A) recognises expenses when they have been incurred (economic benefits used up), regardless of whether the cash has or hasn't been paid. B) recognises expenses when they are possible. C) recognises expenses when they are earned. D) recognises expenses when the cash has been paid. A) recognises expenses when they have been incurred (economic benefits used up), regardless of whether the cash has or hasn't been paid. B) recognises expenses when they are possible. C) recognises expenses when they are earned. D) recognises expenses when the cash has been paid.

Exam 3: Measuring and Reporting Financial Performance

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If equity at the beginning of the period is $100,000 and at the end of the period is $90,000 and additional capital of $20,000 is paid into the business by the owner during the period,profit or loss is:

(Multiple Choice)

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Question 61

Choose the statement that best describes the way the reducing-balance method charges depreciation.

(Multiple Choice)

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Question 62

The asset that is not depreciated is:

(Multiple Choice)

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Question 63

Identify the recognition criteria that must be satisfied under the Conceptual Framework for income to be included in the profit report.

(Multiple Choice)

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Question 64

On 1 July 2014,LMZ Traders paid $9,000 in insurance premiums for coverage for the next three years.The insurance expense that will appear in the income statement and the amount of prepaid insurance in the statement of financial position for the year ended 30 June 2015,respectively,are:

(Multiple Choice)

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Question 65

On 31 December 2013,a new machine with a useful life of 6 years and an estimated residual value of zero was purchased by a business at a cost of $30,000.The amount of depreciation expense charged for the year ended 31 December 2015,using the reducing-balance method at a rate of 30% per annum,is:

(Multiple Choice)

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Question 66

If a business decided to classify its expenses under the headings 'Selling and Distribution,' 'General and Administrative' and 'Financial,' into which groupings would 1.depreciation of sales staff's motor vehicles and 2.bad debts written off,fall?

(Multiple Choice)

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Question 67

If inventory item X has a cost of $49,000 and a net realisable value of $60,000 while inventory item Y has a cost of $2,000 and a net realisable value of $500,closing inventory will be valued at:

(Multiple Choice)

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Question 68

The effect on the accounting reports of the current year of not taking into account a bad debt would be:

(Multiple Choice)

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Question 69

Accrual accounting:

(Multiple Choice)

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Question 70

Showing 61 - 70 of 70

If equity at the beginning of the period is $100,000 and at the end of the period is $90,000 and additional capital of $20,000 is paid into the business by the owner during the period,profit or loss is:

Choose the statement that best describes the way the reducing-balance method charges depreciation.

The asset that is not depreciated is:

Identify the recognition criteria that must be satisfied under the Conceptual Framework for income to be included in the profit report.

On 1 July 2014,LMZ Traders paid $9,000 in insurance premiums for coverage for the next three years.The insurance expense that will appear in the income statement and the amount of prepaid insurance in the statement of financial position for the year ended 30 June 2015,respectively,are:

On 31 December 2013,a new machine with a useful life of 6 years and an estimated residual value of zero was purchased by a business at a cost of $30,000.The amount of depreciation expense charged for the year ended 31 December 2015,using the reducing-balance method at a rate of 30% per annum,is:

If a business decided to classify its expenses under the headings 'Selling and Distribution,' 'General and Administrative' and 'Financial,' into which groupings would 1.depreciation of sales staff's motor vehicles and 2.bad debts written off,fall?

If inventory item X has a cost of $49,000 and a net realisable value of $60,000 while inventory item Y has a cost of $2,000 and a net realisable value of $500,closing inventory will be valued at:

The effect on the accounting reports of the current year of not taking into account a bad debt would be:

Accrual accounting:

Introduction to Accounting

Measuring and Reporting Financial Position

Introduction to Limited Companies

Regulatory Framework for Companies

Measuring and Reporting Cash Flows

Corporate Social Responsibility and Sustainability Accounting

Analysis and Interpretation of Financial Statements

Costvolumeprofit Analysis and Relevant Costing

Full Costing

Budgeting

Capital Investment Decisions

The Management of Working Capital

Financing the Business

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