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If the royalty cost falls on items used in the manufacturing process, which TWO of the following would be true?

A.

Prime cost increases

B.

Factory cost of production reduces.

C.

Factory cost of goods completed remains the same

D.

Factory cost of production increases

E.

Prime cost reduces

Which THREE of the following would be shown in the statement of changes in equity?

A.

Dividends paid

B.

Dividends received

C.

Share issues

D.

Loan stock(debenture) issues

E.

Profit for the year

F.

Taxation for the year

Mr UY has just had property P re-valued. Mr UY originally purchased property P for £560,000. It is now worth £780,000.

Which ONE of the following shows how this transaction should be recorded in Mr UY's property account?

A.

£220,000 credit

B.

£220,000 debit

C.

£780,000 debit

D.

£780,000 credit

The accumulated fund is equal to:

A.

The book value of net assets in a not-for-profit organization

B.

The bank balances of an organization

C.

The excess of receipts over payments in a not-for-profit organization

D.

Retained profits in a limited company

In accordance with IAS 7 Statements of Cash Flow, which TWO of the following are cash flows presented as investing activities?

A.

Cash paid for additions to property, plant and equipment

B.

Revaluation gam on property, plant and equipment

C.

Interest paid

D.

Dividends paid

E.

Interest received

VWX is registered for sales tax in Country B A sales invoice to its mam customer shows the following information:

What journal entry will WVX process to record this transaction in its nominal ledger?

A)

B)

C)

D)

A.

Option A

B.

Option B

C.

Option C

D.

Option D

Accounting records should be kept by all businesses for many reasons.

Which THREE of the following are reasons for keeping accounting records?

A.

Aids the efficient running of a business

B.

Indicates how successfully managers are performing

C.

To aid the application of bank loans

D.

To reassure employees

E.

Provides information about the resources and activities of a business

F.

In case of potential takeovers

Company A has a receivables turnover ratio of six times, while Company B, which operates in the same market sector, has a receivables turnover ratio of five times.

This suggests that

A.

Company A has a lower level of receivables than Company B and is, therefore, more efficient than Company B.

B.

Company A has a higher level of receivables than Company B and is, therefore, less efficient than Company B.

C.

Company A has a lower level of receivables than Company B and is, therefore, less efficient than Company B.

D.

Company A has a higher level of receivables than Company B and is, therefore, more efficient than Company B.

Which of the following would be a role of the management accountant?

A.

Reporting historic transactions

B.

Monitoring actual results to expected results

C.

Meeting external reporting requirements

D.

Producing financial statements

Which one of the following statements is true?

A.

Expenses accrued are current assets

B.

Depreciation is an example of an accrued expense

C.

Expenses accrued are deducted from the figure in the trial balance in arriving at the income statement charge for that item

D.

Expenses accrued decrease the profit of an organization