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Fundamentals of Financial Accounting Questions 101–105 (page: 22)

Which one of the following would not be considered a purpose of segregation of duty?

What is the balance of the trading account?

One of the main responsibilities of internal auditors is to check the operational systems within their organization to establish whether the system's internal controls are sufficient and in full operation.

Which THREE of the following are examples of internal controls?

Refer to the Exhibit.



Wilton Limited is preparing its year-end accounts and is calculating a revised allowance for receivables.

An aged receivables schedule shows the following position:



Included in the 3 months plus debt is an amount of $2,300 for a customer that has recently gone into liquidation. The current allowance for receivables is $4,200.

The charge to the income statement for the period and the net receivables figure on the statement of financial position will be:

Refer to the Exhibit.



A business writes a cheque using its overdraft balance to purchase new display shelving for its showroom

Which of the following is the dual effect?