MCQS ONLY

Q10 : Consider the following:

Beginning inventory 10 units @ Rs. 10 per unit

First purchase 35 units @ Rs. 11 per unit

Second purchase 40 units @ Rs. 12 per unit

Third purchase 20 units @ Rs. 13 per unit

Eighty units were sold, what is the value of the ending inventory using the AVC method of inventory costing

Rs.268

Rs.260

Rs.292

Rs.232

Q07 : Consider the following:

Beginning inventory 10 units @ Rs. 10 per unit

First purchase 35 units @ Rs. 11 per unit

Second purchase 40 units @ Rs. 12 per unit

Third purchase 20 units @ Rs. 13 per unit

Eighty units were sold, what is the value of the ending inventory using the LIFO method of inventory costing?

Rs.265

Rs.320

Rs.232

Rs.284

Q06 : Which of the following are deducted from revenue in arriving at profit before tax? The following question has more than one correct answer, you need to select all of them to gain marks.

Administrative expenses

Distribution costs

Cost of sales

Dividend Paid

Transfers to retained earnings

Q17:: The SA. Sports does not keep double entry record and you have been appointed as accountant for the business and following information is available for the year ended 31 December 2020 There is 9840 in the cash till at the year end, but the you had discovered that some cash has been stolen. At the beginning of the year there was 8610 in the cash till and receivables were 4920 . Total sales for the year were 508,500. Receivables at the end of the year were 7380. Checque banked from credited sales were 243,540 and cash sales of 144,380. have been banked.

Required: How much cash was stolen during the year?

None of above

508,500

126,740

116,900

Q24:: Which of the following financial statement DO NOT show the financial health of a business at a specific date?

Statement of financial position

Profit and loss account

All of the given options

Balance sheet

Q25: What is the authorized share capital of a limited company?Required to answer. Single choice.

B. Issued share capital plus reserves

D. The shares that a company is allowed to issue by law

A. The issued share capital

C. Issued share capital plus debentures

26.The SA. Sports does not keep double entry record and you have been appointed as accountant for the business and following information is available for the year ended 31 December 2020 . Opening accounts receivables 100,000 Cash received from credit customers and paid into the bank 700,000 Expenses paid out of cash received from credit customers before banking 6,000 Irrecoverable debts written off 5,000 Refunds to credit customers 2,000 Discounts allowed to credit customers 3,000 Cash Sales 80,000 Closing accounts receivables 80,000 Required: calculate the amount of credit sales for S.A Sports?

692,000

772,000

800,000

80,000

29.Which one of the following events will increase the cash balances of a business? The following question has more than one correct answer, you need to select all of them to gain marks

Increase in Bad-debts

Purchase of Assets on cash

Interest received from the saving account

Purchase of stock on credit

Creditors paid amounts owed

Purchase of fixed assets on interest free credit