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Just a few multiple choice question, please give me the answer as soon as possible. Thank you. Will give you a positive rating without hesitance.
Just a few multiple choice question, please give me the answer as soon as possible. Thank you. Will give you a positive rating without hesitance.
Question 1 The responsibility for internal control rests with A. The internal auditors B. The external auditors C. The directors D. The shareholders Question 2 In a manual accounting system, the most important reason for extracting a trial balance prior to preparing financial statements is that A. it provides a summary of the financial statements. B. it proves the individual ledger accounts are correct. C. it reveals how errors have been made. D. it proves the arithmetical accuracy of the ledgers. Question 3 JSL operates the imprest system for its petty cash with a float of $ 750. At the end of July, the cashier recorded a cheque from a salesman worth of $350 and pantry expenses of $355. What is the amount to be added into the petty cash float at the end of July? A. 350. B. 355. C. 705. D. 750. Question 4 The year end of M is 30 November 2010, The company pays for its gas by a standing order of $ 600 per month. On 1 December 2009, the statement from the gas supplier showed that M had overpaid by $ 200. M received gas bills for the four quarters commencing on 1 December 2009 and ending on 30 November 20x0 for $ 1, 500, $1,400, $ 2, 100 and $2,000 respectively. Which of the following is the correct charge for gas in M ple's income statement for the year ended 30 November 20X0? A. $ 6, 800 B. $7,000 C. $ 7, 200 D. $ 7,400 Question 5 ABC is in dispute with one of its suppliers which is currently the subject of a court case for a claim against the company for $300,000. ABC has also made a claim against its insurance company for $200,000 and is waiting to hear if the insurance company will settle. The accountant has decided to accrue $300,000 for the legal claim but not the $200,000 insurance claim. The accounting convention has been applied is: Select the TWO options which describe the concepts used in the accounting treatment of the liability. A. realisation B. prudence C. materiality D. single entity E. accruals
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