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1. In the year to 31 December 20x9, Jason fecorded some asset expenditure as expenses charned to profit or loss. What is the effect on

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1. In the year to 31 December 20x9, Jason fecorded some asset expenditure as expenses charned to profit or loss. What is the effect on his profit for the year to 31 December 209 and his net assets at that date? Profit Net assets Overstated Overstated Overstated Understated Understated Overstated Understated Understated 2. Which of the following should be included within non current assets in the accounts of a business? The cost of a new delivery van The cost of insuring the van The cost of a new set of tyres for the van when they need to be replaced The wages of a new employee needed to drive the van 3. The net assets of Kates business were $15,000 at 1April203 and $25,000 at 31 March 20X4, During the year Kate paid lottery winnings of $2,500 into the business bank account and withdrew $1,000. What was her proft for the year ended 31 March 20x4? 4. When preparing the sales tax ledger account, which two of the following entries will be debit entries? Sales tax on cash purchasies Sales tax on cash sales The total input sales tax shown in the purchases account The total output sales tax shown in the sales account 5. An organisation's asset register shows a carrying amount of $145,600. The non current asset account in the general ledger shows a carrying amount of $135,600. The ditference is due to a disposal which has not been removed from the asset register. Which of the following disposals is the most likely cause for this difference? Ssle of a car with disposal proceeds of $15,000 and a profit on disposal of $5,000 Sale of a tractor with disposal proceeds of $15,000 and a carrying amount of $5,000 Sale of a machine with disposal proceods of $15,000 and a loss on disposal of $5,000 Sale of plant with disposal proceeds of $5,000 and a carrying amount of $5,000

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