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Question 4/138
A company which is VAT registered, has sales for the period of $28,450 (excluding VAT) and purchases (including VAT) for the period of $14,687.50.
The balance on the VAT account, assuming all items are subject to VAT at 17.5%, is:
The balance on the VAT account, assuming all items are subject to VAT at 17.5%, is:
Correct Answer: A
- Question List (138q)
- Question 1: The suspense account of a company was opened with a credit b...
- Question 2: Which TWO of the following are transactions that would be re...
- Question 3: Refer to the Exhibit. (Exhibit) Wilton Limited is preparing ...
- Question 4: A company which is VAT registered, has sales for the period ...
- Question 5: An asset may best be defined as:...
- Question 6: Refer to the Exhibit. (Exhibit) The following information is...
- Question 7: One of the main responsibilities of internal auditors is to ...
- Question 8: "To assure shareholders that the stewardship of the organiza...
- Question 9: VWX is registered for sales tax in Country B A sales invoice...
- Question 10: The formula for calculating payables days is...
- Question 11: The petty cash imprest is restored to £500 at the end of eac...
- Question 12: The Framework is described as a conceptual framework when us...
- Question 13: ABC produces accounts lo the year ended 31 December annually...
- Question 14: MHJ purchased an asset for £53,500, which incurred a deliver...
- Question 15: Refer to the exhibit. (Exhibit) The trial balance of Monchu ...
- Question 16: A company's financial statements show a gross profit of $15 ...
- Question 17: The trial balance shows the debit total as $200 less than th...
- Question 18: Select the THREE INCORRECT statements from the following lis...
- Question 19: Which of the following is the final document in the audit tr...
- Question 20: A business buys a new production line at a cost of £100,000....
- Question 21: Refer to the exhibit. (Exhibit) The following is an extract ...
- Question 22: Which of the following would be a role of the management acc...
- Question 23: External auditors report their opinion to the members of the...
- Question 24: Financial controls are needed in order to:...
- Question 25: The prime cost of goods manufactured is the total of:...
- Question 26: Which one of the following would not be considered a purpose...
- Question 27: Company P are looking to create a balance sheet. Which of th...
- Question 28: If an auditor expresses an opinion of `fair presentation' on...
- Question 29: Before lending to an entity, which TWO of the following piec...
- Question 30: Principles based accounting uses a conceptual basis to provi...
- Question 31: CDE, an entity registered for sales tax, purchases a piece o...
- Question 32: Refer to the Exhibit. (Exhibit) A company operates a FIFO sy...
- Question 33: Financial statements should present fairly the financial pos...
- Question 34: At the beginning of the year, a club's Membership Subscripti...
- Question 35: External auditors are primarily responsible for:...
- Question 36: Which ONE of the following organizations issues Internationa...
- Question 37: HJK has maintained minimal accounting records during the yea...
- Question 38: On 1 March, a company made a payment of $6,000, in respect o...
- Question 39: Refer to the Exhibit. (Exhibit) A business writes a cheque u...
- Question 40: Which THREE of the following are improved by the use of acco...
- Question 41: W and Partners has an opening capital balance at 1 January o...
- Question 42: Which of the following would meet the definition of a liabil...
- Question 43: Entity HJ is a small business. In the period. Entity Hj earn...
- Question 44: Comany D recently purchased an intangible asset from Company...
- Question 45: A company had disposed of a non-current asset for $4,000 dur...
- Question 46: Refer to the Exhibit. (Exhibit) A business has three non-cur...
- Question 47: Refer to the exhibit. (Exhibit) A company has the following ...
- Question 48: The following is an extract of the trial balance of XYZ as a...
- Question 49: Store Y believe customer XF will not be able to pay his £300...
- Question 50: Refer to the Exhibit. (Exhibit) A company that is VAT-regist...
- Question 51: Refer to the Exhibit. (Exhibit) The following information re...
- Question 52: FGH has extracted its trial balance from its nominal ledger ...
- Question 53: The Finance Director of EFG company has made the following s...
- Question 54: Which THREE of the following internal controls are procedure...
- Question 55: Which of the following represent liabilities of a business?...
- Question 56: Which of the following would be a good method of segregating...
- Question 57: The role of the internal auditors is primarily to:...
- Question 58: Cost of goods sold for a manufacturing company is the total ...
- Question 59: A trial balance should be extracted from the ledger accounts...
- Question 60: Non-current assets can be divided between intangible and tan...
- Question 61: Which one of the following book-keeping errors does not affe...
- Question 62: The issue of a company's shares for more than their normal v...
- Question 63: Refer to the Exhibit. (Exhibit) Soffit plc is calculating it...
- Question 64: In times of rising prices, the 'FIFO' method of inventory va...
- Question 65: The correct journal entries for subscriptions paid in advanc...
- Question 66: Which TWO of the following are responsibilities of the IFRS ...
