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FA 2021-22 >> ACT 112-1 (Lec) >> Principles of Accounting 1 Question 1 Not yet answered Marked out of 100 P Flag Question After writing off bad debts of S1 400 the allowance for doubtful debts account balance was $800 credit. What is the correct general journal entry to record an adjustment to bring the allowance for doubtful debts to 10% of accounts receivable of $20 000? Select one: a. Debit bad debts expense $1 200 credit allowance for doubtful debts $1200 b. Debit allowance for doubtful debts $1 200; credit bad debts expense $1 200 c. Not one of the options d. Debit allowance for doubtful debts $1 200; credit accounts recevable $1 200 e. Debit bad debts expense $1 200; credit accounts receivable $1 200 Question 2 Canada Ltd has just completed its annual physicat inventory count. The ending inventory was obtained by adding up all the retail price tags for the goods on hand answered Marked out of 100 Costs Retail $ e. Debit bad debts expense $1 200, credit accounts receivable $1 200 Canada Lad has just completed its annual physical inventory count. The ending inventory was obtained by adding up all the retail price tags for the goods on hand Question 2 Not yet answered Marked out of 100 Pro question Cost $ 10 000 66 500 Beginning inventory Purchases Goods available for sale Sales Retail S 30 000 195 000 225 000 76 500 195 000 Determine ending inventory at cost Select one: a. $30 000 b. $10 200 c. $19 800 d. Not one of the options e. $11 300 The essence of the perpetual method of accounting for inventory is: Question 3 Not yet answered Marked out of 100 Select one: 2. all movements in each item of stock are tracked via detailed inventory records. b. a stocktake is performed Flag Question 3 Not yet answered Marked out of 100 The essence of the perpetual method of accounting for inventory is: Select one a. all movements in each item of stock are tracked via detailed inventory records. b. a stocktake is performed C. cost of sales is calculated at the end of the accounting period. P Flag question Following are the balances for Canada Ltd at 12 December Question 4 Not yet answered Marked out of 100 Flag Question Accounts receivable Less: Allowance for doubtful debts $40 620 (2 501) $38 119 If an account for $1 200 is written off on 22 February, what is the estimated realisable value of accounts recevable after the write-ott? Select one a. $37 519 b. $40020 c. $38 119 d. Not one of the options e. $38 820 Question 5 Not yet Under the income statement method of estimating debts likely to be bad: Question 5 Not yet answered Marked out of 100 Flag question Under the income statement method of estimating debts likely to be bad: Select one: a, a percentage, based on past experience, is applied to protit. b. accounts receivable are aged to establish likely bad debts. can estimate of bad debts is made by the accountant d. 8 percentage, based on past experience, is applied to credit sales. Canada Co has the following balances in its general ledger: Question 6 Not yet answered Marked out of 100 Flag Question Accounts receivable Less: Allowance for doubtful debts $48000 (10 000) $38 000 If a debt for $4 000, previously provided for as doubtful, is written off as bad, what is the estimated net realisable value of accounts receivable after the write off? Select one: a. $42000 b. $47000 C. $44000 d. Not one of the options e $38 000 Question 7 ERE the hihet Question 7 It inventory costs are rising which method gives the highest profit? Not yet answered Marked out of 1.00 Flag question Select one: a. FIFO b. It is not possible to calculate which method gives the highest profit. C.LIFO d. Weighted average Canada Ltd uses a periodic Inventory system with the weighted average method of cost assignment. The following data are wailable Question 8 Not yet answered Marked out of 100 Units Flag question Date Beginning inventory 1 January Purchases 13 March Purchases 20 June Ending inventory 31 December Unit cost Total costs 4 000 12 000 8000 3.50 28 000 12 000 4 48 000 2000 The cost of the ending inventory to the nearest dollar is: Select one: a $8000 b. $6000 c. Not