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Extra resources for CIMA - C02 Fundamentals of Financial Accounting: Revision Kit
The accounting equation after these transactions would show: A B C D 7 A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2½% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A B C D 8 $1,170 $1,200 $936 $960 Discounts received $800 were treated as discounts allowed when a traders' income statement was prepared. Therefore? A B C D 9 Assets $1,775 less Liabilities $175 equals Capital $1,600 Assets $2,175 less Liabilities $975 equals Capital $1,200 Assets $2,575 less Liabilities $800 equals Capital $1,775 Assets $2,575 less Liabilities $975 equals Capital $1,600 Profits were understated by $800 Profits were overstated by $800 Profits were understated by $1,600 Profits were overstated by $1,600 What is the correct treatment of discounts allowed and discounts received?
A B C D Dr suspense $400 Dr receivables control $400 Dr suspense $800 Dr receivables control $800 Cr receivables control $400 Cr suspense $400 Cr receivables control $800 Cr suspense $800 Multiple choice questions 35 7 An error of principle would occur if A B C D 8 Plant and machinery purchased was credited to a non-current assets account Plant and machinery purchased was debited to the purchases account Plant and machinery purchased was debited to the equipment account Plant and machinery purchased was debited to the correct account but with the wrong amount A suspense account was opened when a trial balance failed to agree.
Calculate the total cash and bank drawings. 70 $14,800 (no bank drawings) $860 $11,800 $6,300 A company has an opening cash book balance of $5,000 debit. During the month receivables paid $26,000, cash sales were $2,500 and payments were made to payables of $12,000 less 2% cash discounts. A comparison with the bank statement showed $125 bank charges had not been recorded in the cash book. What is the adjusted cash book balance? A B C D $21,855 credit $21,615 debit $21,375 debit $18,875 credit Multiple choice questions 25 13 Control accounts, sales tax and payroll I 1 From the following information, calculate the value of purchases.