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If total liabilities are $85 000, total assets are $240 000 and total paid-up capital is $120 000, the amount of retained earnings is: Select one: a. $155 000. b. $35 000. c. $205 000. d. $120 000. 'No Rust' car sales provides a one-year labour and parts warranty with every car sold. It is expected that 1000 cars will be sold for the year. Past records show that about 8% of cars require warranty repairs at an average cost of $200 per car. What is the accounting entry to record the expected warranty expense for the year? Select one: a. Debit warranty expense $16 000; credit provision for warranties $16 000 b. No entry is required c. Debit provision for warranties $16 000; credit bank $16 000 d. Debit provision for warranties $16 000; credit warranty expense $16 000 Which of these would not normally be referred to in a partnership agreement? Select one: a. Profit and loss sharing ratios b. Arrangements to terminate the partnership c. Procedures to follow in the event of a dispute d. How GST is calculated What is the basic journal entry to create a general reserve? Select one: a. Dr General reserve, Cr Retained earnings b. Dr Profit or loss summary, Cr General reserve c. Dr Retained earnings, Cr General reserve d. Dr Income, Cr General reserve Which of these would not be defined as a liability under the Conceptual Framework? Select one: a. A loan from a financial institution. b. Wages owing to employees. c. Money owing to a supplier for goods purchased. d. An arrangement to pay a bonus commission to salespersons for achieving sales over a certain level. Which of these is not typically a non-current liability? Select one: a. Mortgage payable b. Provision for long service leave c. Accounts payable d. Unsecured notes When accounting for the issue of shares placing application monies in a separate cash trust account is required: Select one: a. before the share issue is finalised the money does not belong to the company and some or all of it may need to be refunded. b. to meet the obligation by the company to remit the funds to ASIC. c. it is administratively easier for the company if the money is placed in a separate account. d. because the bank requires it. Which of these are contingent liabilities? I. A loan from a financial institution II. An unresolved lawsuit brought against a newspaper for defamation III. An agreement to act as guarantor for borrowings Select one: a. I, II b. II, III c. I, II, III d. I, III Which of these is not normally regarded as a current liability? Select one: a. Mortgage b. Bank overdraft c. GST collected d. Accounts payable Which event would not result in the automatic dissolution of a partnership? Select one: a. A partner's illness b. The retirement of an old partner c. The admission of a new partner d. The bankruptcy of a partner It is true that a private company: Select one: a. must have 'Proprietary' or 'Pty' as part of its name. b. is not restricted with a maximum number of shareholders. c. can raise funds from the public. d. can only have shareholders that are family members. After the closing entries have been completed the profit distribution account in a partnership always has a: Select one: a. debit balance. b. negative balance. c. nil balance. d. credit balance. Mutual agency means: Select one: a. unlimited liability for partnership debts. b. consigning goods to other entities on a commission basis to increase sales. c. that each partner is an agent for the partnership and can bind the other partners when acting within the normal scope of business. d. sharing partnership resources. When assets are contributed to a partnership they should be recorded in the books of the new entity at: Select one: a. fair value. b. carrying value. c. historic cost. d. book value. Which statement relating to ordinary shares is not true? Select one: a. The market price of ordinary shares tends to fluctuate with expectations of future profits. b. Ordinary shares receive their dividends after the preference shares. c. Ordinary shares have a fixed rate of dividend attached. d. Holders of ordinary shares have the right to sell their shares