,000. What figure should appear in the consolidatedstatement of financial position of Austen and its subsidiary Dickens forreserves as at 31 December 20X6? A $180,200 B $209,000 C $290,200 D $110,000
The fair value of NCI at acquisition was $75,000. What figure should appear in the consolidatedstatement of financial position of Purves and its subsidiary Trollope,for non- controlling interest? A $16,000 B $20,000 C $79,000 D $80,000
The fair value of non-controlling interest was valued at $150,000. In the consolidated statement of financialposition of Y and its subsidiary Z at 31 December 20X6, what amountshould appear for goodwill? A $250,000 B $184,000 C $138,000 D $92,000 Chapter 19: Consolidated income statement
During the year X sold goods to Y and Z for $2 million and $1million respectively. All goods were sold on to third parties by Y and Zby the end of the year. How much will be included in the consolidated income statement of the X group for Turnover for the year ended 31 August 20X7? A $24m B $21m C $22m D $28m
What is the consolidated cost of sales figure for 20X1? A $16 million B $18 million C $19 million D $20 million
What is the profit attributable to the non-controlling interest in the consolidated income statement? A $33,300 B $78,750 C $45,000 D $77,700
What is the profit attributable tot the non-controlling interest in the consolidated income statement? A $108,000 B $72,000 C $168,000 D $77,700
What will be the provision for unrealised profit adjustment for the year ended 31 July 20X7, for the P group? A Deduct $500 from the cost of sales B Deduct $50 from the cost of sales C Add $50 to the cost of sales D Add $100 to the cost of sales
(1)Subsidiaries are equity accounted (2)Associates are consolidated in full A Neither statement B Statement 1 only C Both statements D Statement 2 only
(1)An associated undertaking is when a parent has control over the associate (2)Associates are equity accounted (3)Subsidiaries are consolidated in full (4)An associate is a non-controlling interest A all of the above B Statement 2 and 3 only C None of the above D Statement 1 only Chapter 20: Interpretation of financial statements The following information relates to question 108 and 109.
A 41 days B 48 days C 54 days D 57 days
What is the inventory turnover? A 6.1 times B 10 times C 7 times D 10.8 times Chapter 21: The regulatory and conceptual framework
A must reduce asset values B must increase asset values C must reduce dividends D need make no adjustments
A relevance concept B capitalisation concept C money measurement concept D separate entity concept
A presents the accounts in such a way as to exclude errors which would affect the actions of those reading them B occurs when the accounts have been audited C shows the accounts of an organisation in an understandable format D shows the assets on the statement of financial position at their current market price
A substance over form B prudence C accruals D going concern
These five characteristics are: A prudence, consistency, understandability, faithful representation, substance over form B accruals basis, going concern concept, consistency, prudence, true and fair view C faithful representation, neutrality, substance over form, completeness, consistency, faithful and free D free from material error, prudence, faithful representation, neutrality, completeness
A going concern concept B prudence concept C realisation concept D historical cost concept
What is the average yearly income for young adults with a bachelor's degree in the United States multiple choice question $75000 $30000 $55000 $25000?This pattern was consistent for each year from 2010 through 2020. For example, in 2020, the median earnings of those with a master's or higher degree were $69,700, some 17 percent higher than the earnings of those with a bachelor's degree ($59,600).
What is the average yearly income for young adults with a bachelor's degree in the United States?How much does a Bachelors Degree make? As of Sep 29, 2022, the average annual pay for the Bachelors Degree jobs category in the United States is $52,155 a year.
What is the average income for young adults?For Americans ages 25 to 34, the median salary is $960 per week or $49,920 per year.
What is the average salary of a 25 year old in the US?Median Salary in the US by Age Bracket. |
