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Free BA3 Exam Braindumps (page: 34)

Page 34 of 99
PDF with 393 Questions

Which of the following is an example of where the historic cost convention should be applied?

  1. A potential bad debt of $8,000.
  2. Raw materials purchased for $2.50 per kg now costing $2.60 per kg.
  3. Expenditure on research and development.
  4. A change to the method used to value inventory and work in progress.

Answer(s): B



Which of the following would be a role of the financial accountant?

  1. Meeting management reporting requirements
  2. Monitoring actual results to expected results
  3. Meeting external reporting requirements
  4. Producing budgets for the future

Answer(s): C



The correct journal entries for subscriptions paid in advance is:

  1. Debit: Receivables account Credit: Subscriptions account
  2. Debit: Subscriptions accounts Credit: Payables
  3. Debit: Receivables Credit: Cash
  4. Debit: Cash Credit: Payables

Answer(s): B



CORRECT TEXT

Refer to the exhibit.



The following is an extract from the trial balance of a business for its most recent year:

Gross profit has already been calculated as being $75,000. Depreciation is to be provided at 25% on the reducing balance, and the allowance for receivables for doubtful debts is to be amended to 5% of receivables.

Using some or all of the above figures, the correct net profit is

  1. See Explanation section for answer.

Answer(s): A

Explanation:

CORRECT TEXT IS: $29499



Page 34 of 99



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