题目

P & Co maintain a receivables ledger control account within the nominal ledger. At 30 November 20X0, the

total of the list of individual balances extracted from the receivables ledger was $15,800, which did not agree

with the balance on the receivables ledger control account. An examination of the books revealed the following

information, which can be used to reconcile the receivables ledger and the receivables ledger control account.

1 The credit balance of $420 in Ahmed's payables ledger account had been set off against his account in the receivable

ledger, but no entries had been made in the receivables and payables ledger control accounts.

2 The personal account of Mahmood was undercast by $90.

3 Yasmin's balance of (debit) $780 had been omitted from the list of balances.

4 Thomas' personal account balance of $240 had been removed from the receivables ledger as a bad

debt, but no entry had been made in the receivables ledger control account.

5 The January total of $8,900 in the sales daybook had been posted as $9,800.

6 A credit note to Charles for $1,000, plus sales tax of $300, had been posted to the receivables ledger

control account as $1,300 and to Charles' personal account as $1,000.

7 The total on the credit side of Edward's personal account had been overcast by $125.

Which of these items need to be corrected by journal entries in the nominal ledger?

A

1, 3, 4 and 5 only

B

1, 4 and 5 only

C

1, 2, 5 and 6 only

D

2, 3, 6 and 7 only

Chapter14Controlaccounts

                                                                                     $                                 $

                                                                                     DR                            CR

Error 1   Payables ledger control                                 420

             Receivables ledger control                                                              420

Error 4  Irrecoverable debts                                         240  

              Receivables ledger control                                                              240

Error 5    Sales                                                             900   

             Receivables ledger control                                                              900

多做几道

Which of the following is a ratio which is used to measure how much a business owes in relation to its  size?  

A

Asset turnover

B

Profit margin

C

Gearing

D

Return on capital employed

A business operates on a gross profit margin of 331/3%. were $680.  Gross profit on a sale was $800, and expenses

What is the net profit margin?  

A

3.75%

B

 5%

C

11.25%

D

22.67%

 A company has the following details extracted from its statement of financial position:

                                    $'000

Inventories                  1,900

Receivables                1,000

Bank overdraft            100

Payables                     1,000

The industry the company operates in has a current ratio norm of 1.8. Companies who manage liquidity well in this industry

have a current ratio lower than the norm.

Which of the following statements accurately describes the company’s liquidity position?

A

Liquidity appears to be well managed as the bank overdraft is relatively low

B

Liquidity appears to be poorly-controlled as shown by the large payables balance

C

Liquidity appears to be poorly-controlled as shown by the company’s relatively high current ratio

D

 Liquidity appears to be poorly-controlled as shown by the existence of a bank

Why is analysis of financial statements carried out?

A

So that the analyst can determine a company’s accounting policies

B

So that the significance of financial statements can be better understood through comparisons

with historical performance and with other companies

C

To get back to the ‘real’ underlying figures, without the numbers being skewed by the

requirements of International Financial Reporting Standards

D

To produce a report that can replace the financial statements, so that the financial statements

no longer need to be looked at

 Which of the following transactions would result in an increase in capital employed?

A

Selling inventory at a profit

B

 Writing off a bad debt

C

Paying a payable in cash

D

Increasing the bank overdraft to purchase a non-current asset 

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