Which TWO of the following are characteristics of financial accounts?
Which THREE of the following are characteristics of financial accounting?
Which one of the following book-keeping errors does not affect the view given by the financial accounts?
EFG pays employees $10 per hour The following rates of tax and social security are applicable.
An employee works 38 hours in a week.
What is the amount employee receives for one week’s work? Given you answer to the nearest $.
A company has a debt/equity ratio of 50%. If the company's total equity is $750,000, what is the gearing ratio for the company?
Company X is a private limited oil company. Which of the following are relevant for Company X's integrated report?
The format of the financial statements and the disclosure notes are prescribed by accounting standards and Company Law.
Which THREE of the following are headings within the statement of financial position?
Below is some information about Company TYY:
TYY offers a wholesale price for Product P of £650 per 100 quantity.
TYY offers regular customers a 35% trade discount.
On every 15th of the month, TYY offers a 15% cash discount on sales.
MPU wants to make a purchase from TTY for the first time, of900 Product Ps on the 15th of June. How much will MPU pay for this purchase?
At the beginning of the year, an organization’s non-current asset register showed a total net book value for fixed assets of £86,000. The nominal ledger showed non-current assets at cost of £120,000 and provision for depreciation of £39,000.
The disposal of a non-current asset for £10,000, at a profit of £2,000, had not been accounted for in the non-current asset register.
After correcting for this, the net book value shown in the ledger accounts would be
Accounting standards are needed so that financial statements will fairly and consistently describe financial performance.
What are accounting standards an example of?