one of the options d. $8 333 e. $7333 Canada Ltd uses the FIFO assumption with the periodic inventory method. Question 9 Not yet answered Marked out of 1.00 Flag question Units 36 30 Unit costs 10 12 Total cost $ 360 360 Beginning inventory Purchases Purchases Sales 18 11 198 48 What was the value assigned to the closing stock of this item at the end of the period? Select one: a $198 b. $432 C. $414 d. Not one of the options e. $360 Below is an extract from an income statement in the records of Canada Ltd: Question 10 Not yet answered Marked out of 100 P Flag question Income statement: Beginning inventory Gross sales Freight-in 28 000 72 000 3 000 d. Not one of the options e. $360 Below is an extract from an income statement in the records of Canada Ltd: Question 10 Not yet answered Marked out of 100 P Flag question 28 000 72 000 Income statement: Beginning inventory Gross sales Freight-in Sales returns Ending inventory Purchases 3 000 4 000 25 400 36 400 The cost of sales is: Select one: a. $35 000 b. $39000 C. $42 000 d. Not one of the options e. $33 800 Question 11 Not yet answered The allowance for doubtful debts account had a balance of $2 000 before bad debts of S1 200 were written off and the allowance was adjusted to 20% of the accounts receivablo balance of $10 000. The new amount of allowance for doubtful debts that is deducted from accounts receivable in the balance sheet is: Question 11 Not yet The allowance for doubtful debts account had a balance of $2 000 before bad debts of $1 200 were written off and the allowance was adjusted to 20% of the accounts receivable balance of 510 000. The new amount of allowance for doubtful debts that is deducted from accounts receivable in the balance sheet is: answered Marked out of 100 P Flag question Select one: a $1400 b. $2000 c. $1200 d. Not one of the options . $2200 Question 12 Not yet answered Marked out of 100 Pag question Canada Ltd recorded sules of 51 260 000 during the year. Of these, 50% were on credit. Bad debts have averaged 1% of credit sales. The entry to estimate bad debt expense for the year is which of the following? Select one: a. Bad debts expense 945 Accounts receivable 945 b. Bad debts expense 945 Allowance for doubtful debts 945 c. Bad debts expense 3150 Allowance for doubtfuldebts 3 150 d. Bad debts expense 3 150 Accounts receivable 3150 e. Not one of the options 3150 Accounts receivable e. Not one of the options Question 13 Not yet answered Marked out of 1.00 PF question Which statement is incorrect? Select one: a. Bad debts should be deducted as an expense in the same accounting period in which the credit sale is recognised. b. If a debtor fails to pay the receivable on its due date this means that the debt is bad. c. All the options are correct d. An outstanding debt may be turned over to a collection agency e. Bad debts are a cost of selling on credit Question 14 Not yet answered Marked out of 100 P Flag Question Canada Led uses the allowance method of accounting for bad and doubtful debts. When he received notice that Mr Toronto, who owed him $6 000, was in liquidation he decided to write off the debt as bad, What is the general journal entry to record the write off? Select one: a. Debit bad debts expense $6000; credit accounts receivable $6000 b. Debit allowance for doubtlul debts $6 000, credit accounts receivable $6 000 c. Debit bad debts expense $6000; credit allowance for doubtful debts $6 000 d. Debit allowance for doubtful debts $6000; credit bad debts expense $6000 Canada Ltd uses a periodic inventory system with the FIFO method of cost assignment. The following data are available Question 15 Not yet answered Marked out of Date Units Unit cost $ Canada Ltd uses a periodic inventory system with the FIFO method of cost assignment. The following data are available. Question 15 Not yet answered Units Marked out of 100 P Flag question Unit costs 20 Beginning inventory Purchases Purchases Dato 6 September 15 100 120 21 26 150 22 370 30 Sales 180 Closing inventory To the nearest whole dollar, what is the value of cost of sales for September? 190 Select one $3930 b. Not one of the options C. $4140 d. $3890 0.53980