- Question 67: At the beginning of the year, an organization's non-current ...
- Question 68: Refer to the Exhibit. (Exhibit) A company has the following ...
- Question 69: Which one of the following is an example of where the accrua...
- Question 70: Refer to the exhibit. (Exhibit) The following information is...
- Question 71: Refer to the Exhibit. (Exhibit) Transactions are often categ...
- Question 72: Which of the following is an example of a transaction that a...
- Question 73: Which of the following transactions would be classified as a...
- Question 74: Accounting records should be kept by all businesses for many...
- Question 75: An organization's cash book has an opening balance in the ba...
- Question 76: Refer to the Exhibit. (Exhibit) Which of the following would...
- Question 77: A liability may best be defined as:...
- Question 78: Which ONE of the following is a possible explanation for a d...
- Question 79: A trial balance is extracted from the ledger accounts at the...
- Question 80: Refer to the Exhibit. (Exhibit) The Financial Accountant for...
- Question 81: Different users have different needs from financial informat...
- Question 82: MNO operates an imprest system to maintain a float of petty ...
- Question 83: Which one of the following best describes the stewardship fu...
- Question 84: An internal audit is an independent appraisal function estab...
- Question 85: The financial statements are produced in accordance with rel...
- Question 86: Entity V has a cost of sales of £23,850 for last year. Entit...
- Question 87: Which THREE of the following would be recorded as a debit ba...
- Question 88: Refer to the Exhibit. (Exhibit) A company operates a FIFO sy...
- Question 89: Refer to the exhibit. (Exhibit) A company has the following ...
- Question 90: Accounting codes have proven to be very useful when recordin...
- Question 91: In a manufacturing company, prime costs is the total of...
- Question 92: The financial accounts, as prepared by the directors of a co...
- Question 93: Which TWO of the following are characteristics of financial ...
- Question 94: Refer to the Exhibit. (Exhibit) At the beginning of the mont...
- Question 95: Refer to the exhibit. (Exhibit) ABC has the equity balances ...
- Question 96: Which of the following is an error of principle?...
- Question 97: Your organization paid $120250 in net wages to its employees...
- Question 98: Which one of the following would not be considered one of th...
- Question 99: Refer to the Exhibit. (Exhibit) Ax minster Limited is calcul...
- Question 100: Which TWO of the following are features of a private limited...
- Question 101: The balance on LMN's cash account at 31 December 20X6 is $10...
- Question 102: There are four separate but related bodies which control the...
- Question 103: Refer to the exhibit. (Exhibit) The following is an extract ...
- Question 104: If closing inventory at the end of an accounting period is o...
- Question 105: The role of the internal auditors is primarily to:...
- Question 106: What will be the effect on the financial statements if the c...
- Question 107: The accumulated fund is equal to:...
- Question 108: The valuation of inventory in a manufacturing company will c...
- Question 109: The profit earned by Subramanian in 2006 was £ 50,000. He in...
- Question 110: A company's cashbook has an opening balance of £4,860 debit....
- Question 111: BCD has the following balances for the year ended 31 Decembe...
- Question 112: Which of the following would not require an adjustment to be...
- Question 113: Which of the following is not a correct definition of the ac...
- Question 114: Which of the following transactions would be classified as a...
- Question 115: Refer to the exhibit. (Exhibit) In a statement of cash flows...
- Question 116: The Accounting Standards Board is responsible for:...
- Question 117: In a statement of cash flows, which one of the following wou...
- Question 118: Refer to the Exhibit. (Exhibit) A company is preparing its a...
- Question 119: The external auditor seeks to provide an opinion on whether ...
- Question 120: Which of the following is not a book of prime entry?...
- Question 121: ABC manufactures vehicle engines and purchases components fr...
- Question 122: Which of the following transactions in the current year expl...
- Question 123: An external audit is an independent examination of, and expr...
- Question 124: GG has the following statement of profit or loss extract for...
- Question 125: If the royalty cost falls on items used in the manufacturing...
- Question 126: A company has authorized capital of 100,000 5% preference sh...
- Question 127: Refer to the exhibit. (Exhibit) A business has the following...
- Question 128: The method of accounting that attempts to recognize changing...
- Question 129: JW's debits total £10,502 for this period. JW's credits tota...
- Question 130: Refer to the Exhibit. (Exhibit) Which of the following items...
- Question 131: If a profitable entity is not required to register for sales...
- Question 132: A business has come to you for advice. There are about to st...
- Question 133: The owner of a business takes goods from inventory for his o...
- Question 134: Mr UY has just had property P re-valued. Mr UY originally pu...
- Question 135: ABC has the following summary of transactions for the quarte...
- Question 136: Refer to the Exhibit. (Exhibit) The correct ledger entry for...
- Question 137: Refer to the Exhibit. (Exhibit) John, an employee of Kelt Lt...
- Question 138: Refer to the Exhibit. (Exhibit) The following information is...
