05-07-2007, 11:10 PM
please guys/gals i will b extremely grateful if u check my answers of the following MCQ's whether they r right or not n plz plz plz reply back today.
Q1the internal auditor at ILT plc has noticed that cheques from customers are being paid into the bank account approximately one month after the date on the cheque.should the einternal auditor
Ainstruct the cashierto pay cheques in more promptly
Bdisregard,because all cheques have been accounted for
Cask customers to pay more promptly
Dinform senior management there may be a fraud (My answer)
Q2which of the following attributes is the most important for any code to possess in order to b of use in an ccounting system?give reason for ur answer?
Aeasy to change the code number
Beach code is a unique number
Ca combination of letters and digits to ensure input accuracy
Dlinked to assets,liabilities,income,expenditure and capital(MY ANSWER)
Q3at the year end sed ltd in dec 2000,a journal entry was raised to accrue for utility expenses of $3600.this journal entry was reversed in january 2001.during the year ended dec 2001,$30000 was paid for utility expenses ,of which $4000 was prepaid at the year end.what will be the charge to the profit and loss account for utility expenses for the year ended dec 2001?
MY ANSWER$22,400
Q4the following information relates to C limited at 30 june 2003
balance per cash book-credit balance $4300
unpresented cheques 1500
bank charges not included in the cash book 300
receipts not yet credited by the bank 2600
dishonored cheques not yet recorded 500
in the cash book
what would b the balance shown on the bank statement at 30 june 2003?
My ANSWER$2100
Q5I m extremely confused about this one
rent is payable quarterly in advance on 1 feb,1 may,1 aug n on 1 nov.the annual charge for rent was $1800 and $2400 for the years ended 31 jan 2003 n 2004 respectively.which of the following ledger entries should b made in A limited's accounts?
Arent expense $2000 prepayment $400(MY ANSWER)
Brent expense $2050 prepayment $200
Crent expense $2050 accrual $200
Drent expense $2100 prepayment/accrual Nil
Q6The following information relates to P ltd at 30 sep
2003 2002
$000 $000
stock of raw materials 60 40
work in progress stock 50 85
stock of finished goods 20 28
for the year ended 30 sep 2003
$000
purchases of raw materials 710
manufacturing wages 42
factory overheads 360
the prime cost of production in the manufacturing account for the year ended 30 sep 2003 is
A690,000
B732,000(my answer ,but dont know the right method of solving it)
C1,092,000
D1,135,000
Q7which of the following r correct?
1balance shet value of inventory should be as close as possible to net realisable value.
2the valuation of finished goods inveentory must include production overheads.
3production overheads includd in valuing inventory should b calculated by reference to the company's normal level of production during the period
4in assessing net realisable value,inventory items must b considered seperately ,or in groups of similar items,not by taking the inventory as a whole.
A1 n 2 only
B3 n 4 only
C1 n 3 only
D2,3 n 4
Q8what amounts for this rent should appear in the company's financial statment for the year ended 31 jan 2006?
INCOME STATEMENT BALANCE SHEET
A$27500 $5000 in sundry receivables(my answer)
B$27000 $2500 in sundry receivables
C$27000 $2500 in sundry payables
D$27500 $5000 in sundry payables
Q1the internal auditor at ILT plc has noticed that cheques from customers are being paid into the bank account approximately one month after the date on the cheque.should the einternal auditor
Ainstruct the cashierto pay cheques in more promptly
Bdisregard,because all cheques have been accounted for
Cask customers to pay more promptly
Dinform senior management there may be a fraud (My answer)
Q2which of the following attributes is the most important for any code to possess in order to b of use in an ccounting system?give reason for ur answer?
Aeasy to change the code number
Beach code is a unique number
Ca combination of letters and digits to ensure input accuracy
Dlinked to assets,liabilities,income,expenditure and capital(MY ANSWER)
Q3at the year end sed ltd in dec 2000,a journal entry was raised to accrue for utility expenses of $3600.this journal entry was reversed in january 2001.during the year ended dec 2001,$30000 was paid for utility expenses ,of which $4000 was prepaid at the year end.what will be the charge to the profit and loss account for utility expenses for the year ended dec 2001?
MY ANSWER$22,400
Q4the following information relates to C limited at 30 june 2003
balance per cash book-credit balance $4300
unpresented cheques 1500
bank charges not included in the cash book 300
receipts not yet credited by the bank 2600
dishonored cheques not yet recorded 500
in the cash book
what would b the balance shown on the bank statement at 30 june 2003?
My ANSWER$2100
Q5I m extremely confused about this one
rent is payable quarterly in advance on 1 feb,1 may,1 aug n on 1 nov.the annual charge for rent was $1800 and $2400 for the years ended 31 jan 2003 n 2004 respectively.which of the following ledger entries should b made in A limited's accounts?
Arent expense $2000 prepayment $400(MY ANSWER)
Brent expense $2050 prepayment $200
Crent expense $2050 accrual $200
Drent expense $2100 prepayment/accrual Nil
Q6The following information relates to P ltd at 30 sep
2003 2002
$000 $000
stock of raw materials 60 40
work in progress stock 50 85
stock of finished goods 20 28
for the year ended 30 sep 2003
$000
purchases of raw materials 710
manufacturing wages 42
factory overheads 360
the prime cost of production in the manufacturing account for the year ended 30 sep 2003 is
A690,000
B732,000(my answer ,but dont know the right method of solving it)
C1,092,000
D1,135,000
Q7which of the following r correct?
1balance shet value of inventory should be as close as possible to net realisable value.
2the valuation of finished goods inveentory must include production overheads.
3production overheads includd in valuing inventory should b calculated by reference to the company's normal level of production during the period
4in assessing net realisable value,inventory items must b considered seperately ,or in groups of similar items,not by taking the inventory as a whole.
A1 n 2 only
B3 n 4 only
C1 n 3 only
D2,3 n 4
Q8what amounts for this rent should appear in the company's financial statment for the year ended 31 jan 2006?
INCOME STATEMENT BALANCE SHEET
A$27500 $5000 in sundry receivables(my answer)
B$27000 $2500 in sundry receivables
C$27000 $2500 in sundry payables
D$27500 $5000 in sundry payables
