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单选题 281 A draft statement of financial position has been prepared for Lollipop, a sole trader. It is nowdiscovered that a loan due for repayment by Lollipop 14 months after the reporting date has been included in trade payables.What will be the effect of the necessary adjustment?( )

A. No effect on net current assets

B. Increase net current assets

C. Reduce net current assets

D. Increase current assets but reduce net current assets

FA（财务会计）课程封面

学科：FA（财务会计）

时间：2023-12-27 08:48:32

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277 Shakur had net assets of $19,000 at 30 April 20X7. During the year to 30 April 20X7, Shakur introduced $9,800 additional capital into the business and the profit for the year was $8,000. During the year ended 30 April 20X7 Shakur withdrew $4,200.What was the balance on Shakur's capital account at 1 May 20X6?( )

A. $5,400B. $13,000C. $16,600D. $32,600

278 The following information relates to Minnie's hairdressing business in the year ended 31 August 20X7:Expenses $ 7,100Opening inventory $1,500Closing inventory $ 900Purchases $ 12,950Gross profit $ 12,125Inventory drawings of shampoo $ 75What was the value of sales revenue of the business for the year ended 31 August 20X7?( )

A. $32,700B. $25,600C. $25,675D. $25,750

279 Astral Co has a debit balance relating to income tax of $500 included in its trial balance extracted on 30 June 20X4. Astral Co estimated that its income tax liability for the year ended30 June 20X4 was $8,000.What amounts should be included in Astral Co's financial statements for the year ended 30 June 20X4?( )

A. Statement of profit or loss:$8,000; Statement of financial position:$8,000B. Statement of profit or loss:$8,500; Statement of financial position:$8,00C. Statement of profit or loss:$7,500; Statement of financial position:$8,500D. Statement of profit or loss:$8,000; Statement of financial position:$7,500

280 Which of the following would change the capital of a business? ( )

A. Making a payment by cheque to a supplierB. Purchasing raw materials on creditC. Purchasing non-current assets on creditD. Paying wages in cash

281 A draft statement of financial position has been prepared for Lollipop, a sole trader. It is nowdiscovered that a loan due for repayment by Lollipop 14 months after the reporting date has been included in trade payables.What will be the effect of the necessary adjustment?( )

A. No effect on net current assetsB. Increase net current assetsC. Reduce net current assetsD. Increase current assets but reduce net current assets

282 The profit of a business may be calculated using which of the following formulae?( )

A. Opening capital - drawings + capital introduced - closing capitalB. Closing capital + drawings - capital introduced - opening capitalC. Opening capital + drawings - capital introduced -closing capitalD. Closing capital - drawings + capital introduced - opening capital

283 Which accounting concept requires that amounts of goods taken from inventory by the proprietor of a business are treated as drawings?( )

A. AccrualsB. PrudenceC. Separate entityD. Substance over form

285 The following transactions relate to Max's business:1 May Purchase of goods for resale on credit $3002 May Max injects long term capital into the business $1,4003 May Payment of rent made $7505 May Max withdraws cash from the business $4007 May Goods which had cost $600 were sold on credit 1,200At the start of the week, the assets of the business were $15,700 and liabilities amounted to$11,200.At the end of the week, what was the amount of Max's capital? ( )

A. $5,350B. $1,400C. $850D. $1,000

289 On 1 January 20X8 Hendrix Co revalued its property to $200,000. Up to the date of the revaluation, the asset had been accounted for at a cost of $160,000, and had accumulated depreciation $40,000. The property had a useful life of 50 years from the date of purchase and no residual value.What are the accounting entries required to record the property revaluation in the accounting records?( )

A. Debit:Non-current asset - property$200,000 Credit:Revaluation surplus $200,000B. Debit:Revaluation surplus $80,000 Credit:Non-current asset - property $40,000Accumulated depreciation $40,000C. Debit:Non-current asset - property$40,000 Credit:Revaluation surplus $40,000D. Debit:Non-current asset - property$40,000 Accumulated depreciation $40,000 Credit:Revaluation surplus $80,000

Opening inventory $12,500Closing inventory $ 17,900Purchases $199,000Distribution costs $35,600Administrative expenses $78,800Audit fee $15,200Carriage in $3,500Carriage out $ 7,700Depreciation $ 40,000Depreciation is to be split in the ratio 70:30 between the factory and the office.All office expenses are classified as administrative expenses.Based upon the available information, what was Wimbledon's cost of sales?( )

A. $233,600B. $221,600C. $225,100D. $237,100

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