Cash drawings

Loss on sale of equipment

Insurance expense

Bank loan paid

Cost of sales

Inventory purchased for cash

Collections from accounts receivable

Beginning cash balance

2,200

900

100

4,500

15,000

8,000

16,400

400

Insurance paid in advance

Cash paid for equipment purchased

Credit sales

Wages paid

Accounts payable paid

Depreciation expense

Cash sales

Ending cash balance

1,200

10,000

18,000

3,800

450

1,400

23,000

9,650

The net cash flow from financing activities of the statement of cash flows prepared from the above information is

a.$2,250

b.$(4,500)

c.$(2,200)

d.$(6,700)

e.$6,700

Credit sales

Cash received from equipment sold

Rent paid in advance

Purchased supplies on credit

Cost of sales

Cash sales

Collections from accounts receivable

Beginning cash balance

18,000

4,500

840

1,200

21,000

12,000

11,200

800

Purchase of new computers

Proceeds from bank loan

Salaries paid

Rent expense

Suppliers paid

Depreciation expense

Dividends paid

Ending cash balance

18,600

5,000

6,800

420

960

1,800

6,000

300

The net cash flow from financing activities of the statement of cash flows prepared from the above information is

a.$(500)

b.$(6,000)

c.$5,000

d.$(1,000)

e.Unable to be calculated from the information given

Tom and Jerry formed a partnership trading as T & J Financial Services. In their partnership agreement it was not stated how they will split any profit or loss.At 30 June 2019 the Partner's Equity is as follows: Tom: $144,000; Jerry: $176,000. At 31 December T & J made a profit of $18,000. How would this profit be shared between Tom and Jerry?

a.Tom: $0; Jerry: $18,000

b.Tom: $9,000; Jerry: $9,000

c.Tom: $18,000; Jerry: $0

d.Tom: $9,900; Jerry: $8,100

e.Tom: $8,100; Jerry: $9,900

Which analysis is probably correct from the following summary of the statement of cash flows?

Net cash flow from operating activities

$(50)

Net cash flow from investing activities

$(30,000)

Net cash flow from financing activities

$32,000

Net increase (decrease) in cash for the month

1,950

a.The business has serious financial problems

b.The business is reducing its debts and selling assets

c.The business is prosperous but it seems to do not have investment opportunities

d.The business is increasing its debts and expanding its activities

e.The net increase in cash for the period is mainly caused by the business's operating activities

Which analysis is probably correct from the following summary of the statement of cash flows?

Net cash flow from operating activities

$4,000

Net cash flow from investing activities

$3,000

Net cash flow from financing activities

$(6,000)

Net increase (decrease) in cash for the month

1,000

a.The business is prosperous but it seems not have investment opportunities

b.The business is prosperous and expanding its activities

c.The business has current financial problems

d.The beginning cash balance is higher than the ending cash balance

e.The business is increasing its debts

Management accounting information reports are prepared

a.To provide information to Government authorities

b.To provide up-to-date information to managers for decision making.

c.Based on GAAP and accounting standards.

d.To provide information for the shareholders of the business entity.

e.Based only on historical figures.

Which of these is correct?

a.Assets =liabilities+equity

b.All of the options are correct

c.Assets =equity -liabilities

d.Assets+liabilities =equity

e.Liabilities =assets +equity

1. A printer was purchased for $8,000 on 1 July 2019. Useful life was estimated as 3 years and residual value as $2,000.(Assume financial year 1 July - 30 June).
2. Calculate the book value/written down value that would be shown on the Balance Sheet at 30 June 2021 assuming the firm uses the straight line method?
3. a.$2,000
4. b.$6,000
5. c.$5,000
6. d.$4,000
7. e.None of the options are correct

1. Identify which of the following accounts is a liability:
2. a.Prepaid expenses
3. b.Capital
4. c.Loan receivable
5. d.Accounts receivable
6. e.Unearned revenue

A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits' is the definition of:

a.equity

b.expenses

c.an asset

d.a liability

e.None of the options is correct

Identify which of the following accounts is income:

a.Interest revenue

b.Retained earnings

c.Depreciation expense

d.Cost of sales

e.Accounts receivable

Identify which of the following accounts is an asset:

a.Unearned revenue.

b.Loan receivable.

c.Capital.

d.Service revenue.

e.Accounts payable.